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Message
Question for realtors... Am I being selfish?
Posted on 10/29/13 at 10:07 am
Posted on 10/29/13 at 10:07 am
I refuse to pay my realtor more in commission than I'm getting in equity upon completion of sale.
I just can't do it... I've been here paying 6 yrs, this guy been around couple months.
My contact runs out next month , thinking my best bet is to drop price 12k(his commission) and post on fsbo.
I'm a little high on price, hoping thus will remedy this situation.
I just can't do it... I've been here paying 6 yrs, this guy been around couple months.
My contact runs out next month , thinking my best bet is to drop price 12k(his commission) and post on fsbo.
I'm a little high on price, hoping thus will remedy this situation.
This post was edited on 10/29/13 at 8:08 pm
Posted on 10/29/13 at 10:12 am to TIGRLEE
im in a similar situation as you, but i havent even put it on the market yet
but after 5+ years, my equity is not where i pictured it, and selling it, after commission, would likely let me break even at best, which is why i'm just staying put
i don't know if its the right decision or not, i know nows the time to seize the lower rates if you want to be somewhere for a long time, but the math just doesnt work for me
but after 5+ years, my equity is not where i pictured it, and selling it, after commission, would likely let me break even at best, which is why i'm just staying put
i don't know if its the right decision or not, i know nows the time to seize the lower rates if you want to be somewhere for a long time, but the math just doesnt work for me
Posted on 10/29/13 at 10:16 am to Croacka
Well I'm getting ready to build... This current mortgage is only thing left to take care of.
I'm about about 22k on the plus,.. If I took less than list, which I would,,, my end shrinks even more.
I'm about about 22k on the plus,.. If I took less than list, which I would,,, my end shrinks even more.
Posted on 10/29/13 at 11:19 am to TIGRLEE
My wife had bought her house a little over 3 years before we got married and moved, so we decided to rent the house instead. Rent is 25% above mortgage with escrow. We do not use the extra income. Everything in high interest savings account. Anything above 3 months of note in account gets thrown back at mortgage. We have really seen the equity start growing.
Posted on 10/29/13 at 11:37 am to nolatiger711
quote:
High interest savings account
What is this concept that you speak of?
Posted on 10/29/13 at 11:43 am to LSUTOM07
Just a CapitalOne360 savings account. I get 0.75% on the money. Not much, but better than nothing.
1. Renter mails me rent check.
2. Take picture with app to deposit.
3. Set up automatic payments for mortgage.
Only downside is the deposit is held for a couple of days, but it has become shorter since it is the same one deposit every month around the same time.
You can set up 25 savings accounts for free if want to separate the money from different rentals. I like keeping it away from my other accounts, so I don't get tempted to use it.
1. Renter mails me rent check.
2. Take picture with app to deposit.
3. Set up automatic payments for mortgage.
Only downside is the deposit is held for a couple of days, but it has become shorter since it is the same one deposit every month around the same time.
You can set up 25 savings accounts for free if want to separate the money from different rentals. I like keeping it away from my other accounts, so I don't get tempted to use it.
Posted on 10/29/13 at 3:45 pm to TIGRLEE
How long will it take to build your house? Granted this has been almost 6 years ago, but we sold our house FSBO in about 8 weeks, and the buyers waited to close until our new house was finished.
I would take the chance, have a couple of open houses and get feedback from prospective buyers. You can always rehire a realtor if in a couple of months, you haven't gotten anything.
Keep in mind, though, that things start to slow down over the holidays, and won't really pick back up again until after the new year, so you have that working against you, too. If you can put off breaking ground until February or March, you might stand a better chance of selling.
***NOT A REALTOR, JUST RELAYING WHAT I KNOW***
I would take the chance, have a couple of open houses and get feedback from prospective buyers. You can always rehire a realtor if in a couple of months, you haven't gotten anything.
Keep in mind, though, that things start to slow down over the holidays, and won't really pick back up again until after the new year, so you have that working against you, too. If you can put off breaking ground until February or March, you might stand a better chance of selling.
***NOT A REALTOR, JUST RELAYING WHAT I KNOW***
Posted on 10/29/13 at 3:47 pm to TIGRLEE
I'm a Realtor so I'll take a shot at answering this question.
An old saying in real estate is that if a house doesn't sell it has to because of one of the following three things: Market Conditions, Price, or Exposure. One thing you control (price), one thing the Realtor controls (exposure), and the last thing cant be controlled by either of you.
First thing, you said in the post that you are a little high on price. You need to fix that first. An overpriced house doesn't sell. Seems simple and it is.
Second thing, you need to make sure that your Realtor is doing their job to get the house sold. Did the Realtor hire a photographer to shoot the pics or did they do it themselves with a cheap point a shoot camera? This is so important! Houses with great photos online sell for higher prices. It's been proven. Is your Realtor also using unconventional places like Facebook and Craigslist to increase the exposure of the house? Are they doing Open Houses? Realtor Open Houses? Make them work for their money.
Finally I'll give my two cents about the FSBO idea. I'm not anti FSBO. In some cases it's a great option. But, if you are thinking of thinking of dropping the price of the house the amount of his commission you wont be saving any money when you sell and you'll be losing valuable exposure even a bad Realtor provides be not being listing on the local MLS.
You aren't being selfish at all. Sounds like you priced the house high so that after paying Realtor fees you'd still walk away with some money in your pocket to show for all the mortgage payments you've made. Unfortunately, that's not always possible.
Good Luck to you!
