U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-03-2018, 11:18 AM
 
5,668 posts, read 7,260,887 times
Reputation: 3182

Advertisements

Quote:
Originally Posted by Thundarr457 View Post
The operative word is successful. What determines if an agent is "successful"? If you had to hazard a guess what percentage of agents are "successful"?
I believe Rakin previously said that 80% of agents don't make it, so I'd guess Rakin's answer might be somewhere around that 20% (and I can't remember if it was this thread but I know someone also recently made the "15% of agents do 85% of the business" statement, which would be in the same ballpark).
Reply With Quote Quick reply to this message

 
Old 04-03-2018, 11:29 AM
 
Location: DFW - Coppell / Las Colinas
29,920 posts, read 34,526,470 times
Reputation: 35918
Quote:
Originally Posted by GoPhils View Post
I believe Rakin previously said that 80% of agents don't make it, so I'd guess Rakin's answer might be somewhere around that 20% (and I can't remember if it was this thread but I know someone also recently made the "15% of agents do 85% of the business" statement, which would be in the same ballpark).
That 80% figure I've never really agreed with. Our company is fairly selective in who they take on and the success rate is probably 70%. We provide a lot of training and mentoring.

There are Brokers in town who take on anyone who can tie their shoes and will brag they have 500 agents in their office. 97% of their agents are not making a living and their offices are revolving doors. 1 or 2 and they are gone.

So I don't know if the 80% rule is true. I'd bet Silverfall's brokerage has a great succes rate with her agents also. I'd bet she'd be a great Broker to be associated.

So I guess it's all in where you associate. In my office with about 85 agents there are about 10 of us who do do 80% of the business. The others just do OK but even these agents (most) are serious about their work and take good care of their clients. If they don't we get rid of them.
Reply With Quote Quick reply to this message
 
Old 04-03-2018, 11:49 AM
 
Location: Rochester, WA
3,827 posts, read 2,047,976 times
Reputation: 10552
Quote:
Originally Posted by Brandon Hoffman View Post
This I agree with and it's very different from your other statement.


I don't like the wording.
Fair enough. I think even Ty Cobb only made a hit a third of the time.

I think we can agree mostly.
Reply With Quote Quick reply to this message
 
Old 04-03-2018, 11:55 AM
 
Location: DFW - Coppell / Las Colinas
29,920 posts, read 34,526,470 times
Reputation: 35918
Quote:
Originally Posted by Diana Holbrook View Post
Fair enough. I think even Ty Cobb only made a hit a third of the time.

I think we can agree mostly.
Did you see where his Grandson is President Trumps Attorney? His name is Ty Cobb also and apparently very well respected.
Reply With Quote Quick reply to this message
 
Old 04-03-2018, 11:58 AM
 
Location: Rochester, WA
3,827 posts, read 2,047,976 times
Reputation: 10552
I hope he's good.... that's gonna be a challenging job!
Reply With Quote Quick reply to this message
 
Old 04-03-2018, 03:27 PM
 
Location: Northern Minnesota
28,761 posts, read 2,360,422 times
Reputation: 7449
"Have you had a agent forget about you after you gave them the listing?"

Yes I did, so I fired her by cancelling the contract. My house, my prerogative, my right.
Reply With Quote Quick reply to this message
 
Old 04-03-2018, 04:50 PM
 
10,869 posts, read 41,139,178 times
Reputation: 14009
Quote:
Originally Posted by GoPhils View Post
I don’t know how things were done in 1972 but I’m pretty sure if you never actually agreed to the appraisal then you could have said you weren’t paying for it.
had I but realized that such an option was open to me, I might have objected to the fee.

But I was still pretty wet behind the ears at the time and the closing documents and the closer were still highly regarded as players in getting my deal "closed" and funds disbursed that day.

In years since, I've learned that such is not the case. For example:

In May 2017, I had a closing in Wyoming where the Title company deducted the pro-rated 2017 property taxes on a 40 acre parcel of land I was selling off from a larger property from my proceeds.

WRONG on 2 counts:

1) they pro-rated the days until closing of the entire land property instead of the respective % portion of it, only 40 acres out of a couple hundred. So they pro-rated X number of days of the entire year's estimated tax bill (based upon 2016 mil levy rates and county appraiser valuation). What it should have been is X number of days times the % of the estimated taxes that the 40 acres represented.

Especially egregious because the 40 acres was an unimproved field where the entire 2016 tax bill represented a Farmhouse, 7 outbuildings including 3 large barns, the annual ownership taxes on the farming equipment of the operation, and the miles of fencing/stock tank waterers, and 80 acres of highly valued irrigated cropland. All of this information was in the hands of the Title company to do their calculations.

