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Message
re: The home selling realtor setup is unfair to sellers and buyers
Posted on 4/17/23 at 12:32 pm to Gee Grenouille
Posted on 4/17/23 at 12:32 pm to Gee Grenouille
Realtors can be a very effective aspect to a real estate transaction
Often, there’s a lot of emotion on one or both sides and realtors can serve to reduce the impact and lead to better decisions. Some realtors are bad at this though and even make it worse.
Otherwise, I think most buyers know that the seller will come down a bit so there’s no need to stress over this. If the buyer likes your place, they’ll make an offer. In fairness to them, they need to weigh a lot of things before jumping into an offer.
Often, there’s a lot of emotion on one or both sides and realtors can serve to reduce the impact and lead to better decisions. Some realtors are bad at this though and even make it worse.
Otherwise, I think most buyers know that the seller will come down a bit so there’s no need to stress over this. If the buyer likes your place, they’ll make an offer. In fairness to them, they need to weigh a lot of things before jumping into an offer.
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Posted on 4/17/23 at 12:34 pm to TJG210
quote:
Hell I advised a client last night to offer less than ask on a property.
Posted on 4/17/23 at 12:35 pm to Miglez
quote:
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.
Should tell you all you need to know right there.
Posted on 4/17/23 at 12:38 pm to llfshoals
quote:
I cut commissions to make deals, for people in bad situations I’ve done no commission deals. Good realtors understand the importance of getting the best deal for their clients, every time.
I’ve done the same…..
RE: dual agency, I’ve done it once for a deal between friends where I basically brokered the entire deal. I feel I remained a neutral party throughout, that being said, I didn’t enjoy it at all and doubt I ever do it again.
Posted on 4/17/23 at 12:46 pm to goofball
quote:
Seems like through the home transaction process, the realtors earn the most while doing the least amount of work.
Until they put in weeks of work and get nothing because a deal falls through.
This, ultimately, is the rub. Everyone wants to bitch about how much they make but they don't realize that the realtors make nothing until or unless a deal actually closes. I've watched my wife put in literal weeks of work trying to help a buyer find a house, list their house, work through all the negotiations on both sides of those transactions for contracts/repairs/etc.. and then have them walk because they got overwhelmed with the whole process and decided to shut the whole thing down.
Look, the reality is that the VAST majority of the population can't balance a checkbook, much less negotiate the whole process of buying and selling a home. Which, by the way, is generally the largest purchase a family will ever make. No one is forcing anyone to use a realtor. If you don't want to use one, don't use one. It's like this - everyone CAN change their own oil....but there is a damn jiffy lube on every corner. Why? Because people have different skills.
Everyone keeps pointing to the NAR class action that is happening right now. What people don't realize is that what comes out of that might be something MUCH less desirable for the vast majority of buyers. You guys should really dig in to the details of it before you get your torches an pitch forks out.
Posted on 4/17/23 at 12:52 pm to kennypowers
Maybe the brokerages should pay the agents a salary like almost every other industry does.
Posted on 4/17/23 at 1:00 pm to whiskey over ice
quote:
Maybe the brokerages should pay the agents a salary like almost every other industry does.
Any maybe we shouldn't have to tip people for bringing us our food and refilling our drinks...but here we are. It's a sales based business. Incentives drive behavior.
Posted on 4/17/23 at 1:12 pm to Tiger Prawn
quote:
If a title attorney is turning away closings that don’t involve a realtor, its probably because they don’t feel like having to deal with FSBO clients that have no clue what they’re doing instead of having a realtor involved to walk the client through everything.
Have bought and sold both FSBO and listed homes and have never had one interaction with the title company or their attorney other than writing them a check and signing the docs, wtf kind of interaction are you envisioning in this fairy tale.
The usual issue in the FSBO is the realtor has generally misrepresented the seller will be paying them,
Posted on 4/17/23 at 1:25 pm to Gee Grenouille
The MOST regulated industry in the country and it's not fair? Go through the process to get your license to buy and sell and see if you still have the same opinion.
