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Old 12-15-2015, 07:10 AM
 
7,928 posts, read 9,642,312 times
Reputation: 13944

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Quote:
Originally Posted by leavingwash View Post

I will share that I have sold two different personal homes and during that time I never was requested to bring a key. My agent's office was over 45 min away (traffic not miles) and if he was not able to come personally he sent someone. Also in WA state where I lived previously, at closing keys are not handed to you. Keys are given only after confirmation that everything has funded. My agent delivered the keys at that time either personally or via courier.


I still cannot believe this key thing is still being brought up.


Yes, it is RIDICULOUS that the agent said he had to bring the key to her.
Yes, it is a sign that she is not so great an agent.


But the entire situation could have ended with one simple sentence:


"I'm sorry but I am paying you the commission. You will need to come and pick the key up from me."


Done.


A thousand posts could have been averted with two simple sentences.
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Old 12-15-2015, 07:15 AM
 
397 posts, read 280,585 times
Reputation: 161
Quote:
Originally Posted by spencgr View Post
I still cannot believe this key thing is still being brought up.


Yes, it is RIDICULOUS that the agent said he had to bring the key to her.
Yes, it is a sign that she is not so great an agent.


But the entire situation could have ended with one simple sentence:


"I'm sorry but I am paying you the commission. You will need to come and pick the key up from me."


Done.


A thousand posts could have been averted with two simple sentences.
No, too many realtors are getting away with doing nothing.

I don't care if what you do is code, write laws, or make sandwiches for a living. We all have to work. There is no free lunch.

I'm not going to stop until lazy realtors actually work to make their money instead of thinking of it as a privilege. If they work, I don't care if I spend 2% or 10%. I make money to spend money.
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Old 12-15-2015, 07:16 AM
 
Location: MID ATLANTIC
7,724 posts, read 18,524,039 times
Reputation: 8382
Quote:
Originally Posted by kww View Post
I work for an independent brokerage in Woodbridge, not Century 21, and choose to not advertise my name as this is not a viable means of marketing for me.

Just trying to help, feel free to not answer any of my questions.
I applaud your desire to stay incognito, whether by company or as an individual. CD posting as an industry professional should be viewed as a public service, few are here for potential business. Just as there are many times I want to scream to posters (as a loan officer) "you could do that at a much lower rate," you've had the same inclination to post to buyers or sellers they are paying too much. Many outsiders came into my industry as one hit wonders for a fast buck and became overnight LOs. The real estate model is plagued by those that entered real estate sales with their one-hit sphere of influence - those that sell to family and friends, and now the random seller or buyer. There's a reason they say 20% do 80% of the volume.

I'm wondering if the OP has come across a truly experienced agent? I wonder if the OP would be shocked to learn the agent's secretary also plays secretary to 30 other agents? (And perhaps the reason no offer to pick up the key was made?) Or the secretary is actually the agent's daughter that works another full time job? Not that either is a problem, but it is somewhat disingenuous, and a set-up for deliberate misperception.

The OP's scenario, not so much the level of commission, but the level of confidence, drives home the need to really know who you've handed business to - because the experienced agent will save you and earn you far more than the extra 1 or 2% paid out in commission.
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Old 12-15-2015, 07:24 AM
 
397 posts, read 280,585 times
Reputation: 161
Quote:
Originally Posted by SmartMoney View Post
I applaud your desire to stay incognito, whether by company or as an individual. CD posting as an industry professional should be viewed as a public service, few are here for potential business. Just as there are many times I want to scream to posters (as a loan officer) "you could do that at a much lower rate," you've had the same inclination to post to buyers or sellers they are paying too much. Many outsiders came into my industry as one hit wonders for a fast buck and became overnight LOs. The real estate model is plagued by those that entered real estate sales with their one-hit sphere of influence - those that sell to family and friends, and now the random seller or buyer. There's a reason they say 20% do 80% of the volume.

I'm wondering if the OP has come across a truly experienced agent? I wonder if the OP would be shocked to learn the agent's secretary also plays secretary to 30 other agents? (And perhaps the reason no offer to pick up the key was made?) Or the secretary is actually the agent's daughter that works another full time job? Not that either is a problem, but it is somewhat disingenuous, and a set-up for deliberate misperception.

The OP's scenario, not so much the level of commission, but the level of confidence, drives home the need to really know who you've handed business to - because the experienced agent will save you and earn you far more than the extra 1 or 2% paid out in commission.
That extra 1 or 2% is the real question here. Some may provide that extra level of service. I believe there are too many realtors out there who view this as a strict negotiating tactic but no real additional services to support a higher fee.
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Old 12-15-2015, 08:43 AM
 
Location: SoCal
4,898 posts, read 8,741,326 times
Reputation: 3626
Quote:
Originally Posted by livinfairfax View Post
That extra 1 or 2% is the real question here. Some may provide that extra level of service. I believe there are too many realtors out there who view this as a strict negotiating tactic but no real additional services to support a higher fee.
OP, having just read throug this thread I can understand your frustration as a first timer selling your home. As many posters have said, your agent did a disservice to you by not walking you through the selling process so you know what to expect & WHEN to expect them.

I am not a Realtor just someone who has bought & sold my personal residences a few times (but not in NoVa). One thing I can share with you is this "negotiation" thing does not end after you signed a listing agreement. EVERYTHING is negotiable until the house is sold and you receive your settlement check. If you think this 5% vs 6% is the only issue, wait until you receive an offer and accepted it, THEN the negotiation with the buyer really begin. A list of home repair items that they want you to pay for or reduce your price further, paying part or whole on closing cost, all these "junk fees" that I am asked to pay? lots of documents need your signature "right now", etc.

