What should I expect from my realtor

[Kal]

...Some people really do need an agent. They aren't capable or interested in learning to conduct a real estate transaction. They don't have the means or ability to learn their market (all markets are different)...

And that's about 95-98% of the people.

Realtors will not show a house advertised by the owner. So the realtor's network provides a very large number of people to sell and show the house.

 

[ottawasquaw]

"The best real estate transactions involve no agents whatsoever. Just the buyer, seller, and an escrow and title company. Better for everyone involved."

So, if I am to understand you correctly, you buy up a lot of rental property? Or do you "flip" homes? Maybe you are selling on contract?

 

[ottawasquaw]

Even after real estate commissions were paid, we cleared an extra $35,000. Not chump change. We were impressed.

H

Wow! That's a great story! I had a similar situation while helping a friend sell an extra home out-of-state. I contacted 3 agents, researched comps, and finally got my friend's agent to list the home for significantly more than he had suggested. (He had the home listed before as it had sat empty for years).

He also wanted several things done to the house. I promised we would have a few of the items done, but begged him to get the home up on the MLS and a sign in the yard before the work was complete. A cash offer was made the same day we saw it on the internet. It was a very quick sale.

 

[vacationhopeful]

I really WONDER how many of the tales about real estate sales persons are current history. Like the last 6-9 months?

Yes, the market was just wonderful 6+ years ago. We all have to remember, that is NOT relevant today.

Yes, over 55 community seem to almost be insulated from current events.

Yes, we have a lean and far fewer realtor offices and salespersons than 6 years ago. And most personnel seem decades OLD.

I really need to understand WHERE we are today ...

Realtors' office are NOT as open on nights and weeks. Cell phones numbers are plastered everywhere. Is it more like a DOG eat DOG world or is the REALTOR/Owner/Manager still able to KNOW what his agents are doing?

 

[ScoopKona]

And that's about 95-98% of the people.

Realtors will not show a house advertised by the owner. So the realtor's network provides a very large number of people to sell and show the house.

And 95-98% of all statistics on the Internet are pulled out of thin air.

I'd be willing to bet that if there were a way to bypass the traditional broker/agent/MLS arrangement, more than half would use it. Just like using the Internet to buy cars and airline tickets.

People are smarter than you give them credit for. You make it sound like real estate is as difficult as graduating from medical school. (You and ampaholic love the DIY dentistry comparison. I don't see why. It isn't even CLOSE to the same thing.)

 

[heathpack]

I really WONDER how many of the tales about real estate sales persons are current history. Like the last 6-9 months?

Yes, the market was just wonderful 6+ years ago. We all have to remember, that is NOT relevant today.

Yes, over 55 community seem to almost be insulated from current events.

Yes, we have a lean and far fewer realtor offices and salespersons than 6 years ago. And most personnel seem decades OLD.

I really need to understand WHERE we are today ...

Realtors' office are NOT as open on nights and weeks. Cell phones numbers are plastered everywhere. Is it more like a DOG eat DOG world or is the REALTOR/Owner/Manager still able to KNOW what his agents are doing?

Our great experience selling our house was 7 years ago. But we bought a house four years ago when things were bleak and our (different) realtor was pretty invaluable navigating all that weirdness- short sales, houses in foreclosure vandalized by exiting owners, bidding wars because of low interest rates, formerly good neighborhoods now in decline, and the almighty "will it appraise?" dilemma. If anything, I think a realtor is even MORE helpful in the current and recent market than they were in the the "can't lose" market of 7-10 years ago. We fired one realtor during the process who was honestly too lazy to get things done- the market moved very fast and she was always one step behind. But the guy we bought our house with was awesome- dialed in to every nuance in our market, ferreting out listings the second they hit the market (or sometimes even before), helping us solve the problem when we had a fradulent appraisal. Sorry but I work very long hours and was moving to a suburb that I didn't live in. Hiring someone with expertise in the market we were shopping was the only efficient way to do things.

