We just had one of our clients take us off "Preferred Status" because we stood up for ourselves. About a month ago we noticed the listing agreements started coming in with the listing commission at 1.75%. At first we thought it was a mistake but then it happened again for 1,5%. We put in a call to see what was going on and they simply told us that it was an executive decision that if we wanted to be taken off their preferred list to just let them know. Also, they said it would just be on Chase properties but then it started happening on all listings. We weren't just a broker that had one or two listings with them but around 50 and we produced great results for them. Our CFK is unrivaled in our area at over 95% success and our team speaks 4 languages.
It just goes to show what they really think about agents and how much they value us. The last communication we got from them stated everything was ok and they looked forward to doing business with us. Fast forward a week or so and one of their clients calls us and ask us if we still want their listings because that company isn't going to be giving us anymore. At least they value us enough to give us the heads up. Luckily they made it mandatory that they use us for their listings.
The point is that we were so replacable, in their minds, because they know other agents will take the listings for any commission. This was a long time coming and my main concern is that this will become a trend but it can only happen if we let it. They will find out the hard way, as well as the agents that take on these listings, that you truly get what you pay for and REO's are anything but free listings. I hope to work this out with them and get our preferred status back but I really have a feeling that this is a sign of things to come. So any AM's out there that need a good team in NJ please contact me. And agents, STOP SELLING YOURSELVES SHORT. Your time and expertise is worth something. They can only do this to us if we let them,