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Brena, maybe I missed it in a previous post. But was curious, does the website feed your home into the local MLS system in your area? If not there will be very few buyers agents go to their website to find a home. When we set up homes to see most agents concentrate on only their local MLS listings. There are hundreds of websites that are very out of date, we use our time & energy going to the one place that has the most up to date info and that is our MLS system.
What is an knowledgeable FSBO seller, in other words, what sort of things do they need help/guidance with? Just curious.
Well even though you never clarified whether or not I understood your previous posts correctly, a knowledgeable FSBO seller is one who is experienced in buying/selling real estate on their own. They know how to negotiate and review offers, along with counter offers, ensure deadline dates are met, review sales contracts in order to ensure their best interests are protected, deal with inspectors and any issues that come up that could jeopardize a sale and which could entail the FSBO seller mitigating said issues, lenders (if your house does not appraise at the sales price) and all of the unexpected things that pop up at the last minute that could mean the difference between closing or not. I know I missed several other things in the process, but these are just a few of the things a FSBO seller needs to know how to do in order to not shoot themselves in the foot, so to speak.
When I'm being told that Realtor's will LIE to avoid showing a home that doesn't give them their standard oodles of $$ you bet your bippy I'm doing mock calls to check and see if they are proceeding in good faith. Who on earth wouldn't?? It's nothing short of bully tactics. Some realtor's today have not adjusted accordingly to our current economy and still want the old standard percentages. That's greedy. Oh, and where did I say that I should get all the pay??? Um...... NO WHERE!! Thanks for getting so passionate about my blog, but there is no need to make personal attacks on me. Just sharing.
1-I don't see anywhere that said Realtors won't show a home with lesser commission.
2-Realtors are independant contractors, and choose who, where, and how they want to work. Once someone is a client the Realtor must work in that person's best interest but they owe nothing to someone who is not there client.
3-Adjust commissions to the current economy? In that case we should be charging more. We haven't raised commissions to cover the rising cost we have to pay for gas, E&O, MLS and other dues, food, insurance, etc.
4-The only person I see here getting personal and attacking is yourself against my fellow Realtors.
They offer no services to you other than provide an outlet for you to sell your home and hopefully get buyers for your home. However, they explain to you when you sign up and get to the % point, that 50% of the market is independent buyers, the other 50% is working with a BA. Those are the buyers that will be "discouraged" or "dissuaded" from seeing your house if not offering 3%. This is clearly for a Realtor's benefit. If this is the message they are telling all their customers, who is getting taken care of here? If they are encouraging folks to pony up the 3% that's a perk for the BA. If they were not putting this out there and were still successful at getting homes sold, guess who may be out of business in the future?? Buy working hand in hand, both of these companies benefit.
Well their %'s are wrong to start with. I believe it's closer to 84% end up using a Realtor for the purchase and 87% of FSBO's end up listing with a Realtor because they find they are unable to sell by owner.
What is an knowledgeable FSBO seller, in other words, what sort of things do they need help/guidance with? Just curious.
Exposure, Marketing, Pricing, Terms, Legalities, Paperwork, Inspections, Finding Quality Vendors needed in the transaction, Financing, Showing...you get the idea. It's more than opening a door and then some buyer magically appearing and closing the home. Those FSBO sites you're "learning" from only exist if people FSBO so they go out of the way to skew or misrepresent. Most of them don't really care if you sell or not because they get paid either way. Most agents if you got to know them are real people that actually are generous and actually care about people, which I can't say of the faceless/nameless FSBO sites.
Sellers have the option of having professional representation or selling without representation. It's really not so different than being a defendant in the court of law. You can do it yourself, or you can hire a professional service provider to assist.
What is an knowledgeable FSBO seller, in other words, what sort of things do they need help/guidance with? Just curious.
I wrote this in another thread and will repeat it here. There are many different kinds of sellers...
1) Sellers who have the knowledge or take the time to get the skills they need to sell their home on their own with no agent involvement at all (true FSBO's).
2) Sellers that are the above but recognize that agents know most of the buyers and they do an MLS only type of listing.
3) Sellers that think they know what to do, but don't. Often they try MLS only or FSBO and then list with an agent.
4) Sellers that know what to do but don't want to, so they list with an agent.
5) Sellers that don't know what to do, so they list with an agent.
6) Sellers that are so unreasonable that it doesn't matter if they try and sell FSBO or with an agent, house isn't going anywhere fast...
