Three Condos Left at Ruby on Eastlake

Congrats on Ruby getting down to only three units left. Though I’m puzzled about this tweet yesterday:

Three condos left at Ruby on Eastlake. Seller is offering 6% SOC through this Sunday, May 2nd only!

For those who don’t know, SOC stands for selling office commission. It’s the amount of money the buyer’s agent will receive in exchange for bringing a buyer. Typically in Seattle its 3%. For Ruby, until Sunday, it’s a whopping 6%! In the case the seller is trying to move these units by making them more attractive to real estate agents in the hopes they’ll drag their clients out to them and have them write an offer.

However, Urbnlivn wonders, why not make them more attractive to buyers by offering an additional 3% closing bonus? Or reduce prices 3%?
It would probably generate more interest and wouldn’t rely on the agent doing the right thing to disclose the “super-size” commission up-front.

This why you should always ask not just how your agent is compensated but how their compensation varies for the different homes they may be showing you.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts, floating homes and mid-century moderns.

For years Matt resisted becoming a real estate agent preferring to be an executive in the startup world but he recently caved in the spring of 2014 and became an agent.

You can also find Matt on Twitter or skiing.

  • darencar

    I totally agree Matt. I saw a listing a while ago offering a bonus cruise for the Selling Agent–seemed very shady to me. I don't know if I could explain that to one of my clients without blushing a little bit and offering the bonus to them. Why not make the listing more attractive to the BUYER instead of encouraging the selling agent to use (often) underhanded sales techniques on their clients?

  • http://www.matrixrealestate.com Kim

    Hi Matt – thanks for the post. As you are probably aware, the prices at Ruby have already been substantially reduced and Melissa has concessions she can offer onsite.

    So with only three homes left and our marketing budget spent, we're trying to grab agents' attention and make sure Ruby is considered as they are showing clients. We know it won't make the buyer's mind up, but it might help get Ruby on the tour to begin with.

    You may wonder about the tweet as well. Usually we only promote SOC messages directly to agents. I have some agents and brokerages following Matrix on Twitter, but I don't seem to have a lot of prospective buyers, so it seemed to make sense to help send our agent message using Twitter in this case.

    Cheers, Kim