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Who do you think pays for all the real estate websites that provide all this online information on homes for sale? They are paid for by the Realtors who list the homes! It's not just "free" information...Yes, the real estate industry has changed due to the availability of information on the internet - but it's because of Realtors who pay dues to support the websites that send the information out there for consumers to view.
Years ago people got enough from travel agencies charging them for all kinds of stuff and started to search the internet and book their own flights and travel arrangements. Nobody ever expected the people to do that in such a way that almost all travel agencies are history. Airlines give discounts if you book online instead of calling them.
The same is going to happen in real estate IMO. With the gas prices as high as they are today, no realtor or client is going to drive all over town unless they have done a good research online and many have stated that they came up with the home themself and the realtor just had to show the homes they liked. So if realtors keep asking the same commision as when they had to do the search from scratch,... the realtors are IMO in for a bad surprise. People have to save in an economy like it is today, that is for every one the same so you have to be creative and save and IMO people will do more themself and only hire a realtor or lawyer when they need and will pay accordingly or do it FSBO and will cut out the realtor completely. Many will need a realtor but not as much as it was in the past so unless realtors adjust, they will lose more and more like the travel industry did and never expected.
Could happen but people said that in 10 years Realtors wouldn't be needed. That was 10 years ago. Travel agencies booking a vacation a bit different. Of course, it's agents who do the research and pay for the information on the net. Internet won't and can't replace agents. Maybe one day agents won't be need needed but until the day happens....YAWN....I'll just keep doing what I do because I'm quite secure with the next 10 years..
I would say that my experience with real estate people has been rated as a C- at best. If it were just one or two, then I would say it's just bad luck. But I am finding myself, even after contacting realtors, personally having to find out about zoning regulations, septic conditions/requirements, etc. etc. I think almost every township around me now knows my name. No realtor has given me a straight answer. When I ask "does the house have a cesspool or septic system" I got the reply from the listing agent "the seller will do what he has to in order to sell the home". What kind of an answer is that? I asked a simple question and they are dancing around the answer. Right now I am waiting for the report from the county that I have requested regarding this extremely important information.
And then they advertise (besides their regular listings) "we can provide you with distressed properties from lis pendens through REOs. Again, I end up spending endless exhausting hours on the Internet trying to find these types of homes.
So far, I have been the one to find properties and then bring it to the agent's attention. I am exhausted and about ready to throw in the towel.
From now on, I am going to do as someone suggested--just do it all myself. Backed by a real estate attorney of course, to make sure all the legal stuff goes right. If I'm going to have to go around to courthouses, sheriff's offices, driving in circles, ordering county records etc., why should I bother with a realtor? Even as I type this, I am totally exhausted from yet another day of searching.
Add to this the fact that when we bought our first home the real estate agent (whose son owned the house) hid major defects in the property. This was in 1988 before a lot of our current buyer protections were in place. Things were quite different back then but we found out too late we were told outright lies. And the fact that there was no way that, for instance, the water paused any kind of certifying agency inspection without a little collusion going on.
Sorry if I sound bitter but it feels good just to get this out. After reading some posts here, I'm sure I can't do any worse then our experiences so far, and maybe a lot better since we have such a personal interest in the outcome.
I would say that my experience with real estate people has been rated as a C- at best. If it were just one or two, then I would say it's just bad luck. But I am finding myself, even after contacting realtors, personally having to find out about zoning regulations, septic conditions/requirements, etc. etc. I think almost every township around me now knows my name. No realtor has given me a straight answer. When I ask "does the house have a cesspool or septic system" I got the reply from the listing agent "the seller will do what he has to in order to sell the home". What kind of an answer is that? I asked a simple question and they are dancing around the answer. Right now I am waiting for the report from the county that I have requested regarding this extremely important information.
And then they advertise (besides their regular listings) "we can provide you with distressed properties from lis pendens through REOs. Again, I end up spending endless exhausting hours on the Internet trying to find these types of homes.
So far, I have been the one to find properties and then bring it to the agent's attention. I am exhausted and about ready to throw in the towel.
From now on, I am going to do as someone suggested--just do it all myself. Backed by a real estate attorney of course, to make sure all the legal stuff goes right. If I'm going to have to go around to courthouses, sheriff's offices, driving in circles, ordering county records etc., why should I bother with a realtor? Even as I type this, I am totally exhausted from yet another day of searching.
Add to this the fact that when we bought our first home the real estate agent (whose son owned the house) hid major defects in the property. This was in 1988 before a lot of our current buyer protections were in place. Things were quite different back then but we found out too late we were told outright lies. And the fact that there was no way that, for instance, the water paused any kind of certifying agency inspection without a little collusion going on.
Sorry if I sound bitter but it feels good just to get this out. After reading some posts here, I'm sure I can't do any worse then our experiences so far, and maybe a lot better since we have such a personal interest in the outcome.
Peace to all....
I've heard this complaint too often. I think it results from the real estate business model. It caters too much to retired dabblers. The average age of an agent is 54 and doesn't make it easy on the young professional crowd that would be the future. Unless the system gets fixed there will always be a glut of dabblers. If buyers and sellers would really take hiring a professional seriously and do multiple interviews there are many good ones out there. You just have to out and find them because they are staying busy.
