I mean, really. WTF do they do besides negotiate a LITTLE? They do next to nothing. My house sold only six days after putting on the market (New Hampshire). You know why? Because I did all the damn work. Yet my real estate agent made a big commission. I must be in the wrong business.
Why do realtors deserve to make so much money?
|by Anonymous||reply 96||12/14/2012|
You forgot to capitalize Realtor.
Look it up.
Another reason to hate them.
|by Anonymous||reply 1||12/08/2012|
Why didn't you sell it yourself if you are so damn smart? You must have the same connections and profile to do it yourself.
|by Anonymous||reply 2||12/08/2012|
That wasn't very insightful, R2.
|by Anonymous||reply 3||12/09/2012|
Remember, it's not real-LUH-tor.
|by Anonymous||reply 4||12/09/2012|
because they put up with whiners and tire kickers , not an easy occupation.
|by Anonymous||reply 5||12/09/2012|
If you did all of the work, you should have just sold the house yourself. The fact that you chose to pay a realtor instead of doing it yourself indicates they offered a service that was worth the amount of money you paid them.
|by Anonymous||reply 6||12/09/2012|
Their days are numbered. They basically are the old school version of social media. Your connection to potential buyers. Today, they are no longer needed.
|by Anonymous||reply 7||12/09/2012|
I sold three houses myself. I refuse to pay a realtor.
|by Anonymous||reply 8||12/09/2012|
After Jan 1 2013, there will be an additional 3% tax on the sale of a home that will be put toward the affordable care act. Add that to typical 6% a realtor gets now. If you don't believe me, look it up.
|by Anonymous||reply 9||12/09/2012|
That's why you have Craig's List.
|by Anonymous||reply 10||12/09/2012|
Thanks, R7. That makes me feel better. Bitch made $8,000 on my house for about two days work.
|by Anonymous||reply 11||12/09/2012|
I looked it up R9, and I still don't believe you.
|by Anonymous||reply 12||12/09/2012|
Good try r9 but not.true. Freepers are such liars. Shame on you.
|by Anonymous||reply 13||12/09/2012|
R12 read your own link (full answer) 3.8% tax of proceeds that start at $250K. For a couple, $500k. If you own a home vs mortgage, I'm sure most decent homes will net an excess of 250K profit, and that will be taxed.
|by Anonymous||reply 14||12/09/2012|
Realtors always seem to be trying to justify their worth, which tells me they know they're worthless.
|by Anonymous||reply 15||12/09/2012|
Home ownership and realtors are sooo 20th century.
|by Anonymous||reply 16||12/09/2012|
R4: that's a pet peeeve of mine...how "realtor" gets miss pronounced, even by "realtors" themselves.
Watch Alan's video (scroll down, right side)
|by Anonymous||reply 17||12/09/2012|
A Realtor can help you get financing, negotiate details of a contract on your behalf, arrange housing inspections, work with the title company, escrow and closing issues. I would not but a house from a private party without at least talking to a real estate attorney. If the OP didn't need an agent and hired one anyway he is an idiot. Was the fee a surprise or did you even ask?
|by Anonymous||reply 18||12/09/2012|
The link below has a more detailed explanation.
It only effects single people making more than $200,000 a year and couples making more than $500,000 a year. If you or you and your spouse make less than that you don't have to worry.
And if you do make over those amounts the tax only applies to the PROFIT - Sale price minus purchase price - of the home.
|by Anonymous||reply 19||12/09/2012|
Same with 'talent' agents.
|by Anonymous||reply 20||12/09/2012|
[R19] Geez, the OP knows all of that.
|by Anonymous||reply 21||12/09/2012|
R21, that post was for R9/R14.
|by Anonymous||reply 22||12/09/2012|
Yeah, no shit I knew what the fee was going to be. I admit I didn't want to deal with it, I don't necessarily MIND paying someone a fee for their services. My point is it really isn't justified to pay a realtor for the small amount of 'work' they do. Bullshit on that.
|by Anonymous||reply 23||12/09/2012|
Next time, OP just put a sign out front and advertise on Craig's List. Oh, and price it based on what you think you should get out of it or what you need to make a huge profit or what your drinking buddy thinks you should get. Let us know how that works out for you.
|by Anonymous||reply 24||12/09/2012|
They are all parasites
|by Anonymous||reply 25||12/09/2012|
OP, did you have no prior knowledge of the basic income level real estate agents, realtors or whatever make? It's common knowledge that realtors make a high income.