A few times a week, our California realtor emails us a link to current active and completed sales in our immediate neighborhood. About 80% of them are closing at or above list price. That tells me the bidding wars are alive and well.

Whatever. Hire a realtor is you want or do it yourself. I just think its inaccurate to state that it would be a reasonable thing for most people to try to buy/sell a home without a little help.

H

 

[ampaholic]

And 95-98% of all statistics on the Internet are pulled out of thin air.

I'd be willing to bet that if there were a way to bypass the traditional broker/agent/MLS arrangement, more than half would use it. Just like using the Internet to buy cars and airline tickets.

People are smarter than you give them credit for. You make it sound like real estate is as difficult as graduating from medical school. (You and ampaholic love the DIY dentistry comparison. I don't see why. It isn't even CLOSE to the same thing.)

Repeat - there isn't any such way - except in your dreams perhaps.

Sheesh - you really need to get over this nonsensical idea that there exists an alternative to the MLS - there is NONE, NONE, NONE.

Why do you keep pushing your dream as reality - do you know the definition of insanity?

 

[ampaholic]

And 95-98% of all statistics on the Internet are pulled out of thin air.
...

KAL's number 95-98% is NOT "from the Internet". The NAR (NOT NRA as you posted ) Keeps detailed records of statistics kept by closing agents in my area and most other areas.

Here in Spokane about 2 in 10 closings involve ZERO Brokers, so you think wow the FSBO is doing 20% of the deals ----- NO ----- 75% of those ZERO agent closings are Family member to Family member transfers.

Only 1 in 25 sales involve strangers and ZERO agents --- Just facts backed up by closing company records Scoopster!!!!!!

The typical FSBO ends up listing their home with an agent after 2 or 3 weeks of "trying it on their own"

While some owners successfully sell their home without a listing agent - they almost always end up paying the buyer's agent's fee. So yea, they may end up not paying that 3% list agent fee - buy costing themselves who knows what in time, effort and annoyance.

Any keep this in mind Scoopster - very rarely does 2 or 3% on the price make or break the sale, why not just up the price by 3% and enjoy your days off while your agent does the grunt work?.

 

[ampaholic]

Whatever. Hire a realtor is you want or do it yourself. I just think its inaccurate to state that it would be a reasonable thing for most people to try to buy/sell a home without a little help.

H

+1 --- I agree. Oh, no I've become Carolinian - three posts in a row

 

[ScoopKona]

KAL's number 95-98% is NOT "from the Internet". The NAR (NOT NRA as you posted ) Keeps detailed records of statistics kept by closing agents in my area and most other areas.

Here in Spokane about 2 in 10 closings involve ZERO Brokers, so you think wow the FSBO is doing 20% of the deals ----- NO ----- 75% of those ZERO agent closings are Family member to Family member transfers.

Only 1 in 25 sales involve strangers and ZERO agents --- Just facts backed up by closing company records Scoopster!!!!!!

The typical FSBO ends up listing their home with an agent after 2 or 3 weeks of "trying it on their own"

While some owners successfully sell their home without a listing agent - they almost always end up paying the buyer's agent's fee. So yea, they may end up not paying that 3% list agent fee - buy costing themselves who knows what in time, effort and annoyance.

Any keep this in mind Scoopster - very rarely does 2 or 3% on the price make or break the sale, why not just up the price by 3% and enjoy your days off while your agent does the grunt work?.

It's Scoop. Or ScoopLV if you prefer. I address you by your name. I debate facts without resorting to being snide and dismissive. This isn't the first time in this thread.

"why don't you use some of that big boy confidence up"
"I think you need to lay off the hallucinogens a bit"

You aren't a very nice person, are you?



As for the rest of your post, this is typical Realtor hogwash. "Why don't you just relax, and let an agent do the work? Your time is too valuable! We're the experts. Let us handle everything!"

The answer is simple: For the houses I deal in, the commission ends up being more than $20K on each transaction. Why on Earth would I work as hard as I do to simply give a Realtor five and six figures every year to do next to nothing?

