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Old 08-22-2012, 10:28 AM
 
1,726 posts, read 2,278,928 times
Reputation: 3424

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Quote:
Originally Posted by Zyngawf View Post
How I understood it is that this is what he is already doing. His reason for getting this license is to get the buyers commission for a job he may not be available to do. It's greed, nothing else. If you offer free real estate contracting to your employees it's already a good deal and I think they would be happy with that. People like Marc who are worried about how much money other people are making is whats wrong with our country really.
I dont care how much money you make at all...what I care about is how much things cost. I honestly dont care if you make 2,000 or $2,000,000 unless I am the one financing that paycheck. Whats wrong with this country is that people don't want to work anymore...they want a big fat paycheck for doing nothing....They are born thinking its someone else's job to be sure that they are provided for in life...I disagree - its a dog eat dog world. You look out for yourself, b/c its not my responsibility to be sure you have everything you need/want.

Realtors are selling other peoples property...Like it or not your commissions cost the average person more than they make.... They are not building the houses, they are not sharing in any of the financial decisions that go with keeping/maintaining/paying for the houses...they just come in and because the system of selling real estate is so ingrained in the US they are able to take 6% (in general - I recognize there is no "standard") off the value of someone else s property. Its a cost of ownership that I personally believe is too high...so I am going to prevent paying it myself.

Im about to close on a large lot for my new house....the seller bought it last year and then his job transferred him...The market has not changed, so the lot is selling for exactly what he paid for it...I can see that on the MLS, but the cost for him to sell that lot to me has exceeded $80,000...between the realtors commissions and the title insurance this poor guy is going to lose $80,000. He has plenty of money so it may not be a big deal to him...but it would be a huge deal to me. You may think that is just a cost of owning property. I think its outrageous that it costs $80,000 to sell something that YOU OWN. Realtors in this transaction have done absolutely nothing. It was a lot. No house, nothing to show. Just a piece of dirt. Post the listing on HAR and cash out on someone else's assets. I recognize this is an expensive property and the commission is not the norm for every property...but to think that I as a buyer am not paying that cost is absurd. The cost of realtors has been built into the cost of property.

I know you think I am greedy b/c I am trying to save money for myself and those who work for me, but I assure you I am not. It costs too much to sell property. Realtors have been excellent marketers, and have had excellent people developing tools and lobbying on their behalf. They have managed through their lobbies to have laws passed in every state that exist in no other market that I can think of. What other asset requires a license to have someone sell for you? We hire sales people all the time and the state does not get to say anything about it.

You dont need to get a license to distribute and sell any other asset except for real estate. I dont need a license to sell my car, I dont have to hire someone to represent me when I go buy a car, or a boat for that matter...what other industry do you know of that prevents people from buying something without a third party representing them? NONE.

Realtors have created a near monopoly on selling property...I only care about how much comes out of MY POCKET. I am moving next year and the cost to sell my house will exceed $60,000 if I follow the traditional route.....I decided thats outrageous. I am doing something about it.

Not everyone can do that, but I can. My stand may not make an impact on realtors in general, but I am making a difference to those around me who do appreciate what I am doing, even if you dont.

I am a capitalist. The person with the best product and price wins....I believe the price to sell real estate is too high. Lucky for me I can change that for myself, my family, my friends, and my employees. You think Im greedy, I disagree.

 
Old 08-22-2012, 10:31 AM
 
Location: Salem, OR
13,751 posts, read 31,608,375 times
Reputation: 12124
Quote:
Originally Posted by Zyngawf View Post
How I understood it is that this is what he is already doing. His reason for getting this license is to get the buyers commission for a job he may not be available to do. It's greed, nothing else. If you offer free real estate contracting to your employees it's already a good deal and I think they would be happy with that. People like Marc who are worried about how much money other people are making is whats wrong with our country really.

One of the latest transactions I had required that I open the door numerous times for a buyer to get quotes from various contractors to do work on this fixer. That was on top of the appraisal and inspection. Yes, that part of it is only unlocking doors, but I don't think you can take it for granted that the listing agent will be available over and over for your client.

Or the government loan transaction that required my buyer to find a home 1978 or newer, has to be an REO, cannot be above a certain size and has to be in Coeur d' Alene half of which are old historic homes. We had to move quick every time there was one as the inventory was very small. I agree that too many transactions are out of the box to try to do this part time.
Well it is one thing to do that as an attorney. If someone wants an attorney to look over paperwork that's fine. We work with estate attorney's all the time. It is another thing to not be showing homes and want to get the full commission so it can be rebated. That's why I'm saying that he risks his aunt's business. When it gets around that so and so realty doesn't show buyers homes, attend inspections, etc, she will get a conditional offer of compensation from other agents, which will defeat the point of what he is trying to do.
 
