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Old 11-08-2009, 05:32 PM
 
Location: Columbia, SC
7,033 posts, read 11,161,829 times
Reputation: 3555

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Quote:
Originally Posted by stevep View Post
I was just talking with a realtor today. She's the new agent on an expired listing and was frustrated with the old agent. The old agent marketed the house quite poorly, had one aweful picture on mls, the write-up in mls was worthless, they never put fliers in the outside box for a year, etc. The homeowner was out of town the entire time. Other homes in the neighborhood that were in worse condition have already sold. This home is immaculate and priced very competively to the other homes that sold and should have sold already if the realtor was doing their job. I've seen this with other listings, where the realtor puts one picture in mls, never fills the flyer box and expects the house to sell. The response is that the seller picked the wrong realtor and it's probably a correct response, but there's a lot of sellers picking the wrong realtors and with these realtors, it's not to your advantage and the job doesn't get done better than doing it yourself.
That's the sellers fault for not hiring wisely and having communication with the RE Agent. And it probably was better than a FSBO even if a poor job was done. I'm sure the seller who wasn't even local would have done a worse job.
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Old 11-08-2009, 09:05 PM
 
377 posts, read 1,076,675 times
Reputation: 188
Quote:
Originally Posted by Brandon Hoffman View Post
That's the sellers fault for not hiring wisely and having communication with the RE Agent. And it probably was better than a FSBO even if a poor job was done. I'm sure the seller who wasn't even local would have done a worse job.
I don't think it's the sellers fault. The owner moved out of town and relied on the realtor. I'll bet the realtor had a very nifty presentation when they were interviewing for the job. It's the realtor's fault for not doing their job. The realtor did zero to market the property. For an entire year, the flyer box stayed completely empty. The realtor put one picture on mls and thought that would sell the house.... they never even mentioned any of the upgrades and features that differentiated this house from the other homes. But, I do agree, that there was no way for the seller to successfully do a fsbo when they didn't live in the area.
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Old 11-08-2009, 10:13 PM
 
Location: Columbia, SC
7,033 posts, read 11,161,829 times
Reputation: 3555
Quote:
Originally Posted by stevep View Post
I don't think it's the sellers fault. The owner moved out of town and relied on the realtor. I'll bet the realtor had a very nifty presentation when they were interviewing for the job. It's the realtor's fault for not doing their job. The realtor did zero to market the property. For an entire year, the flyer box stayed completely empty. The realtor put one picture on mls and thought that would sell the house.... they never even mentioned any of the upgrades and features that differentiated this house from the other homes. But, I do agree, that there was no way for the seller to successfully do a fsbo when they didn't live in the area.
The numbers back my view. 77% of sellers only interview 1 agent. They may have selected a low service agent who did exactly what they said they would do. Put it on MLS for a flat rate, nothing else. Then again, the agent may have over promised and under delivered. Really, neither of us know for certain so there isn't much sense in speculating on 1 isolated case.

So I'll bet the owner in question falls into the majority and only interviewed 1 agent and the listing agent also fell into the majority and had no presentation. 10% of the agents are doing 90% of the business for a reason.

I'll also bet there was no nifty presentation. If the marketing was that bad, the agent probably wasn't a good agent. If they weren't a good agent then they probably don't have a listing presentation. Truthfully, I'd bet only about 10-20% of the agents have a real listing presentation and probably 5% or less have a good presentation.

BTW, I'm a nationally certified RE instructor and teach agents how to be successful. This year I will average selling almost a house a week. The 77% is from NAR polling sellers. The presentation %'s are educated guesses on my part based on real and repeated experiences.
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Old 11-20-2009, 07:52 AM
 
7 posts, read 5,849 times
Reputation: 10
Quote:
Originally Posted by Rakin View Post
Some old threads never die.

That is the attitude so many people have with real estate that it's get rich quick and we don't earn our money. We run businesses that have a lot of hidden expenses and overhead most people don't see.