The OP is whining about the Realtor when obviously his realtor informed him of the buyers feedback. The OP can lower the price and offer incentives whenever he chooses but he is frustrated with the realtor. Most buyer do not want to speak to the owners thus the reason communication go through the realtor but the OP is frustrated with the realtor.
Buying and selling real estate can be very frustrating and nervous wracking, some people can handle it better than others.
The OP is whining about the Realtor when obviously his realtor informed him of the buyers feedback. The OP can lower the price and offer incentives whenever he chooses but he is frustrated with the realtor. Most buyer do not want to speak to the owners thus the reason communication go through the realtor but the OP is frustrated with the realtor.
Buying and selling real estate can be very frustrating and nervous wracking, some people can handle it better than others.
Posted on 4/17/23 at 1:30 pm to kennypowers
quote:
Any maybe we shouldn't have to tip people for bringing us our food and refilling our drinks...but here we are. It's a sales based business. Incentives drive behavior.
Maybe they can give bonuses like almost every other industry does.
Posted on 4/17/23 at 1:35 pm to WhereisAtlanta
Its still a sellers market here.
If we were to sell ours, we would FSBO and have a stack of offers within a day. Title companies around here give you the paperwork for free.
I'd pay 1.5% to buyers agent, and have a very steep ramp up in commission if it goes over my set price.
If we were to sell ours, we would FSBO and have a stack of offers within a day. Title companies around here give you the paperwork for free.
I'd pay 1.5% to buyers agent, and have a very steep ramp up in commission if it goes over my set price.
This post was edited on 4/17/23 at 1:36 pm
Posted on 4/17/23 at 1:43 pm to Gee Grenouille
quote:
Is there a better process for buyers and sellers?
To me realtors have value for the seller in a buyer's market and have value for a buyer in a seller's market.
Where I am you barely have to do anything to have multiple buyers offering to pay asking price or above for any home that hits the market the first day. If I'm a seller I'm not paying an agent to sell a house that will easily sell itself. However if I'm a buyer in this same market I might find value in a have an aggressive agent that is very plugged into the market so I can move quickly against other buyers.
Conversely if you are in a market where the buyers are scarce then it may be worth it to have a seller's agent that can really professionally market, do repeated showings, etc that takes so much time. But if I'm a buyer in that market I could probably go without an agent because I'm not competing with a bunch of other buyers and without the buyer's agent fees/commission I can probably get the seller to come down a couple of points.
Posted on 4/17/23 at 1:45 pm to WhereisAtlanta
quote:
Have bought and sold both FSBO and listed homes and have never had one interaction with the title company or their attorney other than writing them a check and signing the docs, wtf kind of interaction are you envisioning in this fairy tale.
The usual issue in the FSBO is the realtor has generally misrepresented the seller will be paying them,
I know this is going to blow you mind(and this is part of the larger problem) but every state has different rules/laws/contracts. Some require attorneys in every transaction, some don't. That's why realtors have to be licensed in each state they want to do business in.
Posted on 4/17/23 at 2:27 pm to fwtex
quote:
The MOST regulated industry in the country and it's not fair?
Ain't even close. Highly regulated, yes, but far from the most regulated. The mere fact that you can buy and sell as many homes as you want without any kind of license or training is pretty good proof that it is not nearly the most regulated industry. It certainly ain't in any list of the top 10 and probably not in the top 100.
Posted on 4/17/23 at 2:30 pm to fwtex
quote:
Go through the process to get your license to buy and sell and see if you still have the same opinion.
State level professional licensing is, in 100% of cases, a method to control competition, it has nothing at all to do with competency or regulations or complicated processes...across the board it is about limiting competition. If anyone doubts this consider the state also issues drivers licenses and then take a gander at the level of competency and adherence to regulations displayed the next time your surrounded by folks the state allows to drive on the road....they are the same folks licensing professionals from nail technicians to doctors.
Posted on 4/17/23 at 2:31 pm to elposter
quote:
Where I am you barely have to do anything to have multiple buyers offering to pay asking price or above for any home that hits the market the first day.
True, but do you know how to vet an entire offer? There is more to buying/selling than bottom line price. Also, are you going to vet perspective buyers to make sure they are qualified and not some wacko with a tall hat and no cattle?
