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re: To the 100 or so realtors who have called me since listing my house
Posted on 2/13/20 at 7:47 am to slackster
Posted on 2/13/20 at 7:47 am to slackster
Yeah it's free in the sense that the buyer doesn't have to cut a separate check for realtor fees. It's built into the cost.
Saying it's free is like saying maintenance is free at a place you rent. It's "free" because it's built into the monthly rent.
Saying it's free is like saying maintenance is free at a place you rent. It's "free" because it's built into the monthly rent.
2
Posted on 2/13/20 at 7:48 am to Strannix
quote:
I don't see how the vast majority make any money.
They don't.
The elite at the top make money.
Posted on 2/13/20 at 7:48 am to Ben Hur
quote:
And they are FREE when you are the buyer. The seller gets stuck with the bill
LOL. Just whose money do you think they are divvying up at the closing table? It’s the buyers money. So (indirectly) the buyer is paying for the agent(s) commission. Don’t fall for that “it’s on the seller’s side of the HUD statement” nonsense.
The seller factors that commission into their price and charges the buyer for it that way.
Posted on 2/13/20 at 7:52 am to TH03
quote:
Yeah it's free in the sense that the buyer doesn't have to cut a separate check for realtor fees. It's built into the cost.
Saying it's free is like saying maintenance is free at a place you rent. It's "free" because it's built into the monthly rent.
Exactly.
If I'm buying a home FSBO, I'm discounting the realtor cost from the offer. The vast majority of comps are going to come from transactions with a realtor, so if you're not paying one, neither am I.
Posted on 2/13/20 at 7:52 am to MikeBRLA
Right, but if you go directly to the seller’s agent, then that agent is “dual” and gets paid double commission for representing both buyer and seller in the transaction.
So as the buyer you are paying for it either way. (Unless you find a FSBO as a buyer).
The argument of it being free that it is not an extra charge to have your own agent on a listed property.
So as the buyer you are paying for it either way. (Unless you find a FSBO as a buyer).
The argument of it being free that it is not an extra charge to have your own agent on a listed property.
This post was edited on 2/13/20 at 7:54 am
Posted on 2/13/20 at 7:59 am to Ben Hur
quote:Not exactly. The buyer will be more willing to budge on price if you aren't using a realtor
And they are FREE when you are the buyer. The seller gets stuck with the bill.
ETA: When I bought my house (neither of us used a realtor), I basically "pretended" the real price of the home was 3% less than asking and then cut more off of the price from there.
This post was edited on 2/13/20 at 8:03 am
Posted on 2/13/20 at 8:02 am to Strannix
There’s a Realtor company in Lafayette called ReHive. They offer flat fee listing. There will be more and more companies like them in the future. It’ll get rid of these 1-5-off Realtors.
Posted on 2/13/20 at 8:08 am to slackster
quote:
In the real world it's not that efficient, but I don't think they're free for a buyer either.
Really it only applies on property listed by an agent.
If a property is listed with an agent, the seller has already agreed to take on the commission cost (5-6%). If the buyer approaches with no agent themselves, then the listing agent becomes a “dual” agent for representing both buyer and seller. Now the listing agent is paid both sides commissions. And, most importantly, the buyer didn’t save any money or negotiate any better because he didn’t have his own agent.
Posted on 2/13/20 at 8:18 am to Strannix
quote:
I don't see how the vast majority make any money.
They don't. Studies show that only like 15% of Realtors actually make a salary you can live one. The rest are soccer moms who have husbands that support them or do it as a side business and have real jobs.
IIRC the numbers are the bottom 30% make less than $25K the middle average around $40K and only the top 10% make more than $100K.
On top of that, something like 87% of realtors fail within 5 years.
Posted on 2/13/20 at 8:20 am to Strannix
quote:
I don't see how the vast majority make any money.
Most of them are women doing it as a side job while daddy brings the real money home.
You should bargain for a knob polishing
Posted on 2/13/20 at 8:21 am to TH03
quote:
Saying it's free is like saying maintenance is free at a place you rent. It's "free" because it's built into the monthly rent.
A better analogy would be retail stores when then they ask “Can I help you find something?”
You can shrug them off and look for yourself, but you’re still paying the same at the register.
(Only applies to homes listed with an agent already)
Posted on 2/13/20 at 8:23 am to Strannix
I just bought a house.
We drove by it while contractor was still renovating it about 3 weeks ago.
I called the number to speak to the owner, and they showed it to me 2 hours later. They told us what work was still to be done and what price they wanted, and I literally closed on the house yesterday.
House never made it to market, seller agreed to pay 3% of closing because we didn't have to deal with any realtor BS.
We drove by it while contractor was still renovating it about 3 weeks ago.
I called the number to speak to the owner, and they showed it to me 2 hours later. They told us what work was still to be done and what price they wanted, and I literally closed on the house yesterday.
House never made it to market, seller agreed to pay 3% of closing because we didn't have to deal with any realtor BS.
Posted on 2/13/20 at 8:57 am to Ben Hur
I have no problem with realtors making a commission, I do think the commission structure should be tied to length of sale- e.g sale in
30 days 6%,
60 days 5%
90 -120 days 4%
120-180- 3.5%
over 180 3%
30 days 6%,
60 days 5%
90 -120 days 4%
120-180- 3.5%
over 180 3%
Posted on 2/13/20 at 8:59 am to Strannix
Speaking of realtor solicitations, the number of ones sent to my mom's house after she died was appalling. On the one hand, I respect the hustle, but on the other it just came across really scummy.
Posted on 2/13/20 at 9:10 am to The Spleen
I had one call me after we were under contract for our house and she told me "you made the biggest mistake of your life" by not having a realtor. We saw the house liked it and just used the sellers and got it for the price we wanted. She acted like we were doing brain surgery without a doctor.
Posted on 2/13/20 at 9:11 am to Strannix
I used the same realtor to buy and sell my house. She was awesome and took care of all the bullshite as I had shutdowns and a massive construction project going on. I literally found a house I liked, then paid her and moved my shite in. When I sold (took about 6 months) I had moved about 450 miles away and she’d come over and water the grass. Had it mowed, palms trimmed, weeds, interior cleaned, all inspections taken care of. If she didn’t do any of that I would have fired her arse, so there’s that.
Posted on 2/13/20 at 9:31 am to Strannix
quote:
I don't see how the vast majority make any money.
The vast majority of them DON'T make any money.
Posted on 2/13/20 at 9:38 am to Strannix
A good realtor can market TF out of your house and be a great negotiator.
But most realtors are not good realtors.
But most realtors are not good realtors.
Posted on 2/13/20 at 9:40 am to Sun God
quote:
I don't want to paint with a broad brush here, but every single realtor in the world is a miserable, incompetent thief
Is everyone competent in your field? There’s bad apples in every career.
Posted on 2/13/20 at 9:41 am to TDsngumbo
quote:
The vast majority of them DON'T make any money.
You have a lot of people who do this as a second "job". They pay the dues and the bare minimum needed and end up listing 2-3 houses a year. They then try to write off 95 percent of their car, their clothes, their hair appointments, supplies, a "home office", phone, internet, meals, etc.
They make 1-2 sales a year, get enough money to go on a family vacation, and take a $22,000 loss on their tax return.
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