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Started By
Message
re: The home selling realtor setup is unfair to sellers and buyers
Posted on 4/17/23 at 8:28 am to DiamondDog
Posted on 4/17/23 at 8:28 am to DiamondDog
The grass is not always greener...wait until you experience a custom build process. Lol.
0
Posted on 4/17/23 at 8:30 am to TJG210
quote:
Again, this is why you should do a careful job interviewing a perspective realtor. I’ve never forced a client to take a deal they didn’t want. My clients happiness at the end of the day is priority 1. Hell, I’ve told clients to walk away from deals if I didn’t feel like they were totally in.
Ill try asking this again.
What service or value do you provide that a 1% full service listing doesnt?
On a 500k home, what do you offer that makes you 10k higher in commission than a discount broker?
Posted on 4/17/23 at 8:31 am to Gee Grenouille
Seems like through the home transaction process, the realtors earn the most while doing the least amount of work.
Posted on 4/17/23 at 8:32 am to Jcorye1
What area? I am a real estate investor in one of the hottest markets in the country. We saw the environment you speak of a year ago, but not lately.
Posted on 4/17/23 at 8:35 am to MyRockstarComplex
quote:
you still have to deal with showings.
No, I don’t.
quote:
your realtor doesn’t care if you list for too little. They just want to turn the property as quickly as possible to make their cut.
That’s fine. I set the price.
Posted on 4/17/23 at 8:37 am to Gee Grenouille
quote:
“they like it and are deciding. Let us know if you get an offer or another interested party”
Just had the same thing happen a month ago... Little frustrating, but it worked itself out. Just be patient
Posted on 4/17/23 at 8:38 am to TigerDoug
quote:
15k for a 3,000 sq ft shop? Wtf? Where can I buy a shop for that? Stupid appraiser.
Right? 3000 climate controlled square feet, 18 foot ceiling, 400 amp 3 phase service and a full bathroom. Had a 450 square foot finished loft also. parking space for about 15 vehicles with two curb cuts on a major road where everything else was zoned commercial. Appraised at 0$ initially until I pointed out how valuable it was in the market at the time (during a major oil boom in a town built on oil booms). I was leasing it month to month at $5K a month and it was probably worth twice that with a 12 month contract....I wanted the option of giving the tenant 30 days notice to vacate so we kept it at $5K and month to month. The company that leased it eventually bought it with the intention of housing employees in the house and having the shop adjacent to it...but one of thei manager's liked the house so much they housed his family by themselves. It was a bargain at $900K at times, depending on the price of oil.
Posted on 4/17/23 at 8:40 am to llfshoals
quote:
Our MLS has strict rules on this. Appraisers and realtors virtually never meet here. The only time I’ve had one call me in years was because they were having trouble getting into the property.
Supposedly the housing bubble in 2006 (?) put a stop to the practice but it still happens. Appraising real estate is, at best, akin to reaching up one's backside and pulling a number out. It is mainly about making sure a lender has some cushion than it is about the market value of a piece of property.
Posted on 4/17/23 at 8:41 am to Gee Grenouille
quote:
I can’t speak to the buyer and can only get what limited info their realtor decides to give out. Conversely, I’d probably go down on the price or toss in other incentives if that’s what the buyer needed. This realtor charade really is a racket where you’re at the mercy of intermediaries who spend more time protecting their roles than looking out for their customers.
Is there a better process for buyers and sellers?
Process is not broken, sounds like you have a shitty realtor. I know a bunch of realtors, and this is completely untrue for all that I personally know. The only thing they want to protect, just like every person I know in every industry, is their name and realtors do that by closing deals. If you are dealing with a good realtor it serves them absolutely no benefit to slow-play a deal or not be transparent with info to & from their client
Posted on 4/17/23 at 8:43 am to Gee Grenouille
quote:
This realtor charade really is a racket where you’re at the mercy of intermediaries who spend more time protecting their roles than looking out for their customers.
It is a totally unfair game for buyers and sellers. These realtors are all work friends and play "get along, go along" . They are more concerned with not making their fellow realtors upset than fighting for their clients. They deal with these people on a daily basis sometimes. A random client (John) stands no chance in the loyalty test.
They will ALWAYS gravitate to making their friends in the business happy first.
NEVER EVER tell your realtor your limits or true intentions. They are tools to be used and not our trusted fiduciaries.
Posted on 4/17/23 at 8:46 am to blueboxer1119
quote:
What service or value do you provide that a 1% full service listing doesnt?
I can tell you in the times that i’ve had deals on these types of listings that I’ve never dealt with an agent who I’d consider an equal, and ones that usually fail to do much due diligence. All they care about is volume (and collecting a full buy side commission).
This post was edited on 4/17/23 at 8:58 am
Posted on 4/17/23 at 8:51 am to AwgustaDawg
quote:
Buyer was all in at $785K. Buyer tried to come up with a proper appraisal to no avail. Got a cash offer from the oil field company for the entire property for $900k and sold it to them...had we been stuck with realtors we would have most likely left more than $300K on the table...
I can’t even wrap my head around on why you think this is a realtors fault. The appraisal is mandated by a lender so they don’t get stuck with a $900k bill on a $700k property should a buyer default. A cash buyer could have offered you $2 million if they wanted it bad enough.
This post was edited on 4/17/23 at 8:55 am
Posted on 4/17/23 at 9:04 am to AwgustaDawg
quote:
They also work with appraisers...surprisingly homes are always appraised almost exactly what the offer is
My extent of dealing with appraisers as a listing agent is this, I meet them at the house to open it up for them. The bank that hires them usually gives them a copy of the purchase contract. Y’all are so crazy with your conspiracy theories.
An appraisers job is to make sure the bank isn’t entering into poor business deals, are some not good? I’m sure, but like anything they have good and bad and I’m sure the ones that cost banks money don’t get much repeat business.
Posted on 4/17/23 at 9:09 am to Gee Grenouille
Sell FSBO. Offer a realtor 2% who brings you a buyer. Go up to 2.5% if they ask. Profit.
Posted on 4/17/23 at 9:13 am to lsumailman61
quote:
The week after I closed on my house my realtor booked an Alaskan cruise. That’s when I knew.
Cruises are like the cheapest vacation I can think of.
Are they not allowed to travel? Did he/she force you to use them?
Posted on 4/17/23 at 9:16 am to CrimsonChaos
quote:
I sold my last house myself. Luckily my aunt is a realtor & really helped me with a lot of nuances
So you didn't use one but ran to her for her expertise?
Posted on 4/17/23 at 9:37 am to Gee Grenouille
Tell your realtor to ask what if any concessions would help them make up their mind? Realize that by doing that you are going to be giving up something.
Posted on 4/17/23 at 10:05 am to blueboxer1119
Sold FSBO last summer. You can pay to have your home listed on the MLS. I think we paid around $250. The company also provided all forms we needed to complete the sale. On our listing, we offered 2.5% to a buyers agent. Very easy and would definitely do it again.
Posted on 4/17/23 at 10:11 am to blueboxer1119
Got to love how you had to ask this question multiple times and they still have not been able to provide one tangible example of something that they provide that the 1% listing agent doesn't.
Posted on 4/17/23 at 10:20 am to Gee Grenouille
In 10 years we will look back on realtors and wonder why they ever existed much like travel agents, there is no need for gatekeepers.
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