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A great realtor can be worth every penny, many realtors however are nothing more than glorified door openers.
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I don't doubt a great realtor is worth their weight in gold and can get you tens of thousands more than you would have otherwise gotten, but lets also be honest and every unemployed out of work person at some point attempts to be a realtor. Every recent divorcee does a stint in real estate. There's such a low bar to entry ie a course for $300 and your in business so the quality is going to be all over the place.
I would say there's a lot more overpaid door openers than there are quality realtors
and other than parts of the 2nd paragraph (I mean, there's a guy on our local CD forum, retired/RIF'd, and I KNOW he's never thought of being a Realtor) I know I, and expect every Realtor/agent that posts here, agree with you.
Please share that link, don't think I've ever seen an Agent make that comparison. Probably has somewhere but not in my world.
I have helped about a dozen attorneys and doctors buy a home. I seem to know more about the process then they do.
See rrah's post #5.
I'm not doubting that you know more about the home buying process than a Doctor or an Attorney.
I'm stating that you can't do their job in 6 months, and they can pick up yours.
But if you think people will let unaccompanied strangers in their home when they're trying to sell it you've been partaking in something bad for you.
People have, and have had, the option to sell it by themselves on websites with apps for a long time now. And they usually chose not to.
Not all homes are inhabited when being shown- and since any Realtor has lockbox access, they're really not all that different from total strangers.
Bites have been taken like Assit2Sell and HelpUSell and FSBOs, but yet- the choice is often moving to real estate agents. Zillow Instant Offers and reputable big agencies may continue to take a crack out of the market.
I'm not doubting that you know more about the home buying process than a Doctor or an Attorney.
I'm stating that you can't do their job in 6 months, and they can pick up yours.
The comparison wasn't the time it takes to get a license. The comparison was that you are paying for the knowledge, not the time. It's the same with attorneys, cosmetologists, builders, and mechanics.
The style of service is similar though the time commitment to get a license is vastly different. As a final side note, it takes a quite a few deals to be really knowledgeable in real estate. You learn on the job a good bit even though the class room requirements are low, and IMO lacking. I'd like to see the first year course extended and include the brokers class which has much better information in SC.
The comparison wasn't the time it takes to get a license. The comparison was that you are paying for the knowledge, not the time. It's the same with attorneys, cosmetologists, builders, and mechanics.
The style of service is similar though the time commitment to get a license is vastly different. As a final side note, it takes a quite a few deals to be really knowledgeable in real estate. You learn on the job a good bit even though the class room requirements are low, and IMO lacking. I'd like to see the first year course extended and include the brokers class which has much better information in SC.
Your analogy doesn't really hold up. I recently went to get a massage, they have like level 1, 2 and 3 massage therapists and they are rated on time in the industry as well as various skills and techniques they know. I pay more for a level 3 vs a level 1.
It doesn't work like that in real estate. The Real Estate agent gets the same commission whether they've lived in the area for 50 years and know everything about it or whether they are dumb as rocks.Attourneys fees also run the gammit depending on experience. Again in real estate they are all pretty much paid the same across the board
Cosmetologists are the same, the girl who does Beyonce's makeup is goign to charge more than the girl at the mall who just got out of cosmetology school.
Your analogy doesn't really hold up. I recently went to get a massage, they have like level 1, 2 and 3 massage therapists and they are rated on time in the industry as well as various skills and techniques they know. I pay more for a level 3 vs a level 1.
It doesn't work like that in real estate. The Real Estate agent gets the same commission whether they've lived in the area for 50 years and know everything about it or whether they are dumb as rocks. Attourneys fees also run the gammit depending on experience. Again in real estate they are all pretty much paid the same across the board
Cosmetologists are the same, the girl who does Beyonce's makeup is goign to charge more than the girl at the mall who just got out of cosmetology school.
