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Old 06-08-2008, 06:48 AM
 
Location: SC soon to be DE
1,227 posts, read 2,179,007 times
Reputation: 1282

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We just had an interview last night with the first of 3 RE agents to put our house on the market. When she quoted 7%, I just about choked! I thought 6% was bad, but........ Plus they have the "administration fee" to store our papers at $185 (the buyer pays the other 1/2). Now, I'm thinking that for well over $11,000 they could store the paperwork for free!! After all, how much space and effort could one folder be? Heck, I'll store it myself!! I think it's a totally ridiculous fee to tack on.

But, I digress......Is anyone else seeing fees going up? Although I realize gas is going up, other things are coming down like cell phones and the ability of people to look at houses on the 'net so that the agents are carting them around to visit ones that they definately don't like. Of course I guess home prices are coming down so that affects it as well.

Also, not sure I liked the fact that she was giving us a "car salesman" pitch....."but if you sign with us tonight right now we'll do 6%". We told her right up front when making the appointment that we were interviewing several agents. She was nice enough, but we'll have to see.

The good thing is that she really likes the house and she claims to have several people she is a buyer's agent for that might be interested in it. But of course, she won't bring them inside unless we sign a contract at least somewhere, but she will do a drive by. Another one of the agents we are going to interview also said she had people that might be interested.......she knows the area because her company sold a house in the same development several months ago.

UGH........Why are things so complicated nowadays???? I preferred it "way back when".
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Old 06-08-2008, 07:00 AM
 
Location: Palm Coast, Fl
2,248 posts, read 5,915,692 times
Reputation: 969
What you got was just that. A sales pitch. She was negotiating before you even signed. She's thinking that if she says a particular % that you will try to negotiate it down, so she starts higher than what she really thinks you will take and let's you 'negotiate' her down to let you have that 'good feeling' and she's actually getting what she expected to begin with. Of course she likes your house!

When you sign with someone else make sure you call her up and tell her to bring all those buyers she says that might be interested in your house. Tell her you called her first thing so she could bring them!

Edit: As for those fees? Those are called transaction and storage fees. Many companies charge them. It's a way to cover some of the normal expenses in running the business. You will see that those same companies charge those fees to the buyers also. Many companies don't charge extra fees.
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Old 06-08-2008, 07:01 AM
 
Location: Raleigh, NC
998 posts, read 3,491,247 times
Reputation: 602
Very interesting. I just sold my cottage in Western PA. I did the same thing. You can negotiate, however, I was quoted 6.5%.. (higher than what I expected and I believe she told me that was a deal).. and the agent never told me about their admin fee which I thought was pretty "forgetful" for lack of better word. (those can also be different in price) I also do understand that the sale prices in this particular area are lower than say other parts of the country which maybe the reason. Plus.. also ask if she requires a min. commission of the sales price (they don't tell you that either).

I also interviewed another.. she would do 6% but didn't have as much experience. So it wasn't much difference and I went with the higher as I felt she was more qualified, (I do have a bit of insight as you can imagine)

Shop around is the best advice... but I thought the same thing. Plus in this neck of the woods, the offers appear to be verbal. Then the actual contract gets signed AFTER you already negotiated. Very Strange to me.. I couldn't get a grip on this as we just don't do that here in NC. I had to trust the agent I hired.

Good luck.
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Old 06-08-2008, 07:04 AM
 
Location: Palm Coast, Fl
2,248 posts, read 5,915,692 times
Reputation: 969
What price range are we talking here?
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Old 06-08-2008, 07:18 AM
 
Location: Raleigh, NC
998 posts, read 3,491,247 times
Reputation: 602
Quote:
Originally Posted by palmcoasting View Post
What price range are we talking here?

I don't know what rothbear's property is worth but mine is around 100K and most of them in my particular area of Western PA are about that price or below.. The property I have is located by the OH/PA border.
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Old 06-08-2008, 07:28 AM
 
Location: Palm Coast, Fl
2,248 posts, read 5,915,692 times
Reputation: 969
Ahh. I see. Thank you.
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Old 06-08-2008, 09:20 AM
 
Location: DFW - Coppell / Las Colinas
18,795 posts, read 17,538,888 times
Reputation: 18016
Listen to that gut feel, if it sounds like high pressure it must be. Find someone who doesn't BS you and you're comfortable in dealing.

Having several buyers that may be interested sounds like a con. If you list with another agent and she really does have a buyer, they will see the house.
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Old 06-08-2008, 12:58 PM
 
Location: Salem, OR
11,014 posts, read 18,946,462 times
Reputation: 6973
This person is going to be making recommendations and negotiating FOR YOU. They are going to drop 1% that fast...

I wouldn't sign an agreement with someone who was willing to come down 1% just by signing today.

What I see out here is a lot of polarization. The limited service reps ($300 folks) are doing well as many people are choosing to get on the MLS that way, and some of the 7% agents are doing really well as they convince people that they need a higher fee in order to sell the home due to increased marketing costs.

I think regardless of who you choose, interview agents, pick your top 2 favorites then get on Realtor.com and other sites and LOOK at their advertising. I've seen some crappy advertising and photos from top producers. Getting the listing is not the same as selling a house.
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Old 06-08-2008, 01:40 PM
 
Location: SC soon to be DE
1,227 posts, read 2,179,007 times
Reputation: 1282
That's what I thought. We figured if we did go with her, we would just basically say........6% take it or leave it. She yapped a lot and I got the feeling wasn't really listening to what we had to say. Then she spent about 20 minutes showing me her book in which she had all of her certificates and information about other places she has sold as well as all the "notes" she got from people. I wanted to say.......but what will you do for ME????? I couldn't care less about the other stuff. I asked DH what he thought about her, and he basically said he has come to the opinion that some agents are only one step above used car salesmen!! No offense to the really great ones out there!

What I thought was kind of funny was that she did a CMA for us "free" and told us that it usually costs $50 for a non-client, but she did it for free in the hopes to get the listing. Excuse me??? Didn't you just open up your computer, do a search and print out 10 sheets of paper??? Awfully expensive paper, I would say. Plus she kept saying over and over that it was a program that just crunched numbers and really wasn't necessarily accurate.

Our house would probably be around $170,000 - $175,000, which is probably in the 80th percentile of what's for sale in this area. I'm wondering if we shouldn't try to interview someone else from that company because they are a pretty big company around here. Guess we'll decide after we interview the other two people. And yeah....I told my husband that she would be more than welcome to bring her clients anytime after we list!!
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Old 06-08-2008, 01:47 PM
 
Location: SC soon to be DE
1,227 posts, read 2,179,007 times
Reputation: 1282
Hey Janecj..........We are moving to Fort Mill, SC (Sun City Carolina Lakes)!! Already bought our house down there and I'm going to try and move the end of the summer. DH is staying up here to sell the house and until he finds a job down there.

I think 2/3 of SCCL is made up of people from PA/NY/NJ/CT.
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