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I had a listing this last summer where I had the owner an offer at $510,000. He thought that was too low and would not accept. He changed over to Redfin, they did nothing to get the house sold and 5 months later he accepted $483,000.
Saving a few % cost him almost $27,000.
Quote:
Originally Posted by Rakin
Your math is all wrong. I had him an offer in hand at $510 at a 6% commission. Redfin sold it 5 months later at $483 with a 4-4.5% commission. If he had taken my $510 at 6% he would have been ahead by about $17,000 over the final sales price. Redfin had to pay the Buyers agent their % so it was not the 1% you think.
Redfin did no marketing or open houses. They let it sit on the market and he had to dump the house.
It also cost the Seller about $1000 a month in property taxes and insurance or $5000 by letting it sit for another 5 months. Every day a house sits on the market costs the seller $$.
Redfin cost this guy about $22,000.
So when he was with you, it was your client's fault that you did not sell his house. He then changed to Redfin and it was Redfin's fault that the home did not sell for five months? I guess everyone is to blame but you. While this may be the case, you have not supported these claims and at the very least, you sound very unprofessional and reckless making these claims.
How do you know that Redfin "did nothing" to sell the home? This is a very serious claim to make. I acknowledge that you probably know about open houses in your market but how did you know that they did nothing? You're making a very serious claim that a competing fellow Realtor did not meet their fiduciary responsibilities and violated Realtor ethics with their client in a case where I cannot see how you would know anything. Even if you spoke to your former client (unlikely) and his side of the story was that Redfin did nothing, it's not responsible or ethical to repeat these claims on a public forum. Or did you hear this from another agent? What is your basis for the very serious claims that you're making here on this thread? Your representations against Redfin on this post, in my opinion, are reckless, very serious and potential violations of Realtor ethics.
If I were Redfin, I would lodge a formal complaint against you under Standard of Practice 15-2. I wonder what you would do if Redfin came out on a public forum with accusations about you and your business's performance as this consumer's agent. If your services provide better value for clients than some of your competitors, you should be able to articulate that responsibly and in line with your own code of ethics that you are obligated to uphold.
You've also made a specific representation that using Redfin (presumably over your services) cost him 27k and then that figure became 22k. Clearly you're just stabbing the dark here and I think it's reckless to be quoting specific amounts of money that using a competitor's services over your own "cost" a client when you clearly have no idea what you are talking about or what happened in this case. You need to be more careful about how you represent your business and your competitor's businesses to consumers a public forum.
I don't see how anyone who understands and respects the Realtor Code of Ethics could disagree with my opinion on this. I'm guessing that many agents here are not in love with Redfin and similar types of agents but it's not about how you feel about Redfin, it's about following your own code of ethics.
You're making a very serious claim that a competing fellow Realtor did not meet their fiduciary responsibilities and violated Realtor ethics with their client in a case where I cannot see how you would know anything.
I don't see how anyone who understands and respects the Realtor Code of Ethics could disagree with my opinion on this. I'm guessing that many agents here are not in love with Redfin and similar types of agents but it's not about how you feel about Redfin, it's about following your own code of ethics.
You are assuming Redfin had a fiduciary relationship with this client. I must have missed where Rakin alleged a breach of the Code of Ethics. "Doing nothing" is not a violation.
So when he was with you, it was your client's fault that you did not sell his house.(?) He then changed to Redfin and it was Redfin's fault that the home did not sell for five months? I guess everyone is to blame but you. While this may be the case, you have not supported these claims and at the very least, you sound very unprofessional and reckless making these claims.
How do you know that Redfin "did nothing" to sell the home? This is a very serious claim to make. I acknowledge that you probably know about open houses in your market but how did you know that they did nothing? You're making a very serious claim that a competing fellow Realtor did not meet their fiduciary responsibilities and violated Realtor ethics with their client in a case where I cannot see how you would know anything. Even if you spoke to your former client (unlikely) and his side of the story was that Redfin did nothing, it's not responsible or ethical to repeat these claims on a public forum. Or did you hear this from another agent? What is your basis for the very serious claims that you're making here on this thread? Your representations against Redfin on this post, in my opinion, are reckless, very serious and potential violations of Realtor ethics.