2) Unlike most other states, Wyoming does NOT BILL PROPERTY TAXES IN ARREARS. IOW, the property tax bill you receive in August of a year is based upon the property ownership of record as of Jan 1st of that year. The August bill is DUE IN FULL on or before that year December 31st. (yes, they allow a split payment with 1/2 paid in November and the balance 1/2 due in the next quarter. But if you miss that first 1/2 payment, your entire tax bill is delinquent on midnight Dec 31st when it was due and payable in full).

So a proper deduction of the pro-rata 2017 property tax bill should have had the Buyer reimbursing me, the seller, for the 2017 property taxes which I would pay on the 40 acre parcel as the owner of record on Jan 1 2017 by December 31 2017.

I pointed the error out to the closer at the closing table. She vehemently denied that I was correct about tax liabilities for the current year, and that "property taxes were paid in arrears". Wrong Wrong Wrong ... but she and her boss weren't going to budge and the buyer and I needed to get done, get the deal wrapped up, and on our way. So I paid, better part of $1,000.

Then I brought the matter to the attention of the Wyoming authorities that license Title Companies since I had paid those a**holes for professional services which they muffed up on several scores.

The Title company responded with their comments to the effect that "property taxes are paid in arrears", and included a copy of the Wyoming statutes ... which they obviously had never read. The statutes spell out in no uncertain terms the tax liability for a given year is based upon the owner of record on Jan 1st of that year and the August property tax bill is due and payable in full by Dec 31st of the same year.

I thanked the Title company for providing me with the Wyoming statute document copy which showed them to be completely in the wrong on this matter. I asked them to refund my money they'd deducted in error, to make me whole. They refused, directing me to seek the funds from the buyer.

Much, however, to the chagrin of the state licensing agency attorney/investigator, it turned out that the unprofessional conduct of the Title company had no statutory consequences. He agreed that the Title company had not done their professional work properly, but there's no provision in the statutes to force them to correct their error(s) or refund any portion of their professional fees, let alone make good on their error.

What was really irksome about this Title company error was that it was the 2nd time I'd encountered this mistake. I'd bought a commercial property in Cheyenne some years previously and the title company deducted the pro-rata property taxes from the seller and credited them to me. So I had experience with this error. I knew that I'd be hearing from the seller the next time property taxes were due, and set aside the pro-rata credit in my bank account, knowing that I'd be sending it back to the seller in due course.

Not to highjack the thread here ... but the competency of "professionals" in the real estate and affiliated business, in my experience ... varies widely. In my experience, it's less than a few % that really perform in a knowledgeable, ethical, competent, and honest manner.

You don't even want to get me started on the number of times I've had a banker try to buy a property out from under me when they thought they could play games with a repo file/PMI insurance payouts to get the property for cheap or played games with my loan app/closing details to blow up my deal to their personal advantage. Or the games played by a Z&P board trying to get me to sell a property for way back of it's FMV ... or they were acting on behalf of one of their "friends" to devalue my real property. Caught 'em red handed more than few times, and I'm just a single investor ... I really don't do that many deals compared to affluent friends who can do several deals per year as the mood strikes them to play. How many times do they pull this crap on the rest of their clients?

In the real estate game, YMMV. Be careful, do your due diligence. The unethical pro's have lots of ways to put your resources to their advantage under the cover of plausible deniability. Tales of "forgotten" clients, such as in this thread ... are not all that uncommon an occurrence, although the actual ways that the agent/agency pulls this stunt can take many forms. It's too common a situation to simply be inadequacy or incompetence or an untrained service biz professional, IMO.
Reply With Quote Quick reply to this message
 
Old 04-03-2018, 10:03 PM
 
Location: San Francisco Bay Area
4,150 posts, read 2,157,557 times
Reputation: 8081
Quote:
Originally Posted by SouthernSusana View Post
Do agents not leave cards in other areas of the country? I live in Alabama.
They do it here in the SF Bay area, too.
Reply With Quote Quick reply to this message
 
Old 04-04-2018, 09:54 AM
 
Location: Raleigh NC
7,754 posts, read 6,114,541 times
Reputation: 6882
Quote:
Originally Posted by sunsprit View Post
Not to highjack the thread here ... but the competency of "professionals" in the real estate and affiliated business, in my experience ... varies widely. In my experience, it's less than a few % that really perform in a knowledgeable, ethical, competent, and honest manner.
this is true of all walks of life. We'd like to think doctors have the very highest % of competency.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top