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Old 08-05-2008, 10:56 PM
 
1,422 posts, read 2,295,501 times
Reputation: 1188

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Quote:
Originally Posted by middle-aged mom View Post
I have no desire to convince you otherwise.

As a listing agent, I look to the MLS to profile the buyer's agent. I know if the firm is a rebator, how much experience the agent has, where they have done business, the list to close ratio of their previous transactions, and how long since the last transaction and how hungry they are to make a sale, any sale. Our broker was equally able to do the same with the selling agent!!!

I love to get an offer from an agent whose license hangs with a broker whose only claim to fame is that they rebate a portion of their fee to the buyer. Our broker has years of experience and he did a great job for us - we had no problems whatsoever.

Most of the larger agencies that rebate a significant part of their commission to the buyer (in those states where it is legal to do so) work huge geographical areas and the agents do not know the dirt and do not have the time or financial motivation to do their homework.

I know this and use it to my client's ( seller's) advantage. Not the case with our broker - he knew our town well and was very familiar with the local market.

I am intimate with the local comps unlike the Rebate King and know why a place sold for what it did, when it did. Ummmmm our broker ran through dozens of comps with us and we had enough local knowledge to be comfortable with our own decisions.

That in 5 days, the overpriced listing next door is going to become relo-owned and sell at a serious discount to some fortunate buyer who is represented by an agent who brings more to the table than the ability to drive a car and fill in the blanks, on a contract. Our broker knew about upcoming foreclosures - none were in our chosen area.


I know that the school bus route requires the kids to be at the corner at 6:15 AM, even though school does not start till 7:45, unlike the house for sale, 2 blocks away. If I had kids I'd be finding that info out for myself.

I know that the guy next door was a convicted sexual offender, no longer tracked by the databases. Agreed - this would be useful if offender off database - we checked the database anyway.

I know that the house behind you is known as party central with the local high school crowd. Any smart buyer drives by a few times at night and at weekends to see if there is any excessive noise. And during the day to see if there are lots of teens in the area.

What I don't know are your priorities or values, because my job and loyalty belongs to the seller. Who is looking out for your best interests?
I am, always!!!!!

I know there are a lot of utterly clueless buyers out there who need all the help they can get - buyer's agent bread and butter.

For a well informed buyer who has done their research and isn't afraid to negotiate then I still fail to see the value in them.........
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Old 08-05-2008, 11:05 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,064,258 times
Reputation: 2661
Quote:
Originally Posted by London Girl View Post
Interesting that the link you posted is from.............the National Association Of Realtors - surprise surprise!!!!!

And includes some sweeping statements that bear no resemblance whatsoever to my experiences..............

I have always paid 1.25% commission and advertising (in local papers and online) has always been included in this fee.

And, of course they show homes!!!!!!!!!!!!!!!!!!!!

And look at the testimony - NAR Testimony - The Changing Real Estate Market - July 25, 2006 - no smoke without fire if you ask me - somebody obviously felt the need to ask these questions..........
The facts however is the systems are quite different and not easily compared. At the end of the day it costs more and takes a lot longer to sell a house in the UK. That is the cosidered opinion of my sister an English Chartered Accountant and oft resident of both countries.


A quick check of the total cost to a seller indicates that the Euro sale overall costs a percent or two more than a US sale and takes longer. Different systems.

As a general rule a semi-skilled civilian can sell or buy cheaper without an agent. If however the deal goes bad that civilian is in impossibly deep yogurt and may well take a savage bath. That goes even for semi-pro like Bentlebee. It mostly works OK and as long as it does you will save some money. You will lose all those savings and more if it goes wrong.

I believe that in general Realtors are overpaid on the simple deals and underpaid on the complex ones. On balance the buyer/seller makes out on a good agent but not by striking amounts.

I discout lightly under some circumstances. Those who discount buyer commission by half will not be in business long. But you still get the discount on their way out. The quality of service however often leaves something to be desired.
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Old 08-05-2008, 11:14 PM
 
Location: Cary, NC
43,043 posts, read 76,558,928 times
Reputation: 45353
Quote:
Originally Posted by olecapt View Post
The facts however is the systems are quite different and not easily compared. At the end of the day it costs more and takes a lot longer to sell a house in the UK. That is the cosidered opinion of my sister an English Chartered Accountant and oft resident of both countries.


A quick check of the total cost to a seller indicates that the Euro sale overall costs a percent or two more than a US sale and takes longer. Different systems.

As a general rule a semi-skilled civilian can sell or buy cheaper without an agent. If however the deal goes bad that civilian is in impossibly deep yogurt and may well take a savage bath. That goes even for semi-pro like Bentlebee. It mostly works OK and as long as it does you will save some money. You will lose all those savings and more if it goes wrong.

I believe that in general Realtors are overpaid on the simple deals and underpaid on the complex ones. On balance the buyer/seller makes out on a good agent but not by striking amounts.

