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Old 07-12-2008, 04:19 PM
 
13 posts, read 61,389 times
Reputation: 50

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Do real estate agents work harder to sell a more expensive home? To sell my home the 6% agent fees will be $57,000! UGH! I can hardly imagine the agent puts in so much more work than selling a home that is worth in the low $100,000 which comes out to around $7,500.

Any comments? Should I find an agent who will lower their fee to sell my home? Will they work less knowing they wont get the full normal percent or will they still work hard knowing they will still get thousands of dollars? I'm sure this varies among agents, which leads me to my next question.......Do you know some great real estate agents in the Weddington/Marvin area that will lower their fee and will do a great job?

(Also....I am talking mainly about lowering the selling agents fees. I want the buyers agent to receive the full fee.)
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Old 07-12-2008, 04:34 PM
 
7,104 posts, read 9,695,299 times
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The car he has to drive that client around with is more expensive. Besides to sell a $950000 home he needs to put on a shirt, tie and shine his shoes. Im sure for that listing you can find someone at about 3-4%. Right or wrong QC?
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Old 07-13-2008, 05:25 AM
 
Location: Charlotte
116 posts, read 298,921 times
Reputation: 78
[quote=ncgrace;4431550]Do real estate agents work harder to sell a more expensive home? To sell my home the 6% agent fees will be $57,000! UGH! I can hardly imagine the agent puts in so much more work than selling a home that is worth in the low $100,000 which comes out to around $7,500.

Any comments? Should I find an agent who will lower their fee to sell my home? Will they work less knowing they wont get the full normal percent or will they still work hard knowing they will still get thousands of dollars? I'm sure this varies among agents, which leads me to my next question.......Do you know some great real estate agents in the Weddington/Marvin area that will lower their fee and will do a great job?

(Also....I am talking mainly about lowering the selling agents fees. I want the buyers agent to receive the full fee.)[/quote]

So in essence you want to pay less to your advocate of representation and pay more to an agent who has no loyalty to you what so ever??
Doesn't sound quite right does it??

Bringing a buyer to the table is only have the battle and probably your lesser paid agent enticed them there in the first place!
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Old 07-13-2008, 06:14 AM
 
Location: Huntersville
1,521 posts, read 4,475,490 times
Reputation: 298
I think this one was debated well on the other thread by Stephen and the crew. Only difference is the price.

With that being said for a higher end home you could stair step the commission I would think.
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Old 07-13-2008, 07:16 AM
 
160 posts, read 357,666 times
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There's also a heck of a lot more liability when dealing in million dollar properties. People that buy and sell those properties have plenty of lawyer friends that wouldn't mind making every RE professional that has a part in the transaction a living h*ll should anything go wrong.

50k to someone in a $1M home is the exact same as 6K is to the guy living in the 100k home.
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Old 07-13-2008, 07:28 AM
 
56 posts, read 141,847 times
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Ask him/her about marketing. Are they on more luxury websites? How do they reach the luxury demographic? Do they do more than place a sign in your yard and place on MLS?

[LEFT]Picking an agent is one of those critical issues that can cost or save you thousands of dollars. There are very specific questions you should be asking to ensure that you get the best representation for your needs. Some agents may prefer that you don’t ask these questions, since the knowledge you’ll gain from their honest answers will give you a very good idea about what outcome you can expect from using them as an agent. And let’s face it - in real estate, as in life - not all things are created equal.
Hiring a real estate agent is just like any hiring process - with you on the boss’s side of the desk. It’s critical that you make the right decision about who will handle what since this is probably the single largest financial investment you will ever make. [/LEFT]
1.What makes you different? Why should I list my home with you?

[LEFT]It’s a much tougher real estate market than it was a decade ago. What unique marketing plans and programs does this agent have in place to make sure that your home stands out favorably versus other competing homes? What things does this agent offer you that others don’t to help you sell your home in the least amount of time with the least amount of hassle and for the most amount of money?[/LEFT]
2. What is your company’s track record and reputation in the market place?

