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I am in a similar scenario. My MIL is finally leaving OR and lives in a great 2 br home with a beautiful yard looking at the fairway of her 55+ community golf course. Its the only one in this suburb of Portland and the market there has been super hot for the last 10 years. There will simply be very few or no other options for someone wanting to be in this area and in this neighborhood. Comps over the last 3 months have been solid and will be in our favor. based on the condition, upgrades, yard/lot. We will receive and appraisal, have pro pics taken, list FSBO, offer Open houses only, and we will pay a minimum commission to the buying agent. Paperwork will be handled directly by a real estate attorney that I know.
1. Too bad friend is already involved. It's easier to ask a stranger for a concession on the commission.
Eh. Ergo, the suggestion to ask what the fee is, and not to ask for a concession, but defer to full market exposure without asking for a concession.
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Originally Posted by rational1
2. Focus on your bottom line, not how much the agent makes per hour.
Yes.
Quote:
Originally Posted by rational1
3. If the market is strong, and it's not too much trouble to get the house ready for showing, I would want an above-asking offer to sell before the house hits the market.
Asking price is irrelevant. All seasoned agents and buyers and sellers know that. Asking price is a filler in a blank space. A listing is only a solicitation for offers.
Just curious, what percentage might that be? If too low, some agents may not even attempt to show the property to their clients.
Most likely it will be 1-1.5%. I sold a rental of mine and paid 1% last year. There is no need to pay 4+% for full service anymore. I find value in realtors sometimes but with todays resources and home prices, they simply cost too much money.
I thought that too and I'm sure there are plenty of selfish realtors that will put their own interest in front of the clients but I truly don't think that would be the norm as most truly care about their clients getting the perfect home for them at the time.
In today's world of the internet and social media, the house will get seen and realtors wont have a choice to deny it. Especially in this area where people literally wait to buy until they can get in. She is in a very strong sellers position.
Last edited by fastball92; 01-21-2022 at 09:59 AM..
Most likely it will be 1-1.5%. I sold a rental of mine and paid 1% last year. There is no need to pay 4+% for full service anymore. I find value in realtors sometimes but with todays resources and home prices, they simply cost too much money.
I thought that too and I'm sure there are plenty of selfish realtors that will put their own interest in front of the clients but I truly don't think that would be the norm as most truly care about their clients getting the perfect home for them at the time.
In today's world of the internet and social media, the house will get seen and realtors wont have a choice to deny it. Especially in this area where people literally wait to buy until they can get in. She is in a very strong sellers position.
The irony is a bad listing agent can cost their seller a lot more money today than they could 8 year ago. Same can be said for a bad buyer agent. And the job is harder now than it was 6 or 8 years ago, fwiw. I've done this since 2005 so I'm speaking from experience, but I also understand public perception and where you're coming from.
The irony is a bad listing agent can cost their seller a lot more money today than they could 8 year ago. Same can be said for a bad buyer agent. And the job is harder now than it was 6 or 8 years ago, fwiw. I've done this since 2005 so I'm speaking from experience, but I also understand public perception and where you're coming from.
Curious what makes the job more difficult right now? Inventory and competition(I’m sure there are a lot more realtors right now)?
Last edited by fastball92; 01-21-2022 at 10:54 AM..
Curious what makes the job more difficult right now? Inventory and competition?
Client stress and frustration resulting from lack of inventory for buyers. Sellers expect people to overpay and they drag buyers around resulting in more deals falling through as well usually over an unwillingness to bend on repairs, appraisals, or needed extensions.
Buyers agents have to often show more properties and write more offers until they win one, and then they deal with the repair and loan/appraisal issues and lose deals starting them back at square one.
Listing agents have way more contacts fall through right now as well meaning we have to go through the the sales process sometimes, 2, 3, 4, 5 times to get to closing. Also, instead of listing, marketing, getting an offer, and negotiating it's now list, market, get 10 or 20+ offers that we have to go through and present, and then if it falls through we start over again.
I had one property lose 4 contracts last year because my seller was super stubborn because he had to "win" every deal and wouldn't grant extensions either. I had another seller that actually fired me after we had 3 contracts fall through in 17 days. None of the 3 buyers got inspections, but cancelled during the first week. I suspect 2 of those buyers (and probably 20+ times on various properties last year) submitted offers on multiple properties and if they won multiple just bailed on the "backup" properties. One of the big indicators there is a quick cancellation with no inspections, which unfortunately is allowed in our standard contract with no penalties/DD money/etc.
Client stress and frustration resulting from lack of inventory for buyers. Sellers expect people to overpay and they drag buyers around resulting in more deals falling through as well usually over an unwillingness to bend on repairs, appraisals, or needed extensions.
Buyers agents have to often show more properties and write more offers until they win one, and then they deal with the repair and loan/appraisal issues and lose deals starting them back at square one.
Listing agents have way more contacts fall through right now as well meaning we have to go through the the sales process sometimes, 2, 3, 4, 5 times to get to closing. Also, instead of listing, marketing, getting an offer, and negotiating it's now list, market, get 10 or 20+ offers that we have to go through and present, and then if it falls through we start over again.
I had one property lose 4 contracts last year because my seller was super stubborn because he had to "win" every deal and wouldn't grant extensions either. I had another seller that actually fired me after we had 3 contracts fall through in 17 days. None of the 3 buyers got inspections, but cancelled during the first week. I suspect 2 of those buyers (and probably 20+ times on various properties last year) submitted offers on multiple properties and if they won multiple just bailed on the "backup" properties. One of the big indicators there is a quick cancellation with no inspections, which unfortunately is allowed in our standard contract with no penalties/DD money/etc.
Yeah, I see what you mean, wow. All of that sounds like a giant pain in the arse. That would get old very quickly.
Yeah, I see what you mean, wow. All of that sounds like a giant pain in the arse. That would get old very quickly.
To say the least. I learned to try and set proper expectations but it's not the same as when the clients actually start to experience it first hand. Part of the issue I didn't touch on before is the amount of new agents the last 2 years that are learning on the job as they go. They struggle.
But again, I understand the perception from your point of view as well.
Yeah, I see what you mean, wow. All of that sounds like a giant pain in the arse. That would get old very quickly.
To say the least. I learned to try and set proper expectations but it's not the same as when the clients actually start to experience it first hand. I also not when going through the offers try to verify the buyer saw the house in person as opposed to a virtual showing or no showing at all. Sometimes they offer blind and that makes me nervous. Part of what makes an offer strong is how likely to close. Not seeing a house in person prior to offer is a strike against that offer in my book.
Part of the issue I didn't touch on before is the amount of new agents the last 2 years that are learning on the job as they go. They struggle to say the least and sometimes do more harm than good to their client, un-knowingly usually.
But again, I understand the perception from your point of view as well.
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