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Realtors. Are you scared yet? More and more people realize that they have been ripped off for a long time
by realtors limiting access to the MLS. Well, now zillow.com and trulia.com are paving the way to cut your outrageous commissions. I sold the house myself and relied on zillow and craigslist plus a discount MLS listing firm. I sold the house in 3 weeks and saved a LOT of money. I also bought my new house without an agent and SAVED the 3% on the purchase price PLUS the standard negotiated amount. The sellers agent was desperate to sell so she loved this deal. All you need is an attorney that I had and a little bit of time to research properties available. I know not everyone is willing to do this, but the end of high commissions is near and you all know it. Realtors will not go away, but as car salesmen, you will see your commission plummet as people are empowered with access to the information. As they say, information wants to be free and it is happening and I guarantee that deep down you know that it is time to change your antiquated model of ripping people off with your 6%!
Tue May 13 2008, 09:21 - All locations - Home Buying - 382 answers
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Hi Virginia Homeowner: I am curious what you do for a living? How did you earn the funds required to purchase the home outlined in your question? Although it has been some time since your "statement " was posted, maybe you have been looking with interest at the answers. Would love to know.
As to some of the comments to this question between agents, all of the agents who choose to participate in this forum are aware that the questions are initiated by the public. Since we represent a profession, it is in our collective best interest to conduct our selves in a professional manner and refrain from debates on differences among ourselves — regardless of the stance taken by the person posing a question (or in this case, making a statement). Yesterday, 17:10
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http://en.wikipedia.org/wiki/Real_estate_agent#Dual_or_limit…
If you click on this highlighted area, it does indeed indicate that dual agency is not permitted in many states. In those in which it is permitted, there are often warnings and caveats for the performance of this agency. What else do you feel isn't backed up (I do, indeed, want to offer the facts behind what has shaped my sentiments). Ask, Patrick, and you shall receive- it's good for anyone reading, regardless of what they decide to do. Mon Jul 14 2008, 12:01 Web Reference: http://optonsrealty.com
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http://www.dos.state.ny.us/cnsl/dualagcy.html
Perhaps this will offer additional thought, perhaps not. Patrick, settle down- this isn't about YOU, it's about something that consumers have to deal with. Mon Jul 14 2008, 11:43 Web Reference: http://optionsrealty.com
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Non of your Links back up your earlier statement....at all
Back this up...This is the statement you are making "Meg, you are 100% correct about the lack of integrity in a "dual agency" situation- that's why most states have removed that option. To start a transaction representing a seller, then *oops* decide to renege is ridiculous for both buyers and sellers. That it nets the listing agent BOTH sides of the commission is the underlying reason that real estate agents participate in the practice. " What links? The DOJ & Wikipedia? those are the only links you have provided. This is what is wrong with Trulia, People just making such untrue statements. You have argued nothing. You have demonstrated nothing. I have told of when Dual agency can work and so has Sylvia. I am amazed a Broker would make such statements, and then when asked to back it up, NOT, and say she has. Mon Jul 14 2008, 11:19
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Patrick, you argued that dual agency hasn't been eliminated in most states.. I provided links that demonstrate that it has, and reiterate the point that you called untrue. Rather than belabor the point, read through the links. That you're fine with dual agency is your choice, and is quite telling. All finished on this subject.
Mon Jul 14 2008, 07:48 Web Reference: http://optionsrealty.com
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Regarding the thousands of people you speak about, who I can`t help?
