U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-21-2009, 08:58 AM
 
Location: Schaumburg
755 posts, read 2,966,392 times
Reputation: 948

Advertisements

I'm looking for a seller's agent and buyer's agent, going through a divorce would like to list in late spring after making some repairs and updates. I went to Homegain and got numerous proposals.

Some of them were the standard "form" letters which listed the realtor basics (home appraisal, you will on the MLS, etc)


Others, I dismissed after looking at the realtors' personal listings on their web pages and seeing the awful staging and the awful pictures. Or, after looking at their listings that were on the market for more than 8 mos, which were either overpriced or needed work to justify that price. And one agent didn't have any active listings which I see as a bad sign. Also, most of the homegain reviews are 5 stars--i don't know if people who weren't happy with their realtor are uncomfortable using their real name in negative reviews.

I've been perusing various online website for more than a year, and comparing similar homes in my area which are listed and sold, so I'm not a complete neophyte in these matters.

However, some of the realtors mention things in their proposals which I don't know if they are putting me on or if they are sincere:

"I have purchased internet products that only 8 realtors out of 40,000 have access to" (what does this mean?)

"3.9% for dual-agency" (does this mean the other agent only gets 1.1% commission?


Another commission was listed at 4.5-6.5% + $195 (is this total commission--how do you decipher this? Plus, unless they can sell my house quickly at a close to list price, 6.5% seems rather high)


What is realtor.com's enhanced listing program? Is this for real?

Also, some of the realtors don't seem to use many websites. For example, one proposal stated that they used the following websites:
MLS Listings: MLSNI, MAP Web Listings: AtoZHomes4You.com, Realtor.com, e-real-estate.com, seniorsrealestate.com. (I've never heard of 3 of these!)

And lastly, there are a few agents that look good to me, but they don't work with a national chain and their websites are relatively unknown--does this make a difference?

I would appreciate any feedback anyone has to offer--thank you!
Rate this post positively Reply With Quote Quick reply to this message

 
Old 12-21-2009, 09:16 AM
 
Location: Cary, NC
39,054 posts, read 67,643,023 times
Reputation: 39951
Quote:
Originally Posted by purplesky View Post
I'm looking for a seller's agent and buyer's agent, going through a divorce would like to list in late spring after making some repairs and updates. I went to Homegain and got numerous proposals.

Some of them were the standard "form" letters which listed the realtor basics (home appraisal, you will on the MLS, etc)


Others, I dismissed after looking at the realtors' personal listings on their web pages and seeing the awful staging and the awful pictures. Or, after looking at their listings that were on the market for more than 8 mos, which were either overpriced or needed work to justify that price. And one agent didn't have any active listings which I see as a bad sign. Also, most of the homegain reviews are 5 stars--i don't know if people who weren't happy with their realtor are uncomfortable using their real name in negative reviews.

I've been perusing various online website for more than a year, and comparing similar homes in my area which are listed and sold, so I'm not a complete neophyte in these matters.
I like a good 5 Star review myself. But, I take it with a grain of salt.

Quote:
Originally Posted by purplesky View Post
However, some of the realtors mention things in their proposals which I don't know if they are putting me on or if they are sincere:

"I have purchased internet products that only 8 realtors out of 40,000 have access to" (what does this mean?)
B S

Quote:
Originally Posted by purplesky View Post
"3.9% for dual-agency" (does this mean the other agent only gets 1.1% commission?
Dual agency means that the 3.9% covers both buy and sell sides, and that neither you nor the other side get full fiduciary representation.
Be cautious about engaging an agent who stresses dual agency. They may put their interests ahead of yours.

Quote:
Originally Posted by purplesky View Post
Another commission was listed at 4.5-6.5% + $195 (is this total commission--how do you decipher this? Plus, unless they can sell my house quickly at a close to list price, 6.5% seems rather high)
4.5--6.5% is the total commission. Read the documentation in the listing agreement to confirm. Ask for a copy of any listing agreement proposal to review in private.
$195 sounds like a "paperwork" or "transaction" fee. The agent charging the fee must be able to itemize the services you receive for that fee. It has been a junk fee and just extra income for agents, and has been slammed in court if there is no additional service performed in exchange for the fee.

Quote:
Originally Posted by purplesky View Post
What is realtor.com's enhanced listing program? Is this for real?
"Enhanced Listing" gets you more exposure, and a better listing opportunity on Realtor.com. I definitely think it is "for real." I use it, as well as having listings featured in two zip codes. Realtor.com is the highest traffic site in real estate marketing.

