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Old 10-12-2011, 06:07 PM
 
Location: Orange County
657 posts, read 634,092 times
Reputation: 386
Actually sometimes it is better to work with the listing agent as a buyer.
Sometimes to make the deal work the listing agent can discount the commission. If they have to split it with another agent they are less likely to do so.
This is from experience.
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Old 10-12-2011, 06:14 PM
 
Location: Sunrise
6,868 posts, read 5,022,736 times
Reputation: 4508
Quote:
Originally Posted by jet757f View Post
Actually sometimes it is better to work with the listing agent as a buyer.
Sometimes to make the deal work the listing agent can discount the commission. If they have to split it with another agent they are less likely to do so.
This is from experience.
Thank you. I thought I was alone over here. I don't even have my license active, because it's usually easier to swing a deal with the listing agent. That doesn't require continuing education or the abhorrent fees charged by GLVAR.

It's real estate, folks, not rocket science. Yes, you will have an easier time by going the traditional route and paying more. But most things in life can be made easier by simply throwing money at the problem. That's not how I do things. I always take the hard road -- I usually end up learning something. And I always save a ton of money. I haven't been burned yet with my DIY mentality. I'm sure someday it will happen. But not today.
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Old 10-12-2011, 06:19 PM
 
Location: NW Las Vegas - Lone Mountain
15,757 posts, read 20,003,588 times
Reputation: 2661
Quote:
Originally Posted by jet757f View Post
Actually sometimes it is better to work with the listing agent as a buyer.
Sometimes to make the deal work the listing agent can discount the commission. If they have to split it with another agent they are less likely to do so.
This is from experience.
They can also jack the price another 3 or 4% if the buyer is not knowledgable...and will.

I work up and make a couple of hundred offers a year. I know a whole lot about what a piece of property is worth. I know a whole lot about what can be wrong and where various bodies are buried. You get the benefit of that experience base when I represent you.

Now a really dedicated buyer with lots of time and a certain amount of skill working a narrow area may well meet or beat my expertise. I know a couple. But it is interesting. The ones I think could do their own smoothly generally don't. The use me and argue about how to do it. Two good heads are better than one...particularly when different knowledge basis are tapped.

Does such a buyer make back the 3% by the better deal made? I doubt it. But they are more secure and the details are well covered and they know if it was a good purchase it makes almost no difference.
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Old 10-12-2011, 08:38 PM
 
Location: Orange County
657 posts, read 634,092 times
Reputation: 386
Quote:
Originally Posted by olecapt View Post
They can also jack the price another 3 or 4% if the buyer is not knowledgable...and will.

I work up and make a couple of hundred offers a year. I know a whole lot about what a piece of property is worth. I know a whole lot about what can be wrong and where various bodies are buried. You get the benefit of that experience base when I represent you.

Now a really dedicated buyer with lots of time and a certain amount of skill working a narrow area may well meet or beat my expertise. I know a couple. But it is interesting. The ones I think could do their own smoothly generally don't. The use me and argue about how to do it. Two good heads are better than one...particularly when different knowledge basis are tapped.

Does such a buyer make back the 3% by the better deal made? I doubt it. But they are more secure and the details are well covered and they know if it was a good purchase it makes almost no difference.

Las Vegas may be different because of all the foreclosures but normally if you have to comps for an area you will have a pretty good idea of what the property is worth. I normally offer low anyway and that is where the agent will discount the commission if they want to help the deal to go through.
Some agents will not discount commissions at all so it just depends who you are dealing with.
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Old 10-12-2011, 11:48 PM
 
Location: Las Vegas
85 posts, read 93,330 times
Reputation: 50
Quote:
Originally Posted by BobKovacs View Post
No offense to the poster above, but those areas are both very large and are at opposite ends of the valley- it's pretty much impossible for one real estate agent to have an excellent handle on both of those areas to be able to find you the best deals. If it was me, I'd spend time in each area with realtors that specialize in one or the other, make a decision on which area I liked, and then focus on a search with that realtor.
I can somewhat agree with that statement... However... it's only about 15 miles between Summerlin and Green Valley.... all via Beltway.

I lived in the Henderson/Green Valley area and worked out of an office on Coronado... A little over two years ago I moved to an office (same company) in between Green Valley and Summerlin... EZ ride on the I-215 area to get to both.

I've lived in Summerlin for years now and have worked both areas quite successfully for quite some time.... And... I've lived in Las Vegas before anything was built South of the I-215 and West of the 95.... and before anything was built West of Hualapai.

When you've lived in Las Vegas for 17+ years .... you've got a pretty good handle on the city.

I don't hype up one area over the area.... I give a fair evaluation of both areas. For some people, Henderson/Green Valley is better for them... for others.. it's Summerlin.

Go ahead and ask the "Which is Better, Green Valley or Summerlin" question and the majority of the answers will all depend on where the person lives on which one is better.... That's a beat up question as it is...

As far as "deals" go... in the current market, you are much better off going with somebody who has significant experience with short sales then anything else.... because there are plenty of listings out there that are a complete waste of time...

I guess you can learn all about that on the internet also...
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Old 10-13-2011, 12:10 AM
 
Location: Las Vegas
85 posts, read 93,330 times
Reputation: 50
Quote:
Originally Posted by ScoopLV View Post
The seller pays the fees with money brought to the table by the buyer. The trick is to remove as many of those fees as possible. That way the seller has a little more wiggle room for negotiating a lower price.
So... a seller that wants to save money on commissions / fees is just going to give up those proceeds to the buyer after doing all of the work themselves?

