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Old 03-14-2024, 08:41 AM
 
Location: Columbia, SC
10,966 posts, read 21,974,961 times
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Following. Let me know how the sale goes. I think what needs to be said has already been said.
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Old 03-14-2024, 10:19 AM
 
Location: Ocala, FL
6,471 posts, read 10,335,572 times
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It might help to know which thread or user you are following up on. Maybe others can also help with suggestions.
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Old 03-15-2024, 09:05 AM
 
Location: Columbia, SC
10,966 posts, read 21,974,961 times
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Quote:
Originally Posted by dontaskwhy View Post
It might help to know which thread or user you are following up on. Maybe others can also help with suggestions.
If you're talking to me, obviously I'm referring to the OP since I referenced the property he'll be selling and wished him/her good luck.

I offered no advice because it would have been redundant with what some others have already said.
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Old 03-15-2024, 11:02 AM
 
Location: Florida & Arizona
5,977 posts, read 7,367,852 times
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So I guess I can use the settlement in the NAR class-action suit to justify my commission amount? Sure seems that way...

RM
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Old 03-15-2024, 11:11 AM
 
Location: Rochester, WA
14,458 posts, read 12,086,413 times
Reputation: 38975
Quote:
Originally Posted by MortonR View Post
So I guess I can use the settlement in the NAR class-action suit to justify my commission amount? Sure seems that way...

RM

I'm not sure it's a reason. You may have fewer agents willing to show it, unfortunately. In our area, most sellers are still offering about the same buyer compensation as they did before.

Are you pretty sure you will get list price or above with fewer agents showing it? That's the question.

What would you do if a buyer agent brought you an offer X over list and asked for a X compensation amount so your net is the same?

Last edited by Diana Holbrook; 03-15-2024 at 11:29 AM..
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Old 03-15-2024, 11:32 AM
 
Location: Florida & Arizona
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Yes, our market is such that inventory is still very limited, and a number of offerings in our immediate area that could be considered competiton are poorly presented. DOM has been hovering around 12-14 days for the last two months, and it wasn't much more than that in prior months. Add to that location, in that our property is in an area chosen for just that due to its proximity to A-rated schools, parks, and other nice family amenities. Another nice perk is that our neighborhood is promoted heavily by a local military base's housing office, and probably 30% or more of the homeowners are active duty or retired military officers as well.

That said, everything is negotiable. If we can walk away with the net we expect or close to it, we're good. That could manifest itself in a lot of different ways, too, so we're good with being creative as well.

Next week we'll be showing it to some local realtors for review and more market analyses. We'll also be submitting our information to i-buyers at the same time. We're already familiar with flat-fee listing services. Where all of this lands will determine our direction to market, which will be early in the last week of March.

RM
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Old 03-15-2024, 01:30 PM
 
Location: Columbia, SC
10,966 posts, read 21,974,961 times
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Quote:
Originally Posted by MortonR View Post
So I guess I can use the settlement in the NAR class-action suit to justify my commission amount? Sure seems that way...

RM
It's your house. You don't have to justify anything. You will probably upset some agents. They may try to find a reason to dissuade the buyer from picking your home over others. Ultimately, buyers won't care what the commission is. They care if they like the house and the asking price.
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Old 03-15-2024, 01:56 PM
 
Location: Florida & Arizona
5,977 posts, read 7,367,852 times
Reputation: 7593
Quote:
Originally Posted by Brandon Hoffman View Post
It's your house. You don't have to justify anything. You will probably upset some agents. They may try to find a reason to dissuade the buyer from picking your home over others. Ultimately, buyers won't care what the commission is. They care if they like the house and the asking price.
Exactly, as I was describing to a friend who is a broker for $1M+ homes in a western state. He wasn't upset with me at all, he thinks the business model is flawed as well and is hoping for a better solution.

RM
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Old 03-15-2024, 02:06 PM
 
Location: Cary, NC
43,269 posts, read 77,063,738 times
Reputation: 45612
Quote:
Originally Posted by MortonR View Post
Exactly, as I was describing to a friend who is a broker for $1M+ homes in a western state. He wasn't upset with me at all, he thinks the business model is flawed as well and is hoping for a better solution.

RM
I'm reading comments on the amateurish stories in the NY Times and WAPO, and honestly, there is enough confusion to make me think we are years away from any benefits except to the plaintiffs' attorneys.
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Old 03-22-2024, 07:04 PM
 
Location: Florida & Arizona
5,977 posts, read 7,367,852 times
Reputation: 7593
Follow-up:

Met with all the potential parties as well as moving through the OpenDoor process, waiting for the physical inspection.

We'll be signing a contract with the high-performing local agency tomorrow and the fee will be 6%. After doing the math, even their admitted "low end" of the range price would yield over $50k (net to us) more than the best current OpenDoor offer.

I may be "fiscally conservative" under some conditions, but in this case the difference in net proceeds makes this a no-brainer.

And despite being a proponent of DIY'ing real estate if you're willing to put in the time to do it right, I have no problem paying for quality representation that can improve the proceeds of the sale.

More as I know it.

RM
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