Quote:
Originally Posted by purplesky View Post
Also, some of the realtors don't seem to use many websites. For example, one proposal stated that they used the following websites:
MLS Listings: MLSNI, MAP Web Listings: AtoZHomes4You.com, Realtor.com, e-real-estate.com, seniorsrealestate.com. (I've never heard of 3 of these!)
We have web site pollution in real estate. Litter. I syndicate listings through ListHub and a few other providers, and actually have no idea as to where a listing might show up. 200 sites? Who's looking?
On the other hand, use of IDX is important, I believe, as it allows other agents' sites to show your listings to their visitors.

Quote:
Originally Posted by purplesky View Post
And lastly, there are a few agents that look good to me, but they don't work with a national chain and their websites are relatively unknown--does this make a difference?
Go for results. Some people move a lot of real estate due to deep local roots.

Quote:
Originally Posted by purplesky View Post
I would appreciate any feedback anyone has to offer--thank you!
You betcha!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-21-2009, 09:46 AM
 
Location: Barrington
60,371 posts, read 41,276,061 times
Reputation: 19476
The issue with free online consumer rating/critique sites for anything is that that they are highly prone to the concept of internet seeding. Consumers are relying on recommendations of strangers with unknown motivations.

Some businesses contract with PR firms who sub contract with freelancers who establish an anonymous screen name presence and credibility on specific and critical online forums for the sole purpose of promoting the company. Think tech, travel, auto and pharms for starters. Such individuals are paid to sway online consumers to buy, buy, buy their sponsor company's product. In some cases, the freelancers seed online forums with negative posts about the competition.

Some businesses seek out credible posters to join focus groups and give them perks to encourage favorable product reviews.

As it relates to independent contractor business ratings.....there is no way to know if the contractor is creating their own ratings and or damning the competition. There is no objective criteria being used to evaluate the contractor or the experience. In otherwords, the contractor could perform the same for two different clients and recieve opposite reviews. Which one is right?

Relying on online forums for anonymous recommendations is not the best way to find a real estate agent.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-21-2009, 09:49 AM
 
Location: Salem, OR
14,994 posts, read 36,885,187 times
Reputation: 15541
Quote:
Originally Posted by purplesky View Post

"I have purchased internet products that only 8 realtors out of 40,000 have access to" (what does this mean?)
This means the agent doesn't know how to sell their value/services so they are hoping you fall for a crazy statement like this.

Quote:
Originally Posted by purplesky View Post
"3.9% for dual-agency" (does this mean the other agent only gets 1.1% commission?
Ditto MikeJ on this one. There is no other agent.


Quote:
Originally Posted by purplesky View Post
Another commission was listed at 4.5-6.5% + $195 (is this total commission--how do you decipher this? Plus, unless they can sell my house quickly at a close to list price, 6.5% seems rather high)
I have a sliding commission scale, personally. The less expensive homes pay a higher percentage than more expensive homes. I assume they have a sliding commission scale as well.

The $195 is some sort of transaction fee. I'm not a fan of these personally.


Quote:
Originally Posted by purplesky View Post
What is realtor.com's enhanced listing program? Is this for real?
Yes it's for real. It allows agents to put 25 pictures up on the site as well as attach any videos or virtual tours. It also allows agents a 2500 character description over the 250 character MLS feed. I also have this.

Quote:
Originally Posted by purplesky View Post
Also, some of the realtors don't seem to use many websites. For example, one proposal stated that they used the following websites:
MLS Listings: MLSNI, MAP Web Listings: AtoZHomes4You.com, Realtor.com, e-real-estate.com, seniorsrealestate.com. (I've never heard of 3 of these!)
Zillow just beat Realtor.com for visits. If an agent doesn't have their listings on at least Zillow, I would pass.

Quote:
Originally Posted by purplesky View Post
And lastly, there are a few agents that look good to me, but they don't work with a national chain and their websites are relatively unknown--does this make a difference?
No. There are horrible agents at the big guys, and there are great agents. There are horrible agents that work/own independent companies and there are great agents. FORGET about the company. Hire a great agent. Don't get stuck on brand, it doesn't always mean good quality.

You are doing the right things. Go for agents that have good online marketing. Pick the top three that consistently have good marketing and interview them....personally. Not on some computer generated report.

Good luck!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-21-2009, 09:49 AM
 
Location: Cary, NC
39,054 posts, read 67,643,023 times
Reputation: 39951
What M A M said.

We get calls every week from people who want us to buy into their site.
They NEVER ask screening questions. They just want our money.

They do not care if we are fraudsters, killers, child molesters, etc.
They just want our money.
You get sold to anyone who will pony up for the opportunity.

How can this serve the consumer or keep them safe?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-21-2009, 10:02 AM
 
10,326 posts, read 10,450,440 times
Reputation: 6889
Quote:
Originally Posted by MikeJaquish View Post
What M A M said.