Oh, and Beena-since you keep asking for the ones that suck to stand up, you won't see them on here because they don't take time to learn their market so they certainly won't take the time to blog.
I would say that my experience with real estate people has been rated as a C- at best. If it were just one or two, then I would say it's just bad luck. But I am finding myself, even after contacting realtors, personally having to find out about zoning regulations, septic conditions/requirements, etc. etc. I think almost every township around me now knows my name. No realtor has given me a straight answer. When I ask "does the house have a cesspool or septic system" I got the reply from the listing agent "the seller will do what he has to in order to sell the home". What kind of an answer is that? I asked a simple question and they are dancing around the answer. Right now I am waiting for the report from the county that I have requested regarding this extremely important information.
And then they advertise (besides their regular listings) "we can provide you with distressed properties from lis pendens through REOs. Again, I end up spending endless exhausting hours on the Internet trying to find these types of homes.
So far, I have been the one to find properties and then bring it to the agent's attention. I am exhausted and about ready to throw in the towel.
From now on, I am going to do as someone suggested--just do it all myself. Backed by a real estate attorney of course, to make sure all the legal stuff goes right. If I'm going to have to go around to courthouses, sheriff's offices, driving in circles, ordering county records etc., why should I bother with a realtor? Even as I type this, I am totally exhausted from yet another day of searching.
Add to this the fact that when we bought our first home the real estate agent (whose son owned the house) hid major defects in the property. This was in 1988 before a lot of our current buyer protections were in place. Things were quite different back then but we found out too late we were told outright lies. And the fact that there was no way that, for instance, the water paused any kind of certifying agency inspection without a little collusion going on.
Sorry if I sound bitter but it feels good just to get this out. After reading some posts here, I'm sure I can't do any worse then our experiences so far, and maybe a lot better since we have such a personal interest in the outcome.
Peace to all....
You should be frustrated......I would be! If you are interested in distressed property, your search should be for a realtor who specializes in same. If their resume', reputation, and personality fit you and your needs, then sign a contract for an exclusive buyer representation by that agent. Your area requires a significant amount of effort, time, and expertise. Please remember a realtor does not get paid until you purchase. As you have discovered, the commitment is significant. To be honest, you sound [ and I emphasize I do not know this to be true ] like a customer willing to "eat up" my time then buy from whoever you contact in your spare time. Without a committment, I would choose to work with someone else. I suspect that is why some of your responses are tepid at best. As a successful professional, the first impression from your post is "watch out for this one"......red flag...red flag. Nothing personal intended just experience making the right business decision. Rec you change your approach which is partially responsible for you C- top rating results. Just some thoughts.............
Last edited by OCNYISHOME; 05-23-2008 at 04:45 AM..
Reason: adds
The avaiability of mortgage balances for instance is pretty much a credit report number. Access without permission is a violation of the law. They are not public records. You can access that which is recorded...but that will never provide a full story or present balances.
Iggy House is Buyside Realty. Last report I think was Iggy's House had revenues of 400K and expenses of 5.1 million. Sounds like a bit of a problem actually. These discounters generally have a very hard time in slow markets. If there is a successful one I would think zip realty which provides much more modest rewards. Redfin is another and there are some reasonably competent smaller ones.
Does any of it work? Well the breed in general is lambasted for lousey customer service. That is the drawback of the model. If you are good why would you work for Iggy's at half pay? So you end up with effectively clericals...and that may work fine unless there is a problem. But clever marketing? Sharp negotiators? Good troubleshooters? Don't hold your breath.
If however you are personally competent at all this you don't need an agent at all. Just jump right in negotiate the buyers commission and part of the listing commission from the listing agent and a price 12% below the comps and you are all set...who needs an agent anyway?
GREAT POINT OLECAPT...........I tell all the FSBO's I visit that buyers searching this type sale will automatically subtract the realtor's commission and then some........ The market sets the price and that market means less potential buyers. Will last years skiis fetch a better price on your lawn or ebay? Are their more buyers on Realtor.com, yahoo, tulia OR forsalebyowner.com? Some folks are perfect for your approach.....most are not.....
You should be frustrated......I would be! If you are interested in distressed property, your search should be for a realtor who specializes in same. If their resume', reputation, and personality fit you and your needs, then sign a contract for an exclusive buyer representation by that agent. Your area requires a significant amount of effort, time, and expertise. Please remember a realtor does not get paid until you purchase. As you have discovered, the commitment is significant. To be honest, you sound [ and I emphasize I do not know this to be true ] like a customer willing to "eat up" my time then buy from whoever you contact in your spare time. Without a committment, I would choose to work with someone else. I suspect that is why some of your responses are tepid at best. As a successful professional, the first impression from your post is "watch out for this one"......red flag...red flag. Nothing personal intended just experience making the right business decision. Rec you change your approach which is partially responsible for you C- top rating results. Just some thoughts.............