[LEFT]It may seem like everywhere you look, real estate agents are boasting about being #1 for this or that, or quoting you the number of homes they’ve sold. If you’re like many homeowners, you’ve probably become immune to much of this information. After all, you ask, “Why should I care about how many homes one agent sold over another. The only thing I care about is whether they can sell my home quickly for the most amount of money.”
Well, because you want your home sold fast and for top dollar, you should be asking the agents you interview how many homes they have sold. I’m sure you will agree that success in real estate is selling homes. If one agent is selling a lot of homes where another is selling only a handful, ask yourself why this might be? What things are these two agents doing differently?
You may be surprised to know that many agents sell fewer than 10 homes a year. This volume makes it difficult for them to do full impact marketing on your home, because they can’t raise the money it takes to afford the advertising and special programs to give your home a high profile. Also, at this low level, they probably can’t afford to hire an assistant, which means that they’re running around trying to do all the components of the job themselves. Bottom line, their service to you may suffer.[/LEFT]
3. What are your marketing plans for my home?

[LEFT]How much money does this agent spend in advertising the homes s/he lists versus the other agents you are interviewing? In what media (newspaper, magazine, TV etc.) does this agent advertise? What does s/he know about the effectiveness of one medium over the other? [/LEFT]
4. What has your company sold in my area?

[LEFT]Agents should bring you a complete listing of both their own, and other comparable sales in your area. [/LEFT]
5. Does your Broker control your advertising or do you?

[LEFT]If your agent is not in control of their own advertising, then your home will be competing for advertising space not only with this agent’s other listings, but also with the listings of every other agent in the brokerage.[/LEFT]
6. On average, when your listings sell, how close is the selling price to the asking price?

[LEFT]This information is available from the Real Estate Board. Is this agent’s performance higher or lower than the board average? Their performance on this measurement will help you predict how high a price you will get for the sale of your home.[/LEFT]
7. On average, how long does it take for your listings to sell?

[LEFT]This information is also available from the Real Estate Board. Does this agent tend to sell faster or slower than the board average? Their performance on this measurement will help you predict how long your home will be on the market before it sells.[/LEFT]
8. How many Buyers are you currently working with?

[LEFT]Obviously, the more buyers your agent is working with, the better your chances are of selling your home quickly. It will also impact price because an agent with many buyers can set up an auction-like atmosphere where many buyers bid on your home at the same time. Ask them to describe the system they have for attracting buyers.[/LEFT]
9. Do you have a reference list of clients I could contact?

[LEFT]Ask to see this list, and then proceed to spot check some of the names.[/LEFT]
10. What happens if I’m not happy with the job you are doing to get my home sold?

[LEFT]Can I cancel my listing contract? Be wary of agents that lock you into a lengthy listing contract where they can get out of (by ceasing to effectively market your home) but you can’t. There are usually penalties and broker protection periods which safeguard the agent’s interests, but not yours. How confident is your agent in the service s/he will provide you? Will s/he allow you to cancel your contract without penalty if you’re not satisfied with the service provided?
Evaluate each agent’s responses to these 10 questions carefully and objectively. Who will do the best job for you? These questions will help you decide. [/LEFT]
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Old 07-13-2008, 07:54 AM
 
Location: Union County, NC
1,891 posts, read 5,545,310 times
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Though it may not seem intuitive, it does take more work to list and sell a higher end home. For one, there is a lot more inventory at higher price points right now -- your home needs to stand out from the rest. Days on market will likely be a lot longer, so the agent will be spending more marketing money over a longer period of time to sell your home.

Also remember that the full commission is split many different ways.
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Old 07-13-2008, 10:02 AM
 
13 posts, read 61,389 times
Reputation: 50
Thanks for the feedback everyone.

Quote:
Originally Posted by QC Misfit View Post
I think this one was debated well on the other thread by Stephen and the crew. Only difference is the price.

With that being said for a higher end home you could stair step the commission I would think.
I'm new to the board.....can you by chance guide me to this thread?

What does stair step commission mean? Offering both selling and buying agent a lower fee? I'm concerned if I lower the buyers agents fees that less agents will show their clients my home. Do you think this is true?
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Old 07-13-2008, 10:39 AM
 
Location: Huntersville
1,521 posts, read 4,475,490 times
Reputation: 298
By stair stepping I was meaning to your selling agent if you sell it in 30 days I'll give you x amount 60 days it is reduced to X 90 days or plus I agree to this....

I'll see if I can find that thread for you one sec!
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Old 07-13-2008, 10:41 AM
 
Location: Huntersville
1,521 posts, read 4,475,490 times
Reputation: 298
If you can read through some of the non relevant "stuff" there is actually some good info in here: question

Good Luck!
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