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I think all you agents are being very unfair to this guy, with the exception of MikeJaquish....Mike is basically telling it like it is.
This person works for buyers not agents...yes agents are likely his source of referrals, but he is really in a no win situation here. If he consistently works with 25 agents and lists with just ONE of the agents that sends him money, he upsets the other 24...if he does a fsbo he upsets all 25, or he upset none. I would just tell the agents who refer to you that you chose FSBO so as NOT to upset any agent....that their relationship is important to you, and that it was your decision to sell on your own so you did not have to pick from a group of business colleges.
Bottom line is this is a BUSINESS TRANSACTION, its not a feelings game....lots of folks who work in the industry, especially appraisers, real estate lawyers, and home inspectors know exactly what the market will bear, and are around real estate to know exactly how to handle a transaction. Im sure any of you agents who pay attention, and read inspection reports, KNOW exactly what to look for in an inspection, I sure as heck do. Why do I still use an inspector then? Because the inspectors report gives me leverage and legitimacy...many times I know more and catch more than the inspectors and have to point out additional items to be included in the report.
Everyone here acting like he is biting the hand that feeds him is way out of line. Why should he be required to pay a high fee for listing when he does not need all of the services of a listing agent? He should not...that is unfair to ask of him. Yet, you all think its perfectly fine. THIS IS EXACTLY WHY SO MANY AGENTS GET A BAD REPUTATION - SO many DEMAND full payment for less work. And do not tell me I don't know what it takes to close a deal or handle a listing in a hot area, I have closed more than I can remember. I know exactly what it takes.
To the OP, If I were you and I did not want to list through an agent I would just mention to my friends (real friends, not just agents you work with) that I am planning on selling, and if they know anyone interested you would be willing to work with them directly. If they have an agent, then offer the buyers commission to that agent, and then use an attorney to handle the paperwork (assuming you are not in a title company state)
The negotiation is easy in a hot market, you don't need an agent for that. Set your price, and don't accept less than what YOU want...If what you want is reasonable it will sell. Its possible selling word of mouth may take longer, and you may get a somewhat lower price than had you listed with an agent and started a bidding war, but you should be happy if you get what YOU wanted.
Do not allow agents to bully you into their services...its sickening to me to see this type of garbage. Not everyone wants to use an agent, and there should be absolutely no repercussion for choosing to represent yourself. Agents do not and should not have a monopoly on selling real estate.
How many agents do you know that you consider friends? Is it 100? How much do you charge for an inspection? $500? Are you willing to give your inspection services free to each of your agent friends? Maybe half price? That's $25,000- $50,000 they could collectively save...
You probably won't give all those agents a free/discounted inspection so why would you think they would want to work for you for free/discounted? Everyone has bills to pay and we all work on referrals. You might lose those referrals from several agents if you sent out a mass email asking for the "friend" who will sell your house for the least amount... your list might dwindle down to 80 and that's a kick in the pants for the buyer referrals from those other 20...
Cut off your nose to spite your face...
I would say 30 or so I consider friends, and yes, I inspect their personal or families houses for either free or very cheap whenever they need me to. I am just asking a hypothetical on procuring the buyer and getting some help on paperwork. If an agent asked me to stop by a look at some water in a crawlspace, I am surely not going to charge them the full inspection fee, if anything at all. I wasn't going to send an email out asking for anyone to sell the house, just that I may have a house available for their buyers. I would only ask a few of my closest Realtor friends for help on the paperwork. I don't even mind paying several thousand dollars for the help, but 17k for this situation seems quite excessive.
I love Realtors. My mother was an agent and owned a small Realty company for many years before passing away in 2009. My Aunt half-heartedly runs it now, but she is not very engaged or experienced in the business. I could get this done cheap or free there, but would rather get the contract help I need from someone that lives and breathes the business. I thought I had a good idea offering my house to all our agent friends privately since it is one that would sell almost immediately once public, and supply is really low with substantial demand. I hear the same story over and over from them; I have buyers but there are no houses. Thought I could benefit both sides with this arrangement, but apparently it is just going to **** people off.
So you're basically saying that you don't think your friends' knowledge is worth the going rate. Nice.
No, see there go the protective agent types again...he is saying he does not need FULL service representation, and should not have to pay full price for 1/3 of the services.
Why is this concept so difficult to understand? You may be willing to throw $17,000 away because you are not comfortable handling your own transaction, but he is not...that should NOT be a problem. Anyone offended by that needs to really a take good look at why that is offensive to them. You will find the only reason you are offended is your own greed.
You will find the only reason you are offended is your own greed.
I am not an agent.
I am someone in business that wants my friends to succeed in their own business, and if I need to hire someone to do a job for me, I will pay them what they are worth. Thankfully, that feeling is reciprocated amongst my friends.
I am someone in business that wants my friends to succeed in their own business, and if I need to hire someone to do a job for me, I will pay them what they are worth. Thankfully, that feeling is reciprocated amongst my friends.
So if you just need your house painted, are you going to pay them to rip out the drywall, replace the drywall, and repaint the new drywall?
Probably not, b/c you dont need new drywall. This is no different, this guy is only asking for 1 or 2 of the 100's of services an agent offers.
Do you have a relative who is a Realtor? If so, go with them -- blood is thicker than water, and it's easy to explain to all your other clients why you don't want to reciprocate the business.
I understand wanting to save the money. But what you're suggesting is pretty much a slap in the face to all of your clients -- that you don't feel their services are worthwhile, and that you are perfectly willing to take all their referrals, but aren't willing to return the favor. I'd much rather someone like you came to me and asked for a discount on the sell side (which I would probably be happy to do, especially if you were a valued vendor).
Don't be surprised if you lose a few clients over this one. Too many inspectors out there who want my business to keep referring them to someone who so obviously does not value my services. If you don't value my services, why should I value yours?
dblackga, we normally agree on things. And I think you know that I'm a big supporter of consumers nearly always using a Realtor.
But one of the regular 'issues' with Realtors is that they recommend inspectors that they know aren't going to screw up the deal. Personally, I think that's largely baloney, but so many consumers believe it that it's damaging to the profession.
And here's my point: You, as a Realtor, are not the inspector's client. The consumer (buyer) is the inspector's client. The phrasing your are using is not helping eliminate the perception that the inspectors are sleeping with the Realtors.
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On another note, as a consumer, I've found this thread to be really interesting. My initial reaction was to say don't bite the hand that feeds you. But the more I thought about it, the more I realized that there are plenty of other professions that give discounts and freebies - they call them "Professional Courtesy." Doctors, lawyers, dentists do it all the time - for their immediate family members, too.
Put it on Craigslist... I've sold homes this way without issue.
Just realize it is a job and mistakes can be costly and you will be standing alone.
Recently a broker was showing a home and a child of people looking was injured... fell off a retaining wall and broke several bones...
The Broker's insurance stepped in and my friend the owner was fully protected.
A FSBO went bad when the owner accepted an offer subject to existing financing... the seller didn't have a clue what that meant and it got ugly....
I'm all for doing things yourself... just know what you are getting into.
The last home I sold FSBO was listed on the MLS and that cost $500... the home was highly desirable and timing was perfect... the buyers had their own broker who was fantastic... she was paid 2.5% and brought in the best offer from highly qualified buyers...
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,313,597 times
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I recently bought a home in Mexico. I know half a dozen agents in the area. Since Mexico does not license real estate agents, I probably could have navigated the system and done the deal myself. (I guarantee my learning experience would have been painful and probably more costly).
I selected the agent I've known the longest, and let her do all the work without asking for any special treatment or discounts. I'd never attempt to short change anyone who provides such a valuable service.
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