How would you improve Realtors? (buyers agent, commision, sellers market, MLS)
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Hernando County and I understand that this guy might be a big cheese in the realty world. So who are THEY going to believe. Us a mere customer or Mr. Peacock?
Great question! The fact that you asked it is commendable.
First the problems many people are having with real estate agents is not caused primarily by "sleazey" individual agents or even the brokers. I've written before how I really disslike the way the Brokerage system is set up in Florida (and, yes I'm from Florida). Basically, I believe that if we completely do away with Transaction Brokers, you would eliminate at least 50% of the complaints. Buyers agents would work exclusively for the buyer; seller's agents would work exclusively for the seller. In this case, it should be the Seller's agent's responsiblity to use his best efforts to sell the house for the hightest price, fully inform seller of the process and help him pick a listing price, protect the seller from all buyer related problems, and get the house sold in the time frame specified by the seller. It should be the Buyer's agents responsibility to negotiate aggressively on behalf of the buyer to get the very best price and contract terms possible.
WHO the heck came up with this "transaction broker" crap??? Your real estate lobbiests and your ever-so-brilliant legislators, that's who. Of course real estate agents are all going to want to be transaction agents. Who the heck wants to be an aggressive advocate for their client when they can take the easy road and sell the house at "market price" convincing both buyer and seller that its a "good deal". So, the system is set up to almost force real estate agents to take the easy "transaction agent" road, and then for clients to hate real estate agents because they didn't aggressively represent them exclusively.
How, as a transaction broker, can you possibly ever say "I did the very best I could for my client"? You really can't, because you really didn't, because as a transaction broker, you have your hands tied from doing so.
Second, the Florida Real Estate Commission (FREC) is about as pittiful of an agency you could ever have when it comes to pursuing unethical real estate agents/brokers. This is the main reason why real estate in Florida is basically the "wild wild west". So, it's easy for a few unscrupulous brokers and agents to repeatedly get away with screwing people, or teaming up with dead-beat contractors that screw people, or running timeshare scams to screw people. Why even have FREC? What a worthless bunch of lazy good-for-nothing government nimrods! Until FREC becomes far more aggressive in auditing brokers, punnishing brokers and agents based on client complaints, revoking licenses, fining and prosecuting wrong-doers, the real estate industry will have far too many bad apples spoiling it for the truly honest and hard working people in this industry.
I'm reading here about 6% commissions to sell a house, but has anyone had a realtor ask for 7%? We met for a market appraisal recently with a realtor who said 4% goes to the buyer's agent and he takes 3%. Is that a common practice?
Well next time your at the Dr's office ask him to cut his rates. They to are a little excessive don't ya think?
So 6% is too high. You do realize this gets split so your realtor will end up with 3% which then again is split x% to the agent the rest to the office. Please note everything else in this country has gone up to. Not sure what you gas prices are like in Florida but its $3 a gallon in Charlotte.
You could always do FSBO if you are that much against it.
Instead of responding with some answers or logic you chose to be sarcastic. I think we may have hit a little too close to home. By the way most doctors do cut their rates quite a bit. Most insurance pays by contract that may be about 20 to 25% of what you see on a bill. My wife once needed an operation on her hand and I asked the hospital what it would cost. They asked if I had insurance. I said suppose I just want to pay for it, how much. They said it was $12,000 but they would take $4000 if I paid in advance.
It turns out that is what they would have collected from the insurance company and insurance companies are notorious for stalling off paying. The hospital may wait as much as a year for them to pay, so my money in hand looks pretty good to them, especially since it is the same amount anyway. I just found that interesting. I am afraid you may have used the worst analogy you could have picked.
You get what you pay for. If I had to cut my commission, I certainly wouldnt be staging homes and throwing in warranties or anything on my already cut in pay. Thats what the discount real estate agents do, only what they have to because that is all they are being paid for. For sale by owner does the same, they charge you for a portion of everything they do for you and if you add it all up you end up paying more in the end. If oyu have a real estate agent who is not doing what they promised, then get a new real estate agent. A bad agent doesn't mean none should be paid. I had a great r.e. agent that sold my last house and I never even comsidered asking her to lower her commission, as a matter of fact, I offered the buyers agent and additional 500.
You are 100% correct! Many years ago I worked in Billing for a large Medical Facility and we DID cut costs for those who paid cash.
Quote:
Originally Posted by macguy
Instead of responding with some answers or logic you chose to be sarcastic. I think we may have hit a little too close to home. By the way most doctors do cut their rates quite a bit. Most insurance pays by contract that may be about 20 to 25% of what you see on a bill. My wife once needed an operation on her hand and I asked the hospital what it would cost. They asked if I had insurance. I said suppose I just want to pay for it, how much. They said it was $12,000 but they would take $4000 if I paid in advance.
It turns out that is what they would have collected from the insurance company and insurance companies are notorious for stalling off paying. The hospital may wait as much as a year for them to pay, so my money in hand looks pretty good to them, especially since it is the same amount anyway. I just found that interesting. I am afraid you may have used the worst analogy you could have picked.
Instead of responding with some answers or logic you chose to be sarcastic. I think we may have hit a little too close to home. By the way most doctors do cut their rates quite a bit. Most insurance pays by contract that may be about 20 to 25% of what you see on a bill. My wife once needed an operation on her hand and I asked the hospital what it would cost. They asked if I had insurance. I said suppose I just want to pay for it, how much. They said it was $12,000 but they would take $4000 if I paid in advance.
It turns out that is what they would have collected from the insurance company and insurance companies are notorious for stalling off paying. The hospital may wait as much as a year for them to pay, so my money in hand looks pretty good to them, especially since it is the same amount anyway. I just found that interesting. I am afraid you may have used the worst analogy you could have picked.
No sir not being sarcastic just trying to see what other industry or profession willingly takes a pay cut.
I could have used lawyers, hair dressers, teachers, any profession. Why is it not OK to ask these guys/gals for a pay cut? I am not saying I will not negotiate my commission I will if I get to represent you on the purchase of your next home. I buy the warranties etc. I just find it funny we are always expected to deliver the goods and not gain anything from it. Take from it what you will. If you need my help I will cost 6%
Wow I can not believe how many people are having trouble with Realtors. I would think that the market was so slow that they would do anything for your business. I just bought a home here in Central Florida and had an amazing realtor. He made it SO easy and had the best referrals from the mortgage company to the inspectors. We had no trouble getting him on the phone 24/7 - if he couldn't get a hold of us back he would even email us with follow-ups. He is even throwing us a home warming party because we are first time home buyers. Without him I would not have even thought of buying a house right now. He is now helping sell my parents home and is having great success even in this slow market.
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