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Our realtor in CA worked for Coldwell Banker and charged 6%. We bought an sold 2 houses with her and then our last sale we switched to a broker and had to only pay 4%. When you are selling a 600,000 house, 6% is rediculous to pay!
we moved within Charlotte and our realtor cut their commission to 3.9% to sell our house and he got paid full price when we bought our new house.
MLS is very important but it upset me when my neighbor put up a sign "for sale by owner" to get some of our traffic. He also got the person that was bidding for our house and did not get it. they ditched their realtor and boght the FSBO house. Classless move in my opinion.
I thought the piece was fairly well put together even though there wasn't anything new in it.
The only real flaw in the piece was the fact that, due to time constraints there was an awful lot left unsaid. That's a polite way of saying the piece wasn't very deep (imho). An example of this is the fact that the 6% commission was simply stated as a fact of life, like 4 quarts to a gallon. The fact of the matter is that not only is every single commission amount agreed upon by the seller and the RE company, but that Realtors are forbidden (just as others are) from price fixing. 6% may be a figure many companies charge, but it's not fixed. It's a matter for negotiation. Always has been, always will be. There are a dozen other factors they simply didn't have time for.
I thought the piece was fairly well put together even though there wasn't anything new in it.
The only real flaw in the piece was the fact that, due to time constraints there was an awful lot left unsaid. That's a polite way of saying the piece wasn't very deep (imho). An example of this is the fact that the 6% commission was simply stated as a fact of life, like 4 quarts to a gallon. The fact of the matter is that not only is every single commission amount agreed upon by the seller and the RE company, but that Realtors are forbidden (just as others are) from price fixing. 6% may be a figure many companies charge, but it's not fixed. It's a matter for negotiation. Always has been, always will be. There are a dozen other factors they simply didn't have time for.
Funny thing I have noticed is when realtors speak to "for sale by owner houses" that clients want to view. The first words out of the realtors mouth are will you agree to 6%!!! There was no negotiating if 6% was not agree to the realtor would rattle off about problems with the house even though they had never been in the home. I always found it fun to stop and look at FSBO homes if they look like something I was interested in when purchasing as it made the realtor actually do something other then talk on the phone.
I also think removing the realtor would allow prices to fluctate so that a buyer has the opportunity to put in a bid for the real value of the home. I tried to buy two homes in the Charlottee area three years ago and the realtor refused to put in the bid as it was several thousand dollars less then the asking prices, but both homes needed repairs. I documented both cases and had my attorney cancel the contract with the realtor and bought one of the homes through another realtor at the price I bid.
Funny thing I have noticed is when realtors speak to "for sale by owner houses" that clients want to view. The first words out of the realtors mouth are will you agree to 6%!!! There was no negotiating if 6% was not agree to the realtor would rattle off about problems with the house even though they had never been in the home. I always found it fun to stop and look at FSBO homes if they look like something I was interested in when purchasing as it made the realtor actually do something other then talk on the phone.
I think you're mistaken. If an agent approaches a FSBO with the intention of bringing a buyer they usually ask the seller to co-broke. That means that the seller agrees to pay 3%, not 6% as you stated. The 3% goes to the Buyer's Agent who brought the buyer to the transaction and who, by the way, does all the work because the seller doesn't know how. I've never heard of a Buyer's Agent asking for 6%.
I thought the piece was fairly well put together even though there wasn't anything new in it.
The only real flaw in the piece was the fact that, due to time constraints there was an awful lot left unsaid. That's a polite way of saying the piece wasn't very deep (imho). An example of this is the fact that the 6% commission was simply stated as a fact of life, like 4 quarts to a gallon. The fact of the matter is that not only is every single commission amount agreed upon by the seller and the RE company, but that Realtors are forbidden (just as others are) from price fixing. 6% may be a figure many companies charge, but it's not fixed. It's a matter for negotiation. Always has been, always will be. There are a dozen other factors they simply didn't have time for.
Ha, then why is it that every agent I have worked with refuses to negotiate the commission rate? "Oh, we can't negotiate," I have been told.
I'm a realtor in FL, and although I am not surprised by the 60 MINs bias, I feel that the public is not ready for internet realty. Think about this, you go on the internet to buy a house, you get the directions, you call to view it, you then find yourself in the home of a person you do not really know. No longer do the Realtors take the risk, now the public will be put at risk. Furthermore, I have seen folks go it alone, because we all know buying and selling is so easy, yet these are the same folks who later contact me to find out how they can go after the party the sold them the house cause know there are thing wrong with the house and the sellers will not return there calls. In response to the person who had the realtor just drive them around, not all realtors are created equal, if you find you have one not interested in your needs, leave and find another.
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