And that is if the market is doing reasonably well. Their percent per house won't go far if they can only sell a few houses per year. They have to have a license and know their stuff. It's a profession.
If you didn't want to hire and pay a professional for his or her services, then you shouldn't have.
It's not about ragging on you OP, but your complaint is ridiculous. You complain about working hard on getting your home ready to sell, but what about working smart? Working on selling your home yourself would have saved you 8 grand.
|by Anonymous||reply 26||12/09/2012|
They may not deserve it but why do banks deserve to make more interest than you do on your money? Why do car salespeople make a commission? I'm a real estate broker but not a Realtor. I buy and sell my own stuff and sometimes for professional friends (my CPA, who also charges a fee for his services, my physician, etc). I work on referral only to people who need and value my services. You do not need a Realtor to sell your house if you are the owner. Go be a FISBO. Better hope nothing comes up after the sale you have to deal with.
|by Anonymous||reply 27||12/09/2012|
OP, if they didn't, how else are handsome brainless gay men with no education going to make a lot of money?
|by Anonymous||reply 28||12/09/2012|
It's "FSBO", honey r27.
|by Anonymous||reply 29||12/09/2012|
They probably go to college for years to learn about property, law, and finance.
It's not like becoming a Realtor just takes some three week certificate, like beauty school.
|by Anonymous||reply 30||12/09/2012|
Are you stupid R30? Law or finance? What the fuck. They attend a couple months' long program and get a license. BFD.
No one has answered the question. What do they really do to justify the high commission? Going to college ain't one of them, honey.
|by Anonymous||reply 31||12/09/2012|
I don't sell houses. I sell a lifestyle!
|by Anonymous||reply 32||12/09/2012|
A Realtor license is usually the result of completing a graduate degree or law school. Property law and real property economics are demanding fields. It's not like you can be sitting around one day as a bored housewife and decide to become a Realtor in six weeks.
Part of the reason for the housing crisis was a shortage of Realtors. There was a lot of pressure on Congress to pass legislation to make Realtor licensing less stringent and demanding, but thankfully the requirements didn't get watered down.
Realtors earn every penny they make because of their specialized knowledge they go to school for years to learn.
|by Anonymous||reply 33||12/09/2012|
OMG R33. You are on another planet. The MAJORITY of realtors are fraus and former housewives. People with no formal education.
Law is an entirely different thing. God are you dumb.
|by Anonymous||reply 34||12/09/2012|
|by Anonymous||reply 35||12/09/2012|
It looks like a lot of work.
|by Anonymous||reply 36||12/09/2012|
[quote]My house sold only six days after putting on the market (New Hampshire). You know why? Because I did all the damn work.
When you say you did all the work, what do you mean?
Sometimes they work for months on trying to sell a house and then the seller takes it off the market. I think in such circumstances, they should get some kind of fee
I had a friend in DC who tried to sell her house privately and a prospective buyer assaulted her, locked her in the closet and stole most of her stuff.
|by Anonymous||reply 37||12/09/2012|
Little known fact: after getting his PhD at Oxford, Stephen Hawking sat for the American National Association of Realtors exam. He said it was the most demanding exam he'd ever taken.
|by Anonymous||reply 38||12/09/2012|
OP, you're paying for access to the Multiple Listing Service used to advertise houses for sale. Buyers use realtors for this same service. Additionally, you're paying them a commission just like you pay the commission of car sales persons (though that commission isn't itemized separately as part of the sale - it still exists).
Basically, you're paying for advertising and a sales person to show the goods.
Is it worth a 6% commission? That's up for you to decide. You can do everything a realtor does for much less by having your attorney handle the sale. The contracts are fill-in-the-blank types (if they were anything more, they would be out of a realtor's grasp). You could show your own house, or pay someone a set fee to do it for you. You could advertise your house on Craigslist and place a "for sale by owner" ad in the real estate section of your local paper.
