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No but we do have Brokers who offer discount services by just putting the listing in the MLS. Offers still must go to the Broker for their review. TX passed a law a few years back requiring "Minimum Services" by Brokers.
TX is one of what? 7 or 8 States with Minimum Service requirements?
I have a lady talking to me about affiliating with me. Lots of out of state experience. And, CD has really helped instruct me regarding lots of questions to ask.
Perhaps not so crazy, as some assumptions could be made. I worked with a buyer agent with a national firm. Apparently the firm went through some extensive litigation not long before regarding some inspections gone bad, and this firm was held liable. I'm not sure of the details any longer, but I seem to recall a 60 minutes segment about it. At any rate, we were advised by our agent to pick an inspection company from a list of names they printed out and handed to us. The agent quietly mentioned that we were free to hire any inspector we preferred, but that it would be much better to deal with one from the "approved" list. How these were vetted is a mystery. But someone unfamiliar with the reasons could infer something there. Hard to find the case(s) in question because I think it occurred back in the early-mid 1990s.
Quote:
Originally Posted by rrah
Something that happened in the real estate world in the early-mid 1990's is pretty irrelevant 20-25 years later. Laws have changed.
I agree. If you're talking about something that happened in the 1990's, it's about as relevant as something that happened in the 1800's. The industry has changed so much and in so many ways in the last 20 years.
Quote:
Originally Posted by MikeJaquish
You don't have "Entry Only" listings in your MLS?
We do and it is very much a FSBO, with an agent who often never meets the sellers, let alone negotiate or advise, handle offers, etc.
"EO" gets people MLS marketing and syndication, and no more.
Technically, an entry only service is still the listing agent. They're just offering very limited service to the seller. Functionally, it's a FSBO sale but by acting on behalf of the seller by listing their home in the MLS legally they are the agent of the seller.
TX is one of what? 7 or 8 States with Minimum Service requirements?
I have a lady talking to me about affiliating with me. Lots of out of state experience. And, CD has really helped instruct me regarding lots of questions to ask.
There are only a handful of states with minimum service laws. The DOJ cautioned all of them against enacting such laws and I'm sure they're just one lawsuite in a Federal Court away from going POOF. I'm all for giving consumers choice but this EO stuff is BS IMO. Let them list their house on a FSBO site if they don't want to hire an agent. We pay for the various MLS's and I see no reason why FSBO's should be given access to this tool.
I agree. If you're talking about something that happened in the 1990's, it's about as relevant as something that happened in the 1800's. The industry has changed so much and in so many ways in the last 20 years.
Technically, an entry only service is still the listing agent. They're just offering very limited service to the seller. Functionally, it's a FSBO sale but by acting on behalf of the seller by listing their home in the MLS legally they are the agent of the seller.
EO reduces the relationship to a marketing relationship here.
The function is what consumers see and what they interact with.
I sold one several years ago where the seller had absolutely no guidance or support besides being given the state disclosure forms. I was at the house after closing, and the agent came by to collect his sign.
I approached the agent, and he said, "Who is that?"
Me: "That is your client."
Then, when I walked away, the buyer came to me and said, "Who is that?"
I said, "That's your agent."
And, neither made any attempt to introduce themselves to the other, etc.
It was a pretty odd moment.
And, without a doubt in my mind, it was a FSBO.
It doesn't bother me that FSBOs show up on the MLS. Our state regulations and MLS rules are pretty much crystal clear how to handle the listings, and MLS has so many more interesting issues to deal with.
If some agents were as good as some FSBOs, it would be quite helpful.
It doesn't bother me that FSBOs show up on the MLS. Our state regulations and MLS rules are pretty much crystal clear how to handle the listings, and MLS has so many more interesting issues to deal with.
If some agents were as good as some FSBOs, it would be quite helpful.
It's bad enough dealing with all the so called professionals who put together garbage listings loaded with misinformation and sideways photos that are so dark you can barely tell they're even of houses and who don't know the rules of our MLS. The last thing I need is to add these listings which are essentially FSBOs on top of that. They only thing the EO's seem to work hard at is trying to find ways to get their listing in the MLS without offering buyer agent compensation.