I discout lightly under some circumstances. Those who discount buyer commission by half will not be in business long. But you still get the discount on their way out. The quality of service however often leaves something to be desired.
I'm no hot shot agent, and I find that typically when dealing with a FSBO, or unrepresented Buyer, most people have no clue how to get through a transaction.
How to be an ethical fiduciary for my client becomes more difficult as the FSBO blunders around, and it could turn into shooting fish in a barrel from my point of view.
It happens when dealing with some agents, but much, much less often.

The agent who does dozens of transactions over a few years has a leg up on well-meaning homeowners who have no idea what an agent does, and decide one day to up and sell a house.
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Old 08-06-2008, 06:36 AM
 
27,206 posts, read 46,544,323 times
Reputation: 15661
Quote:
Originally Posted by MikeJaquish View Post
I'm no hot shot agent, and I find that typically when dealing with a FSBO, or unrepresented Buyer, most people have no clue how to get through a transaction.
How to be an ethical fiduciary for my client becomes more difficult as the FSBO blunders around, and it could turn into shooting fish in a barrel from my point of view.
It happens when dealing with some agents, but much, much less often.

The agent who does dozens of transactions over a few years has a leg up on well-meaning homeowners who have no idea what an agent does, and decide one day to up and sell a house.
Well if you have agents who don't do their job you can learn pretty fast.
It isn't that hard....
-You list your house and make sure you check recntly sold similar homes in your area as well as new listings.
-Buy a contract online or have a real estate lawyer draw up a contract (they probable have a contract ready waiting for you to be filled out), or use the buyers agent contract.
-Home inspector is the responsibility for the buyer (agent) and also the mortgage as well as the appraisel.
- Make sure you have in your contract that the home inspection is done within 10-14 days as well as the appraisel,and check if it has beeen done and other wise the contract isn't contignent on these things. That way you have a better chance the closing won't be postponed because these major things were forgotten and done at the last minute.
-Contact a local title company and you can also let the buyer (or agent) chose one, that doesn't matter as long as you check if it is an official title company.
-Have repairs taken care off a.s.a.p. and show proof of the repairs taken care off.
-Have a security deposit put in escrow at your bank or title company or at your lawyers office.

Most important is a good price and put fliers in a box even if they are taken by neighbors...at least people are talking and offer a fee/percentage to the buyers agent or give soemthing back to the buyers....people like to get something...don't you
Good Luck...it isn't so scary as most realtors want you to think, and if you think it is scary...hire a good realtor.
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Old 08-06-2008, 06:47 AM
 
1,339 posts, read 3,453,205 times
Reputation: 2236
Do ALL realtors deserve the 3% commission? Hell, no; only good ones do!

But I was very happy with my realtor and would have gladly given him 3%. But after all, everything is a business, so we negotiated a 2% commission for selling my house since he was going to get 3% when I would purchase a new house (within the next 6 months).

I see nothing wrong with that and I saw no difference in his service...it was the same fabulous level of service he had provided me in 2002 when I bought my first house.

If you can haggle with your mortgage lender, handyman, roofing contractor, landscape company, what's wrong with doing the same with a realtor? You will only hear the real estate industry spelling out myriad, but inane reasons why the 3% commission is justified. Grow up, you whiners, if you cannot negotiate a %age for yourself and be happy at the end of the transaction, how can you negotiate a real estate sale/purchase for me?
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Old 08-06-2008, 06:47 AM
 
1,949 posts, read 5,962,554 times
Reputation: 1297
Quote:
Originally Posted by bentlebee View Post
Well if you have agents who don't do their job you can learn pretty fast.
It isn't that hard....
-You list your house and make sure you check recntly sold similar homes in your area as well as new listings.
-Buy a contract online or have a real estate lawyer draw up a contract (they probable have a contract ready waiting for you to be filled out), or use the buyers agent contract.
-Home inspector is the responsibility for the buyer (agent) and also the mortgage as well as the appraisel.
- Make sure you have in your contract that the home inspection is done within 10-14 days as well as the appraisel,and check if it has beeen done and other wise the contract isn't contignent on these things. That way you have a better chance the closing won't be postponed because these major things were forgotten and done at the last minute.
-Contact a local title company and you can also let the buyer (or agent) chose one, that doesn't matter as long as you check if it is an official title company.
-Have repairs taken care off a.s.a.p. and show proof of the repairs taken care off.
-Have a security deposit put in escrow at your bank or title company or at your lawyers office.

Most important is a good price and put fliers in a box even if they are taken by neighbors...at least people are talking and offer a fee/percentage to the buyers agent or give soemthing back to the buyers....people like to get something...don't you
Good Luck...it isn't so scary as most realtors want you to think, and if you think it is scary...hire a good realtor.