We get calls every week from people who want us to buy into their site.
They NEVER ask screening questions. They just want our money.

They do not care if we are fraudsters, killers, child molesters, etc.
They just want our money.
You get sold to anyone who will pony up for the opportunity.

How can this serve the consumer or keep them safe?
Those people must think I close 4,564 deals a week because when they call, I'm ALWAYS walking into a close or an inspection.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-21-2009, 10:19 AM
 
Location: Barrington
60,371 posts, read 41,276,061 times
Reputation: 19476
It is possible for listings to appear on millions of websites. What matters is being on the sites that get the most consumer traffic and are able to track visits. Realtor.com remains #1 in this area and enhanced and featured listings get more online traffic. Redfin and Trulia are going to pick up the listing off the MLS.

There are, as of this morning, 162 active single family listings in your town and a whopping 459 active condos/townhomes for sale. This does not include the enormous number of listings that cancelled and intent to relist, come Spring.

Buyers looking to buy in your area are also likely to be looking in Hoffman Estates, Elk Grove Village, Roselle, maybe Arlington Heights, Mt Prospect and other areas and so the competition multiplies. Focus on what you and your to be hired listing agent will do to create excitement within the marketplace for your property versus others, including foreclosed and short sales.

Focus on the agent's online marketing plan and examples. Many rock solid agents have no listings at this time of year. Existing listings will likely winter over because they were not the best values within the local market, when they first hit the market, back then. The sellers are chasing a down market and will likely get less than if they had been priced to sell, from the get go.

An agent should be more than willing to put into writing what they will and will not do for you. All the marketing in the world cannot overcome a bad price. The agent has to know the local inventory and be in a position to know why a comparable property sold for what it did, when it did to make the comps relevent to your property.

Unless you intend to buy something else within your local community, it may not make the most sense to use the same agent to sell and buy.

Divorce sales are sometimes amongst the most challenging to close because it is common for one party to prefer to stay put and/or for the two owners to not come to the same conclusions for reasons that often have nothing to do with real estate. It usually works out better when both parties are on the same page and hands on involved in the choice of agency.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-21-2009, 05:46 PM
 
4,400 posts, read 8,492,668 times
Reputation: 5647
Quote:
Originally Posted by purplesky View Post

Also, most of the homegain reviews are 5 stars--i don't know if people who weren't happy with their realtor are uncomfortable using their real name in negative reviews.
We hired a five-star realtor (not through homegain). During the weeks we worked with him, I wondered how none of his clients noticed some things that we did.

The realtor spoke with us after the closing to see if we were completely satisfied and would give him all fives if his company sent us a satisfaction survey by email. We discussed the areas where we were less-than-five-star satisfied, and when it was clear that we wouldn't give straight fives, he thanked us for our business and we parted on good terms.

A couple weeks later my husband, wondering why he was no longer receiving updates from the realtor's website, signed in and discovered his email had been changed from ......@yahoo to ......@gmail, a nonexistent account.

So in this case, the realtor took care of the ratings himself. Only fives allowed.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-21-2009, 06:01 PM
 
Location: Cary, NC
39,054 posts, read 67,643,023 times
Reputation: 39951
Quote:
Originally Posted by sll3454 View Post
We hired a five-star realtor (not through homegain). During the weeks we worked with him, I wondered how none of his clients noticed some things that we did.

The realtor spoke with us after the closing to see if we were completely satisfied and would give him all fives if his company sent us a satisfaction survey by email. We discussed the areas where we were less-than-five-star satisfied, and when it was clear that we wouldn't give straight fives, he thanked us for our business and we parted on good terms.

A couple weeks later my husband, wondering why he was no longer receiving updates from the realtor's website, signed in and discovered his email had been changed from ......@yahoo to ......@gmail, a nonexistent account.

So in this case, the realtor took care of the ratings himself. Only fives allowed.
Hmmmm.
Maybe only hire agents who use their personal name as their domain and email domain? Cause they would have to go to court to change that?


You know....
I am on Merchant Circle.
I was fooling around near the rating stars. My bad...
I hit three stars, and I gave myself a 3 star rating. That was the only lower one I had. Couldn't erase it.
After about 18 months, that aggravated me, and I found a "Reset" button.
It is all 5 Star now...

So-o-o... One can game a system. Heck, I just wanted to erase my error. Really.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-21-2009, 07:39 PM
 
4,400 posts, read 8,492,668 times
Reputation: 5647
Quote:
Originally Posted by MikeJaquish View Post
Hmmmm.
Maybe only hire agents who use their personal name as their domain and email domain? Cause they would have to go to court to change that?
It was my husband's email that had been changed - so the survey would not reach us.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top