Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [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)
 
Old 05-10-2008, 10:07 PM
 
100 posts, read 403,502 times
Reputation: 36

Advertisements

You are not even worth my time replying to, except to say facts are not on your side here. For example:
First off, I was not comparing anything. There was a NYC reference made and I was explaining Northeast realtors.
What buyer would pay an agent in the first place?
Also, if a seller is under a contract with a Broker, they can not sell their home on their own without the broker, unless the broker is stupid and doesn't use an exclusive right to sell contract.
Next, although none of your business, why I switched careers, is simply a matter of having to relocate to the North to get married. I still do some work on the side, but unlike you, I don't foster conspiracy theories about people I do not know! Especially on a message board
Reply With Quote Quick reply to this message

 
Old 05-10-2008, 10:10 PM
 
Location: Issaquah, WA
818 posts, read 3,688,657 times
Reputation: 258
I am trying to sell my house at this moment and felt that hiring an agent was the best course of action. Firstly, I want to protect myself from being ripped off and/or sued down the road. Second, I feel that a good agent can provide a marketing edge that I am unable to. Is 6% a steep price to pay? It sure is, and since I fully expect buyers to demand I pay their closing costs as well, commissions and fees make it practically impossible to sell. However, I still don't believe that I have much of a choice.

I guess my other choice would be don't sell.
Reply With Quote Quick reply to this message
 
Old 05-10-2008, 10:15 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,066,910 times
Reputation: 2661
Quote:
Originally Posted by bumpercar View Post
Ads like the 2007 spot posted here are focused more on bringing people back to the market than to use realtors. NAR knows the majority will use agents anyway so they wisely focused on the macro issue in their ad time.
What is wrong with that? Sounds like it serves the needs of the members. So you agree that the NAR advertising makes sense?


Quote:
See #2 below.

Main Entry:
scalp
Date:
1676

transitive verb
1 a: to deprive of the scalp b: to remove an upper part from
2: to remove a desired constituent from and discard the rest
3: to buy and sell so as to make small quick profits <scalp stocks> <scalp grain>; especially : to resell at greatly increased prices <scalp theater tickets>

scalper - Definition from the Merriam-Webster Online Dictionary
The definition does not in any way apply. It requires ownership or possession which the Realtor never has. There are pages and pages of definition of scalper...absolutely none fit the agent role.

It is simply the wrong verb.

Quote:
I wasn't talking about the occasional fiduciary gray area. I was referring to the basic premise of a profession which earns its living by charging a percentage of all transactions. This creates a structural conflict of interest because it biases the agents to encourage principals to complete their transaction. It's the same for all sales professions. Even realtors doing their best to not unduly influence the process are unconsciously biased. I've watched it personally on several occasions. It's an unavoidable facet of human behavior.
Nope. Closing the transaction is also in the best interest of the client. It should also be for the best terms practical... but client and seller both want that.

You have to argue in fact that there is a subtly nuanced difference between the client and the agent...ie the agent wants to close more than the client. Could be true. Could be false. All depends. You are really off into a broad general attack on agency...that is paying someone a percent of the proceeds for representation in some transaction. This is a well sanctified role in our society. And your attack is not likely to get anywhere. The only thing worse than a world with agents is one without them.

You can also argue the form of the payment but the percentage is blessed by much history. The demonstration that some good would occur from changing it lies with those who would change it...lots of luck

Quote:
I agree.
Well maybe there is hope. .
Reply With Quote Quick reply to this message
 
Old 05-10-2008, 10:22 PM
 
151 posts, read 246,039 times
Reputation: 177
Quote:
Originally Posted by olecapt View Post
YOu obviously do not practice here...or at least no where I have been. "Mentors" are not a construct in the local vocabularly. I personally think some form of apprenticeship ala the appraisers would be a very good idea. Don't expect it though. In Nevada they throw you into the shark tank and expect you to swim. Most newbys get there three or four inherent deals then go broke and go away.

Actually I invest all over and most large brokerages insist on the Mentor program even in Vegas as I have worked with many of them Including my Girl Friend's sister in law who just finished her mentoring program and was disgusted by what she got in return for a portion of her sales.

The test is used as a tool to keep the really dumb out. And those who can't learn enough from one of the courses should not be practicing.

does this mean the not "Really" dumb ones can pass?? Sorry but I could not pass that one up.... LOL

The compensation of the average agent comes out around 40K. That is actually insufficient if you want competent agents. Restriction entry and upping skill level might actually provide mechanisms that could lower the rate. But I don't personally believe the rate excessive given how the business is run. If you wnat an efficient market reward efficiency. The brokerages are rewarded for headcount so that is what they optimize.

