U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-08-2013, 11:01 AM
 
345 posts, read 538,348 times
Reputation: 337

Advertisements

Quote:
Originally Posted by WestieJeff View Post
I've never had any luck getting a "discount" going direct to the sellers/listing agent, and I've tried at least half a dozen times. They just argue "they are doing the work of two and representing two, so they deserve twice the commission". If it's a short sale/foreclosure, they'll kick you over to another agent in their office since sometimes the banks don't want to pay twice the commission to a single agent.

Realistically the best I've found is using a Redfin agent and getting a measley 15% of their commission back.

If you write a contract on your own, legally you're not able to receive the commission, so that's a waste.

If you figure something else out, I'd like to hear it.
You can get 15% of their commission back by using a Redfin agent? Do you have to ask for it?
Reply With Quote Quick reply to this message

 
Old 01-08-2013, 01:02 PM
 
1,687 posts, read 3,056,533 times
Reputation: 1791
I don't think you have to ask for it. Right from the Redfin Las Vegas site:

Typically, the seller of a home pays a commission of 6% which is split between the seller's agent and the buyer's agent. Traditional brokerages keep all of their commission.


When you buy a home with a Redfin partner agent, you can receive a refund of 15% of their commission -- even if you purchase a short-sale

home.

[1] $2,500 minimum commission applies. The refund is subject to lender approval and there may be restrictions with VA or FHA loans. Your refund cannot be used as part of your down payment or to meet the capital reserve requirements of your loan program.

Quote:
Originally Posted by kcoliver View Post
You can get 15% of their commission back by using a Redfin agent? Do you have to ask for it?
Reply With Quote Quick reply to this message
 
Old 01-08-2013, 01:05 PM
 
Location: Sunrise
10,869 posts, read 13,691,489 times
Reputation: 8987
ALL commissions are negotiable. Agents will come out of the woodwork to say they aren't. But they are. The more leg-work you do on your own, the more you can knock off that six percent. But you have to negotiate up front. "This is what I will do. This is what you will do. I expect a commission rebate of XX%"
Reply With Quote Quick reply to this message
 
Old 01-08-2013, 04:49 PM
 
12,973 posts, read 12,190,448 times
Reputation: 5399
So your thesis is to hire the worst negotiator available?

If he or she can't protect their own commission they will do a great job protecting your money?

Clever
Reply With Quote Quick reply to this message
 
Old 01-08-2013, 05:16 PM
 
Location: Sunrise
10,869 posts, read 13,691,489 times
Reputation: 8987
I don't EXPECT Realtors to be good negotiators, or even to know much about real estate. Your perspective seems to be that all agents are ethical and competent. This hasn't been my experience.

In my experience:

* Realtors will sell their own mother down the river to get that commission check cut one day sooner.
* Anything a seller tells their agent "in confidence" will end up in the buyer's ears as soon as the seller is out of earshot.
* Buyer's agents only real talent is convincing their client to spend "just a little more" to close on a house TODAY.

I'm certain there are ethical, competent agents out there. But in my house buying experience, I haven't met any.

"I'm not supposed to tell you this. But if you offer $X, they'll go for it." -- That's what I expect from Realtors around here. Why should I care how much of their commission these people keep? I wasn't put on this Earth to line the pockets of the lazy and unethical.
Reply With Quote Quick reply to this message
 
Old 01-08-2013, 05:52 PM
 
12,973 posts, read 12,190,448 times
Reputation: 5399
So your bag is too hire some incompetent and unethical real estate agent cheap?

Seems to me you are simply getting what you pay for.

It is easy. Just hire anyone who will work for 1.5%. I can guarantee they ain't competent.

Note the language in the Redfin disclaimer. There are lots and lots of transactions where a rebate won't work. At the moment I would estimate that rebates can't be done in about 70% of the market. The Redfin probably available on 20% or less.
Reply With Quote Quick reply to this message
 
Old 01-09-2013, 08:03 AM
 
7,693 posts, read 11,322,013 times
Reputation: 15392
Quote:
Originally Posted by ScoopLV View Post
I don't EXPECT Realtors to be good negotiators, or even to know much about real estate. Your perspective seems to be that all agents are ethical and competent. This hasn't been my experience.
Scoop, if most of your experience has been with SoFla agents, I can certainly understand your skepticism. I've dealt with RE agents in FL, NC, IL, MD, DC, and NV and I have never run across so many incompetent agents in my life as I did this past fall looking for a condo to buy on Miami Beach. After "firing" three agents in a month, I started dealing directly with listing agents and found that they were no better. I've never seen less motivated, less knowledgeable, basically useless so-called professionals in my life. Ironically, the incompetent agents I dealt with spent most of their time b'tching about how the area was overrun with all the "other" incompetent agents.

That said, my experience down here was an anomaly compared with my interaction with agents elsewhere. I'd be careful if I were you in painting the entire profession with such a broad brush. I think that you are doing them a disservice. You are also doing a disservice to people in Las Vegas looking for real estate advice by providing them with a skewed perspective.
Reply With Quote Quick reply to this message
 
Old 01-09-2013, 10:43 AM
 
Location: Sunrise
10,869 posts, read 13,691,489 times
Reputation: 8987
In my experience, the NV agents have been no better than the South Fla. agents.

The one thing they all seem to have in common is a ridiculous sense of entitlement. They seem to feel that the world owes them a living because they passed a real estate test that any reasonably-bright high-school student could pass.

The best real estate transactions involve zero real estate agents. All they do is push the price up. They add nothing but headaches.
Reply With Quote Quick reply to this message
 
Old 01-10-2013, 05:01 PM
 
59 posts, read 96,417 times
Reputation: 97
Quote:
Originally Posted by ScoopLV View Post
In my experience, the NV agents have been no better than the South Fla. agents.

The one thing they all seem to have in common is a ridiculous sense of entitlement. They seem to feel that the world owes them a living because they passed a real estate test that any reasonably-bright high-school student could pass.

The best real estate transactions involve zero real estate agents. All they do is push the price up. They add nothing but headaches.

In ScoopLV's defense, I hold a real estate license in NC, now inactive, and worked as a REALTOR(R) (see? I still remember the proper way) for a major real estate conglomerate.

The passing rate for first-time test takers is a measly 40%. I thought it was one of the easiest tests I've ever taken. In fact, the tests I took in my required real estate class were far harder.

Most people had trouble with the math - from calculating area to figuring out sample HUD-1s. I grew to not like my fellow agents so much. Most were willing to get their clients to buy or sell when they shouldn't have, simply to get their hands on a commission check.

There are a few agents who are true professionals, who care about their clients' interests and who work hard on their behalf. But even I must admit these are few.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
Similar Threads
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top