1: Why would any agent want to work on a listing that does not have a listing agent, to handle the sale if they bring a contract? Answer no experienced agent will.
Remember 80% of all sales are made by just 20% of real estate agents. Also 80% of all people entering the business as an agent, will fail out of the business a large percentage of them never make a sale.
The 20% of agents that will sell nearly all homes, will not waste their time on FSBO and low paying flat fee listings. If you work for a company for $25 an hour wages, and they ask if you want to do a certain job for only $8 an hour, would you jump up all excited and work part of the week for $8 an hour instead of $25 an hour? That is exactly what you are asking the good agents that sell property to do. The ones that will try to sell the property are the 80% that will fail out of the business as they are so desperate to sell anything.
It is strange how many posters cry about the low pay a lot of jobs pay, and how hard it is to get a good wage, and then turn around and think Real Estate agents should work on low paid jobs (selling a house) when instead they can work on one that pays a full wage.
Think of things that way, and you can understand why the good agents that make most of the money won't take on low pay jobs (FSBO and flat fee commissions), when they can get paid fair wages at the normal commission by showing and selling other homes with normal fees and commissions. They have so many hours a day to devote to work, and they want them to give them a good return by being regular pay, not half as much as selling another home, or not wanting to pay at all as some FSBO's want.
Thats becuase when most people are making 25$/hr for comperable intellegence/certs/etc real estate agents are making a killing. I mean if I sell a 300k house the 2 agents are making 5 figures. So they only have to sell a few homes to make the equivalent to most other jobs. There jobs are not rocket science which is why alot of people are going FSBO, it is because their commission is HIGH way higher than any one else would make for comperable educatoin and expericene.
It is the order of magnitude of their compensation that upsets people. The MLS is a good tool but you as Joe agent did not develop that tool and too many agents act like its their own personal web site and its not. There are plenty of agents that act as limited service agents to put FSBO's on the MLS. Just because you took your 2 week course does not put your name on the patent or copy right for the MLS.
Its these sort of smug attitudes that give real estate agents a bad name.
You as joe agent dont OWN the MLS, maybe they should be teaching that day one in your 2 week course. It is a brilliant marketing tool developed by highly skilled programmers, web developers and real estate agents who likely had degrees in computer science.
You as joe realtor with your 2 week cert does not get to dictate what goes on with the MLS.
Quote:
Originally Posted by oldtrader
Questions on this old thread.
1: Why would any agent want to work on a listing that does not have a listing agent, to handle the sale if they bring a contract? Answer no experienced agent will.
Remember 80% of all sales are made by just 20% of real estate agents. Also 80% of all people entering the business as an agent, will fail out of the business a large percentage of them never make a sale.
The 20% of agents that will sell nearly all homes, will not waste their time on FSBO and low paying flat fee listings. If you work for a company for $25 an hour wages, and they ask if you want to do a certain job for only $8 an hour, would you jump up all excited and work part of the week for $8 an hour instead of $25 an hour? That is exactly what you are asking the good agents that sell property to do. The ones that will try to sell the property are the 80% that will fail out of the business as they are so desperate to sell anything.
It is strange how many posters cry about the low pay a lot of jobs pay, and how hard it is to get a good wage, and then turn around and think Real Estate agents should work on low paid jobs (selling a house) when instead they can work on one that pays a full wage.
Think of things that way, and you can understand why the good agents that make most of the money won't take on low pay jobs (FSBO and flat fee commissions), when they can get paid fair wages at the normal commission by showing and selling other homes with normal fees and commissions. They have so many hours a day to devote to work, and they want them to give them a good return by being regular pay, not half as much as selling another home, or not wanting to pay at all as some FSBO's want.
Thats becuase when most people are making 25$/hr for comperable intellegence/certs/etc real estate agents are making a killing. I mean if I sell a 300k house the 2 agents are making 5 figures. So they only have to sell a few homes to make the equivalent to most other jobs. There jobs are not rocket science which is why alot of people are going FSBO, it is because their commission is HIGH way higher than any one else would make for comperable educatoin and expericene.