As for FSBOs, the reason they don't sell is that the homeowners are too emotionally invested in their house. They think their improvements are worth more than they really are, and they overprice their house. Most FSBOs can be ignored. But occasionally, you find someone who just wants agents out of the picture and puts their property on the market for a reasonable price. These are the best transactions of them all. And more and more people are doing just that. They're still in the minority. But so was buying timeshares on the resale market instead of the developer, too.

I don't dislike Realtors. But I don't feel I owe them a living, either. I have yet to meet one who was worth their six percent. (That's the average around here.) On the few occasions that it makes sense to employ an agent, I negotiate a flat fee for the transaction. I have yet to meet an agent who said no to one of my flat fee offers.

And I absolutely stand by my assertion that as soon as there is viable competition to the MLS, that's it for the broker/agent transaction model. People don't like paying several thousand, or tens of thousands more than they should. Agency adds an unnecessary layer of expense to what is otherwise a fairly straightforward transaction.

 

[ampaholic]

You aren't a very nice person, are you?

You are right, I don't suffer fools well. Especially ones who think they know it all.

As for the rest of your post, this is typical Realtor hogwash. "Why don't you just relax, and let an agent do the work? Your time is too valuable! We're the experts. Let us handle everything!"

The answer is simple: For the houses I deal in, the commission ends up being more than $20K on each transaction. Why on Earth would I work as hard as I do to simply give a Realtor five and six figures every year to do next to nothing?

See what I mean - you already think you "know" what you can expect from a Realtor(R)

As for FSBOs, the reason they don't sell is that the homeowners are too emotionally invested in their house. They think their improvements are worth more than they really are, and they overprice their house.

WTF do you think the Agent's first job is? You are making MY point there.

I don't dislike Realtors. But I don't feel I owe them a living, either. I have yet to meet one who was worth their six percent. (That's the average around here.) On the few occasions that it makes sense to employ an agent, I negotiate a flat fee for the transaction. I have yet to meet an agent who said no to one of my flat fee offers.

I think you are secretly envious of successful agents (you did mention you are licensed, but your license is on hold - a sure sign of failure as an agent) and you begrudge them their success - Just My Opinion.

I have LITERALLY DOZENS of people in my book of clients who were HAPPY to pay my commission, and BTW I hardly ever charged 6% - I was usually at 8% and sometimes at 9 or 10%.

Because they knew more than YOU! - is what I think.

And I absolutely stand by my assertion that as soon as there is viable competition to the MLS, that's it for the broker/agent transaction model. People don't like paying several thousand, or tens of thousands more than they should. Agency adds an unnecessary layer of expense to what is otherwise a fairly straightforward transaction.

More Fairy tail - THERE IS NO ALTERNATIVE TO THE MLS - are you unable to read my posts?

You keep restating this same dream you have - expecting different results - well buddy it's still just in your head like the last 4 times you "asserted it".

You appear to have been lucky to have "fairly straightforward transactions" - at least some of that is likely because you did study enough to at least get a license - I would advise my sellers to avoid trying to deal with you since you seem to think you deserve to have total control of the deal.

You actually remind me of a poor mans Donald Trump. :hysterical::hysterical::hysterical:

 

[ScoopKona]

I think you are secretly envious of successful agents (you did mention you are licensed, but your license is on hold - a sure sign of failure as an agent) and you begrudge them their success - Just My Opinion.

Not at all. I'm licensed in two states. I use my license for my own transactions. I hardly ever need it anymore, and I'm not interested in paying dues to the guild. Nor am I interested in all the continuing education. I have a very, very select criteria for houses. What I'm doing works for me. And I don't need an agent to do it. (Although it's useful for some trustee sales and foreclosures. So I hire them when I need them -- for a flat fee.)

I am successful without having to work as an agent. I do not find the work interesting, or particularly challenging. I can see why some people love it. I do not.

More Fairy tail - THERE IS NO ALTERNATIVE TO THE MLS - are you unable to read my posts?