Old 08-22-2012, 10:35 AM
 
Location: DFW - Coppell / Las Colinas
29,975 posts, read 34,597,527 times
Reputation: 35990
Quote:
Originally Posted by Silverfall View Post
Well it is one thing to do that as an attorney. If someone wants an attorney to look over paperwork that's fine. We work with estate attorney's all the time. It is another thing to not be showing homes and want to get the full commission so it can be rebated. That's why I'm saying that he risks his aunt's business. When it gets around that so and so realty doesn't show buyers homes, attend inspections, etc, she will get a conditional offer of compensation from other agents, which will defeat the point of what he is trying to do.
And in TX now being licensed he will be held to a higher standard than a non licensed individual just giving advice. Now he can worry about buyer lawsuits for poor representation like the rest of us.

I'd love to hear back from him in 5 years.
 
Old 08-22-2012, 10:39 AM
 
1,726 posts, read 2,278,928 times
Reputation: 3424
Quote:
Originally Posted by Captain Bill View Post
I called also, and the lady I spoke with must have not known what she was talking about.

I told her I was an attorney and asked what courses would be waived for me. She told me the same thing that was on the web site; that prior to 9-1-12, if you have a bachelors degree, that you don't have to take the 60 related hours, only the 150 core class hours. But if I apply for my license after 9-1-12 that I would have to take all 180 (up from 150) core classes.

After 9-1, there are no related classes, so no related credit. Everyone has to take the 180 core class units.

I'll be in the field all day today and can't call, but on Thursday I'll call again and tell her that another attorney told me there were different requirements for attorney's, and request she double check for me.

I want to be able to say that you are correct, and the person I spoke with just didn't know about the attorney exemption.

The reason I checked the TREC site in the first place was that the 2 years to get a brokers license didn't sound right. Maybe you made a typo, but it is 4 years. And since the the site only mentioned bachelors degree for related classes, with no mention of attorney's, I thought I should talk to them to see if there was something that covered attorneys that they just don't put on the web site.

Unfortunately I must have gotten wrong information on that first call.
I know you want to believe I am making this all up so here is my written response after mailing my transcripts for credit. I sent my application, my check and my undergrad/law transcripts.

This is the official response from the TREC.

After looking at it I realized that date of my application was prior to this thread...so it was another thread that got me all worked up to apply, and this one just got me worked up enough to register and respond to some of the things being said here.
Attached Thumbnails
Communicating offer to seller (commission issue)-app.jpg  
 
Old 08-22-2012, 10:49 AM
 
1,726 posts, read 2,278,928 times
Reputation: 3424
Quote:
Originally Posted by Silverfall View Post
Well it is one thing to do that as an attorney. If someone wants an attorney to look over paperwork that's fine. We work with estate attorney's all the time. It is another thing to not be showing homes and want to get the full commission so it can be rebated. That's why I'm saying that he risks his aunt's business. When it gets around that so and so realty doesn't show buyers homes, attend inspections, etc, she will get a conditional offer of compensation from other agents, which will defeat the point of what he is trying to do.
I doubt it will happen frequently enough to get noticed. There are literally thousands of agents in Houston....We only have 800 employees....I may do a deal for one every 3 weeks...sometimes its months between deals - and Im yet to deal with the same agent twice. The deals I close for the company, family, myself will get more attention.

Its possible that it will get noticed, but its probably unlikely, Im not exactly seeking out volume. This is not about a second career for me.
 
Old 08-22-2012, 11:02 AM
 
3,404 posts, read 4,144,741 times
Reputation: 2397
Quote:
Originally Posted by Silverfall View Post
Well it is one thing to do that as an attorney. If someone wants an attorney to look over paperwork that's fine. We work with estate attorney's all the time. It is another thing to not be showing homes and want to get the full commission so it can be rebated. That's why I'm saying that he risks his aunt's business. When it gets around that so and so realty doesn't show buyers homes, attend inspections, etc, she will get a conditional offer of compensation from other agents, which will defeat the point of what he is trying to do.
In my area there are a few agents like this and everyone knows who they are and complaints have been filed. I agree it will look bad if it is your standard practice as a buyers agent to ask the listing agent to do all the little stuff you don't have time for and should.
 
Old 08-22-2012, 11:04 AM
 
3,404 posts, read 4,144,741 times
Reputation: 2397
Quote:
Originally Posted by marksmu View Post
I dont care how much money you make at all...what I care about is how much things cost. I honestly dont care if you make 2,000 or $2,000,000 unless I am the one financing that paycheck. Whats wrong with this country is that people don't want to work anymore...they want a big fat paycheck for doing nothing....They are born thinking its someone else's job to be sure that they are provided for in life...I disagree - its a dog eat dog world. You look out for yourself, b/c its not my responsibility to be sure you have everything you need/want.