An old saying in real estate is that if a house doesn't sell it has to because of one of the following three things: Market Conditions, Price, or Exposure. One thing you control (price), one thing the Realtor controls (exposure), and the last thing cant be controlled by either of you.
First thing, you said in the post that you are a little high on price. You need to fix that first. An overpriced house doesn't sell. Seems simple and it is.
Second thing, you need to make sure that your Realtor is doing their job to get the house sold. Did the Realtor hire a photographer to shoot the pics or did they do it themselves with a cheap point a shoot camera? This is so important! Houses with great photos online sell for higher prices. It's been proven. Is your Realtor also using unconventional places like Facebook and Craigslist to increase the exposure of the house? Are they doing Open Houses? Realtor Open Houses? Make them work for their money.
Finally I'll give my two cents about the FSBO idea. I'm not anti FSBO. In some cases it's a great option. But, if you are thinking of thinking of dropping the price of the house the amount of his commission you wont be saving any money when you sell and you'll be losing valuable exposure even a bad Realtor provides be not being listing on the local MLS.
You aren't being selfish at all. Sounds like you priced the house high so that after paying Realtor fees you'd still walk away with some money in your pocket to show for all the mortgage payments you've made. Unfortunately, that's not always possible.
Good Luck to you!
Posted on 10/29/13 at 5:22 pm to Haughton99
Couple things worth mentioning..
I didnt set price on the house, he did... based on comparable comps.
FSBO has a feature you can buy for 400bucks that allows it to be posted on MLS for 6 months and realtor.com.
Im offering 3% commission to buyers agent.
Im also going to spend some money every month advertsing myself outside of FSBO. I was thinking in local papaers and whatever else I can find to post the house on.
I didn't do a good job from the start with this person... We dont communicate well, pictures he took were iphone shite pics, He did one open house back in July.
Its slow time coming, so if I dont sell in the next 6 months Ill go with another realtor next spring.
I didnt set price on the house, he did... based on comparable comps.
FSBO has a feature you can buy for 400bucks that allows it to be posted on MLS for 6 months and realtor.com.
Im offering 3% commission to buyers agent.
Im also going to spend some money every month advertsing myself outside of FSBO. I was thinking in local papaers and whatever else I can find to post the house on.
I didn't do a good job from the start with this person... We dont communicate well, pictures he took were iphone shite pics, He did one open house back in July.
Its slow time coming, so if I dont sell in the next 6 months Ill go with another realtor next spring.
Posted on 10/29/13 at 7:16 pm to Haughton99
quote:
Haughton99
I am a Realtor as well and I cosign everything you just posted.
Posted on 10/29/13 at 7:26 pm to TIGRLEE
quote:
FSBO has a feature you can buy for 400bucks that allows it to be posted on MLS for 6 months and realtor.com.
I did this. Well worth it IMO. If you aren't in a hurry I'd try FSBO for awhile and see what kind of feedback you get.
Posted on 10/30/13 at 8:22 pm to GoldenSombrero
I'm in no hurry.
Just anxious to get started.
Just anxious to get started.
Posted on 10/30/13 at 10:13 pm to TIGRLEE
tigerlee
do you have a gmail address you can post. something to send you.
do you have a gmail address you can post. something to send you.
Posted on 10/30/13 at 10:20 pm to TIGRLEE
(no message)
This post was edited on 10/31/13 at 10:13 am
Posted on 10/31/13 at 12:20 am to Haughton99
quote:
Are they doing Open Houses? Realtor Open Houses? Make them work for their money.
Open houses waste everyone's time. 99% of the time the best that can happen is the agent will pick up a buyer for ANOTHER sellers house. I agree with everything else though.
This post was edited on 10/31/13 at 12:25 am
Posted on 10/31/13 at 7:33 am to TIGRLEE
quote:
he took were iphone shite pics
You hired a bottom feeder. For a professional company to shoot a house up to 2800 sq ft with about 35-45 pics and a website (since only 20 pics can be used on our MLS, website can show all) it costs me & any other realtor in TN as little as $99. Now if you have 10k sq, ft and need 75 pics, of course it's more.
Whether you're house is 100k or 1M, there is no excuse for a realtor to use iPhone pics.
Off my soapbox now.
Posted on 10/31/13 at 8:52 am to ItNeverRains
quote:
2800 sq ft with about 35-45 pics and a website (since only 20 pics can be used on our MLS, website can show all) it costs me & any other realtor in TN as little as $99
Wow, that is really inexpensive. Absolutely no reason to use crappy pics then.
I looked online at houses for about 1.5 years before I bought my house. I wasn't sure if i was buying soon or going to sign a lease renewal. Turns out that I signed a lease renewal, but I kept searching online listings and photos to have an idea of what I really wanted when the time came around.
My house listing had pictures that were extremely well done. It was the 1st thing that caught my eye. Anytime the pictures were crappy I skipped right over the listing. That is a huge deal.
Posted on 10/31/13 at 2:34 pm to TIGRLEE
quote:
I just can't do it... I've been here paying 6 yrs, this guy been around couple months.
The house that you live in is just that.. your home. Don't look at it as an investment. For the last 6 years, your payments have been going mainly to pay amortized interest. You been renting money, not building considerable equity.
If you let the contract expire, try to work a deal with another realtor if you feel the commission is too high. Realtors are more amenable to sellers who price a house to sell in 60-90 days. You may even want to wait past Christmas to list again.
In this litigious society, I would never sell a house without professional help. The days of clean deals and handshake are over as real estate transaction have become more complicated.
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