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Old 05-10-2013, 08:06 AM
 
Location: DFW - Coppell / Las Colinas
26,592 posts, read 31,123,677 times
Reputation: 31132

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Quote:
Originally Posted by andrew.mensch View Post
If you wouldn't call the cheapest attorney or doctor in times of need... if you don't go to just anyone to invest money for you or to handle your taxes, why not hire the best person to maximize the value of what is probably your single biggest asset?

Penny wise and pound foolish.
There is a home listed in my neighborhood by one of the flat fee people. I talked to the people about the home 8 months ago but they elected to save some money and do it themselves. The house is absolutely stunning. The listing is absolutely all wrong in the MLS with 8 (instead of 25) of the worst photos and description. Everything they've done is so wrong and presents a beautiful home in a very bad and negative way.

The house has now been on the market 8 months with several price decreases. Their efforts have cost them thousands of dollars and much time just to save a few % in commission for a good agent.
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Old 05-10-2013, 10:23 AM
 
Location: California
3,973 posts, read 4,591,772 times
Reputation: 7771
Quote:
Originally Posted by andrew.mensch View Post
Two points: A Realtor also makes sure the buyer/seller's rights are protected... and nobody on this thread is suggesting that the seller or buyer shouldn't have legal representation...

I mention the need for legal protection often as there are so many threads complaining about commissioned salespeople doing or saying anything to get their money with no concern for the parties involved. If someone repeatedly holds themselves out to be the ONLY way to achieve a goal, they are excluding other options that would not include their commission. Many young buyers today are buying their first homes and are misled into buying a home that has more problems than they can repair. Also, it was the realtors who were benefiting, along with the banks, when the markets were hot and unqualified buyers were pushed into homes they couldn't afford by salespeople. A legal representative without a financial interest in the outcome certainly would have spared many considerable pain. Use a realtor to drive you around, if you like, but always have the process checked by a lawyer, not a wanna be.

My point was from the SELLER'S PERSPECTIVE, this can be very short-sighted. The buyer is being represented fully by a qualified real estate agent, while the seller gets a posting on a website and has no further interaction unless the "listing" broker gets a fee on the back-end.

Sadly, those fees are often very high. A good lawyer to oversee the process doesn't have a financial interest in the outcome so you get unbias correct, local advice. Don't confuse a marketing deal with legal representation for the protecion of your assets. The commission system needs to be based on the actual work nothing else. To be fair, people need to know there are alternatives that do work so the system can change.

In the story I mentioned above, the seller's first deal died and HE called me back to see if my client might still be interested. I had no idea that his deal had died because his listing was still marked as "UC" for under contract in the multiple listing system, a fact that I pointed out to him.

- who stages a house and gives advice on how to prepare for sale?
- when a house lingers online, who advises the seller to replace the pic of the snow-covered house with one taken in the spring so the length of time on market isn't so painfully obvious?
- who makes sure the buyer is prequalified by a reputable bank?
- who manages the negotiation when multiple offers come in?
- who handles inspection issues that may arise?
- who schedules meetings and handles the details?

The banks qualify the buyers as I really don't want any of my personal info being handled by a salesperson. The rest, anyone who thinks can handle or have their lawyer do on their behalf for much less.

If you wouldn't call the cheapest attorney or doctor in times of need... if you don't go to just anyone to invest money for you or to handle your taxes, why not hire the best person to maximize the value of what is probably your single biggest asset?
Penny wise and pound foolish.
I rely on a professional appraiser to determine the correct value of my property since their income is based on professional service after years of training and education, not sales commissions. The qualifications for a an attorney, doctor, or financial require high level education, years of training, and qualifications instead of a few quicky marketing/sales classes after high school. I hope this clarifies the distinction between the two. My single biggest asset will deserves better representation.
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Old 05-10-2013, 01:02 PM
 
3,313 posts, read 3,734,874 times
Reputation: 1823
Quote:
Originally Posted by Rakin View Post
There is a home listed in my neighborhood by one of the flat fee people. I talked to the people about the home 8 months ago but they elected to save some money and do it themselves. The house is absolutely stunning. The listing is absolutely all wrong in the MLS with 8 (instead of 25) of the worst photos and description. Everything they've done is so wrong and presents a beautiful home in a very bad and negative way.

