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re: Thoughts on real estate agents and their commissions
Posted on 3/27/15 at 9:57 pm to stout
Posted on 3/27/15 at 9:57 pm to stout
Wait, so if you fsbo and some random talks to you and wants to buy but has an agent, YOU have to pay the agent? Whats the point?
This post was edited on 3/27/15 at 9:58 pm
0
Posted on 3/27/15 at 10:02 pm to HurricaneDunc
quote:For listing agents, yes. But buyer's agents have flourished. Here's how it works. Every time someone clicks "ask for more info" on a public MLS, the information they put in is emailed to a broker who pays a subscription fee. The broker divvy's this contact info among the agents, and they spend all day cold-calling and emailing like a creeper hoping for a 5% success rate of getting a real answer and a showing. Then from there another fairly low success rate of actually selling something.
With the Internet, a real estate agent's role is severely diminished.
It sucks balls.
Posted on 3/27/15 at 10:16 pm to stout
Hey stout, quick hijack but looking for good advice:
I'm looking for a house and saw one I liked driving around. I call the listing agent and get the price, which I think is high but I don't have access to the MLS to look up comps (zillow has only a fraction on what on the market/sold). So I call up an agent to help get some MLS comps. At this point it seems like access to the mls shouldn't cost me $8k, but would it be worth it to have this agent help negotiate and guide us through the process (first time home buyer)?
I'm looking for a house and saw one I liked driving around. I call the listing agent and get the price, which I think is high but I don't have access to the MLS to look up comps (zillow has only a fraction on what on the market/sold). So I call up an agent to help get some MLS comps. At this point it seems like access to the mls shouldn't cost me $8k, but would it be worth it to have this agent help negotiate and guide us through the process (first time home buyer)?
This post was edited on 3/27/15 at 10:18 pm
Posted on 3/27/15 at 10:18 pm to Dennis ODell
Talking to an agent isn't gonna cost you anything most likely, even if they help you to purchase the house
Seller will typically pay your agents commission
Seller will typically pay your agents commission
Posted on 3/27/15 at 10:22 pm to Dennis ODell
quote:
At this point it seems like access to the mls shouldn't cost me $8k, but would it be worth it to have this agent help negotiate and guide us through the process (first time home buyer)?
If the house is on the MLS that means the seller has already agreed to pay the commission so it will not directly cost you anything to use an agent to buy the house. You also don't have to use the listing agent if you feel like they wouldn't have your best interest in mind when working as a dual agent and it sill won't cost you.
Also, you can look up prices of houses in that area via the tax assessor or clerk of courts if you had to. You can also see what the seller paid for the house doing that and will help you maybe negotiate even more.
Posted on 3/27/15 at 10:23 pm to Croacka
Correct croacka, but from what I understand a seller might willing to negotiate that 3% off of the purchase price and work out something with his/her agent where they only get 3%
Posted on 3/27/15 at 10:23 pm to stout
A realtor will lie to the buyer without your knowing it, and that will help make the sale. You wouldn't lie about your property.
Posted on 3/27/15 at 10:26 pm to HurricaneDunc
quote:this
With the Internet, a real estate agent's role is severely diminished. They are overpaid
Posted on 3/27/15 at 10:26 pm to Dennis ODell
quote:
Correct croacka, but from what I understand a seller might willing to negotiate that 3% off of the purchase price and work out something with his/her agent where they only get 3%
Ehh...that can happen but if the listing agreement already stated that the seller will pay 6% then the agent isn't going to give that up easily. They may cut it 1% or something to help get the deal done but I'd be shocked if they cut it to half.
Posted on 3/27/15 at 10:27 pm to stout
So the seller has already agreed to pay 6% commission whether the buyer is represented or not?
I've already looked up this place's history on the assessor's website, but I have no idea which properties were sold in the last year to look up as comps. The fact that only agents can access this mls info is slightly annoying.
I've already looked up this place's history on the assessor's website, but I have no idea which properties were sold in the last year to look up as comps. The fact that only agents can access this mls info is slightly annoying.
This post was edited on 3/27/15 at 10:28 pm
Posted on 3/27/15 at 10:28 pm to Dennis ODell
quote:
So the seller has already agreed to pay 6% commission whether the buyer is represented or not?
An agent repping you and the seller would be a dual agent and get both sides of the commission.
quote:
The fact that only agents can access this mls info is slightly annoying.
The fees agents pay for the MLS isn't cheap. They aren't going to give that info away to the public.
This post was edited on 3/27/15 at 10:29 pm
Posted on 3/27/15 at 10:29 pm to genro
My experience looking for a house:
Looked at FSBO. Most homes already sold and none were available. Waste of time.
Drove through nice neighborhoods looking for "For Sale" signs. 95% were already under contract with agents and in negotiation for sale. Waste of time.
Got a Buyers' agent and found an acceptable home within a few weeks. My agent organized all the legal crap (which is tremendous), and the seller paid all of her commission (half of 6%). Her services did not cost me anything.
Looked at FSBO. Most homes already sold and none were available. Waste of time.
Drove through nice neighborhoods looking for "For Sale" signs. 95% were already under contract with agents and in negotiation for sale. Waste of time.
Got a Buyers' agent and found an acceptable home within a few weeks. My agent organized all the legal crap (which is tremendous), and the seller paid all of her commission (half of 6%). Her services did not cost me anything.
Posted on 3/27/15 at 10:29 pm to stout
Yea well if that's the case, I'm definitely getting my own agent. Especially if not having one would at most save 1%
Posted on 3/27/15 at 10:32 pm to Dennis ODell
quote:
I'm definitely getting my own agent
I would.
quote:
Especially if not having one would at most save 1%
Again, everything is negotiable and even having two agents doesn't mean anything is set in stone. I have had other agents agree to split a 1% cut with me (each giving up .5%) to get the deal done.
Posted on 3/27/15 at 10:32 pm to stout
quote:
The fees agents pay for the MLS isn't cheap. They aren't going to give that info away to the public.
Why can't an average joe just pay the fees? Maybe just a month to month fee for the duration of his house hunting. Seems like lack of access to info for the general public is good for agents bc it keeps their job essential.
Eta: I've heard fsbo's can pay a one time fee to list their home on the mls. Wondering why that isn't an option for buyers
This post was edited on 3/27/15 at 10:36 pm
Posted on 3/27/15 at 10:34 pm to Dennis ODell
quote:
Why can't an average joe just pay the fees?
Because many local RE boards have stipulations that you have to be an appraiser or agent to join and gain access to the MLS so that...
quote:
it keeps their job essential.
Posted on 3/27/15 at 10:38 pm to stout
I knew their motives were pure...
Posted on 3/27/15 at 10:42 pm to Dennis ODell
It's basically the same as an unionized industry protecting themselves.
Posted on 3/27/15 at 10:43 pm to CajunSuperJeff
Sidestep the agent altogether:
Rent to the guy for 6 months and then formalize the sale.
Win-win
Rent to the guy for 6 months and then formalize the sale.
Win-win
Posted on 3/27/15 at 10:46 pm to CrimsonTideMD
quote:
Sidestep the agent altogether:
Rent to the guy for 6 months and then formalize the sale.
If there is a contract, any attorney worth a shite would make that lawsuit a cakewalk.
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