Real estate commissions: This may be the end to them as we know them
mxk3 z5b_MI
2 months ago
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Lars
2 months agobb_capecod
2 months agoRelated Discussions
buying/selling real estate qld style.
Comments (13)There are good agents and bad ones. The system down here is like an e-bay acution. The advert reads offers above $X. I'm used to a system where the vendor states their price, and the vendee (?) offers under that price and they compromise somewhere in between. Well the last 3 realestate purchases we have made, have worked on the old system - we have been happy, the sellers have been happy, the agents have been nice. All the agents that work on the dutch auction system seem to be "ar53h0135" if you don't mind be saying so. Daughter has had similar experiences. we nearly bought a house as a rental investment. I made an offer, the agent said they had a higher bid, I said tough. The agent pestered me for a week. Then he told me 2 weeks later that the previous offer had fallen through, so we were back in the running. I told him I had lost interest. He told me I knew nothing about buying investment properties. I swore at him and hung the phone up loudly in his ear. end of story. How does the dutch auction system work? Well - you put in a bid. They tell you they have a higher bid, and pester you to raise your bid, but they don't tell you how much has been offered, or by whom. etc, etc. FGS they might not even have another person bidding, like in the case I described above. It sucks big time. Another thing I have learnt about buying real estate ..... get a survey done before you buy. Make sure the land fits the description exactly. 3 times it hasn't for us. twice it has worked out in our favour, and not been disastrous. The last time we pulled out of the contract because of the survey. Lucky for the vendors, or we would now own not only the land they were selling, but 1/2 their house that they weren't selling. It had been built across the boundary of 2 blocks. The agent doesn't really tell you any of that. Our solicitor told us to check it. A conveyencing officer will do the conveyencing cheaper than a solicitor, but they might not tell you to check the boundaries, and it is the responsibility of the purchaser to do that....See MoreReal Estate Commissions Increasing
Comments (25)SD’s posted article was stating the fact the average commission paid has increased over the years when most expected with the advent of the internet it would decrease. I do find this fact curious, good for the RE industry, bad for consumers. The internet has radically changed RE, but not the RE commission as was expected. The internet has helped me tremendously, I’ve found many houses online, perused the listing, seen aerial views. I can also see the listing history, what the seller paid and view previous listing pictures to see improvements, all done from the comfort of my desk. Right now I’m considering buying in an area that I hadn’t thought of, but searching on redfin showed me additional areas with the house size and lot size I want. I need the agent to get me in the door once, negotiate the offer and bring it to closing. I never tour around in the car with an agent, hate that. I don’t begrudge any agent whatever commission he can earn as it takes a person hiring that agent for him to earn his commission I respect many realtors, I know many are professional, earning their high income. Right now I’m interviewing listing agents, the agents have not agreed to list for less than 5%, even though he will earn about $200,000 in commission. If I find this the going rate I’ll gladly pay it to the right agent as I want a quality agent. I’ve known I’d be listing so I’ve closely watched several of the local agents learning who I want to interview. I’m aware I can use redfin or another discount company, that doesn’t interest me as I want the service of a knowledgeable full service agent. For that matter I can list FSBO, again doing this is not in my best interest. Palimpsest – you appear to be emotionally connected to the profession – commissions can be discussed and defended without making negative comparisons to other professions. Also an experienced agent learns when to cut a client loose. If a buyer is wasting an agent’s time, or a seller has unrealistic expectations it’s time to move on to another client, knowing when to do this is a part of successful agent’s learned skills....See MoreDo real estate agents get commission for buying homes for themselves?
Comments (28)I sold my house to an agent and here’s what happened. We went into escrow and she asked for a reduction in the price by 2.5% instead of being paid a commission from my realtor. It was the same out of my pocket so I did it. The realtor then didn’t have to pay a broker fee because she is representing herself in the deal and she didn’t pay taxes on the commission because she didn’t earn one. I could have said no, then she would’ve taken her commission, paid her broker and paid her taxes. In retrospect, I should not have dropped the price the entire 2.5%, only an estimation of what she would net in the deal. So realtor buyers do have an advantage in any deal!!! All these realtors don’t want to admit it on this thread. “Why should her job matter” bc a realtor can manipulate the system. And this is exactly why NAR and Keller Williams lost a class action lawsuit recently - requiring that sellers pay a buyers agent. It inflates home prices and allows realtors to get personal advantages. Things will be changing. https://www.cbsnews.com/amp/news/nar-lawsuit-verdict-real-estate-agent-commissions/...See MoreAnybody know anything about New York real estate contracts/laws?
Comments (17)There have been about six showings since we signed the contract. Apparently, VRBO business is up all over the country, and our place is renting really well right now (in fact, it's booked every day in August). We told the agent right up front that we would never consent to showings while STR'ers are in the property, so they can only do it between renters right now. We can certainly ASK the potential lessee to agree to this, but I'm concerned that that ask, along with the possibility of us selling the place, may cause them to change their minds. The contract just specifies that we make the property available for showings....See Moremxk3 z5b_MI
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