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Hello Does anyone have exp with foxtons? I am jsut wondering since it looks like i am going to have to sell for what i basically owe I would like to maybe cut some of the realtor fees. If anyone has any input please let me know.
Will other agents not show my home because of the reduced commission (they are hardly showing it now anyway)?
Thanks
I don't know too much about it but my cousin used them and they are similiar to a RE, just that they don't actually use a RE. She did save alot on comission and yes other realtors do show your house.....especially in this market, why wouldn't they????
Realtors will always show your house last, if at all, when you list with Foxtons. A better choice would be to list yourself (pay $500 to put it on the MLS) and offer a larger commission, possibly with a bonus, to the agent who brings in a buyer.
Many realtors will not show your house if it's listed with Foxtons. My agent showed me the Foxton listing agreement, and the way it's worded, if another realtor sells your house, they end up with around $250- not even 1/2 of the already reduced Foxtons commission.
There were several homes in our subdivision that were listed with Foxtons, and they all sat on the market far longer than any of the homes listed with conventional realtors- even longer than some of the FSBO's. If you have to save $$, sell it yourself, and offer a selling agent the same 3% that Foxtons would have charged you.
In this market, a buyers agent is more likely to take their serious buyers to see homes that area listed for 6% as they will get paid more on those.
I'm in mortgage so I am familiar with Real Estate but not biased to any one type of agent. In a fast market, Foxtons and other discounters are fine, because the house sells itself. Not so in a slow market.
The general rule works... you get what you pay for.
I'm sure you're looking for someone that has actually listed a house with foxtons, but let me just tell you my humble opinion...
positives (not related to reduced commission):
-great web site with blueprints, map, lots of pics (usually quality) and almost always a map - something that is often left out on purpose by other agencies.
-nice free marketing pieced that go out each season at newstands, plus they have a large targeting mailing lists
-good presence in certain counties like middlesex and monmouth
-good agents, they really hustle
-usually full or half page ads with their houses in newspapers
problems with foxtons,
-very few open houses
-other agents talk bad about foxtons and are really hoping that the whole reduced commission things fails
-reluctance by agents to work hard to get you into see those homes. I have personally experienced both of these last two
-if you call foxtons, you can't get any information from whoever answers the phone (e.g. is the home available?) they make you leave your number so an agent can get back to you.
all of that being said, I think you'll be happy with foxtons, but it could sit on the market longer.
There was a house in a community we were looking to buy for sale with a Foxtons sign. I tried looking it up when I got home and for some reason couldn't find it, it was not listed on their site. I went back a week or so later, sign was still up, so I have no clue what the problem is.
Well what I just typed got erased but I will do it again just because of the problems I have with Foxtons!
With Foxtons you get what you pay for plain and simple. Here are the truthful reason on why to not use Foxtons:
-Although they give you a discounted commission, you get what you paid for. The agents are SALARIED workers so there is no incentive for them to actually work hard because no matter what they do, they are still making their $30,000 a year. Yes they get a LITTLE commission for listings and sales they obtain but it is nothing like if I sold or obtained and sold a listing.
-If you ever have a question for your agent, you will almost always never get in contact with them. Again they are salaried workers for the most part pulling 9-5pm shifts. Also, if you want an open house, or to ask a question, you usually will not get an answer and usually will never get it from your agent. Cell phone numbers do not exist at Foxtons!!!
-The commission issue is huge and the main reason they do not get their listings sold. When they first started they offered only 1% on the sale of a property which is nothing for the amount of work that I, as an agent have to do. So you are saying that if I sell a $500,000 house, I am only worth $5,000 but comparable agents can get $15,000+/-? That is just ridiculous. Now because of the turn in the market Foxtons has FINALLY changed and now give out 2% to buyers agents but the problem is the work that I do is not worth it. I will explain in the next line.
-The work that buyers agents have to do with Foxtons turns them away from their listings simply because the Sellers/Listing Agent does NOTHING!! During the whole Offer process and Under Contract process, it is like pulling teeth at their agency. You can never reach the agent and you can never get in contact with their "Under Contract Department." Yes you heard me right. Once the home goes under contract, the listing agent has nothing to do with it anymore. It gets sent to a different department and they NEVER know what is going on with the deal. And oh did I mention, that department only works 9am - 5pm and even during business hours you only get their voicemail! If this happens how am I supposed to coordinate inspections, appraisals, home issues, and other items? Also why am I the only one that has to work with the attorneys to get the deal out of Attorney Review and Under Contract? This is supposed to be a mutual effort but everyone that I have worked with has done NOTHING to help me during this.
I wanted to explain this all in full so that no one thinks that I am an agent just jealous of their practice. This is the truth and I hope that you stay away from them because if you don't, you will most likely be very unhappy during the whole process; especially since they lock you in for at least six months or so I have heard.
I don't know too much about it but my cousin used them and they are similiar to a RE, just that they don't actually use a RE. She did save alot on comission and yes other realtors do show your house.....especially in this market, why wouldn't they????
Good luck-
Sure an agent would show it but only after they show any other house they could find , And the reasons are : 1 to 2 % vs 2.5 to 3% and when you deal with them you are doing most if not all the work, With any other agent it is usually easier to get answers and help with any problem you run into
As for myself
If i see a house they have listed and it fits into my buyers needs
i have no problem showing it to them ,but i know in the back of my mind what i am in for if they decide to make an offer .
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