My friends, as you know, I never ask you to share anything. As a matter of fact, I rarely even complain, but I am asking you to share this story about Bank of America. For those of you who dont know, I am a real estate broker, managing an office of nearly 100 agents. I have an agent who listed a short sale property and a second agent who represented the buyer. After a very long negotiation, conducted entirely by the listing agent and resulting in $15,000 ABOVE the appraised value of the house (appraised by Bank of America) with no inspection repairs requested, Bank of America refused to approve the negotiated payout amount unless the agents agreed to cut their commission by 2%. This amount represents $2600, divided by each agent and our company. It is true that @BofA has a policy in place, a policy the listing agent must agree to, that states a dual agent will receive only 4%, but that policy is not clear and in fact leads one to believe that it refers to a situation in which the same agent represents both the buyer and seller. After many discussions with senior officers of Bank of America, I am told their policy refers to any two agents working for the same company. I remind you, I have nearly 100 agents in my office alone, and there are thousands working for my company. I have personally spoken to officers of Bank of America as high as the VP level (the Senior VP didnt return my messages), requesting an exception to this policy and fighting for the commission my agents have earned. If your stock broker was able to get you 8.5% more than the market value, would you cut his commission!? I have purposely not named names because, unlike Bank of America, I have no intention of hurting the individual...because, lets face it, it is the individual agents who are hurt by these policies. When calculated, my agents earned approximately $5 an hour. Now I know this is common practice, and @BofA is certainly not the only bank with such policies in place, but I am so frustrated with having to fight for the commission my agents have earned. Why is it okay to cut the pay of the real estate agents? This is their paycheck!!! Just because it is common practice doesnt make it okay. Shame on @BofA_news and shame on the industry for allowing this practice. #bankofamerica #bofa
Posted on: Sat, 17 May 2014 10:34:48 +0000
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