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re: This Realtor advises other buyer agents to raise the sales price to get their commission
Posted on 8/11/24 at 10:07 am to lsupride87
Posted on 8/11/24 at 10:07 am to lsupride87
quote:Except it isn’t. To do it well, you have to put in 80+ hour weeks, 7 days a week, be ready to go show a house on little or no notice if you have the availability.
I would venture to say it may major be the easiest job in the world
quote:Knowing people only gets you so far. Where you get a significant portion of your business, especially as a new agent is paying for leads, Zillow or Realtor.com are the primary ones.
Because to become great, and one of the best, the quality you need is, wait for it, knowing people
They aren’t cheap, and you only close about 6-8% of them. My personal high on that bill was just over 10k a month.
After 5-10 years if you did your job well and follow up you start getting repeat business from your existing clients.
1
Posted on 8/11/24 at 10:10 am to Psych23
quote:That’s a primary reason for sellers agency, the liability aspect of that for the agents showing it is something nobody who isn’t an agent considers.
I don't know realtors exist other than to show my house to people if I'm trying to sell it because I don't have time for that shite.
While there are some agents who just turn buyers loose in people’s houses which a lawsuit waiting to happen, I never have.
Posted on 8/11/24 at 10:17 am to SDVTiger
quote:Bingo.
anyone going straight to the sellers agent to do a deal is also an idiot
If you ask me dual agency should be illegal, I am one of the few realtors I’ve ever met who won’t do it. If you’re representing in negotiations both parties that’s a clear conflict of interest.
Most realtors LOVE getting paid twice to do the same work.
The funny thing will be watching listing agents try and tap dance their way around the changes coming this month.
I should probably do a YouTube video on how to screw the listing out out of double commission on the new forms. Probably some out there already.
Posted on 8/11/24 at 10:18 am to llfshoals
quote:
ap dance their way around the changes coming this month.
Nobody has answered my question... what do the changes do specifically to and for the buyer/seller?
Posted on 8/11/24 at 10:21 am to Tiger Prawn
quote:This is where the amateurs really make it hard for the professionals.
if unexpected issues come up and you don’t know what you’re doing, you’ll wish you had an experience realtor.
People should do their research before hiring one, look at reviews, ask for previous clients to contact to ask questions.
I’ve got hundreds of clients and not one ever has.
I did before I got into the business when I moved to an area I didn’t know.
Posted on 8/11/24 at 10:30 am to stout
Every other commissoned salesperson has to justify their existence based on the value they add to the process but realtors are freaking out because they now have to the same thing. If I was a young realtor I’d build and market a suite of services that I provide to buyers to get the best deal and protect them from getting screwed in exchange for a sliding commission based on the value of the property.
They now have to sell themselves rather than being in the middle of the transaction without adding any value to the process. Perish the thought!
They now have to sell themselves rather than being in the middle of the transaction without adding any value to the process. Perish the thought!
This post was edited on 8/11/24 at 10:35 am
Posted on 8/11/24 at 10:32 am to Lsut81
quote:Sorry, was still working my way through. Theres a lot more to it, but here’s the main point IMO.
Nobody has answered my question... what do the changes do specifically to and for the buyer/seller?
Before buyers agents can show a house they will have to get a form signed which lays out the compensation the buyer’s agent will receive if the buyer purchases the home being shown. Time frames will almost certainly be a part of these, but all MLS are different and may not.
Where this gets interesting I think is people will just say “why get a buyers agent, I’ll just get the listing agent to show it”.
Guess what, they’re acting as a buyer agent representative at that point and THEY can’t show it without getting the form signed.
Now since I know how lazy the part time agents, or the greedy ones (which is most) are, they won’t get the form signed thinking they won’t need to, or will just slip it in. With all the other docs that are part of an offer.
So here’s your freebie. If they do show without one, and you want to buy the house you have them over a barrel. Because if you turn them into the MLS for not following the law, i expect the fines not only won’t be cheap, MLS fines have nasty habit of escalating.
You’re welcome on that last bit, I don’t like shitty agents at all, and enjoy their bitching when they take shortcuts and get caught.
This post was edited on 8/11/24 at 10:33 am
Posted on 8/11/24 at 10:34 am to llfshoals
I’ve bought and sold 107 single family properties in the last 8 years.
Realtors suck. My advice to anyone selling is to use a 1% list agent and tell them what to do.
I don’t want advice from someone who is not as good of a negotiator as me and none of you are.
All this “I’m worth the 6%” talk is laughable garbage.
Realtors suck. My advice to anyone selling is to use a 1% list agent and tell them what to do.
I don’t want advice from someone who is not as good of a negotiator as me and none of you are.
All this “I’m worth the 6%” talk is laughable garbage.
Posted on 8/11/24 at 10:36 am to blueboxer1119
quote:I probably am, but i learned from the best.