Incidentally, the realtor doesn't usually get the full 6% - he usually gets 3%. The brokerage typically takes the other 3%.
|by Anonymous||reply 39||12/09/2012|
R33 is clinically insane.
|by Anonymous||reply 40||12/09/2012|
R33? Most people take a real estate class at community college (3 months, one day a week) in order to take the licensing exam and get their real estate license.
|by Anonymous||reply 41||12/09/2012|
To become a realtor, New York requires 75 hours of class time and employment with a brokerage. Getting a realty license is about as difficult as getting a beautician's license. Easier, in fact. To be a licensed cosmetologist in New York you have to complete at least 1,000 hours of instruction.
As my hairdresser friend likes to say, "Realty is what you do after flunking out of beauty school."
|by Anonymous||reply 42||12/09/2012|
[R31] You are calling someone stupid? Really? Did YOU sign a contract? Did YOU read it? Did YOU try and negotiate a contract with any other Realtor? Did YOU try and negotiate a fee with the Realtor you singed a contract with? Real estate where I live is in the tank as well as in many other places. The Realtors are starving in my market, they don't get paid unless they sell a house and pay their own expenses to list YOUR HOUSE. Many Realtors have left the profession here because they can't make a living. You are like a guy that hires a doctor for surgery and then is unhappy about a good outcome because it wasn't free.
|by Anonymous||reply 43||12/09/2012|
R33, you seem confused. Most realtors I know took a 6 week course and got their license. In fact, many said "Oh, it's super easy!".
|by Anonymous||reply 44||12/09/2012|
I can understand the reflexive anger OP. When the market is good, I'd say it's a relatively easy job. But when it's so-so or bad, it's not good. Like any sales really.
1) 24/7 job, primarily weekends 2) Any advertising costs comes out of THEIR pockets 3) Costs for taking "quality" house shots, print materials, etc. 4) Endless showings with no result
However, although I don't know how much it costs to post on trulia and other sites, it would seem that most people can do their search on their own. I've never understood those people on TV who have gone to see 100 homes - WTF? Don't you have the internet?
But most realtors have an overly inflated sense of themselves and their services. They're usually idiots.
|by Anonymous||reply 45||12/09/2012|
I've found it helpful to use a real estate agent. I have a close friend in the field and he's really helped me a lot as I've purchased three homes and sold two of them. The key benefits included access to his network of agents (he could call the folks he thought would be interested and get them to see the house) and he really helped with managing offers and counter-offers on both the purchases and the sales. His firm also has a pretty big market share around here and is known as the "classy" firm so having their name on the sign in front of your house is worth something.
|by Anonymous||reply 46||12/09/2012|
[quote]Many Realtors have left the profession here because they can't make a living.
Oh, the humanity!
|by Anonymous||reply 47||12/09/2012|
R33, I think you mean Real Estate Broker. That requires some education; is a very hard exam, considered right up there with Law Boards (not my opinion, but several brokers - in CA - told me this. A lot of pepole have to take the test at least twice.)
There's a real estate agent test too, and I am told it's getting harder (again, in CA _ don't know about NY?), but you just have to take a course - few months? And the poster that said there's a lot of fraus doing this, is correct. I know of several RE agents, albeit in small towns, who are just high school graduated.
|by Anonymous||reply 48||12/09/2012|
Having bought and sold many homes, condos and other real estate, both by myself and through realtors, I would never do it again without a realtor. My most recent experience taught me that the service they provide is like insurance. Think of it this way: you have to buy insurance on your car. Sure, you spend somewhere between $1k and $3k per year to insure your car, and you don't have an accident or need to file a claim, so you're mad at the agent or company for charging you all that cash. And then you have an accident and the insurance company pays for the repair or even a new car.
I bought a condo recently on my own. It was supposed to be a simple deal; I found it, I paid cash, and I told myself that I didn't need a realtor to fill out the papers. And then it didn't close, and didn't close, and the seller made up a bunch of excuses, and the inspection revealed a bunch of problems that I'd never thought of or heard about, and the seller then threatened to keep my deposit if I didn't go through with it, and then I had to spend a couple $thousand with an attorney to find out I would end up losing my 10% deposit if I walked... And why hadn't I hired a realtor to deal with all this? Oh, smart me. In the end, I would have save about $10,000 if I'd hired a realtor to represent me. I went ahead with the deal, but was frustrating as hell, costly when it didn't need to be, and not nearly as good a deal as it could have been.
You're paying for experience and expertise, OP... Or would you rather go to the barber for surgery?
|by Anonymous||reply 49||12/09/2012|
Please. Is there someone from the Real Estate Agents & Brokers Association posting here? You don't need any great eduication to be a broker either. You certainly don't need a higher education. This is becoming laughable.
