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Thread summary:

Selling home without realtor, high commission rate, buying and listing agent, for sale by owner, marketing costs, real estate listings, house showings

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Old 07-20-2007, 08:54 AM
 
Location: Holly Springs
281 posts, read 1,106,637 times
Reputation: 193

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One thing I have not seen mentioned on here is that the commission is "really earned" from contract to close...meaning, you can list it just on the MLS without a full service REALTOR and you will most likely get showings, but when the contract is put in front of you it's hard to negotiate if you don't know what you are looking at...hence get a REALTOR...it will actually save you money in the long run because you could be leaving money on the table if you don't know how the game is played. I know a reply will come back that if you don't have a REALTOR then an attorney will help...yes, but more in giving legal advice than negotiating for the best price... Lastly, I agree with Vicki; one of the biggest misconceptions out there is that the listing agent is supposed to bring the "actual" buyer to table. That is almost impossible. Listing agents jobs are to market it to the other thousands of agents in the area to bring their buyers. THEN the real work begins to get you top dollar in negotiations.
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Old 07-20-2007, 09:18 AM
 
Location: Oxxford Hunt, Cary NC
4,477 posts, read 11,599,834 times
Reputation: 4263
The only "issue" (and it's not really an issue, but that's the only word I could think of) I have with realtor commissions is that they just go up and up and up with the price of the house.

For example, let's say in a crazy market a seller pays $12,000 in commissions and then when that house is sold again three years later, the new seller pays $24,000. Yes, during that time the house doubled in value - but was there twice the effort expended to sell it the second time around? In the crazy market we had, I'd say probably not.

Overall, I think paying a "full service agent" is worth it - but of course, you have some realtors who contribute a lot to the transaction and some who don't. You don't always know that going in, however.
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Old 07-20-2007, 09:19 AM
 
310 posts, read 1,713,597 times
Reputation: 169
Quote:
Originally Posted by Stu Barnes View Post
but when the contract is put in front of you it's hard to negotiate if you don't know what you are looking at...hence get a REALTOR...
The contracts are nothing but a standard form. Anyone know how to read English should be able to understand it, otherwise 1/2 hour at the lawyer office can explain everything.

Quote:
Originally Posted by Stu Barnes View Post
it will actually save you money in the long run because you could be leaving money on the table if you don't know how the game is played.
A smart buyer should hire an appraiser to appraise the property, and hence knows what the real value or the property and what acceptable offer is. I don't see anyone whether an agent or not be able to bring you any more money.

Why all of these scare tactics and over-estimation about what agents will do. I know a realtor could be a value for some people, but the process of buying and selling is not sacred.
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Old 07-20-2007, 09:23 AM
 
Location: Raleigh, NC
12,475 posts, read 32,189,719 times
Reputation: 9450
Well, I wish I had the time to discuss this more; however; since MY SELLERS are the ones that have the problem with the survey...I must go to meet the surveyors, and the agent and the buyer, to see who has the correct survey and who doesn't.

I expect my sellers are going to have to move their fence OR...we can try to buy the property (HOA common area) OR we are going to try to get a variance.

Once all this is said and done, I have to deal with the agent and his buyer who is now trying to say that they are getting less than what they bought (even thoug the fence is in the wrong place, the acreage is still correct).

Now...ask me HOW I'm earning my commission???

Vicki
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Old 07-20-2007, 11:34 AM
 
9,680 posts, read 27,124,746 times
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You sound like a good agent, Vicki.
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Old 07-20-2007, 11:59 AM
 
Location: Holly Springs
281 posts, read 1,106,637 times
Reputation: 193
[quote=JohnE1000;1107630]The contracts are nothing but a standard form. Why all of these scare tactics and over-estimation about what agents will do. I know a realtor could be a value for some people, but the process of buying and selling is not sacred.[/QUOTE

I am sorry you see my statements as scare tactics. Not everyone understands the language in contracts...fact.
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Old 07-20-2007, 12:08 PM
Air
 
150 posts, read 537,121 times
Reputation: 63
Quote:
Originally Posted by JohnE1000 View Post
The contracts are nothing but a standard form. Anyone know how to read English should be able to understand it, otherwise 1/2 hour at the lawyer office can explain everything.

A smart buyer should hire an appraiser to appraise the property, and hence knows what the real value or the property and what acceptable offer is. I don't see anyone whether an agent or not be able to bring you any more money.

Why all of these scare tactics and over-estimation about what agents will do. I know a realtor could be a value for some people, but the process of buying and selling is not sacred.
I sold my house by myself in less than 30 days, but I can see why some people need an agent. They cannot detach themselves from the property. Another possible problem is the buyer, who also can get emotional. At a certain point, I almost needed a third party, but ... since the papers were already signed, I referred all calls to the lawyer and simply didn't talk to them anymore.

You have to do lots of advertising. I was out in the winter weather every day maintaining the signs, and I had ads in every paper. Had to figure out fast the proper way to post signs, not brain surgery but time consuming. The house must be immaculate, and don't be rude to people who show up unannounced, welcome them. My buyers did that to me twice, but they signed.

One FSBO around here had a sign made up to look like a professional realtor, with her picture on it. The sign was down in a week and the house was sold. The people across the street who were FSBO were rude to callers; they had an agent's sign up a while later.

Check out where you can put up signs near intersections or highways or shopping centers with your phone number very clearly written. Be very friendly to everyone who calls. Talk about their needs, and let them know that you love the house but have to move for other reasons. (But not too much; one early visitor said that I had sounded like I didn't want to leave.) Let them tell you what they like and don't like. It's a house that you want to sell, remember that.

Do follow up. People gave me great advice. My buyers made the offer when I called them, not the other way around.

Good luck, whatever you decide to do.
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Old 07-20-2007, 01:23 PM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 22 days ago)
 
Location: Cary, NC
43,176 posts, read 76,815,786 times
Reputation: 45533
Beware the person who oversimplifies any legal transaction.
And beware doing business with them. When the typical curve ball comes around, the overly simple-minded are the first to derail.

Life is NOT a series of 0's and 1's.
That includes life's real estate transactions.
Divorces, QCD's, upside-down Sellers, Buyers who look for mortgages on the internet, people who need help with financing, inspections, home services like contractors and mowing, folks who are already moved away and need someone to look at the property from time to time, are all just examples of areas where Realtors help.

Again, many FSBO's work well.
At the same time, many do not.
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Old 07-20-2007, 04:25 PM
 
Location: beautiful North Carolina
7,573 posts, read 10,603,259 times
Reputation: 5513
Quote:
Originally Posted by Air View Post
The house must be immaculate, and don't be rude to people who show up unannounced, welcome them. My buyers did that to me twice, but they signed.


This is the part I need help with....how do I keep the house immaculate with a family of six? I work full-time, can barely keep the house up as it is...I've heard this before how important it is to keep the house spotless during showings.This is going to be a real challenge...
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Old 07-20-2007, 06:18 PM
 
Location: Creedmoor, NC
164 posts, read 689,818 times
Reputation: 64
Had our old house up for sale (in baltimore, md) and 2 days later someone bought it and then found our new home in 1 week. That was with realtor. She is awsome.
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