We also spend a lot of hours behind the scenes outsiders don't understand.

This is one of the reasons many people get in the business, don't understand how to operate a small business and fail. It's one of the reasons I do understand my broker taking their share, those buildings, employees, internet are all very expensive.
So I'm guessing you are the type to have someone at Merrill Lynch invest your money for you at outrageoue fees because, well, they need to pay for their bonuses and their big shiny buildings, etc. Whereas you could do a more than adequate job investing your own money by reading one or two books and using a user freindly web site such as Sharebuilder.com.

Everyone keeps on railing on about hidden fees and hours spent behind the scenes....and that it may be your only paycheck for months....then the free market will work and you exit your chosen profession and perhaps go work for Goldman Sachs next....
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Old 11-20-2009, 08:00 AM
 
Location: Cary, NC
19,691 posts, read 31,496,365 times
Reputation: 16784
Quote:
Originally Posted by MikeJaquish View Post
Just another poster who can't differentiate between revenue and a paycheck.

We are SO trained by our culture to be dull, unless we have the ambition to learn how economics work on a personal level.
Quote:
Originally Posted by benhogan View Post
So, a realtor does all the work...hmmm...$200k selling price times 3% = $6,000. IF you put in a total of 120 hours (which I sincerely doubt anyone would for one sale) that still equates to $50/hour. I'm guessing there are plenty of people who would love that kind of paycheck right about now...
Quote:
Originally Posted by benhogan View Post
So I'm guessing you are the type to have someone at Merrill Lynch invest your money for you at outrageoue fees because, well, they need to pay for their bonuses and their big shiny buildings, etc. Whereas you could do a more than adequate job investing your own money by reading one or two books and using a user freindly web site such as Sharebuilder.com.

Everyone keeps on railing on about hidden fees and hours spent behind the scenes....and that it may be your only paycheck for months....then the free market will work and you exit your chosen profession and perhaps go work for Goldman Sachs next....
Wow.
2 posts.
2 argumentative and unlearned posts about agent fees and agent perspective.

As soon as a poster says "Everyone," you gotta know you are headed for a limited view.
The use of absolutes is a common symptom of looking at the Small Picture.
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Old 11-20-2009, 08:39 AM
 
Location: Martinsville, NJ
5,929 posts, read 6,957,743 times
Reputation: 3530
Quote:
Originally Posted by benhogan View Post
So, a realtor does all the work...hmmm...$200k selling price times 3% = $6,000. IF you put in a total of 120 hours (which I sincerely doubt anyone would for one sale) that still equates to $50/hour. I'm guessing there are plenty of people who would love that kind of paycheck right about now...
I'm sure you're right. There are plenty of people who would indeed love that paycheck. Tell me what WANTING it has to do with EARNING it?
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Old 11-20-2009, 09:39 AM
 
Location: DFW - Coppell / Las Colinas
18,707 posts, read 17,465,963 times
Reputation: 17857
Quote:
Originally Posted by benhogan View Post
So I'm guessing you are the type to have someone at Merrill Lynch invest your money for you at outrageous fees because, well, they need to pay for their bonuses and their big shiny buildings, etc. Whereas you could do a more than adequate job investing your own money by reading one or two books and using a user friendly web site such as Sharebuilder.com.

Everyone keeps on railing on about hidden fees and hours spent behind the scenes....and that it may be your only paycheck for months....then the free market will work and you exit your chosen profession and perhaps go work for Goldman Sachs next....
You have completely guessed wrong on me. I guess that's a problem when you cast everyone to fit the same mold.

Prior to a successful business in RE, I owned a partnership in about 26 glass companies we sold back in the 90's. I do understand what it takes to run any business.

Most people when they sell a home don't use some guy working out of his home or office's in his car. Most people need and expect a legitimate, well established company that actually pays overhead costs. Those that hire a discount broker usually get the discount services they select.

