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This site is such a scam, plenty of Realtors will give you full service for 5%, either 2.5% to both agents or 2% listing and 3% buyer, which is probably the case here, they are not going to list for free and give everything to the buyer agent. I can even find agents willing to go with 4%, one to them and three to the buyer agent, but my listing price is seven digits so they will still take home a nice chunk of change and listings generate other leads.
I don't know if this was covered in the five pages of responses, but I couldn't bring myself to read through them.
This site is such a scam, plenty of Realtors will give you full service for 5%, either 2.5% to both agents or 2% listing and 3% buyer, which is probably the case here, they are not going to list for free and give everything to the buyer agent. I can even find agents willing to go with 4%, one to them and three to the buyer agent, but my listing price is seven digits so they will still take home a nice chunk of change and listings generate other leads.
I don't know if this was covered in the five pages of responses, but I couldn't bring myself to read through them.
Thank you Perigee ... my entire point throughout the previous dribble is as you describe. A seller can very well list with a local full-fledged non-internet face to face MLS Realtor who works in and has valuable experience in their own town/county etc. 6% is not written in stone. The commission IS negotiable as you say between agents; or simply list with your local Realtor for 5% and split it however is comfortable for the two agents, that is up to them to decide.
This subject has been on the CD forum in many forms -- all with the same bottom line.
Becky: there is no need to use unknown non-boots on the ground agents.
I totally understand based on your description of the 'deal'. Why do you believe a buyer will gladly pay 5% more for the house ? which in turn is paid to the agent ? It IS still your 5% no matter how you want to slice it.. The way you pose this example is that your house must appraise for 5% more to cover the commission. I and others don't want to be assigned an agent, they want to choose their own based on experience, referrals, and reputation.
You can go the conventional route and get much more for your money. I don't know why people get all cranked up over some sort of a 'deal' in an effort to screw real estate agents .... even only 1%. Is there something special about this 'house' that requires circumventing the normal business practice ?
Fair enough. This is why I came on here to ask opinions about it. I was exploring and this option popped up. The only thing I see is that I wouldn't expect my house to appraise for 5% more. I would just lower the asking price. And, you are right, it would come out to the same price anyhow. I wouldn't mean to screw a real estate agent over 1% either. I totally agree, I would not want to be assigned to just any agent either. As you mentioned, you chose an realtor based on experience, referrals and reputation.
I do feel that if I can market the house, set up showings, show the house and write up a contract that I am not in need of a realtor. This is not for everyone either. I have done it four or five times before so I am not new to this. Yes, if I can save money by doing that, I will. Every dollar counts for my next house. I am also a firm believer that a buyer's agent should be compensated.
I know there are several different ways to market a home. It just caught my attention because I've never seen it done this way before except in an auction. I am quite well versed on real estate even though I am not a realtor. I just enjoy it I follow the market and have done tons of research over the years [/quote]
That tells me (and others) that you need to find a good licensed real estate school in the state you reside in. Put in the required hours, pay the tuition, take all the tests required, and get your real estate license. Working in and being successful in the profession is not only educational, but can be a lot of fun meeting and helping people; and you could make a good living. It all depends on the number of hours, the dedication, the money out of pocket for your own expenses, the heavy taxes most of the time, and the knowledge that not every person you work with will become a buyer or a seller. Go for it. Trying to carve out agreements and make financial decisions etc. for other people can easily get someone eager and somewhat knowledgeable like yourself in trouble if you write a contract for people and they sign it, it is called practicing law without a license. Get your license.
[quote Becky] Fair enough. This is why I came on here to ask opinions about it. I was exploring and this option popped up. The only thing I see is that I wouldn't expect my house to appraise for 5% more. I would just lower the asking price. And, you are right, it would come out to the same price anyhow. I wouldn't mean to screw a real estate agent over 1% either. I totally agree, I would not want to be assigned to just any agent either. As you mentioned, you chose an realtor based on experience, referrals and reputation.
I do feel that if I can market the house, set up showings, show the house and write up a contract that I am not in need of a realtor. This is not for everyone either. I have done it four or five times before so I am not new to this. Yes, if I can save money by doing that, I will. Every dollar counts for my next house. I am also a firm believer that a buyer's agent should be compensated.
I know there are several different ways to market a home. It just caught my attention because I've never seen it done this way before except in an auction. I am quite well versed on real estate even though I am not a realtor. I just enjoy it I follow the market and have done tons of research over the years [/quote]
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Becky:
That tells me (and others) that you need to find a good licensed real estate school in the state you reside in. Put in the required hours, pay the tuition, take all the tests required, and get your real estate license. Working in and being successful in the profession is not only educational, but can be a lot of fun meeting and helping people; and you could make a good living. It all depends on the number of hours, the dedication, the money out of pocket for your own expenses, the heavy taxes most of the time, and the knowledge that not every person you work with will become a buyer or a seller. Go for it. Trying to carve out agreements and make financial decisions etc. for other people can easily get someone eager and somewhat knowledgeable like yourself in trouble if you write a contract for people and they sign it, it is called practicing law without a license. Get your license.
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I and others don't want to be assigned an agent, they want to choose their own based on experience, referrals, and reputation.
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