You keep restating this same dream you have - expecting different results - well buddy it's still just in your head like the last 4 times you "asserted it".

I can read your posts just fine. I wonder about your ability to read mine, though. Re-read my posts on this thread if you have to. I have NEVER, EVER, EVER said that there is currently an alternative to the MLS. Only that someday there will be. It appears to me that you are reading the words and then employing your cognitive dissonance to parse meaning that I did not say. Someday it will happen. And I'm surprised it hasn't already happened. Because there is a lot of money to be made by an MLS competitor. I'm of the mind that monopolies are always a bad thing.

You actually remind me of a poor mans Donald Trump. :hysterical::hysterical::hysterical:

Actually, I'm employing John Jacob Astor's playbook. But if name-calling is what gets you through the day....

 

[ampaholic]

Nor am I interested in all the continuing education.

Why am I not surprised!

...I have NEVER, EVER, EVER said that there is currently an alternative to the MLS. Only that someday there will be. It appears to me that you are reading the words and then employing your cognitive dissonance to parse meaning that I did not say. Someday it will happen. And I'm surprised it hasn't already happened. Because there is a lot of money to be made by an MLS competitor. I'm of the mind that monopolies are always a bad thing.

Well, Scoop - I hate to dash you dreams yet again - there won't be such a thingie since there is no money in it.

I thought we went over this - the only way your "thingie" will compete with the MLS is to A) do a better job (very unlikely) or B) perhaps it can do a little less if it costs a lot less.

But if it costs a lot less - then all the "money to be made" is gone - poof.

See - you are under the mistaken impression that listing a house "for sale" on the MLS is really "doing nothing" and is thus valueless.

In reality listing a house on the MLS is EXACTLY the thing that will get it sold - it is exposing the house to nearly all the potential buyers in that market. Since it is EXACTLY the thing needed to sell the house it has value.

I am beginning to loose (edit: this word should have been lose) patience with you when you keep degrading something I know has value by stating it has none - knock it off or I will get real crabby with you.

 

[ScoopKona]

I am beginning to loose patience with you when you keep degrading something I know has value by stating it has none - knock it off or I will get real crabby with you.

"Loose" all the patience you want. The market does not want to pay all that extra money for no good reason. Continue to get crabby. By all means. The market is tired of agents with an egregious sense of entitlement.


Loose = not tight.
Lose = didn't win.

You are losing this argument because you are playing fast and loose with the facts.

Why on Earth is entering some information into the MLS for 15 minutes worth twenty thousand dollars or more? Seriously, justify that kind of income.

 

[ampaholic]

"Loose" all the patience you want. The market does not want to pay all that extra money for no good reason. Continue to get crabby. By all means. The market is tired of agents with an egregious sense of entitlement.


Loose = not tight.
Lose = didn't win.

You are losing this argument because you are playing fast and loose with the facts.

Why on Earth is entering some information into the MLS for 15 minutes worth twenty thousand dollars or more? Seriously, justify that kind of income.

Well, I think when you get snide over an obvious typo it shows you are in fact "failing to win" the discussion - if winning is what you are after.

Your dislike/jealousy of Realtors(R) strikes me as more of a loser mentality - again just MHO.

--------

Mariah Carey sings for 15 min. and makes $70,000 - I don't need to justify that income since she got the job done - she made me happy.

My Realtor(r) spends 15 min. listing my house on the MLS and makes $20,000 - I don't need to justify that income since s/he got the job done - s/he made my house belong to someone else.

Simple really.

Next.

 

[ScoopKona]

W
My Realtor(r) spends 15 min. listing my house on the MLS and makes $20,000 - I don't need to justify that income since s/he got the job done - s/he made my house belong to someone else.

Simple really.

Next.

No, it is not simple, nor is it justified. Entering information into the MLS for 15 minutes does not justify a $20,000 paycheck. Not in any reality other than yours. I work too hard all year to simply give that kind of money to Realtors for entering information into a database.