Even the guy on the street selling hot dogs has overhead most people don't understand. You can always tell the people in business who will not last, they are the ones who give away most of their income to get business.
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Old 11-20-2009, 12:58 PM
 
Location: Fuquay Varina
1,749 posts, read 2,930,568 times
Reputation: 2320
Quote:
Originally Posted by stevep View Post
I don't think it's the sellers fault.

of course it is the sellers fault!! lol What other response would you expect from a Realtor lol ??

Its the sellers fault for not finding an honest/decent Realtor lol gimme a break
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Old 11-20-2009, 02:50 PM
 
Location: DFW - Coppell / Las Colinas
18,707 posts, read 17,465,963 times
Reputation: 17857
Quote:
Originally Posted by SVTLightning View Post
of course it is the sellers fault!! lol What other response would you expect from a Realtor lol ??

Its the sellers fault for not finding an honest/decent Realtor lol gimme a break
It really does take all parties to sell a house - the owner and the agent. I don't believe anyone on here would argue that part. If either party does not do what it takes to get the home sold it will not sell.

That's one reason we give the seller the right to fire us cause if he does not do his job I want the ability to fire him and move on.

One of my pet peeves is agents who take a listing for an out of town owner. Then never go over to clean off the junk off the front porch, restock graphics and most importantly put water in the swimming pool.

A bad owner hiring a bad agent is a sure way to not sell a house. There is enough blame to spread to all parties.

But if you are an out of town owner, don't hire some discount service agent. You're liable to get what you pay for.
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Old 12-05-2009, 07:30 AM
 
7 posts, read 5,849 times
Reputation: 10
Quote:
Originally Posted by MikeJaquish View Post
Wow.
2 posts.
2 argumentative and unlearned posts about agent fees and agent perspective.

As soon as a poster says "Everyone," you gotta know you are headed for a limited view.
The use of absolutes is a common symptom of looking at the Small Picture.
So I guess I was dead wrong selling 2 homes by myself. You're saying I should have used a real estate agent to get what, 6% less in my pocket? Sorry, as long as I list in MLS, offer showing agents 3% (otherwise, why would you show my house). I tidy my house, clean up the yard, stage the house properly (yep, I can do ALL that by myself without anyone's direction) and what added value would a listing agent bring to that?

Everyone (there's that word) does not know what I have done with my life, what businesses I have built and sold. No one has yet to demonstrate what a Listing Agent does to EARN 3%? Oh yes, you list the house on MLS, tell the owner to clean the house and yard and stage it properly. Meanwhile the person likely to buy it saw the property listed on realtor.com and calls a Showing Agent to see the house.

Yes Sir, I'm pretty lame when it comes to selling houses. I REALLY need a Listing Agent to do all that work for me....

The growth of the discount broker business model is all wrong of course. The free market really doesn't know what the invisible hand is doing. This wil never work long term. We need full fee brokers to sell homes....dang you are so smart....sorry I wasted your time.

Here is a quote from a government report on the changing real estate market (OK, so it is a gov. report...take it for what it is worth...and it is from Apr 2007)

"The increased ease with which home buyers and sellers can perform tasks that once were the exclusive domain of real estate agents and brokers likely has been an important factor in the increased demand for innovative, non-traditional real estate brokerage services.4 In fact, the Internet has surpassed the yard sign as the most important marketing tool to reach consumers.5"

link Competition in the Real Estate Brokerage Industry - A Report by the Federal Trade Commission and U.S. Department of Justice - 04/2007

I love this quote from the report;

A number of developments have raised competitive concerns, particularly laws and regulations in some states that limit consumer choice of real estate brokerage service offerings and that prohibit rebates to consumers, anticompetitive agreements among brokers, and industry practices that impede competition. These practices can lead to substantial consumer harm through reduced choice of real estate brokerage services, higher fees, and limitations on the ability to access information about real estate listings.
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