The problem with real estate agents is selling on a commission. It isn't justified. There should be set fees for the type of service you require. But they have had such a stranglehold on the business that it's hard to break it and the public's perception of what they do. It took a court ruling to open up the multiple listing service from their monoploy.
I remember my parents' house sold in one day and thinking damn this woman did nothing for this lovely commission - on top of it she probably was so negligent she underpriced the house for my parents - or she was doubledealing for buyers or herself.
With the internet realtors have an even easier job. They don't have to spend the time and energy and cost transporting buyers to a million houses in their tax advantaged Mercedes which ends up using up huge amounts of time with the client.
If you use a lawyer for the legal matters I'm not sure why anyone needs a realtor nowadays. You can get comparables yourself easily enough, you can market easily enough, and most people who work see houses on weekends or in the evening. There is so much help online and it's easy enough to communicate - just make sure your real estate atty checks transactions along the way - like any contracts, deposits, etc.
But to answer OP - NO - for the very expensive homes their services are not a reflection of their worth. It's as silly as suggesting that a gas station should charge you more for gassing up your car because it's expensive.
|by Anonymous||reply 50||12/09/2012|
[quote][R33], I think you mean Real Estate Broker.
R33 was a parody post.
|by Anonymous||reply 51||12/09/2012|
R49 - how exactly would a realtor done a better job if it couldn't close? So you didn't have any contract? That's just stupid.
If you have a good real estate attorney, I don't get why you'd need a realtor.
And stop comparing it to surgery - it's not. It's a financial transaction.
|by Anonymous||reply 52||12/09/2012|
In Canada, there's a company called Comfree that I see a lot of people using, now. Basically, they set you up to sell your property yourself without a broker or agent. For a basic fee, they provide the materials, forms, etc., you need to sell your place, and then they advertise your place for you. I live in a condo complex, and almost everyone who's sold in the past couple years has almost exclusively used this service. I find the units don't last on the market any longer than if a realtor listed it. When I sell my place, it's what I'm going to use - a lot more control over when your place shows, etc.
|by Anonymous||reply 53||12/09/2012|
How many of the men who sell real estate in NYC are gay? Seems to me a very high percentage.
And, yes, gay or straight, they're all idiots. Why is it that they never know how high the ceilings are? They make so much money for doing very little and knowing nothing.
|by Anonymous||reply 54||12/09/2012|
People wanting to buy a house need to know who the agent is working for. Many times its for the seller, not buyer (you). Find out first
Generally, Realtors know the ins and outs of an area and can, unlike years of google searches and flying to an area to hunt around, can narrow your wants and desires with what you can afford. I can continue to work my job and hire an agent or become that agent virtually full time to find a new home.
|by Anonymous||reply 55||12/09/2012|
R55 - then that's fine for people who are moving to a new area, but most people live within their areas and know what neighborhoods they'd like to be in.
I think it'd be foolish to buy a place in a new city where you've never lived before. Rent first, get to know the city, then buy.
|by Anonymous||reply 56||12/09/2012|
If your house sold after only six days on the market, it was under-priced. A good realtor would have known that. Perhaps you needed the money desperately, so you consciously priced it to sell immediately. A good realtor would have known that too, and taken advantage of the situation.
In NYC, realtors are essential for navigating coop board requirements. I speak as the former head of an admissions committee. A good realtor would put together an application properly. If the package was incomplete or inadequate, I wasn't about to waste my time or the time of my fellow directors by trying to piece it together. That's the buyer's job, and very few of them can do it without a good realtor to assist.
When I sold that apartment, I relied on a good realtor to sort out prospective buyers, to ensure that my buyer would pass the board (I couldn't vote on that transaction, after all). I also relied on her to filter out those curiosity seekers who had simply read about my place (or me) and wanted to see it. After all, if I had to leave the apartment for a showing, I wanted to make sure that there was a possibility that the customer would buy it.
The broker also assisted in the negotiations. Although negotiating is part of what I have done for a living, this was a special situation, in which emotions are likely to get involved. I am delighted to say that I sold for a record price for that building -- not even approached since. And I owe that largely to her. Yes, she got a bundle. But so did I, so I can hardly complain.
|by Anonymous||reply 57||12/09/2012|
[quote] Or would you rather go to the barber for surgery?