It is the order of magnitude of their compensation that upsets people. The MLS is a good tool but you as Joe agent did not develop that tool and too many agents act like its their own personal web site and its not. There are plenty of agents that act as limited service agents to put FSBO's on the MLS. Just because you took your 2 week course does not put your name on the patent or copy right for the MLS.
Its these sort of smug attitudes that give real estate agents a bad name.
You as joe agent dont OWN the MLS, maybe they should be teaching that day one in your 2 week course. It is a brilliant marketing tool developed by highly skilled programmers, web developers and real estate agents why likely had degrees in computer science.
You as joe realtor with your 2 week cert does not get to dictate what goes on with the MLS.
Are you referring to a specific MLS?
Who owns which MLS?
Many, if not most, are owned by REALTOR® associations, with a Board of Directors elected from membership, and the rank and file REALTOR® certainly has a vote on how the MLS is managed. That is certainly the case of the MLS I pay dues to.
It takes a large investment to create and maintain an MLS of any meaning.
People who want a public utility MLS should put bank the capital funds needed to design, improve, maintain, and present an MLS system, and to survive while they sell it to the public and agents.
It was tried in NC 4 or 5 years ago, and the organizers didn't bring enough money to the table to survive while they built their business. I got a LOT of phone calls from agents around the state who put up dues money and got beat out of their funds and couldn't get the company to respond.
Your voting rights as joe agent are like my voting rights holding 100 out of 1,000,000,000 shares of common stock of a company, it approaches 0. MLS is a big deal but you dont own it, period end of story.
If a limited service agent wants to put a FSBO up on the MLS for a fee they can as long as they follow the rules so that they dont have shotty postings. Alot of agents speak as if they have some kind of significant stake in the MLS and they dont, were you there doing the coding, copyrights, launch, etc. No, you did your 2 week course and think you own the show.
THAT is the issue. I dont know what it is about real estate that generates this gross entitlement mentality but buyers and sellers are growing tired of it which is why you see more FSBO. You did not get a medical degree to do this and agents need to stop acting like they did.
Quote:
Originally Posted by MikeJaquish
Are you referring to a specific MLS?
Who owns which MLS?
Many, if not most, are owned by REALTOR® associations, with a Board of Directors elected from membership, and the rank and file REALTOR® certainly has a vote on how the MLS is managed. That is certainly the case of the MLS I pay dues to.
It takes a large investment to create and maintain an MLS of any meaning.
People who want a public utility MLS should put bank the capital funds needed to design, improve, maintain, and present an MLS system, and to survive while they sell it to the public and agents.
It was tried in NC 4 or 5 years ago, and the organizers didn't bring enough money to the table to survive while they built their business. I got a LOT of phone calls from agents around the state who put up dues money and got beat out of their funds and couldn't get the company to respond.
Your voting rights as joe agent are like my voting rights holding 100 out of 1,000,000,000 shares of common stock of a company, it approaches 0. MLS is a big deal but you dont own it, period end of story.
If a limited service agent wants to put a FSBO up on the MLS for a fee they can as long as they follow the rules so that they dont have shotty postings. Alot of agents speak as if they have some kind of significant stake in the MLS and they dont, were you there doing the coding, copyrights, launch, etc. No, you did your 2 week course and think you own the show.
THAT is the issue. I dont know what it is about real estate that generates this gross entitlement mentality but buyers and sellers are growing tired of it which is why you see more FSBO. You did not get a medical degree to do this and agents need to stop acting like they did.
You know not of what you speak in any demonstrated manner whatsoever.
My vote is more like one out of 5,000, with typical politicking, and consensus building activity.
RRAR, where I and my firm hold membership, owns the MLS. I can speak with the management we have hired at any time, and often do. They want my feedback, and take it to heart.
Of course, there are FSBOs on my MLS, but FSBO has absolutely nothing to do with that fact. Nothing. There are plenty of FSBOs on the MLS, and that is just fine with me. It is irrelevant to planning, decision-making, etc. And they have no vote whatsoever.
See that? My "2 week" course and 10+ years experience helped me teach you truth in a matter of moments. Noblesse Oblige, and all that rot. What you do with truth will dictate whether you are worthy of conversation or mayhap just another drive-by goofball, of which we already have to surplus.
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