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If find it weird that you say that you don't see value but that your FIL represents you. If there isn't any value in representation why waste his time?
Its pretty obvious that he uses the father in law to have him kick his commission back to him....He can negotiate outright without any hostility from the agents because his father in law is an agent himself.
Basically same reason I got my license, so that I can get the best price possible and then still collect the commission on top of it. Its free money.
Its pretty obvious that he uses the father in law to have him kick his commission back to him....He can negotiate outright without any hostility from the agents because his father in law is an agent himself.
Basically same reason I got my license, so that I can get the best price possible and then still collect the commission on top of it. Its free money.
I get that but it isn't fair to say consumers are stupid for using agents for tasks that he gets for free. Not everyone has an agent in the family...which is kind of hard to believe with so many agents on there, but it is true.
I get that but it isn't fair to say consumers are stupid for using agents for tasks that he gets for free. Not everyone has an agent in the family...which is kind of hard to believe with so many agents on there, but it is true.
I agree agents serve a valuable purpose for most of the population.
Its pretty obvious that he uses the father in law to have him kick his commission back to him....He can negotiate outright without any hostility from the agents because his father in law is an agent himself.
Basically same reason I got my license, so that I can get the best price possible and then still collect the commission on top of it. Its free money.
Bingo!
My father in law is basically the rubber stamp that I need in order to get the deal done. I can look up properties for myself, contact agents to set up showings, get financing...etc on my own.
All that being said I have had wonderful agents on the seller side who really knew their trade and I was happy to pay their commissions.
I just think now realtors on the buyer's side do fewer things than they used to do, but still collect the same sort of money.
If find it weird that you say that you don't see value but that your FIL represents you. If there isn't any value in representation why waste his time?
Quote:
Originally Posted by RickTucsonHomes
It is a mirror of the rest of society. One doesn't value that which is free. They just expect it.
While I greatly appreciate my father in law's generosity in donating his commission, his value is merely the fact that I don't have to pay an agent a fee for a deal that I negotiate myself.
While I greatly appreciate my father in law's generosity in donating his commission, his value is merely the fact that I don't have to pay an agent a fee for a deal that I negotiate myself.
You never have to pay an agent a fee for a deal that you can negotiate yourself.
You are missing one key ingredient. Even today, most people buying homes don't have the cash to layout up front. Secondly, if they pay a Realtor upfront, that reduces their mortgage capacities under the current lending rules. Third, there are still some contractural issues that sellers still pay 100% of the commissions. In a short-sale situation, this could present even more difficulty.
I'm not missing the key ingredient; I merely posed the options. The options are there, and some can take advantage of them if they wish.
While I greatly appreciate my father in law's generosity in donating his commission, his value is merely the fact that I don't have to pay an agent a fee for a deal that I negotiate myself.
Seems more likely from this statement that his value is in "donating" his commission to you. In other words it seems like you're taking advantage of him. You could negotiate the deal yourself and not use his time. But then he couldn't "donate" his commission to you, could he?
My father in law is basically the rubber stamp that I need in order to get the deal done. I can look up properties for myself, contact agents to set up showings, get financing...etc on my own...
So you're going to contact agents (either listing agents, or some buyer agents) to show the homes to you; then you're going to bring your father in law in the picture to collect a commission to "donate" to you, after you've used some of the other agents time without compensation.
So you're going to contact agents (either listing agents, or some buyer agents) to show the homes to you; then you're going to bring your father in law in the picture to collect a commission to "donate" to you, after you've used some of the other agents time without compensation.
Besides contacting the listing agent who would get the commission anyway, who exactly is getting screwed here?
You guys can deny reality all you want, but it is only a matter of time before the real estate agent goes the way of the travel agent.
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