Real Estate agents in Phoenix area (for sale, broker, house)

[cezar9]

We recently moved to the Phoenix area from Seattle and may be looking to buy a house. Up in Seattle many buyers’ agents offer 1% back if you submit an offer with them. Is this common in the area? I need to find a good agent who knows the market and can act quickly and can handle conversations with the other agents if we submit an aggressive but reasonable offer.

[westcoastbabe]

https://www.zillow.com/profile/jim-Brink/


Jim Brink....Best by far. Patient, knows the valley inside out.....Listens....Give him a call.

[DetroitN8V]

A good, knowledgable, responsive agent likely won’t come with a discount. It’s not a common thing here. I’ve sold at a slight discount, however, but that’s because the agent was getting my purchase too.

[john3232]

Originally Posted by cezar9

We recently moved to the Phoenix area from Seattle and may be looking to buy a house. Up in Seattle many buyers’ agents offer 1% back if you submit an offer with them. Is this common in the area? I need to find a good agent who knows the market and can act quickly and can handle conversations with the other agents if we submit an aggressive but reasonable offer.

That might work in Seattle given the ave. home sell for hundreds of thousands more than many parts of Phx.

Not sure if you'll find that here though.

[MN-Born-n-Raised]

Originally Posted by cezar9

We recently moved to the Phoenix area from Seattle and may be looking to buy a house. Up in Seattle many buyers’ agents offer 1% back if you submit an offer with them. Is this common in the area? I need to find a good agent who knows the market and can act quickly and can handle conversations with the other agents if we submit an aggressive but reasonable offer.

This company discounts all across the county (1% back to buyers and 1.5% discount to sellers). https://www.redfin.com/why-redfin-how-you-save The individual agent is more important than the company.

There was a day when the total RE commission was 7%. Today, the standard is 6% with a lot of transactions in the 5% range. It's dropping as technology is changing the real estates business model. I predict it will drop even further as time marches on. A 1% drop on either side of the transaction is a massive cut (33% drop if the buying agent goes from 3% to 2%). I predict that's where it is headed.

If I was an agent, I'd focus on listing properties. But that normally takes a lot of advertising $$'s to convince consumers that they are better at attracting buyers. In actuality, their advertising $$'s are mostly spent to attract new sellers (not to target new buyers as they claim). With Redfin, they attract sellers by the discount without spending the massive local $$'s by way of Zillow agent advertising, magazines, etc. So it's arguably a better way to attract sellers (by discounting). The bad part is you attract a more frugal consumer which has its baggage.

[john3232]

Originally Posted by MN-Born-n-Raised

This company discounts all across the county (1% back to buyers and 1.5% discount to sellers). https://www.redfin.com/why-redfin-how-you-save The individual agent is more important than the company.

There was a day when the total RE commission was 7%. Today, the standard is 6% with a lot of transactions in the 5% range. It's dropping as technology is changing the real estates business model. I predict it will drop even further as time marches on. A 1% drop on either side of the transaction is a massive cut (33% drop if the buying agent goes from 3% to 2%). I predict that's where it is headed.

If I was an agent, I'd focus on listing properties. But that normally takes a lot of advertising $$'s to convince consumers that they are better at attracting buyers. In actuality, their advertising $$'s are mostly spent to attract new sellers (not to target new buyers as they claim). With Redfin, they attract sellers by the discount without spending the massive local $$'s by way of Zillow agent advertising, magazines, etc. So it's arguably a better way to attract sellers (by discounting). The bad part is you attract a more frugal consumer which has its baggage.

I sold a home in San Francisco earlier this year. The standard is 6% but 5% is fairly common.

My agent told the me split was 2.5 for himself and the buyers agent.

When a buyer was found there was a difference of 100 grand in what they wanted to pay and the asking price. I said no.

They countered with another 50 grand. I still said no.

They came up another 45 and I said yes.

Both agents stood to lose a good deal of money if the transaction didn't go through. So the buyers agent continued to **push their client.