So to me a knowledgeable FSBO is one who understands the process, doesn't take it personally, and is reasonable. I had a FSBO get irate when I asked for the seller disclosures. He thought I was insinuating that he was lying or something. He felt I was going to use the disclosures to “get out of the contract” or something. I pointed him to his local congressman to take up his beef with them. I didn't appreciate being yelled at for a law I have no control over.
What I find often is that some sellers who take the time to do things on their own don't get that other people aren't like them. They start in with generalizations about how unethical all agents are, yada, yada. I think it would behoove us all to remember that we are not all alike and have different levels of education and time.
It's unfortunate that you were told that agents will lie about a home with a lower commission offering. Many agents have conversations with clients about lower offerings and enter into a buyer agency agreement to make up the deficit. Will a few agents lie...of course. There are bad agents, just like there are bad hairdressers, plumbers, doctors, attorneys...pick a profession, ANY profession, and I dare you to find one that has 100% top notch ethical people in it.
Yes, I have sold a previous house without a lock box. Not by appointment, but always in the general area to be available for showings. Yes, the only way the house would get sold, because agents have to feed their families was listing it at seven percent. To be quite honest, I would not even mind the seven percent, but the history of the transactions did not elicit good vibes. So, I did what the agent suggested: provided the lock box, and listed at seven percent.
To me a "professional" is one that works for the customer and is not greedy. I was also told that if the house was listed for five percent, it would not be shown.
Ok I promise you Blue that I have been told that over the years....." will not be shown very much at that lower commission amount"
Listing at the lower percent just "does not" bring in buyers. Why?
Because an agent sees that lower commission and goes to the house up the street with his buyers........That is just the way it is. It sounded so logical to me that I knew I " must" pay ......in this area and also in NJ at least 7 percent. Sometimes I would would work on the "deal" and request my listing agent the "how about SIX?" It might have worked once...thats it. But, that time I chose the agent I was more attuned to and she was a firm 7 ....split 4/3
Like I stated at one point a Florida agent tried to slip the 8% fee....Faxed to me back this way. I found that amount....told her it was too much...and changed it to 7%. Told her no, no, noooooo...
What I see wrong in your case is you not having the agreement....your copy. I also know that they can let you out of a contract if they would agree.
Its not a good time for selling a home. I'd never, right now, blame an agent.
Its bad out there and there are more homes then buyers.
Selling in this market is tough. I know of immaculate homes with not a darn thing wrong going for them.....great area.....great schools.....decor to die for.......Being on the market for almost a year.
I think the two weeks statement was a joke......and no one took it that way. It had to be.......Because the selling market is not a picnic right now.
Anyway, my two cents.......because I am not a realtor.......but I have bought and sold many homes...( never much fun!)
PS and I once had to give my buyers 6K off of the price "they offered me" because the appraisal didn't come in at that......But, there was so much that happened, beyond words
and not enough time here ( before these buyers were on contract with us)......That I gifted the buyers the deduction, and the happy sale went through.
1-I don't see anywhere that said Realtors won't show a home with lesser commission.
Um, and you won't. What I was told was "it's common knowledge among realtors".
3-Adjust commissions to the current economy? In that case we should be charging more. We haven't raised commissions to cover the rising cost we have to pay for gas, E&O, MLS and other dues, food, insurance, etc.
Ya, you'll really make business then! Guess what, we ALL have to pay for gas, food, insurance etc. We're all in the same boat. Many people are taking a loss today on their homes, others are selling to move up and are still taking a loss, but realtors are expected to just keep on getting their regular commissions. Rational that for me.
4-The only person I see here getting personal and attacking is yourself against my fellow Realtors.
You're taking my blogging to heart. Please, I am not attacking anyone in particular. I am discussing what I was told and am sharing accordingly. Nothing personal.
In the tech age, most buyers choose the house they wish to see.
In most Buyer Agency Agreements; it specifically spells out compensation. The Buyer is responsible, the Buyer's Agent may elect to be paid by the seller or the listing brokerage.
When I tell my buyers about the coop being insufficient, their choices are to see and ask for the difference, pay for the difference, or skip it...there are sooo many to choose from...they opt to skip it.
Ya, you'll really make business then! Guess what, we ALL have to pay for gas, food, insurance etc. We're all in the same boat. Many people are taking a loss today on their homes, others are selling to move up and are still taking a loss, but realtors are expected to just keep on getting their regular commissions. Rational that for me.
I really don't see why you're upset about agent commissions. You don't have to pay commission.
There is no US rule ANYWHERE that says you need to hire and pay a real estate agent to sell your home.
If you don't want to pay commission, then do a true for sale by owner.
It's quite simply really.
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