What's wrong with that?
|by Anonymous||reply 58||12/09/2012|
Out of the 6%, doesn't 3% go to the buyer's agent and 3% go to the seller's agent? If the buyer doesn't have an agent, then they get the full 6%.
|by Anonymous||reply 59||12/09/2012|
[R59] Where I live there has to be a broker an agent can't work alone. The broker also gets a piece.
|by Anonymous||reply 60||12/09/2012|
R33 - where I live, agents were partly responsible for driving prices UP and creating a lot of competition based on pure speculation - speculation THEY created. That's why I see a lot of them driving around BMWs, now, and living in million dollar homes.
|by Anonymous||reply 61||12/10/2012|
"Real estate only goes up!" "Buy now or be priced out forever!" "Everybody wants to live here!" "We're running out of land!"
How do you know if a realtor is lying? Their lips are moving.
|by Anonymous||reply 62||12/10/2012|
@R52 the issue had to do with the condo association and the odd method of parcelling out the property. An agent, specifically one versed in this development, would have known exactly how to handle the approval process, which required that several parties sign off on the transfer of the property. It wasn't a foreclosure, but was bank-owned, which added another layer of complexity to the transaction and the selling agent was a dedicated bank affiliate who didn't seem to care when the deal closed. The selling agent also didn't disclose anything they weren't legally required, which included what turned out to be a lengthy sign-off process, and accounted for 4 months of closing delays. Had I had an agent, they would have informed me of this time requirement so I could have waited to sell the place I was living, and pushed the seller/bank to get their act in gear. Or at least not let the selling agent repeatedly promise that it could close in 30 days and mislead me by 5 months.
Of course I could have paid my attorney to deal with it, but was it worth $250 an hour to have him perform the function? His bill would have undoubtedlly been a couple thousand dollars, and by the time I realized I needed help, I had done 90% of the leg work. He suggested a sternly worded letter from him, and to otherwise be patient - it would close eventually.
And in the interim, the inspection turned up a couple of minor problems, which slowed the approval process down while I negotiated with the agent over how the repairs would be performed.
The added cost was due to having to move out of the place I sold into a storage unit for 6 months, and then live in short-term rentals when I had to be in town for work. Fortunately, I had a consulting project I could work on anywhere I had an Internet connection, so I saved some cash by going to a vacation home I bought 10 years ago, 800 miles north and commuting when necessary. You can only crash at friends' homes for so long, especially if they're good friends and you want to keep them that way.
The whole mess could have been avoided and, ultimately, cost only the commission which would have been less than half what I spent due to the delays.
|by Anonymous||reply 63||12/10/2012|
How often does one buy or sell a home? The game that realtors have played for the past few decades is creating a market for their services, so I fully understand why most home buyers and sellers are reluctant to strike out on their own. As a buyer, it is practically impossible to see properties unless you’re working with a realtor. As a seller, the stark reality is that a realtor does not bring much value to the table in “hot” markets.
I recently bought one house and sold another in such an area. The property I bought was one I stumbled across just driving down the street. I was not even looking to move at the time but liked the location and price enough to make the inquiry. If anything, the seller’s agent was a hindrance to the whole buying process: completely incompetent to the point that I was about to walk away from the deal twice until the seller contacted me directly (without his agent’s knowledge) when he got the second notice to void the contract.
The same buyer agent I used for that transaction agreed to reduce her commission if I used her to sell my old property. The only thing she did was have “professional” photos taken that were then slapped up on a website. I conferred on prices with a couple of realtors but everyone was coming back with the same number I had come up with on my own (based on comp sales in the area), and that price was $25K more than what she said it should be. I staged my place without any advice, other than the oh-so-helpful “you might paint this one room a neutral color,” which is what I’d told her I was going to do before she did a walkthrough. The listing went live on a Friday morning, and I had six offers by the end of the weekend, all of them for list price or just above. There was an “open house” that first weekend, to which my realtor showed up 20 minutes late because she was still out putting signs up around the neighborhood while I was the one greeting people at the door. The buyer ended up being one of those that I met personally.
