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Excluding Certain Buyers from Commission |
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We are trying to sell a commercial property. May we exclude potential buyers from any future commission if this person does purchase the property. If anything is there another agreement we may make as to potential buyers who were on our list prior to hiring a realator? |
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What you ask is not uncommon. You just have to find a broker who agrees to the arrangement. Many will. Your listing contract can certainly say that no commission will be due if the place is sold to Mr. X. or Mrs. Y. Sometimes the written agreement adds "if not sold to them within 30 days" or whatever. That puts X and Y under some pressure to make up their minds, and it eventually allows your agent to work on them if there's no other way to bring them to the bargaining table. The agent's work, of course, involves a lot more than just finding someone who wants to buy your property. You might want to promise a reduced commission if X or Y buys, so that your agent will provide all the additional services that go into bringing about a successful closing. |
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Edith
Originally published on July 2, 2007 |
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