Buyer FAQs
1. How to Get Buyer Cash Bonus?
In order to get a cash bonus from First Team Georgia Realty, an Exclusive
Buyers Brokerage Agreement must be signed. You can provide us with the type of home
and area criteria, we can setup home alerts in the MLS system. All MLS listed
properties are available for public viewing on various MLS websites as well as Realtor.com.
Not only can you be completely self-efficient in your search by utilizing the tools
on the internet, but you have a better idea of what
you want than the typical agent selecting properties for you, this will save time.
Once a property is chosen we write and present the offer, handle all the negotiations,
assist in scheduling inspections, assist with finding a mortgage
representative,
etc. and processing all paperwork thru the day of closing. An agent representing a buyer normally
gets 3% of the purchase price. We pay bonus based on described below
specifications.
2. Can I Get Cash Bonus with New Homes Builders?
Yes. Getting your cash bonus when buying a new home is the easiest of all. All the major
builders welcome agents, and there are never any discount if buyers purchase directly from
builders, so getting the bonus makes perfect sense.
3. Is the Cash Bonus Taxable?
The Cash Bonus is a large sum of money. Please
ask your accountant for your final answer.
4. How to search for & find your perfect home?
Search for properties online using Realtor.com. Custom property search allows you to save the results
of your searches and pick up where you left off, simply by logging in. You can also program it to send
you automatic email alerts for new listings that match your criteria. We will also set up automatic alerts
depending on your home criteria on the MLS site(s). You will review and only select the ones of interest,
this will save time for you and us.
5. Can I lose the Cash Bonus?
Yes, we will not be able to represent you until you have signed a Buyer
Cash Bonus Agreement
(you may cancel this agreement anytime). The Buyer Cash Bonus Agreement will protect and
guarantee the bonus at closing and our services during the entire transaction. Once you sign a
Buyer Cash Bonus Agreement with us, you must disclose, let other parties
know you are being represented. If you are asked if you have an agent,
the most appropriate response is "YES, I/ we have an agent at this
time". NEVER misrepresent yourself to a realtor and/or homeowner or trick him/her into showing
you the property, then switch agencies, it’s unethical. We will not be able to represent you if that
occurs and you will lose out on the cash bonus.
After you sign the agreement, we will represent you as your buyers’ agent, We will provide you with
business cards, and you can use them to show agents and/or give them out at public open houses to inform
other parties you’re being represented. If when driving thru neighborhoods you see a home of interest,
call us for availability. Only if we are not available and if the home owner(s) are
outside, introduce yourself to them and provide them with our business card, ask them to give it to their agent,
if any, so an appointment can be made. Always ask them when is the next open house
scheduled. You do NOT need to tell listing agent or seller that you are getting a
Cash Bonus, but you must disclose you are represented. We strongly advise you not to knock on
peoples doors. We also advise that you sign in your name with First Team
Georgia Realty contact
information at any open houses,
and leave our business card to
the showing agent.
6. Are Open Houses the Best Opportunity To Earn the Cash Bonus?
YES, open houses are your best opportunity since listing
agent can not claim you as their client. This will allow you to
view a home without it going against the number of homes we show you -
hence a larger Cash Bonus. Sometimes, open houses are hosted by
other agents in the same office. When you are asked to sign any paper or
sign in sheet, read carefully before you sign. Always sign in your name with
First Team Georgia Realty
contact information. Be sure to clarify to the agent that you are working
with an agent already and present them with our business cards.
Soliciting clients from other agents is strictly prohibited, so if someone tried
to represent you after you told him/her that you are already represented, please
notify us.
7. If we deal directly with the listing agent, wouldn't they be willing to give
us Cash Bonus? Or wouldn't the seller get a discount if we dealt with the listing agent
or talked to the seller directly?
The buyer's agent's share of the commission is usually half of the total 6%
commission. If you buy a house directly through the listing agent, all of that
3% will go to them, along with the other 3% they are probably getting
for listing the property (total of 6%). Even if you deal directly with the
seller, the standard 6% listing contract states the listing agent still gets the
full commission. No discounts for the seller finding the buyer, even if the
buyer is his brother and the agent did absolutely nothing other than sign the
listing agreement. The standard 6% Exclusive Right to Sell Listing Agreement is 100%
biased toward the realtors. The other factor
is that almost all the big brokers don't
allow their agents to do commission discounts. And even if they were
allowed, it still wouldn't work because after the agent split the 3% with their
broker, there wouldn't even be enough left to give you a Cash Bonus
at our level anyway. You probably
don't know that most agents must share a large percentage (sometimes
up to 50%) of their commission with their broker
at the big name companies. Even if they agreed to work for free, they won't be
able to give you substantial cash bonus rebate.
Another important factor, do NOT ask listing agent to provide you with a rebate,
it compromises your negotiation when the sellers know you have a rebate.
Let us get your the best price first, only after contract is signed, shall you
disclose your cash rebate to all parties.
8. What if there's just no way for me to get inside to see a particular house,
I must have First Team Georgia Realty Agent to show me the home, Can I still get a cash rebate?
YES! There is always a way to see the home, as long as it is available. If the listing agent
is not having any open houses, we will assign you a First Team Georgia
Realty agent to show you the home by appointment.
You will drive by homes of interest to make sure that the exterior of the home is appealing to you.
When you are ready to view the interior of a home, contact your assigned
First Team Georgia Realty agent and he/she
will arrange the appointment. Operating this way eliminates time wasted by our agents showing homes
that are undesirable from the outside. Because you are helping us work more efficiently, we can
afford to reward you a Cash Bonus. The cash bonus to
our Buyer Client varies depending on the number of homes physically visited by our agents (see schedule below).
The maximum rebate is 30% of our commission.
|
# Homes Visited With First Team Agent:
|
Max % of our Commission we will bonus to our
assisting buyer:
|
|
3
|
30%
|
|
4
|
25%
|
|
5
|
20%
|
|
6
|
15%
|
|
7+
|
10% or $500 whichever is lower
|
1.
The sales price must be $150,000 or higher. If it is not, we pay you
$150.00 as total Cash Buyer Bonus with under 7 homes shown.
2.
The buyers agent commission paid to us by the seller must be 3.0% or higher.
If it is not, we pay you $150 as total Cash Buyer Bonus with under 7 homes
shown.
3.
If builder upgrades are added to the sales price, you will be paid based on
our actual commission.
4.
Must be in a signed agreement with First Team Georgia Realty before you tell
an agent that we represent you; otherwise advise a listing agent you do plan
to obtain representation so they are at least put on notice and prepared for
our future involvement.
*Please NOTE: This program is not intended to rush buyers into making a quick
decision. It is not designed to punish buyers that view more homes. It is
designed to reward the buyers that take the time to do research prior to setting
up showing appointments. Cash Bonuses can be impacted by lender guidelines. Please
discuss the cash bonus with your mortgage professional to see if there are any
restrictions.
* IMPORTANT NOTE: Are
there other companies out there that offer larger bonuses or "rebates" as
they call them. Yes. However, our Cash Buyer Bonus schedule is
aggressive based on the experience level of our agents. Our agents are
not just experienced with writing contracts, they are highly experienced in
what to look for in a home in terms of its potential in future desirability
in regards to its location, its physical condition issues, the neighborhood
issues to be conscious of, etc. We assist our buyers on a higher level
- a level that a person needs when buying their most valuable asset...their
home. THAT is why the majority of our buyers are former client referrals
and repeat clients. We do much more than helping a person through the
contract writing and offering process...we help them truly find the best
home for them.