At the end of the day, everything she did, I could have done or actually did do. I could have saved the aggravation of having to communicate with the buyer through a third party. I also would not have had to pay her for essentially doing nothing but filling in some fields on a form, paying for some “professional” photos (honestly, they were not worth whatever she paid) and sending a few emails once there was a fish on the line. It's a racket.
|by Anonymous||reply 64||12/11/2012|
I think many here are confusing the duties of a Realtor/real estate agent/broker with a real estate attorney. Every transaction will likely require an attorney to navigate the legalities. I would not want my agent doing this work if I used one. Secondly, I think R53 is correct. There are many real estate marketing companies out there that will, for a flat fee, get your property advertised in a number of outlets some include the MLS. I used a service like this to sell a property and immediately had brokers calling for the listing. No thanks. Had a couple open houses I hosted, hired a competent attorney who guided the process and saved thousands of $$ in agent commissions.
|by Anonymous||reply 65||12/11/2012|
[quote]where I live, agents were partly responsible for driving prices UP and creating a lot of competition based on pure speculation - speculation THEY created.
No. That's not how basic laws of supply-and-demand work. Unless you're talking about a de facto monopoly (e.g. a single realtor controls listings in an incredibly sought-after small subdivision), every major housing market has too many realtors and too many buyers & sellers for speculation of this type to work. Truly overpriced/inflated-value homes don't sell in a cold OR hot market.
[quote]Every transaction will likely require an attorney to navigate the legalities.
Also no. I've bought seven properties (and sold six) and never used a lawyer. Any halfway-decent realtor and title officer will be able to handle just about any real estate transaction, 98% of which require nothing more than boilerplate forms.
All that said, I completely agree with the prevailing sentiment on this thread that the basic real-estate business model is fucked, and I remain surprised that it hasn't yet been disrupted, even though 90% of buyers do most of their house-hunting on their own via the Web and open houses. Brokerage houses had to completely restructure their businesses after people stopped using brokers and their outrageous commissions to buy individual stocks and instead bought them on their own via E*Trade and the like - why not real estate, too? I'd have to guess it's a combo of the MLS having a de facto monopoly on home listings, and denying access to its database to any "discount" realtors who don't go along with its 6% commission farce, as well as the reality that you really *do* have to go through hundreds of pages of documents in order to buy anything, along with myriad inspections and the like. While a real estate attorney can indeed handle much of it, and likely at a far lower cost, the standard remains to use realtors for most home purchases.
|by Anonymous||reply 66||12/11/2012|
I have many real estate agent friends.
They do a lot of work.
And they're mostly gorgeous men.
Most are college educated with advanced degrees.
Why don't you swim a bit in that circle before you comment.
Yeah, some pretension, but, for the most part, a good solid group of people
|by Anonymous||reply 67||12/11/2012|
same with ophthalmologists
|by Anonymous||reply 68||12/11/2012|
Isn't Fisbo the name of the clown on Modern Family?
|by Anonymous||reply 69||12/11/2012|
I'm a Realtor in a large East Coast city and have been in the business for 12 yrs. Last year I made $450K and was NOT even close to being a top earner in my office. My city's real estate market is most definitely dominated by gay men and the lifestyles of these men may look very lavish (cars, houses, wardrobe, restaurants, vacations, etc) but we work basically 7 days a week.
To say that a deal that goes under contract quickly required little work by the agent is ridiculous - so much behind the scenes work is going on. And besides, don't you want your house to go under contract quickly.
All Realtors I know DREAD working with FISBO's because they think they know what they are doing, do not know what they are doing, cause more work for all involved and run a very high risk of exposing themselves to a lawsuit.
|by Anonymous||reply 70||12/11/2012|
Hey, those poly blend blazers don't buy themselves.
R38 Of course he "sat." What did you expect him to do, miraculously rise up out of the wheelchair?
|by Anonymous||reply 71||12/11/2012|
R70, I agree with you that sellers should be represented by a professional most of the time, but are you willing to admit it's unfair for *buyers* to keep on paying 3% when they're doing the lion's share of the house-hunting work? (as opposed to pre-Internet days, when buyers' agents did 99% of it)
|by Anonymous||reply 72||12/11/2012|
|by Anonymous||reply 73||12/11/2012|
I personally have not seen any value in realtors I have worked, with the exception of realtors from before the internet age.
