Should I offer a home buying bonus when listing my West Bloomfield home

Does it work? Will offering a bonus sell my West Bloomfield quicker? Sellers want top dollar and to sell their homes quickly. So would a cash bonus to a real estate agent get them to sell your front home for you quicker? Or would offering a bonus to the home buyer work better? After all my goal as your real estate agent is to market your West Bloomfield home in every way possible. My goal is to get you top dollar. Whether you are fixing up your home or having to offer a bonus……I don’t want you to spend money if you don’t have to. Once you decide to sell your West Bloomfield home I believe that you have to think like a landlord. You want to spend as little as possible and make the best impression possible.

Our realtor code of ethics say that a buyers agent owes his loyalty to their buyer. They are supposed to be working in the best interest of the buyer. So offering a bonus to a buyers agent really doesn’t sway them to buy your home. They will take the bonus if their buyer buys the home, but the agent is going to show your home any way about it if the house is what their buyer wants. I feel that way even without the code of ethics. If I work for the buyer and not the seller then I shouldn’t worry about getting a bonus to sell some seller’s property especially if it isn’t the best fit for the buyer. So when West Bloomfield home sellers ask me “Will offering a bonus to real estate agents sell my home faster? My answer to them is “No”.

The first problem is basically is that it would have to be a substantial bonus to the real estate agent to sway them. So a $500 or $1000 bonus is not going to do anything to sell your house to an ethical buyers agent. It doesn’t matter whether it is home for sale in Milford MI or waterfront home for sale in Oakland County. When I say substantial, it would have to be about half more than what the commission is now.” If a realtor is going to make $12000 selling your home will $600 really make a difference. It is like a $200 price change. Those little things don’t make a difference to most agents.

As a buyer’s agent I am working for the buyer in their best interests. Not to line my pockets. There is the answer. It’s not about my choice. It’s about what the buyer likes and wants. Their needs and wants are totally different than mine. What one buyer likes the next buyer may hate. Everybody is different. Real estate sales shouldn’t be about selling. It’s about the buyer choosing the right home, not pressuring them to buy because somebody is offering me a thousand dollars more to have my client buy their house instead of the one down the street. Which is the home that the buyer wants, and likes?

How to sell your home

In my opinion you want to offer the bonus to the home buyer. Offer the home buyer something substantial. You also have to be careful of the banking rules and government’s laws. Any bonus will have to show up on the final statement. Only if it is a cash deal will it not matter. Sometimes you can offer a credit. A credit towards new carpet, new cabinets, or closing costs.

Remember when you offer a bonus it doesn’t stop the buyer from asking for more. Offering a bonus is a tricky business. It has to be done right to pass the scrutiny of the bank’s underwriters and the laws of our government.

Bottom line is: No you shouldn’t offer a bonus to the real estate agent. You should offer the bonus to the home buyer. It will be more effective that way. If you put that picture below on marketing materials it is going to sway buyers. More than it would get agents to pressure their clients to buy your home. You should only offer a bonus if it is a buyer market or your home has some flaw or flaws that is keeping it from selling.

2500 buyer bonus

If you have more questions about selling your home in Southeastern Michigan or lakefront property on Crescent Lake in Waterford give me a call at 248-310-6239. I helped many home buyers get their home sold for top dollar and quickly