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I find it Fascinating, when anyone asks me, "Isn't 6% commission standard?"
The answer has been "No," for many years.
We do well when we help clients with education.
You mean locally correct?
I don’t know anyone in MA who has paid less than 6% (between family/ friends, so I admit it’s anecdotal) since 2011.
If you want a deep dive into commission stats from MA from 1998--2011, here's a snoozer from 2015 by NBER that you can read or download and print: https://www.slideshare.net/robhahn/c...ission-puzzle/
Ol' Rob Hahn, he's kind of a hot dog and sensationalist, and tries to get out on the bleeding edge, but he is also a smart guy. Attorney.
What I find when reading too many of these studies, is that they HAVE to homogenize and pasteurize and generalize to the extent that nothing really reflects anecdotal experiences. I think we LIVE in Anecdote, and OBSERVE data a lot of the time.
IOW, data sets are so broad and literal, I always feel like, "Gee. It doesn't really work like that."
Last edited by MikeJaquish; 04-21-2020 at 06:46 AM..
Reason: replace bad link
If you want a deep dive into commission stats from MA from 1998--2011, here's a snoozer from 2015 by NBER that you can read or download and print: https://www.slideshare.net/robhahn/c...ission-puzzle/
Ol' Rob Hahn, he's kind of a hot dog and sensationalist, and tries to get out on the bleeding edge, but he is also a smart guy. Attorney.
What I find when reading too many of these studies, is that they HAVE to homogenize and pasteurize and generalize to the extent that nothing really reflects anecdotal experiences. I think we LIVE in Anecdote, and OBSERVE data a lot of the time.
IOW, data sets are so broad and literal, I always feel like, "Gee. It doesn't really work like that."
I'll check it out. Thanks for sharing.
(and I agree. I can speak to my anecdotes, but realize when bubbled out, they may not be everyone's reality)
A buyer agent could theoretically point out issues you didn’t think to research, e.g. this is under flight path, near railroad, highway gonna be built in your backyard in 3 years, etc.
And, an absolutely credible warning.
No competent closing attorney or real estate agent will ever email the wiring instructions, or a wiring instruction change. Total red flag, and Vicki's clients were lucky that they mentioned it and had her on the job.
I haven't had a client yet come close to being scammed like that, but any closing attorney can tell you of scams like that, or bad "certified" checks.
People, including agents, using "free" webmail, yahoo, gmail, etc, bring a lot of it on themselves. It usually starts with an email hack.
Some of the stories are heartbreaking. https://www.nbcsandiego.com/news/loc...-scam/2271424/
I heard last year of a couple wiring $~$220,000 to the wrong recipient, but on a Friday evening. Found out over the weekend that they had been scammed.
The funds wire was located in the queue, and stopped and the folks got their funds back. Luckier than words can describe.
Actually, I was being sarcastic.
There was a complete and total breakdown between the law firm and the real estate agent in terms of security. ANYONE communicating electronically in the real estate industry should be using a secure communication network; I always use a VPN and sometimes even a TOR browser. Always assume that you have no privacy online !
My wife is an attorney, currently working from home, and she also uses a VPN. One-time years ago, we purchased a FISBO, and my wife beat the crap out of the seller, to the point where I felt sorry for the seller. Yes, we had had an inspection done (referral from somebody in the process, likely the closing attorney) and things went well but I would not do it again. Too much stress. But we got a deal.
Yes, buyers should always use so called “buyers’ agents”. The price is baked into the purchase price, so they have no reason not to do so, unless they have the smarts to set up a relationship with a closing attorney up front, arrange an inspection etc. It’s not rocket science, but most folks don’t want to go that route.
PLEASE – always use a VPN and a secure browser (like TOR) when conducting financial business online !
There was a complete and total breakdown between the law firm and the real estate agent in terms of security. ANYONE communicating electronically in the real estate industry should be using a secure communication network; I always use a VPN and sometimes even a TOR browser. Always assume that you have no privacy online !
My wife is an attorney, currently working from home, and she also uses a VPN. One-time years ago, we purchased a FISBO, and my wife beat the crap out of the seller, to the point where I felt sorry for the seller. Yes, we had had an inspection done (referral from somebody in the process, likely the closing attorney) and things went well but I would not do it again. Too much stress. But we got a deal.
Yes, buyers should always use so called “buyers’ agents”. The price is baked into the purchase price, so they have no reason not to do so, unless they have the smarts to set up a relationship with a closing attorney up front, arrange an inspection etc. It’s not rocket science, but most folks don’t want to go that route.
PLEASE – always use a VPN and a secure browser (like TOR) when conducting financial business online !
We cannot control what clients or the other agents do.
Yes, there actually are agents who use "free" webmail.
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