Sounds like a TON of work I don't have time for. Not scary at all...just too much of my valuable time....especially since I would need to be focusing on keeping my house clean and in show condition.
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Old 08-06-2008, 07:06 AM
 
27,206 posts, read 46,544,323 times
Reputation: 15661
Quote:
Originally Posted by tamitrail View Post
Sounds like a TON of work I don't have time for. Not scary at all...just too much of my valuable time....especially since I would need to be focusing on keeping my house clean and in show condition.
If less than an hour is too much work, yes than it is much work.....most can be done over the phone and fax....since the home inspection and appraisel aren't of the sellers side to be taken care off it is only a sentence in the contract.
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Old 08-06-2008, 07:22 AM
 
1,949 posts, read 5,962,554 times
Reputation: 1297
Quote:
Originally Posted by bentlebee View Post
If less than an hour is too much work, yes than it is much work.....most can be done over the phone and fax....since the home inspection and appraisel aren't of the sellers side to be taken care off it is only a sentence in the contract.

Don't know if you have kids, but have you tried speaking professionally on the phone with them around? Doesn't work in my house. Besides, making flyers alone is more than an hour. You also have to take into consideration that most buyers are looking to MOVE into the home, not just invest. This requires a TON of work to focus on. Scheduling movers, packing, calling utilities companies, etc., etc., etc.

I think for some people this is great. Others just don't have the time for it. Nothing wrong with that.
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Old 08-06-2008, 08:59 AM
 
27,206 posts, read 46,544,323 times
Reputation: 15661
Quote:
Originally Posted by tamitrail View Post
Don't know if you have kids, but have you tried speaking professionally on the phone with them around? Doesn't work in my house. Besides, making flyers alone is more than an hour. You also have to take into consideration that most buyers are looking to MOVE into the home, not just invest. This requires a TON of work to focus on. Scheduling movers, packing, calling utilities companies, etc., etc., etc.

I think for some people this is great. Others just don't have the time for it. Nothing wrong with that.
You can print out fliers from your MLS listing OR realtor.com and write your phone number next to it...that is all I did! It just cost money for the copies...but you don't have to do it you are free to work with a realtor...I never said people shouldn't work with a realtor and pay 6% commission.
Yes I have 2 kids and 2 dogs and know what it is to have a home ready for a showing but since we are very clean, not ocd, but for others maybe close, our home is ready to be showed on any day even with 2 dogs and 1 of them is a high maintenance dog who is very cute but snores, slobbers, etc....
I guess it just takes some scheduling and getting up a little bit earlier to get even some work out done. people can do a lot in 24 hours, more than they think, but it all comes down if you want more out of life or not, and that is every one own desicion and I'm not judging any one....the less people do it the more chances there are for others.
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Old 08-06-2008, 09:53 AM
 
Location: Columbia, SC
10,898 posts, read 21,855,051 times
Reputation: 10514
Quote:
Originally Posted by bentlebee View Post
We had our agent commision in Europe negotiated from 1.5% to 1.25% and true they do more work for that and I never heard these complains as I have heard over here. As far as the liabilities goes...we didn't hear as much issues as over here and how come realtors over here make statements all the time "we are not a lawyer", just to get rid of the liability so that at least told them over and over during the 63 hour realtor course.

And to Brandon Hoffman: Discount doesn't mean worse advise and losing out in the end....IMO the agents who aren't willing to negotiate are going to lose out in the future....people have more knowledge and more info since the internet is providing a lot and when people search for their dream home them self they aren't so willing to pay the same, and true the buyer is also paying since it is in the price that they pay....if you don't believe that than you don't know much about business....we all pay for advertisement, income of employees and benefits, etc...when we buy any article in a store or a car.
But I guess the 63 hours course doesn't incl. this information.
I buy a lot of items with discount and have great quality and even personal advise for less money doesn't mean bad advise...it depends on the person and his integrity. Some people rather do more work for less money and build up a great name and are very good in what they do. Pay a lot of money doesn't mean you get better things, it proofs that the person can be an easy catch.
You keep throwing that 63 hours around but that class doesn't make make an agent a good agent. There are consumers out there that know more about RE than some agents but the best agents have the battle scars from experience and are committed to continually learning about the business. It's not about the class, or being licensed, or a member of NAR...it's about the commitment, intelligence, education, experience, and work ethic. The best agents are worth the money and aren't going to discount. The ones who discount typically do it because it's the only way they level the playing field against the best agents.

As far as finding the home, well that's usually the easy part for the agent anyway. For many years NAR made the mistake of billing the MLS as the agents worth when that is not the case at all. Steps 1/2 of buying a home are getting pre-approved and finding the home. For the agent, this is really easy because we help make sure the buyer has a competitive loan and then open some doors. The Realtors real value comes into play from contract to close (Steps 3/4). So please don't mistake being able to find a home without a Realtor as making the Realtor's value less because any fool can find a home in the internet age and open a door. The best agents earn their pay from contract to close.
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