As you noted above that average is a bit skewed based on so many newbies getting out after they shot their load on the few friend or relatives have purchased or sold by them

Pru Americana did a reasonable job when I started out of explaining how to do the paperwork and how the systems work. For instance they actually did a reasonable job on caluculating a net sheet. There are certain things that are not "fair". Mangement protects productive agents. That however should come as no shock.

Absolutely agreed.

IN general you fix the problem. Smart agents never finish a deal with a hidden problem. You fix it and/or disclose it. Of course you do it for the commission. What source of silliness are you preaching? You think agents are in the business to aid the consumer at all cost and without regard to pay? You join a relegious order and take care of the ill in rural Boliva if that is your calling. Are there jerks who cover and close? Sure...but not very many...and none get past me when I am on the other side.

You are making my point as you are having to always be on the lookout for these "Jerks" who cover and close. Yet these "Jerks" were given their R.E. Licenses and they very rarely are removed from doing business by an oversight committee.



The advertisement where not always what I would do but crossed no lines. Hell they did not even claim to make your member bigger.





Now one who wishes to amass wealth on the RE Market is in a different category and, in some dimensions, they need to be smarter than even a good RE Agent. You should not be in that business if you don't know how to do it and calculate the basics. It is amazing however how many idiots there are buying investment properties.

Absolutely correct


You are being silly. The formal process generally runs pretty smoothly.
Actually it is very good except when screwed up by amateurs or lenders. I have at the moment a couple of clients who think that all they have to do is make an offer 20% below a list that is 20% below the comps and they will walk away with the kind of value they expect. How many rejections do you think it takes to train such people that it does not work that way?

If you mean I have purchased dozens of properties by being a bottom dweller who thinks 20% below comps is just the starting point and I go down from there, then yes I guess I am silly. And yes, I have made litterally hundreds of offers over the years and yes most were rejected or countered at too high a price. And yes I walked away. But to state I am wasting anyones time, especially since I am very upfront about being a lowballer but I can close in 2 weeks, is just nonsense. I only paid more than a low ball price when I was 19 on my first house and did not know what I was doing but I learned very quickly. I guess NONE of those agents was able to "Train" me and I will continue to follow my own advice when I jump back in at the appropriate time which may be comming soon. Well qualified buyers are worth a ton in this and the upcomming R.E. market.

Your view on the size of the commission is also not very realistic. The total costs of an RE transaction witout loan costs runs around 7.5 to 9.0% of that 3 to 3.5% goes to costs such as escrow, Title Insurance, Transfer Tax, The rest is the RE commissions. I suggest you simply divide those in half. So any RE transaction causes each side a cost between 3.75 and 4.5%. I do not believe that to be unreasonable given how we choose to run the system. I suspect however you choose to run the system you can easily increase the cost from those numbers. You think the guy running the youtube like site will not get what the market will bear? And note that lack of a central MLS does not lower commissions. Try buying a place in MLS-less NYC sometime.


Actually, youtube has such a gigantic marketing machine they can list these things for no charge to the clients as they can make monies on their advertising or link ability. These sights would have millions of hits a day from brokers and non brokers.

As a note I own two properties in NYC both of which I purchased at well below the asking prices and the comps but the folks just wanted out. If found myself in the right place at the right time but that is part of investing in real estate.

I do not doubt you are a good agent with good intentions but I will not buy into your industries propoganda of what a buyer or seller needs to do through a licensed agent.
This is for me only and I encourage others to discover what they can or cannot do for themselves.

FOD
Reply With Quote Quick reply to this message
 
Old 05-11-2008, 12:37 AM
 
29 posts, read 130,494 times
Reputation: 18
Quote:
Originally Posted by Chest Rockwell View Post
I am trying to sell my house at this moment and felt that hiring an agent was the best course of action. Firstly, I want to protect myself from being ripped off and/or sued down the road. Second, I feel that a good agent can provide a marketing edge that I am unable to. Is 6% a steep price to pay? It sure is, and since I fully expect buyers to demand I pay their closing costs as well, commissions and fees make it practically impossible to sell. However, I still don't believe that I have much of a choice.