I don't eat up anyone's time. In fact, all the agent has done so far is walk us through 2 properties that I found on my own. In fact, I had to point out to her other likely candidates on the same road. A simple computer search on her part should have brought these up. It is easier for her to find listings then I can without going all over the web. I find myself having to do most of the work it becomes very frustrating. I find properties and then wonder "why didn't the agent tell me about this one?" I'm also finding distressed properties, none of which have been brought to my attention.
You mention resume, reputation and personality--these are all great but one shouldn't depend on "buyers testimonials" as obviously no one is going to include the negative ones. As for personality, we don't want to be friends, we want someone to do business with.
I am somewhat put out by your condescending attitude. We might sound tough on an agent, but after having been scammed by one to the point of almost going broke, I think you would be too.
Maybe you can clarify something for me--isn't an agent supposed to look over a database for possible properties or do they just leave this up to the client to do the searching? Because as I stated, there is not ONE property that the agent has brought to our attention. I find this strange. Maybe I have the wrong impression as to what an agent is supposed to be doing other then walking us through the properties.
Since you are successful what do you do with a new client? What is your approach? Do you wait for them to bring properties to your attention or do you actively do a search for them and present them to the client? I'd like to know as this is simply wearing me down tremendously. Due to various reasons it is difficult for me to do a drive by first; however, I feel that if possible that is the best approach as it can help to decide whether or not to proceed further. I realize that doing so should be done by the client as an agent cannot possibly know every thing that might affect a decision to look at a house. Plus the neighbors....just going down a street can tell you a lot about what you might expect from the area. This is where we try to SAVE an agent some time even though it is often difficult for us to do.
It is true that we learn more from our failures then our successes. That is what has educated me the most--learning not only about one particular place but also all the peripherals surrounding it. Unfortunately most buyers fall in love with the inside of a place and don't realize there are a lot of other factors that can make or break the deal. And that's even after inspections, etc.
I'm so choosy because due to circumstances beyond my control most of my life is spent within the walls of our home. If the home isn't right, then I am stuck. We are looking for a haven away from stress, not a stress producer.
After the sale, the agent's job is done. He/she gets paid; but we are now in a home for better or worse. Maybe I am demanding too much asking about zoning, health regulations etc. But wouldn't you want to know all this before you move in?
Please tell me how I am "eating up time" when all that's happened so far is me bringing properties to the attention of the agent and then she makes an appointment to walk us through a place. Heck, I can call the listing agent and have him/her do that. And I've learned that as far as talking about offers, we keep our mouths shut until we are back in our car as I know that sellers' agents are obligated to report any such talk back to the seller (nothing wrong with that).
So tell me please, what am I doing wrong? If I don't find properties myself, I don't think I would ever hear from our "agent".
P.S. It is impossible to pick out an exclusive agent until we have actually seen how he/she works. We have not signed a contract with anyone yet. It has all been informal. How do we know if we are not wasting precious time unless we have experienced how an agent does business?
I apologize for the misunderstanding. Just trying to relate to how myself and others might read this situation w/o knowing you Note: I agreed you should be frustrated. Your expectations are not unrealistic. Having said that and given it is difficult to judge an agent until you have experienced their functioning, suggest you take a deep breath. Your level of angst would cause me to hand you off to another agent...just relating how you read in your post.........if you do not want to do the agents work......don't. Find someone that will.......If you were calling listing agents for appointments, seeing the home w/ them while working w/ me........I would suggest you find another agent....not out of any disrespect......just what I and many others would consider a smart business decision.......why are you staying w/ someone who has produced nothing for you? They are only a source of frustration!
Yesterday I attended a meeting and there was one realtor complaining her contract on a sale was going to fall through since the new buyers were so mad.... This realtor lives in this Town Home community for 3 years... so she should know how many cars can fit in the driveway and in the garage. 1 SUV fits the driveway and 1 fits the garage and the HOA allowes 2 cars in the driveway as long as the cars don't stick out on the road.
The realtor was mad because the new buyers have 4 cars!!!! and have many family members who come and visit quite often. The public parking in the community is not for the home owners but for their visitors so not for the 4th car since other people need the visitor parking too and there are only 26 for 150 homes. So to state and be mad at the HOA for not allowing car number 4 to be parked on a daily base in the visitor parking is a no brainer. I'm writing this because for a realtor to even bring this up and for any first time buyer to know when you look at a home in this community is just stupid and to make a huge deal about a non issue proofs to me that she has no reason the be a realtor and I understand for people to deal with people like this...it makes the trust in a good realtor harder and harder. What about how the rest of her work is done......?
Could happen but people said that in 10 years Realtors wouldn't be needed. That was 10 years ago. Travel agencies booking a vacation a bit different. Of course, it's agents who do the research and pay for the information on the net. Internet won't and can't replace agents. Maybe one day agents won't be need needed but until the day happens....YAWN....I'll just keep doing what I do because I'm quite secure with the next 10 years..
You might be one of the better realtors who will have a job what ever will happen in the real estate market, but many others will not. The numbers that came out today show a the lowest numbers of sales and prices fell again. This is the lowest since 25 years so this time things will change but one thing will not change. People will make money with buying and selling homes even in a down market.
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Tired of Doing So Much of the Work