I agree that it's an industry flaw that new agents are paid the same % as skilled veterans. Landscapers, mechanics, doctors, beauticians, and attorneys are generally all in line. You selected rare examples - of course a professional that has a national reputation in an unique situation - ie Beyonce's makeup artist or Robert Shapiro, will command more.
Agents do as well. Agents with big reputations are usually working on more expensive homes and buyers buying luxury homes instead of shanties in a ghetto or first time buyers, so while the % may be the same the actual income is usually much more per transaction. Just as there are exceptions in your scenario there are of course exceptions in RE too.
For 7% commission I might hire a professional stager to decorate the house, a professional photographer to take pictures, a videographer to take video and do a 3D rendering... I'd buy advertising on facebook and in a few pertinent publications appropriate to the type of property, and hire a pianist to play soft music in the drawing room for all showings.
But that's what I might do. Who knows what your real estate agent will do for it!
LOL a pianist! Loving this idea, especially that he'll show up for all showings. And while we're at it he should also play the potential buyer's favorite song. And maybe something a little spicy when he hear's the buyer touring the bedroom areas. Rubber Ducky when he's in the master bath, and cooking tunes when the buyer's in the kitchen.
I agree that it's an industry flaw that new agents are paid the same % as skilled veterans. Landscapers, mechanics, doctors, beauticians, and attorneys are generally all in line. You selected rare examples - of course a professional that has a national reputation in an unique situation - ie Beyonce's makeup artist or Robert Shapiro, will command more.
Agents do as well. Agents with big reputations are usually working on more expensive homes and buyers buying luxury homes instead of shanties in a ghetto or first time buyers, so while the % may be the same the actual income is usually much more per transaction. Just as there are exceptions in your scenario there are of course exceptions in RE too.
Am i reading correctly? Did a licensed realtor posting in his professional capacity as a licensed real estate agent really just use the term "ghetto" as slang for an undesirable area?
'Ghetto' isn't even coded language. It's overtly riddled with strong racial connotations both in its formal meaning in history and in informal vernacular.
Regardless of what one's personal opinion is about 'politically correct' language, it should be clear that it's extremely unprofessional and unwise for a licensed real estate agent who should be taking federal fair housing laws seriously to be throwing around this pejorative term for minority neighborhoods. This may even fall foul of federal law and/or ethics. In fact, one of the most serious aspects of fair housing is racial steering where an agent can get into big trouble for even subtly or with coded language describing neighborhoods/areas in terms of race. But to come on a public forum and start talking about "ghettos" in a discussion about real estate? Unbelievable.
I hope you never get accused of violations of fair housing or this post could become exhibit A. You really should use better judgment.
I strongly recommend that you apologize to this community, your peers in the profession, and clearly denounce and condemn this unprofessional and frankly disgusting language that should never be used by a real estate professional in the course of conducting affairs of real estate in a professional context. It's really shameful considering the profession that you represent.
The comparison wasn't the time it takes to get a license. The comparison was that you are paying for the knowledge, not the time. It's the same with attorneys, cosmetologists, builders, and mechanics.
The style of service is similar though the time commitment to get a license is vastly different. As a final side note, it takes a quite a few deals to be really knowledgeable in real estate. You learn on the job a good bit even though the class room requirements are low, and IMO lacking. I'd like to see the first year course extended and include the brokers class which has much better information in SC.
Yeah, not really.
They get paid based on their value to the transaction. Only attorneys of that group would work on a commission only package- but many exist on a hourly basis for consultations and court appearances.
There's certainly a knowledge that helps in the Real Estate market, but as years have gone on- more of that knowledge is easily publicly accessible, and yet the pay hasn't changed to reflect that.
Most people aren't even choosing real estate agents based on stellar posted performance, but word of mouth which can be highly anecdotal.
how hard could it be to sell your own home, especiialy in a sellers market like now.
just get a real estate lawyer to draw up to contract for a small fee
7% is ridiculous that's 70,000 for a $1m home
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