Posted on 4/17/23 at 2:35 pm to AwgustaDawg
quote:
State level professional licensing is, in 100% of cases, a method to control competition
Yeap, we should invite everyone with a pulse to do brain surgery unlicensed. Maybe your Uber driver can double as your lawyer?
I agree with nail technicians/florists, not being licensed, but realtors are educated on laws/regulations and dealing with hundreds of thousands of dollars. Not sure why you think that should have a lower barrier to entry.
Posted on 4/17/23 at 2:37 pm to elposter
quote:
To me realtors have value for the seller in a buyer's market and have value for a buyer in a seller's market.
Where I am you barely have to do anything to have multiple buyers offering to pay asking price or above for any home that hits the market the first day. If I'm a seller I'm not paying an agent to sell a house that will easily sell itself. However if I'm a buyer in this same market I might find value in a have an aggressive agent that is very plugged into the market so I can move quickly against other buyers.
Conversely if you are in a market where the buyers are scarce then it may be worth it to have a seller's agent that can really professionally market, do repeated showings, etc that takes so much time. But if I'm a buyer in that market I could probably go without an agent because I'm not competing with a bunch of other buyers and without the buyer's agent fees/commission I can probably get the seller to come down a couple of points.
My wife and I have bought and sold many houses over the years and the only time we ever paid a real estate commission was when one of our employers was not reimbursing us for real estate fees...twice I think but I could be wrong. Every time I have ever tried to work with an agent they would offer showings of houses that we completely inappropriate for our needs...way to big, way to small, to few bedrooms, too small a lot...and after about 4 or 5 showings of houses that were way outside of our budget or a condo when we were looking for a single family house they would act like they were frustrated. This is purely anecdotal of course but when we mention it to other folks they all say the same thing has happened to them.
For the last 20 years or so it is common for buyers to ask a seller to show them a house they have found on line...again, the agent is doing nothing but unlocking the door in this case...I just do not get it.
Posted on 4/17/23 at 2:50 pm to TJG210
quote:
Yeap, we should invite everyone with a pulse to do brain surgery unlicensed. Maybe your Uber driver can double as your lawyer?
I agree with nail technicians/florists, not being licensed, but realtors are educated on laws/regulations and dealing with hundreds of thousands of dollars. Not sure why you think that should have a lower barrier to entry.
Insurance is the only thing preventing anyone with a pulse from performing brain surgery...the state certainly is not qualified to determine who is qualified to perform brain surgery.
The state licensing of real estate agents does NOTHING to protect consumers in the transaction of real estate. It can not...it can strip the license of an agent AFTER the fact but the damage is done...the buyer and the seller is responsible for making certain the broker and agent they trade with is competent, resting on the fact that they hold a license issued by the state as proof of their competency is a fools errand.
As far as Uber and a lawyer goes 99% of what either does is well within the ability of most adults...most of the work lawyers do can be done by anyone. The bar exam certainly does not indicate anything other than an ability to pass the bar exam....if the person passing the exams fouls up they can be disbarred but the damage is done....all professional licensing is a method of limiting competition, period. The state that issues the license has NOT liability, the board administering the test has no liability, all of the liability and due diligence rests with the individuals involved.
I have professional engineers license in 4 states and 2 different types of contractor licenses in 3 states, all of those are reciprocal in most states. There is nothing at all about any of the exams I have sat and passed which would indicate anything other than the fact that on the day of the exam I had enough knowledge to pass the exam. Not a single agency administering said exams nor any organization which handles the testing of any profession at any level will state that the holder of a license of any kind is competent. They also have no liability should they hand a license to an incompetent person. The same agency licenses drivers. Thats all that needs to be said....
Posted on 4/17/23 at 2:53 pm to AwgustaDawg
what he said ^^^^
I hold contractors licenses in three states, took one test 20 yrs ago and the other two are reciprocals. And the test I took was open book LOL
I hold contractors licenses in three states, took one test 20 yrs ago and the other two are reciprocals. And the test I took was open book LOL
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