In the past, as a buyer I was told they can not give me the key of the house because my Realtor was going on a vacation. I then told them in no uncertain term that I would not sign the closing escrow document until they can deliver the key on the same day. Guess what? Magically they found a way! On another house (a new build), I insisted on several items be fixed during the final walk through before I sign the release, though the builder's agent pressure me to sign the document and he "promised" those will be fixed right away. Funny how that work when you have their money on the line by withholding your signature until the problems are corrected.

So be mentally prepared for this home selling process. It is an emotional & hectic process as nothing happens as planned. It will be better if you have a good Realtor to walk through this with you but if not, this is your house afterall; you need to step up the game and take an active role to get it sold. I would continue to ask your Realtor "what's next?" questions. What are you doing in selling my house? Be prepared that he/ she comes back & ask you to drop the listing price if the house has no offers. Talk about anxiety & pressures, huh?

Good luck!
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Old 12-15-2015, 12:19 PM
 
232 posts, read 293,305 times
Reputation: 132
Quote:
Originally Posted by livinfairfax View Post
That extra 1 or 2% is the real question here. Some may provide that extra level of service. I believe there are too many realtors out there who view this as a strict negotiating tactic but no real additional services to support a higher fee.
I understand the thought process that the "extra 1 or 2%" is part of the negotiation. Unfortunately in my experience the 3% to sell + 3% paid to the buyer's agent is standard. In terms of what you are getting for that fee, it is based on the broker/agent you selected. Market knowledge? Professional Photos? Mail Marketing? Printed brochures vs flyers? The question is what motivated you to hire that agency, that rep? In theory they had to have offered you something to convince you they were the best for the job.

Should add that I personally believe that the larger the brokerage (i.e. Cent 21) the less flexibility they have on fees because of overhead, reporting structures, etc.

But you said, the point is not the "2% or 10%" so in my mind that means it is about believing that someone is working on your behalf, providing service to you....earning the fee. With that, I highly recommend talking to your agent, and if explaining your service expectations. You could either ask to void the contract, ask for a different agent from that brokerage, or work with the agent to live up to your needs. To have a chance at eliminating your frustration, that is the best direction to take - talk to them.
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Old 12-15-2015, 12:40 PM
 
397 posts, read 280,585 times
Reputation: 161
Quote:
Originally Posted by leavingwash View Post
I understand the thought process that the "extra 1 or 2%" is part of the negotiation. Unfortunately in my experience the 3% to sell + 3% paid to the buyer's agent is standard. In terms of what you are getting for that fee, it is based on the broker/agent you selected. Market knowledge? Professional Photos? Mail Marketing? Printed brochures vs flyers? The question is what motivated you to hire that agency, that rep? In theory they had to have offered you something to convince you they were the best for the job.

Should add that I personally believe that the larger the brokerage (i.e. Cent 21) the less flexibility they have on fees because of overhead, reporting structures, etc.

But you said, the point is not the "2% or 10%" so in my mind that means it is about believing that someone is working on your behalf, providing service to you....earning the fee. With that, I highly recommend talking to your agent, and if explaining your service expectations. You could either ask to void the contract, ask for a different agent from that brokerage, or work with the agent to live up to your needs. To have a chance at eliminating your frustration, that is the best direction to take - talk to them.
I see what you're saying. I can try to go back and get 1% or try to bring down the entire industry's fee by 50 bps. I think the former is very tiny in the grand scheme of things.
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Old 12-15-2015, 01:45 PM
 
Location: northern va
1,586 posts, read 2,123,686 times
Reputation: 1374
If your agent had driven to get your keys, and gave a better vibe to you for taking a call after 5pm, would you still be concerned with "changing the industry"?
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Old 12-15-2015, 02:22 PM
 
232 posts, read 293,305 times
Reputation: 132
Quote:
Originally Posted by livinfairfax View Post
I see what you're saying. I can try to go back and get 1% or try to bring down the entire industry's fee by 50 bps. I think the former is very tiny in the grand scheme of things.
Wow. You did see that I wasn't arguing against you?? All I can say is that I read from your post you were upset that YOU were not getting the service you expect for the fee that is charged. Not that you were trying to convince every seller that their agent isn't worth the fees requested.

I can only speak for myself in that in my two prior sales my agent worked hard on my behalf and I never once questioned whether he deserved what he made - didn't question because he worked hard, marketed well and my homes sold quickly.

Since you don't believe there is a value of the "extra" 1-2% for the grand scheme of all real estate agents, in that case I would recommend a FSBO with a flat MLS listing fee.
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Old 12-15-2015, 02:45 PM
 
397 posts, read 280,585 times
Reputation: 161
Quote:
Originally Posted by leavingwash View Post
Wow. You did see that I wasn't arguing against you?? All I can say is that I read from your post you were upset that YOU were not getting the service you expect for the fee that is charged. Not that you were trying to convince every seller that their agent isn't worth the fees requested.

I can only speak for myself in that in my two prior sales my agent worked hard on my behalf and I never once questioned whether he deserved what he made - didn't question because he worked hard, marketed well and my homes sold quickly.

Since you don't believe there is a value of the "extra" 1-2% for the grand scheme of all real estate agents, in that case I would recommend a FSBO with a flat MLS listing fee.
Sorry if my tone was not right. I'm not saying you were against me. I know what you were saying.

No need to post here, but I'm considering all things like if the average fee % went down, if it would help with the home purchases in general, etc, for betterment of all mankind I guess.
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