How foreign realtors’ duties and real estate commission differ in various countries (Part 3)

Note to all seller’s realtors in the U.S. and other selling countries: Real estate commission sharing with the foreign buyers’ realtors in Russia, China and other buying countries is a sensitive issue and can make you a solid partner with a lot of business or you find none.

Way too often most sellers and real estate agents alike guess that their own experience in their own business in their own country would let them know everything about business in any other country, but this is not true!

One of the major differences in how real estate professionals work in countries with MLS and without: In the first scenario they immediately share a listing with any other member of the local MLS to get a buyer as soon as possible, close the deal and share the real estate commission, while in the second scenario they almost never invite another agent in the deal to keep the whole real estate commission for themselves.

That is why the foreign buyers from countries like Russia and China got used to work with several realtors back home in their country at the same time giving them the same request to buy a property as the buyers over there are aware of the fact that each realtor has his or her own database of properties for sale.

Two important things come out as a result of this difference: First, looking for the foreign real estate agents-partners in sales you have to contact as many prospects as you can to get into as many such partial databases as possible, and second, if such disoriented by their past experience foreign buyers come to your country and you are a real estate agent with the MLS access, you have to educate them that there is no need to run from one agent to another as every one of them has exactly the same computer database at their fingertips.

A summary: The realtors in various countries differ a lot in the ways they work and charge real estate commission on sale; real estate sellers have to know about their own country’s realtors and the countries they target for the foreign buyers as well.

Copyright © 2017 by Olga Kellen
All Rights Reserved

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