When I mentioned to a friend of mine that a closing had gone well and on schedule a couple of weeks ago, he quipped, “Where are we going to lunch tomorrow?”
In his mind, receiving that commission check was, understandably, like getting a bonus.
His is a belief that probably most consumers share, namely this: A closing is similar to a windfall for a broker.
In fact, a closing and the check that we are handed at the end is nothing more than getting paid–and then only after every scintilla of work is completed–many, many months after the work began. Continue reading