Had I offered say 4% commission the buyers agent might well have directed their client to another property.

That .5% extra in commission is a lot of money but not near the 95 grand I was able get the buyer to go up and pay.




**Imo, the buyers overpaid by 70-80 grand given the market and repairs needed. However, the couple was earning serious money so I bluffed and demanded asking price. If they had refused the extra 45 grand I would have accepted.

[smoochaz]

Originally Posted by cezar9

We recently moved to the Phoenix area from Seattle and may be looking to buy a house. Up in Seattle many buyers’ agents offer 1% back if you submit an offer with them. Is this common in the area? I need to find a good agent who knows the market and can act quickly and can handle conversations with the other agents if we submit an aggressive but reasonable offer.

Cezar, I know the company you're talking about. Here's my input for whatever it's worth - hire an experienced realtor who can negotiate a great price and terms for you and also take great care of you during the inspection period. In the end that 1% you get back is probably less than what your realtor can save you in the big picture.

[Burning Madolf]

Originally Posted by smoochaz

Cezar, I know the company you're talking about. Here's my input for whatever it's worth - hire an experienced realtor who can negotiate a great price and terms for you and also take great care of you during the inspection period. In the end that 1% you get back is probably less than what your realtor can save you in the big picture.

Results may vary.

[cezar9]

Originally Posted by smoochaz

Cezar, I know the company you're talking about. Here's my input for whatever it's worth - hire an experienced realtor who can negotiate a great price and terms for you and also take great care of you during the inspection period. In the end that 1% you get back is probably less than what your realtor can save you in the big picture.

In theory you are right. However, my experience is different. I’ve used a “discount “ (not Redfin) broker before. She gave me 1% back when I bought my house and several years later listed it for sale for 1%. The house was spotless and was already staged so she didn’t have to put any effort. In both cases I was happy with my agent. I’ve also used a non- discount high end luxury broker to sell a house in the same area. She was supposed to be an expert and asked for more commission. I had the opportunity to see her in action and was not too happy.

[MN-Born-n-Raised]

Originally Posted by john3232

I sold a home in San Francisco earlier this year. The standard is 6% but 5% is fairly common.

My agent told the me split was 2.5 for himself and the buyers agent.

When a buyer was found there was a difference of 100 grand in what they wanted to pay and the asking price. I said no.

They countered with another 50 grand. I still said no.

They came up another 45 and I said yes.

Both agents stood to lose a good deal of money if the transaction didn't go through. So the buyers agent continued to **push their client.

Had I offered say 4% commission the buyers agent might well have directed their client to another property.

That .5% extra in commission is a lot of money but not near the 95 grand I was able get the buyer to go up and pay.




**Imo, the buyers overpaid by 70-80 grand given the market and repairs needed. However, the couple was earning serious money so I bluffed and demanded asking price. If they had refused the extra 45 grand I would have accepted.

Good negotiating on your end.

When listing a house, I come from the school of thought that you need to reward the buyers agent with a higher percentage (2.5% to 3%). Especially in the PHX area were the home prices are lower. It's real work; a lot of people consume a massive amount of the agents time. Often the buyer agents work without getting paid. Sure, sometimes you are "over paid" but all too often, you are either underpaid of working for free. So I have no problem paying 3% on a $400K house when agents bring me the buyer. I know, all too often the buyer comes to you via MLS. That's one of those "over paid" situations. As a whole, that's not typical.

As for the listing agent percentage..... The way I view it, it depends on how difficult it takes to sell a home. If I was selling today (my neighborhood and my price point), I wouldn't pay an agent more than 1% (do a 3% buyer to 1% listing agent split totaling 4%). Most would run from it because their broker would say no and they would have to split. I get it. But I know several agents who would take it. I'd pay for the pictures, write the advertisement, and not expect any other marketing but MLS. I know what the house is worth. I'd make the promise that if problems arise with the sale (a time-sink close), I would offer to pay more. IMO, 6% commissions on a $400K home ($24K) in a fairly hot RE market is too much $$'s.