On the house I was selling, I contacted the "top" agent in the area. I told her I wanted many pictures of the house on the internet…she told me that the internet does not sell houses, realtors sell houses. She scheduled an open house, called the day of to tell me the house sitter (not her), could not be there. The eventual buyer shows up while I am in the yard to ask if the open house was here…I invited them in and showed them around and gave them pictures, floorplans/dimensions, property surveys - all of which the realtor advised me not to make available to buyers. I sold that house, paid the realtor 23K in commission and she didn't even show up to the fucking closing.
On the buy side, I found the house I wanted on the internet. It had listed plenty of information, photos and video. I called the listing agent, told her to meet me there. She was a big obstacle in communication between me and the sellers (we ultimately did establish contact and worked out the deal and plan to close). Their realtor walked away with full commission as listing and selling agent - for nothing. She never returned for her signs or her lockbox. Totally unprofessional.
It's a total racket and they join hands in their incompetence and will to keep you from getting to MLS without them
|by Anonymous||reply 74||12/11/2012|
r74, I highly doubt she was a "top agent". Dear, did she have her Papillon on her business card, too?
Successful agents are modern agents. Those who use internet technology to its maximum. Twitter, Facebook, apps....
I know of a company that I used in the DC area that does a lot of new condo sales. Not only are their agents beautiful, but their offices are amazing. They're all over the map. They have iPad apps, video email...it was a good experience.
In re: to the commission. While I initially thought it was a lot, what about commissions paid to sales people of defense systems, airplanes? The point is the higher the price tag the higher the commission (Lambo salesperson vs. Ford salesperson).
|by Anonymous||reply 75||12/11/2012|
Nobody wants to work with an ugly realtor. Our nation is SO sex-focused.
|by Anonymous||reply 76||12/11/2012|
R74, I'm sorry you had such terrible experiences with realtors, but I really don't think you can make a broad generalization based on their actions alone. I sold a house last year, and I know for a fact that my realtor spent over $7,000 on local magazine ads, designing a custom Web site for the home with the street address as the URL, and a professional photographer who produced over 40 stills for the listings both online and in print (and on flyers). It took nearly six months to get a reasonable, non-lowball offer on the place, it being moderately pricey and in a stagnant market, and we had three open houses and at least 40 showings. The realtor managed to get the place written up in the local newspaper's Sunday real estate section, something I most assuredly couldn't do on my own, and promoted it extensively to their existing base of buyers, one of whom eventually bought the place (and btw it was in my contract that I only had to pay a 4.5% commission if they represented both me and the buyer in the sale). When the title company totally fucked up and didn't discover until two days before closing that there was an outstanding lien on the place (mistakenly left over from the previous owner and an unpaid tax bill), and the title "expert" said it'd take at least six weeks to get the IRS to reverse the error, my realtor immediately found a tax specialist who got it taken care of in literally two DAYS (btw the buyers would've walked had the closing been delayed six weeks, since they were relocating their family over the summer and had a very limited window in which to move).
Anyway, I say all that even while thinking realtors are generally useless if you're seeking to buy a house, but I just wanted to point out that not all realtors are lazy, entitled bitches like the two you unfortunately ended up with.
|by Anonymous||reply 77||12/11/2012|
[quote]The point is the higher the price tag the higher the commission (Lambo salesperson vs. Ford salesperson).
Not really. Car salesmen earn their commission based on the differential between the sales price and invoice price; in many cases, even for luxury cars, the difference might only be $1K-$2K. Where luxury dealers *do* make more money is on leases, however.
|by Anonymous||reply 78||12/11/2012|
Precisely my point R75. You don't need a real estate license to pair a buyer with a seller. Each just need to know how to use modern technology.
IMO, commissions should be fixed, or at least capped.
By the way, I called her a Top Agent because she was among the highest in sales for her community, and that is what her local advertising claimed. I had worked with other's in the field and all agreed she was an all around cunt.
|by Anonymous||reply 79||12/11/2012|
[quote]By the way, I called her a Top Agent because she was among the highest in sales for her community, and that is what her local advertising claimed.
That's called "puffery," in a legal context. It's bullshit you can't really call her on without bona fide analysis. Btw I have a realtor acquaintance who advertises that he's a "top three-selling agent" as well, but conveniently leaves out that a) 80% of his total sales since 2006 came during '06-'07, and he made but *one* sale in all of 2010, and b) he's only the "top seller" in a very narrowly defined niche of the overall marketplace (multifamily investment properties between two and six units in size on single-family-intended lots).
|by Anonymous||reply 80||12/11/2012|
[quote]I told her I wanted many pictures of the house on the internet…she told me that the internet does not sell houses, realtors sell houses.