The house has now been on the market 8 months with several price decreases. Their efforts have cost them thousands of dollars and much time just to save a few % in commission for a good agent.
do you mind sharing the address or link to that house?
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Old 05-10-2013, 01:03 PM
 
3,313 posts, read 3,734,874 times
Reputation: 1823
Quote:
Originally Posted by Heidi60 View Post
I rely on a professional appraiser to determine the correct value of my property since their income is based on professional service after years of training and education, not sales commissions. The qualifications for a an attorney, doctor, or financial require high level education, years of training, and qualifications instead of a few quicky marketing/sales classes after high school. I hope this clarifies the distinction between the two. My single biggest asset will deserves better representation.
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Old 05-10-2013, 01:10 PM
 
Location: DFW - Coppell / Las Colinas
26,592 posts, read 31,123,677 times
Reputation: 31132
Quote:
Originally Posted by EngGirl View Post
do you mind sharing the address or link to that house?
Check out the photos and description. This is a stunning home but you'd never know it.

6442 Malaga, Irving, TX 75039 - Home For Sale and Real Estate Listing - realtor.com®
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Old 05-10-2013, 01:17 PM
 
Location: Cary, NC
28,465 posts, read 50,651,838 times
Reputation: 26626
Quote:
Originally Posted by Rakin View Post
Check out the photos and description. This is a stunning home but you'd never know it.

6442 Malaga, Irving, TX 75039 - Home For Sale and Real Estate Listing - realtor.com®
Nice curb shot. A true thumbnail.
HOME PICTURES

It is astonishing how much work went into getting and posting a great many bad photos. Some of them in the photo tour on the property website are breath-taking, and not in a good way.
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Old 05-10-2013, 04:24 PM
 
Location: Salem, OR
13,207 posts, read 29,487,732 times
Reputation: 10789
Quote:
Originally Posted by MikeJaquish View Post
Nice curb shot. A true thumbnail.
HOME PICTURES

It is astonishing how much work went into getting and posting a great many bad photos. Some of them in the photo tour on the property website are breath-taking, and not in a good way.
It is their foot to shoot. I was confused by use of the vegetable photos.

I wish I could say they were the worst I've seen, but alas...we all know there are agents that have done much worse.
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Old 05-10-2013, 08:07 PM
 
3,313 posts, read 3,734,874 times
Reputation: 1823
Quote:
Originally Posted by Rakin View Post
Check out the photos and description. This is a stunning home but you'd never know it.

6442 Malaga, Irving, TX 75039 - Home For Sale and Real Estate Listing - realtor.com®
sorry, didn't find anything wrong about this listing. zillow has 14 pictures. most listings by listing agents in out area no better if not worse
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Old 05-10-2013, 08:55 PM
 
Location: northern va
1,385 posts, read 1,732,639 times
Reputation: 1078
Quote:
Originally Posted by EngGirl View Post
sorry, didn't find anything wrong about this listing. zillow has 14 pictures. most listings by listing agents in out area no better if not worse
assuming that market allows more than 8 (or 14) pics to be uploaded to the MLS, that listing agent is doing a disservice IMO to the seller by not including not only more, but much better, pics..

occasional I'll run into a property that cannot reasonably fill out the 30 picture slots my MLS allows, but in the subject property of this discussion, I'd have to assume there could have been additional photos added
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Old 05-10-2013, 09:00 PM
 
Location: DFW - Coppell / Las Colinas
26,592 posts, read 31,123,677 times
Reputation: 31132
Quote:
Originally Posted by EngGirl View Post
sorry, didn't find anything wrong about this listing. zillow has 14 pictures. most listings by listing agents in out area no better if not worse
You have fairly low standards if you find this acceptable. Out of those 14 photos very few are actually of the house. Most are blurry, cropped improperly, bad lighting and poor.

The photos and property description is very amateur and poor marketing of a very nice home.

They are certainly getting their money's worth from their flat fee broker.
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