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Posted on 6/28/17 at 12:04 pm to baldona
quote:
I don't have a clue why you are complaining, there are tons of options out there. There is no racket, it's what the market has chosen.
I'm not upset. I just prefer that the market actually set the price. The very fact that there is a standard price among competitors (6% or 4%) with little deviation is evidence of price fixing. It is further evidenced by the fact that they set up barriers to entry to lower competition, and that they steer away from anyone that deviates.
Would you be upset if all lawyers got together and set an artificial price? How about if Walmart, Amazon/Whole Foods and other grocery stores in your area had the exact same price for all products?
Posted on 6/28/17 at 12:05 pm to BabyCakes
Presumably if you have a $3 million home you need to get off your hands, you want your realtor to have an extra incentive to move it. Otherwise he/she is going to put more effort into selling the lesser priced inventory that will sell more easily.
And real estate is a scam in general, from developers and builders to banks and realtors. But there's a legit reason for this particular thing.
And real estate is a scam in general, from developers and builders to banks and realtors. But there's a legit reason for this particular thing.
Posted on 6/28/17 at 12:10 pm to keakar
quote:
have a flat fee set at something standard like $5k for homes under $200k and then add $1k more for every $100k over that up to say $500k homes. anything over $500k is special and let them go with a flat 5% or something.
Lol, that's basically what it is now.
Furthermore, everyone is talking about this like it's suburbia. What about cities where a $400k home is a 500 sq ft slum. What about a rural area where a $500k house could be listed for 2 years because there are so many variables.
There will most likely be some changes coming but I don't see anything major as far as pricing goes.
Posted on 6/28/17 at 12:12 pm to BabyCakes
You can negotiate the percentage. There is no set rate. Dont let anyone lie to you
Posted on 6/28/17 at 12:12 pm to Hammond Tiger Fan
We tried to sell ours without a realtor. We had next to no showing. We listed with a realtor and the showings immediately started.
Posted on 6/28/17 at 12:12 pm to baldona
You sound like those cab drivers who try and justify $500,000 medallions to drive a car.
Posted on 6/28/17 at 12:13 pm to BabyCakes
Yes and a free market dictates the percentage they get paid. If you don't want to pay then sell your house yourself.
Posted on 6/28/17 at 12:15 pm to baldona
quote:
I don't have a clue why you are complaining
He's not complaining he's making a logical argument that realtors pay structure is bullshite, and you're only retort is that everyone else is ignorant and that's just how it works.
quote:
No one is forcing you to sell for 6%
You're right, but there is enough sheep out there like you that believe that 6% is "just how it works" so it is near impossible to get an agent to agree to work for less because people like you don't realize or care that they are getting ripped off.
Do you notice that every time something is posted people make logical arguments and you're retort is well your just ignorant. There have been hordes of posts and data that show that many realtors do not earn what they are getting paid, but all of those people are just ignorant and no one gets it, but you. Maybe you should re-evaluate when it is 20 to 1 on who is ignorant on an issue. You might actually learn something and make yourself more educated.
Posted on 6/28/17 at 12:16 pm to baldona
quote:
What about a rural area where a $500k house could be listed for 2 years because there are so many variables.
a $500k house in my area would literally be a baller mansion, or include considerable acreage.
Posted on 6/28/17 at 12:18 pm to SlowFlowPro
yeah, back when i did closings, i loved how the realtors sat there, did little work and assumed no liability, and yet always got a bigger check than me at the end. 
Posted on 6/28/17 at 12:19 pm to baldona
quote:
Furthermore, everyone is talking about this like it's suburbia. What about cities where a $400k home is a 500 sq ft slum. What about a rural area where a $500k house could be listed for 2 years because there are so many variables
When you have no valid argument you pull out exceptions to the rule. No shite, every realtor shouldn't be paid the same. We are talking about the inside of the bell curve where most transactions are very similar. You knew that, but you have no argument so you are trying to pull straws out of a hat.
Posted on 6/28/17 at 12:20 pm to Mung
quote:
yeah, back when i did closings, i loved how the realtors sat there, did little work and assumed no liability, and yet always got a bigger check than me at the end.
That would be appraisers.
Posted on 6/28/17 at 12:41 pm to BabyCakes
quote:
They sign a standard listing agreement, take photos, list on MLS, and are available for showings
You know, you have a choice, and can negotiate the listing agreement. They give you a standard agreement, which is advantageous to them, but you don't need to sign it. There are flat fee brokers out there, you just need to find them.
quote:
Typically, if competitors get together and set a standard price for a service that is known as price fixing, and it is illegal.
Yep, and is also illegal for real estate brokers.
quote:
You can list it as for sale by owner; however, realtors steer clients away from these homes unless they get their pound of flesh
Steering is also illegal. However, they are under no obligation to show you a house that isn't listed and have no commitment to the buyers; they don't make money unless there is a sale, so why on earth would they be interested in working for free?
From my perspective there are two huge problems with the real estate industry, that will make it difficult to change the status quo, from which your post proves.
1. People seem to have a very poor understanding of how the system works, and what they are paying for. The money is all derived from the contract the listing agent signs with the seller. It is negotiable. The buyers agent needs to get the sale to closing to make any money.
2. There are a ton of uneducated, unethical real estate agents that don't follow the rules that are in place to make the system (possibly) work.
I'm not disagreeing with you that is a messed up system ( I don't mean to sound condescending even though I likely do), but there seems to be many that don't take the time to understand it. Any time you have a system that people don't understand, people are going to be taken advantage of.
Posted on 6/28/17 at 12:45 pm to BabyCakes
Don't use a realtor, it's too easy to buy or sell on your own. Ive done both and it was no problem.
Posted on 6/28/17 at 12:45 pm to Mingo Was His NameO
quote:
No, it's a now normal industry standard that in my opinion is a scam to the consumer. Selling a $150,000 house instead of a $100,000 house is not worth $3,000
Most commissions have a set amount on first $100k or so, then a smaller percentage (typically 2%) on anything over. I generally agree, but you also have to remember that extra commission is being split
Posted on 6/28/17 at 12:47 pm to Jim Rockford
nah, the appraisers charged $400-1000 and never once appeared at a closing. their check was mailed.
Posted on 6/28/17 at 12:54 pm to BabyCakes
Tell any realtor you will pay $1K or so to list/sell your home, and one of them will take it. Don't do percentages.
Posted on 6/28/17 at 12:58 pm to Masontiger92282
quote:
You can negotiate the percentage. There is no set rate. Dont let anyone lie to you
In theory, but it is difficult in practice, brokers and agents have colluded to fix the commission at 6%, and will blackball agents willing to take less. This is clearly price fixing, and prevents commissions from being negotiated in an open market.
Posted on 6/28/17 at 1:02 pm to CrazyCow202
quote:
Exactly, this is how capitalism works.
um
there is very little capitalism involve in being an real estate agent
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