I can't really remember coming across any sellers that wanted to negotiate a lower price. More then a couple that wanted a lower commission rate.... and more often then not.... they were the same ones who wanted well more then what the property was worth.
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Old 10-13-2011, 02:41 AM
 
Location: H-Town... "A place to call home"
2,532 posts, read 2,314,763 times
Reputation: 873
Quote:
Originally Posted by ScoopLV View Post
I don't even have my license active
Knew you were an agent
vested interest
hidden intent
multiple nics
...and you're calling people here "smegheads"? (LOL!)

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Old 10-13-2011, 09:58 AM
 
Location: NW Las Vegas - Lone Mountain
15,757 posts, read 20,003,588 times
Reputation: 2661
Quote:
Originally Posted by eventusstultorummagister View Post
Knew you were an agent
vested interest
hidden intent
multiple nics
...and you're calling people here "smegheads"? (LOL!)

I don't think he is or was an active agent. He represented his own account.
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Old 10-13-2011, 10:13 AM
 
Location: Sunrise
6,868 posts, read 5,022,736 times
Reputation: 4508
Quote:
Originally Posted by lvre411 View Post
So... a seller that wants to save money on commissions / fees is just going to give up those proceeds to the buyer after doing all of the work themselves?

I can't really remember coming across any sellers that wanted to negotiate a lower price. More then a couple that wanted a lower commission rate.... and more often then not.... they were the same ones who wanted well more then what the property was worth.
The listing agent just wants the house to sell -- as quickly as humanly possible. You never hear about agents begging the seller to raise prices. It simply doesn't happen. They're always asking the seller to reduce prices, to get that house sold. (And there is a valid reason -- houses that don't sell quick languish on the market. The seller will likely get less for the house if it is initially overpriced.)

Listing is all about volume. The more homes a listing agent can dump into MLS, the better. But there's a big IF. IF the price is low enough that someone will perceive the house to be a "value" and buy it. It does a listing agent no good whatsoever to have 1,000 overpriced listings -- nobody is going to buy them, so the agent isn't going to make any money.

The ideal listing for an agent is underpriced, that way the house sells quick, and that commission check comes in quick. Don't kid yourself. They're not all that interested in getting the maximum amount of money for the house. They just want the thing sold in the minimum amount of time.

Listing agents are not allowed to tell the buyer (me) what the seller is willing to accept for the house. They do it all the time. They're not allowed to say the seller is "motivated/desperate" to sell. They do it all the time. My experience with real estate agents is that a lot of them would throw their own mother under a bus if it meant getting that commission check cut sooner.

Ethical agents ARE out there. But it's easy enough for a buyer to find one with dubious perspective of what constitutes "fiduciary" and work a deal.
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Old 10-13-2011, 10:38 AM
 
Location: NW Las Vegas - Lone Mountain
15,757 posts, read 20,003,588 times
Reputation: 2661
Quote:
Originally Posted by ScoopLV View Post
The listing agent just wants the house to sell -- as quickly as humanly possible. You never hear about agents begging the seller to raise prices. It simply doesn't happen. They're always asking the seller to reduce prices, to get that house sold. (And there is a valid reason -- houses that don't sell quick languish on the market. The seller will likely get less for the house if it is initially overpriced.)

Listing is all about volume. The more homes a listing agent can dump into MLS, the better. But there's a big IF. IF the price is low enough that someone will perceive the house to be a "value" and buy it. It does a listing agent no good whatsoever to have 1,000 overpriced listings -- nobody is going to buy them, so the agent isn't going to make any money.

The ideal listing for an agent is underpriced, that way the house sells quick, and that commission check comes in quick. Don't kid yourself. They're not all that interested in getting the maximum amount of money for the house. They just want the thing sold in the minimum amount of time.

Listing agents are not allowed to tell the buyer (me) what the seller is willing to accept for the house. They do it all the time. They're not allowed to say the seller is "motivated/desperate" to sell. They do it all the time. My experience with real estate agents is that a lot of them would throw their own mother under a bus if it meant getting that commission check cut sooner.

Ethical agents ARE out there. But it's easy enough for a buyer to find one with dubious perspective of what constitutes "fiduciary" and work a deal.
I generally quote a range of prices on a listing. at the high end the maximum credible price that the house would command if the seller was willing to wait a long time. At the other end a price that will very likely sell the house in less than 30 days. In general sellers list somewhere toward the low end though almost never at it. We sometimes will also use a relatively high price for a couple of weeks just to catch the waiting buyer who loves the place. If it is a generally financed market there is little point listing above the likely appraisal.

I most certain can tell the buyer what I think the seller will accept and that the seller is motivated. I simply discuss such steps with the seller and get his agreement. I may even make the buyer's agent think I am being out of line...they can be fished into a deal if they think it a little better and a little off color.

A discussion of sales strategies and even details with the seller is often reasonable. And that way you the seller knows what you are going to say and sometimes what he or she is supposed to say. If the buyer or buyer's agent has access to the seller you want the seller rehearsed with the correct message.

Starving agents who live from pay check to pay check may do dumb things. But there are agents around that do a pretty good job.

The standard complaint about the famous listing agents is always the same...the are charming and very helpful until you sign the listing and then they vanish. Some truth to it. I know a couple who do exactly that. The agent is a consumate sales person who does the listing than turns the account over to his buraucracy. I don't think these guys care about driving to a low price. They will sit on the listing and wait until the market convinces the client.
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