HSBC Commission Rates - Beware

We finally received approval for a complicated transaction that began 5 months ago. Along with the approval it stated it would be a 4% commission because the selling agent and I both report to the same broker. HSBC is NOT regulated because they are not an AMERICAN company. Their policy:

1 agent 3%, 2 agents same broker 4%, 2 agents different brokers 5%...

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Permalink Reply by Kevin - Greenville, SC on September 6, 2013 at 6:54pm

Don't see the risk for the Agent. They only collect on a contingency basis.

Permalink Reply by Kevin - Greenville, SC on September 6, 2013 at 6:53pm
Permalink Reply by Kevin Hardin on September 9, 2013 at 4:02am

Very interesting Kevin. Will have to check this out. I might know a few hundred agents that would like to pursue this. 

Permalink Reply by Terry McCarley on September 8, 2013 at 12:07am
Had the same thing happen to me awhile back and I disputed it and explained all real estate agents are independent contractors regardless of what office we work for. They actually saw my point and revised the approval letter.
Permalink Reply by Kevin - Greenville, SC on September 8, 2013 at 2:21am

Nice work.  How much did they end up offering?

Permalink Reply by Terry McCarley on September 8, 2013 at 4:10am
They came up from 4% to 5%
Permalink Reply by Ben Benita on September 8, 2013 at 4:26am

Kevin is 100% spot on, ANY servicer complaints should go through the OCC and/or the OTS (Office Of Thrift Supervision).

Get a formal complaint filed against the Servicer through either the OCC or OTS and HEADS WILL ROLL!!!

Lower level negotiators have NO CLUE who these entities are, BUT, drop those to the persons in the executive offices and YOU WILL GET SOME ATTENTION!!!!

Keep fighting guys, FOR YOUR SELLERS AND YOUR COMMISSIONS!!!!

Permalink Reply by Julie Wilkinson on September 9, 2013 at 5:14am

Jane

I had posed this question about short sale banks reducing our commissions about a year and a half ago and we had the biggest response ever. The concensus was that even though it is an uphill battle, many times it is worth fighting for. I would strongly recommend you do so since you have the time available to fight. I agree with Scribner that you need to either ask for another negotiator or escalate this issue with a supervisor. You need to point out to them that you had another buyer 6 months ago and they honored your 6% commission. How long have you been working on this property since you first took the listing. Be sure that you tell them this information as well. Remind them that your contract is with the seller and not them. You can also tell them that you will make formal complaints with the Attorney Generals Office, and all the other Federal and State agencies that regulate their industry. They should most definatly honor what they had already promised you. Keep going up the corp chain if need be. We work damn hard for our money and you need to do some fighting. Don't let them walk all over you. You won't hurt the seller by doing this as you more than likely have the time to do this. As I have always taught my kids if you don't try, you'll never know. Good luck Julie Wilkinson

Permalink Reply by Ben Benita on September 10, 2013 at 2:05pm

Ron nailed it below:

"I have found that the art of negotiation and tact go a lot farther than blanket complaints to anyone someone thinks may listen."

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