If I were Redfin, I would lodge a formal complaint against you under Standard of Practice 15-2. I wonder what you would do if Redfin came out on a public forum with accusations about you and your business's performance as this consumer's agent. If your services provide better value for clients than some of your competitors, you should be able to articulate that responsibly and in line with your own code of ethics that you are obligated to uphold.
You've also made a specific representation that using Redfin (presumably over your services) cost him 27k and then that figure became 22k. Clearly you're just stabbing the dark here and I think it's reckless to be quoting specific amounts of money that using a competitor's services over your own "cost" a client when you clearly have no idea what you are talking about or what happened in this case. You need to be more careful about how you represent your business and your competitor's businesses to consumers a public forum.
I don't see how anyone who understands and respects the Realtor Code of Ethics could disagree with my opinion on this. I'm guessing that many agents here are not in love with Redfin and similar types of agents but it's not about how you feel about Redfin, it's about following your own code of ethics.
Happy New Year. You should really make a resolution to try to be a bit more thoughtful in your posts. You come across as very reckless and uninformed. Try to understand what was written before you respond. In this case it appears that either your reading comprehension was low, your math skills were poor, or you just wanted to take another pot shot because you felt that you could. (Okay, maybe it was all three.)
You should also realize that real estate agents don't sell houses--that is, they're not the ones who sign the purchase agreement. An agent may bring an offer to a homeowner, but they cannot compel them to execute the contract.
Happy New Year. You should really make a resolution to try to be a bit more thoughtful in your posts. You come across as very reckless and uninformed. Try to understand what was written before you respond. In this case it appears that either your reading comprehension was low, your math skills were poor, or you just wanted to take another pot shot because you felt that you could. (Okay, maybe it was all three.)
You should also realize that real estate agents don't sell houses--that is, they're not the ones who sign the purchase agreement. An agent may bring an offer to a homeowner, but they cannot compel them to execute the contract.
Best wishes for the New Year.
(Go Blue!)
Happy New Year to you also Jack and I look forward to further productive discourse in 2018.
In fairness, your post above does not address the points I've made. You've simply made sweeping generalizations about me rather than address what I've said. As usual, you seem to be disagreeing with my post but it's not clear what you disagree with or what your position on each point is. I suggest a new year's resolution to simply and directly address my statements rather than making sweeping generalizations about me. That's never productive or interesting. I don't try to say you're dumb or ignorant or unethical (which btw, I don't believe) so I would like you to afford me the same courtesy and just stick to agreeing or disagreeing with statements that I make. If I've got things wrong, simply explain your own point of view. If well reasoned and I agree with your logic, I'll acknowledge where I'm wrong. That's how forums work. Lobbing general insults is not the way to approach it.
For example, do you think it's ok to come on to a public forum read by thousands of consumers and make charges (with no basis) against a competing agent/broker that they've "done nothing" to sell a client's home? How would saying things like this that not be inviting a potential 15-2 violation charge? At the very least, making those charges is very unprofessional. If you're going to disagree with me, at least you can give your own opinion.
I have no problem with math or comprehension. I do have a problem with an agent making reckless representations about specifically how much money using a named competitor has 'cost' a client. You simply can't compare an offer brought to a client with a final sales price. We have no idea what that home would have sold for under Rakin's offer or if it would have ever even sold. There are a million other variables that make these statements reckless. Frankly, you should know that. And unless you have all your ducks in a row (and arguably, even if you did), you should not be making these misleading representations on a public forum. Very, very reckless ground in my opinion with regards, again, to 15-2.
This isn't banter on a sports forum where we are BS'ing about our favorite teams. These are regulated professionals making representations about other real estate professionals. The bar should be much higher and it should be treated with the appropriate level of seriousness.
Finally, I understand how purchases and sales work. I did not say that Rakin was to blame for his client not accepting the offer. I simply made the observation about how blame was being made in his post.
Why do you think expecting agents to abide by their specific code of ethics and/or general levels of professionalism is taking pot shots? I think that expecting high standards is pro-agent and certainly not anti-agent if that's what you meant by taking 'pot shots'.
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