 

[vacationhopeful]

No, it is not simple, nor is it justified. Entering information into the MLS for 15 minutes does not justify a $20,000 paycheck. Not in any reality other than yours. I work too hard all year to simply give that kind of money to Realtors for entering information into a database.

Mariah Carey singing is an unique talent - entering info into a database is not the same --- just ask ALL the customer service agents who spend their days typing into format date entry screens. I bet they would LOVE to earn $20K for each customer they deal with.:ignore:

 

[ScoopKona]

Mariah Carey singing is an unique talent - entering info into a database is not the same --- just ask ALL the customer service agents who spend their days typing into format date entry screens. I bet they would LOVE to earn $20K for each customer they deal with.:ignore:

There is apparently no limit to their sense of entitlement....

 

[am1]

6% is a lot of commission to sell a house. To some it is worth it. To others it is worth paying a flat fee, lower percentage or nothing.

I believe FSBO and others will continue to grow.

Hopefully the MLS will be forced to allow anyone to post their listing.

An agent that would not show a FSBO house to a buyer is doing their client a disservice.

 

[Patri]

An agent that would not show a FSBO house to a buyer is doing their client a disservice.

In this case, how would the agent get paid? Clients don't pay to look at houses. Seller pays the commission, in which there would be none here.

 

[vacationhopeful]

In this case, how would the agent get paid? Clients don't pay to look at houses. Seller pays the commission, in which there would be none here.

A "buyer's agent" realtor can show a non-listed MLS house.

Either the agent's agreement would have the buyer paying their commission or the agent could have the independent home seller sign a ONE-TIME showing agreement for a commission for THAT CLIENT ONLY.

After all, what is a Buyer's Broker .... a wolf in sheep's clothing or NOT?

 

[Elan]

In this case, how would the agent get paid? Clients don't pay to look at houses. Seller pays the commission, in which there would be none here.

Pretty simple. The buyer can write into their offer that the seller is to pay the buyer's agent, be it a percentage or a flat fee. Or, in the seller's FSBO listing, they can simply put that they'll pay $10K (or whatever) to a buyer's agent. If the seller doesn't pay the 3% to list, there's quite a bit more wiggle room to negotiate with the buyer and their agent.

 

[ottawasquaw]

Hopefully the MLS will be forced to allow anyone to post their listing.

That is a delusional statement, but thanks for sharing your dream!

Clearly, you like the MLS and see the benefit. It represents the relationships and agreements among brokers which facilitates in real estate being sold.

 

[ampaholic]

No, it is not simple, nor is it justified. Entering information into the MLS for 15 minutes does not justify a $20,000 paycheck. Not in any reality other than yours. I work too hard all year to simply give that kind of money to Realtors for entering information into a database.

No need to get snide (again)

First are you really dumb enough to think that that is all an agent does?

And second --- No - it actually is quite that simple - when a person hires a Realtor(R) they are hiring them to get a particular result - a result that they are statistically unlikely to get for themselves if they forgo the agent. When the agent does get that result for the homeowner does the homeowner THEN pee on the result and say naw I really didn't need you to sell my house.

No - it's only people without a house to sell or the pigheaded person who thinks like you and that want to pee on Realtor's feet - well piss somewhere else buddy. I have answered you.

I am now simply thinking of all the future people who might read this thread and pigheadedly think they can get top dollar in no time when selling their house without the use of a Realtor(R) or the MLS - it is statistically unlikely.

Are YOU going to help them when their house languishes on the market for months and months and all they get for nibbles is sharks like you trying to steal their home?

 

[ampaholic]

Mariah Carey singing is an unique talent - entering info into a database is not the same --- just ask ALL the customer service agents who spend their days typing into format date entry screens. I bet they would LOVE to earn $20K for each customer they deal with.:ignore:

Actually there are more "singers" in the world than there are Real Estate Brokers - just sayin ....

When you want to sell your home do you really want a $10.00 per hour minimum wage person doing it - if so I think Scoop is available.

If it is RESULTS you want - you might have to pay for them.