Oh hell no, I'd have transferred her to Mr. Click immediately.
|by Anonymous||reply 81||12/11/2012|
R77, it sounds like your need was much more unique than what a common seller would need. Thats extreme advertising and sounds like a very exclusive property where the buyer market is much more narrow. For that, I agree, you need (and apparently had) a good realtor who makes the investment to market, and went the extra mile to ensure that he/she did not lose the house due to contract/title issues.
As a buyer in the more common market, give me technology - access to property tax records, recent sales, internet show and tell sites like Trulia, Zillow and Realtor.com, and google street view of the neighborhood and I think I can narrow it down to 2 or 3 houses that I would ultimately want to see in person before buying. As a Seller, give me access to get my listing to that technology without paying a realtor to be the gatekeeper.
|by Anonymous||reply 82||12/11/2012|
I inherited a couple pieces of land in the middle of nowhere (Louisiana and I live in Los Angeles). The lots are apparently worth about 10k each. I contacted several small town real estate agents, and no one wants to deal with listing the land (small commission). What do I do? I don't want to pay property taxes on vacant land in the middle of nowhere for the rest of my life.
|by Anonymous||reply 83||12/11/2012|
R77, I really did not have a particularly unique realtor experience, nor was my house that "exclusive." It sold in the mid-six-figure range, which is upper-middle pricing for the city but by no means luxury level.
I agree that having open access to the kind of data points you mentioned is great, ideally, but in many areas there's no way to have access to anything approaching that level of data without going through a realtor. Final sale prices in my city, for instance, are not a matter of public record, and property tax valuations often have little to do with market value. (My home was undervalued 30% versus actual sale price by the city appraisers.) As such, Zillow value estimates here are similarly way off, since they base their estimates on both actual sale prices and city valuations levels.
|by Anonymous||reply 84||12/11/2012|
The bottom line is that they might sell one house a month or less. A car salesperson usually sells three or four cars a week and a pot dealer a pound or two a week. In realty the money comes slowly but in large amounts.
|by Anonymous||reply 85||12/11/2012|
R83. Donate it to the local town for a park, get a tax writeoff and maybe some publicity.
|by Anonymous||reply 86||12/11/2012|
Give it to a "church" you've incorporated, have "them" put up a garden shed on the land, no more tax!
|by Anonymous||reply 87||12/11/2012|
You made $450K this year, Realtor upthread? Fuck, fuck, fuck. Why did I even go to college?
|by Anonymous||reply 88||12/11/2012|
R70, If you list a home for a client and sell it, how much of the commission do you pocket on average?
I'm assuming you split the 6% commission equally with the buyer's agent. After marketing costs, etc., do you usually walk away with 2% of the sell price?
|by Anonymous||reply 89||12/11/2012|
No shit, I'd work 7 days a week for $450k a year. Work a few years and retire!
|by Anonymous||reply 90||12/11/2012|
$450K a YEAR? Chicken feed.
|by Anonymous||reply 91||12/11/2012|
Still "representing" yourself, huh, r20?
|by Anonymous||reply 92||12/11/2012|
They don't "deserve" anything.
They charge 6% and people blindly pay it.
When enough people refuse to pay, the rate will change.
Realtors are ripe for extinction.
|by Anonymous||reply 93||12/11/2012|
[quote] Final sale prices in my city, for instance, are not a matter of public record
Bullshit. Where do you live? Maybe you mean you live in a slacker state and they're not posted online yet.
This really isn't a "city" thing. It would be state.
|by Anonymous||reply 94||12/11/2012|
They're essentially tradespeople who have crafted a profession which exerts strangleholds on the market and an overinflated fee for services. Of course no one selling residential real estate is worth $450K a year - I don't give a shit how expensive the houses are. That would be laughable if it weren't obscene.
They are nothing but middlemen that essentially add little or nothing to the product or the economy.
Ahhh, they work 7 days a week. Poor babies. Lots of people work long hours and often 7 days a week.
|by Anonymous||reply 95||12/11/2012|
Didn't I. Dolly Lenz start out as a check-out girl at a Grand Union supermarket in Queens? And look at her now!
|by Anonymous||reply 96||12/14/2012|