Realtors are selling other peoples property...Like it or not your commissions cost the average person more than they make.... They are not building the houses, they are not sharing in any of the financial decisions that go with keeping/maintaining/paying for the houses...they just come in and because the system of selling real estate is so ingrained in the US they are able to take 6% (in general - I recognize there is no "standard") off the value of someone else s property. Its a cost of ownership that I personally believe is too high...so I am going to prevent paying it myself.

Im about to close on a large lot for my new house....the seller bought it last year and then his job transferred him...The market has not changed, so the lot is selling for exactly what he paid for it...I can see that on the MLS, but the cost for him to sell that lot to me has exceeded $80,000...between the realtors commissions and the title insurance this poor guy is going to lose $80,000. He has plenty of money so it may not be a big deal to him...but it would be a huge deal to me. You may think that is just a cost of owning property. I think its outrageous that it costs $80,000 to sell something that YOU OWN. Realtors in this transaction have done absolutely nothing. It was a lot. No house, nothing to show. Just a piece of dirt. Post the listing on HAR and cash out on someone else's assets. I recognize this is an expensive property and the commission is not the norm for every property...but to think that I as a buyer am not paying that cost is absurd. The cost of realtors has been built into the cost of property.

I know you think I am greedy b/c I am trying to save money for myself and those who work for me, but I assure you I am not. It costs too much to sell property. Realtors have been excellent marketers, and have had excellent people developing tools and lobbying on their behalf. They have managed through their lobbies to have laws passed in every state that exist in no other market that I can think of. What other asset requires a license to have someone sell for you? We hire sales people all the time and the state does not get to say anything about it.

You dont need to get a license to distribute and sell any other asset except for real estate. I dont need a license to sell my car, I dont have to hire someone to represent me when I go buy a car, or a boat for that matter...what other industry do you know of that prevents people from buying something without a third party representing them? NONE.

Realtors have created a near monopoly on selling property...I only care about how much comes out of MY POCKET. I am moving next year and the cost to sell my house will exceed $60,000 if I follow the traditional route.....I decided thats outrageous. I am doing something about it.

Not everyone can do that, but I can. My stand may not make an impact on realtors in general, but I am making a difference to those around me who do appreciate what I am doing, even if you dont.

I am a capitalist. The person with the best product and price wins....I believe the price to sell real estate is too high. Lucky for me I can change that for myself, my family, my friends, and my employees. You think Im greedy, I disagree.
If you are a capitalist, I am a ballerina. You are the one after a buyers commission for a job you most likely don't have time to do. Who here really isn't willing to do the work?
 
Old 08-22-2012, 11:05 AM
 
Location: DFW - Coppell / Las Colinas
29,975 posts, read 34,597,527 times
Reputation: 35990
Quote:
Originally Posted by Zyngawf View Post
In my area there are a few agents like this and everyone knows who they are and complaints have been filed. I agree it will look bad if it is your standard practice as a buyers agent to ask the listing agent to do all the little stuff you don't have time for and should.
I now require the Buyers agent to be at the house anytime a buyer is there especially at the inspection. It's his client and he should be with the buyer at all times.

Mark just has no idea the costs involved for him to now be a fully licensed agent. He will learn quickly, I'll bet his "Free" services don't last long.
 
Old 08-22-2012, 11:07 AM
 
3,404 posts, read 4,144,741 times
Reputation: 2397
Quote:
Originally Posted by marksmu View Post
I doubt it will happen frequently enough to get noticed. There are literally thousands of agents in Houston....We only have 800 employees....I may do a deal for one every 3 weeks...sometimes its months between deals - and Im yet to deal with the same agent twice. The deals I close for the company, family, myself will get more attention.

Its possible that it will get noticed, but its probably unlikely, Im not exactly seeking out volume. This is not about a second career for me.
I don't believe the 50 transactions in the past year you claim to have are real, but lest say they are. If that is the case you have a lot more business than most. It will be noticed, count on it. Why would you give less attention to certain transactions because of who your client is? That a sign of a bad agent.
 
Old 08-22-2012, 11:25 AM
 
1,726 posts, read 2,278,928 times
Reputation: 3424
Quote:
Originally Posted by Rakin View Post
I now require the Buyers agent to be at the house anytime a buyer is there especially at the inspection. It's his client and he should be with the buyer at all times.

Mark just has no idea the costs involved for him to now be a fully licensed agent. He will learn quickly, I'll bet his "Free" services don't last long.
What do you think my costs are going to be? What costs am I overlooking? My licensing costs and my continuing education are already included in my bar license education...I will just take real estate and contract classes which will give me dual credit.

Insurance my company has agreed to pay. Computers, faxes, internet, office, phone, etc all already payed for.

The only cost I can tell that I am going to absorb myself will be the membership cost in the association of realtors and the cost of getting licensed and staying licensed.

What other costs do you think I am overlooking? Just curious as to what costs you are referring to.
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