I don’t want advice from someone who is not as good of a negotiator as me and none of you are.
Arab sheikh’s. They’d beat you down over 10 grand in a multi- million dollar deal.
Posted on 8/11/24 at 10:40 am to Tiger Prawn
quote:
Or getting involved in the back and forth negotiations regarding repairs or price adjustments for issues that come up on inspections. Or meeting the home inspectors at the house. Or coordinating with other buyer/sellers when the buyer of your house is also selling their house and something goes sideways with that deal that prevents the buyers from closing on the deal with you.
I can do this myself. I bought my last home with no agents involved. Smoothest transaction I’ve ever had.
Posted on 8/11/24 at 10:44 am to llfshoals
I admire your confidence, but you are not.
I get that you have to say that though to justify people overpaying for your service.
I get that you have to say that though to justify people overpaying for your service.
Posted on 8/11/24 at 10:45 am to TCO
quote:For uncomplicated deals, you’re exactly correct.
I can do this myself. I bought my last home with no agents involved. Smoothest transaction I’ve ever had.
Are you trying to buy it from out of state, ever hear of something called a bill to quiet title?
You don’t want a random agent for those or do it yourself.
Posted on 8/11/24 at 10:52 am to LSUtoBOOT
quote:
Dares people to sell by owner. Be careful what you ask for as technology advances.
It’s not simply technology that has made it seem easy to sell a home yourself the past few years. It has been a seller’s market.
If it becomes a strong buyer’s market, and those for sale by owner homes are out there 300+ days: sellers may see more value in hiring an agent.
Posted on 8/11/24 at 10:54 am to blueboxer1119
quote:Go negotiate something with sheikh salah in the UAE and make that statement.
I admire your confidence, but you are not.
quote:I’m one of the few who regularly negotiated their rate. Mostly because I don’t need the money.
I get that you have to say that though to justify people overpaying for your service.
Posted on 8/11/24 at 10:57 am to llfshoals
quote:
I’m one of the few who regularly negotiated their rate. Mostly because I don’t need the money.
quote:
Go negotiate something with sheikh salah in the UAE and make that statement.
Jesus you even sound like a douchebag realtor.
I negotiate deals worldwide, including the Middle East. I’m not on here bumping my chest.
Posted on 8/11/24 at 11:01 am to llfshoals
quote:
Except it isn’t. To do it well, you have to put in 80+ hour weeks, 7 days a week, be ready to go show a house on little or no notice if you have the availability.
Haven't you posted about averaging hundred(s) of rounds of golf per year for years/decades?
I always laugh so hard when realtors/brokers claim they deserve 3% or more of a deal because they spend like 30 hours on a deal.
Posted on 8/11/24 at 11:03 am to llfshoals
quote:
Before buyers agents can show a house they will have to get a form signed which lays out the compensation the buyer’s agent will receive if the buyer purchases the home being shown.
So sellers agents can still demand 6% to those willing to pay it and then cheap out and only offer 2% to the buyers agent, thus pocketing more?
Or is it that the sellers agent negotiates a fee, lets say its 3% and then they tell their agent what % they are willing to pay a buyers agent? So maybe that is 1% for a total of 4% to from the seller?
I guess short and sweet is the seller now negotiating with two agents instead of just theirs?
Posted on 8/11/24 at 11:09 am to llfshoals
quote:
Go negotiate something with sheikh salah in the UAE and make that statement.
Your client did the negotiating bro. He's the one with the money, not you.
Posted on 8/11/24 at 11:09 am to TJG210
quote:
Buyers: I can buy a house without an agent and save money Sellers: I can sell a house without an agent and save money Result: One side will be underrepresented and there will be more lawsuits for things left undisclosed and discovered after closing
Highly unlikely. Most of the due diligence is the result of the bank’s mortgage requirements, not your realtor’s attention to detail.
Posted on 8/11/24 at 11:14 am to JohnnyKilroy
quote:No. when I ran my international construction company I’d do one job every 3 years and play golf the rest of the time. That was a couple decades in the late 80’s till early 2000’s. Yes I’ve played thousands of rounds thanks to that.
Haven't you posted about averaging hundred(s) of rounds of golf per year for years/decades?
Even when you’re busy as a realtor you can block out before noon on a Tuesday. Hardly ever showed then.
quote:For the most part, so do I. Brokers btw (yes I have a broker license too) incur a lot more expenses than an agent.
I always laugh so hard when realtors/brokers claim they deserve 3% or more of a deal because they spend like 30 hours on a deal.
Most deals including showings, travel, paperwork, etc I don’t spend more than 10.
What you’re missing is the ones you show 5 houses to, get under contract, fall out for inspection or financing. The ones you show a half dozen and they never buy anything.
Add those in and you see quickly how you can’t make it as a part-time. Half arse realtor.
Note this is not me having any sympathy for part-time, half-arse agents. I don’t.
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