I guess my other choice would be don't sell.
I sold my house FSBO last summer with no problems. I paid the buyer's agent 3% and saved about $12,000. Of course, the market has turned for the worse since last summer. That doesn't necessarily mean that you can't sell FSBO. The key to any sale right now is pricing. The problem with the market in my opinion is that it is incredibly hard to determine what one should actually pay for a house. I think that the REOs are a good place to start for pricing information, but they are by no means the answer. Good luck with your home. If the realtor doesn't get it sold, I wouldn't dismiss the prospect of selling it yourself.
Reply With Quote Quick reply to this message
 
Old 05-11-2008, 10:23 AM
 
149 posts, read 346,333 times
Reputation: 72
Default American Housing: Map of misery

American housing | Map of misery | Economist.com
Reply With Quote Quick reply to this message
 
Old 05-11-2008, 01:52 PM
 
55 posts, read 187,386 times
Reputation: 90
Quote:
Originally Posted by Chest Rockwell View Post
I am trying to sell my house at this moment and felt that hiring an agent was the best course of action. Firstly, I want to protect myself from being ripped off and/or sued down the road. Second, I feel that a good agent can provide a marketing edge that I am unable to. Is 6% a steep price to pay? It sure is, and since I fully expect buyers to demand I pay their closing costs as well, commissions and fees make it practically impossible to sell. However, I still don't believe that I have much of a choice.

I guess my other choice would be don't sell.
I have to agree.I sold my home last summer in a northern suberb of Denver Co. I carefully chose a good reputable realter and had a contract in hand in 17 days and closed in 29days which a thought would be impossible,as there were homes in my neighborhood that had been on the market for 9 months to a year.My realter helped us stage it, listed it at a reasonable price and it sold.The market there is very similar to here,although less expensive.
Reply With Quote Quick reply to this message
 
Old 05-11-2008, 02:01 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,066,910 times
Reputation: 2661
FSBO is never impossible. However at times like this it is highly unlikely. I will see if I can gin up some numbers one of these days. I suspect though they are close to non-existent at the moment.
Reply With Quote Quick reply to this message
 
Old 05-11-2008, 05:31 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,877,945 times
Reputation: 5050
Quote:
Originally Posted by Daddys///M3 View Post
For someone who has openly admitted that they don't know much about real estate, you sure do claim to know quite a bit about real estate.

Regarding the general public's access to the tools and resources that RE professinals have, I will give you my name and in turn you can provide the forum with all of the information that you believe a RE professional could gather. These items are to include when I bought the house, who I bought it from, and for how much (this is the easy stuff so I'm sure that you will be able to find it). Also, how much I put down, what the rate on my current mortgage is, and what the principal balance is. I would also like you to point out to the forum how I hold title to my home. My name is Terry Day. Have at it.

Secondly, regarding the useless drivel that you say is quite easy to pass on the national and state exams, explain the difference between encumbrance and liens and how it affects transfer or reconveyance.

If you feel you are above this useless exercise then so be it, but your credibility is on the line here, IMO. If you cannot answer these "simple" questions then I feel that you have no business bashing an entire industry.

Sheriff has been "called out" for a gunfight match and he is nowhere to be found... could he be at the Valley of Fire, Red Rock Canyon, or Death Valley?
Reply With Quote Quick reply to this message
 
Old 05-12-2008, 11:59 AM
 
375 posts, read 604,741 times
Reputation: 576
Quote:
Originally Posted by airics View Post
Sheriff has been "called out" for a gunfight match and he is nowhere to be found... could he be at the Valley of Fire, Red Rock Canyon, or Death Valley?
He may be busy working. You guys are certainly having a lot of fun with this.
Most of the information is readily available on the web. I found some of it in a few minutes to satisfy my curiosity and as a personal challenge. I am not in the real estate or lending business or anything even remotely connected with this area. Some of the information is available from title companies free as a "courtesy" to the trade or can be purchased from web companies for a fee. The payoff for the mortgage comes from the lender directly based on a specific payoff date as I understand it.
Recorded documents at the clerks office would cost me money so I didn't pursue it any further. I could deduce loan balances from the documents based on origination date(s), origination and recording fees, original loan balances and "stated" down payment assuming regular payments and no "principal only" payments but it's only a close approximation.
In the current world of the internet, companies abound that provide this information and much more.
Since he did lay it out as a "challenge" and assuming the name was given correctly, I don't feel that I'm revealing anything that isn't publicly and easily available.
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:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


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 > U.S. Forums > Nevada > Las Vegas

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 36, 37 - Top