Of course I can`t help them, They are not in my area. ~~~~~~~~ That's right Patrick, don't feel bad, you can't help everyone in the whole world. There are plenty of folks you do help, and that's what's important. :) Mon Jul 14 2008, 07:28
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No Tman,
Actually, I am bothered by her statement regarding dual agency, which I find to be so outrageous! and untrue. We have given her two examples of Dual agency that has helped consumers. All she can say is Oh!!!! It`s bad! it`s bad!. No it is not right for every situation, but not all Realtors who have done a dual agency are thieves. In addition. If you are going to quote an outside source, why leave off 37 pages?being the details. Regarding the thousands of people you speak about, who I can`t help? Of course I can`t help them, They are not in my area. Stick to the conversation. Stick to the facts. The both of you! Mon Jul 14 2008, 07:20 Web Reference: http://www.phoenixRealEstatePrices.com
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Good posts Laurie,
Don't let Patrick bother you ... he's just upset because thousands of folks are very successful without any of his help... - Mon Jul 14 2008, 02:56
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Hello! Concerned:
Congratulations on your sale! Thank you for your concerned. The Zillow.com and trulia.com real estate information cannot replace a live body to show home. As the information changed quickly ..software and hardware engineers have been out source to the different country and the manufacture jobs lost to the different countries. Thank you for your concerned. I think a good realtor will last long time because that is needed. Thank you again for your concern. Grace Sun Jul 13 2008, 20:46 Web Reference: http://gracekeng.wcrblogs.com/
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Congratulations on your sale! To be clear, there is no standard commission rate as that is prohibited by law. With this said, I personally have seen commissions as low as 4% and as high as 15%. There have been rumblings amongst a small segment of realtors who would like to charge per service. Personally, I think that would be a great idea because it would limit our liability and increase our income.
Sun Jul 13 2008, 20:19
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Administrator,
Please flag the posting by "Concerned" Home Buyer in Virgina. This person is using the site to vent frustrations and make disparaging and unfounded remarks about practitioners. This is in clear violation of the Community Guidelines. This individual is obviously deeply resentful for some reason - but that does not give carte blanche for inappropriate content. Hiring a professional is what one does when one cannot accomplish the task at hand - whther it be floor sanding, open heart surgery, or electrical wiring. I am happy for Concerned - but I wonder what is the real agenda for this posting. Sun Jul 13 2008, 20:13
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Wow that's some statement to a group of hard working people who have families to feed and bills to pay.
Sun Jul 13 2008, 19:56
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Thanks! Patrick! It was really hard work.
I don't know the percentage of short sales closing here but I have been hearing people around me saying 10% if even that, and a lot of people won't do it. But truly, I really don't care about the statistics on closing short sales; I just deal with them one at a time with a goal to close each and every one that I work on. I am pretty persistent that way. Money is not a lot with all that work and headache, but I really think I helped two families closing that short sale and I am very happy! :-) Sylvia Sun Jul 13 2008, 19:51 Web Reference: http://www.SylviaSellsMarin.com
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JR, if in NY they don't "get it", WE haven't consistently explained it, out of the gate (first substantive contact). The initial blank stares that I get with a required NYDOS-at-first-substantive-contact are amazing...then the loyalty kicks in, here in New York.
Sun Jul 13 2008, 19:25 Web Reference: http://optionsrealty.com
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My point was that most of the public doesn't get it, such as when they make statement like we can't work to get both the highest and the lowest price. In dual agency the agent DOESN'T work for both, neither does the seller work for both when the have both sides.
Sun Jul 13 2008, 19:03
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heaven help the real estate community? sure from instant Realtor in a can. Just add water and Poof, for $1.99 I can sell your house.
Sun Jul 13 2008, 18:56
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JR, that's where the twain meets: you DON'T work for both the buyer and the seller, because you CAN'T.
As that is the case, you can collect NO INFORMATION pertinent to the transaction from either side, because "fiduciary" as per most seller agency listings, doesn't disappear. Problem is, as you might or might not have observed, SOME agents (a large enough majority) don't GET IT. Until they do, we find it safer and more equitable to stick to one side of the equation without compromising it in any way. You appear to, as well- good for you, in an area rife with confusion- not as an agent, neccessarily, but as a person. Or, both. Sun Jul 13 2008, 18:55 Web Reference: http://optionsrealty.com
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And I think that Patrick is encouraging collusion in his state with that latest (I hope deleted) comment...heaven help the real estate community.
Sun Jul 13 2008, 18:47 Web Reference: http://optionsrealty.com
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Except, JR- a real estate agent, as you point out, in dual agency one cannot work for both buyer and seller.
~~~~~~~~~~ In dual agency, though, you DON'T work for both the buyer and seller. You act as a mediary and don't disclose to either. I would never do that, because the seller hired me to act in their best interest. It wouldn't be fair, IMO, to them. You also have to have both sides AGREE to dual agency. IMO with full dislosure there is nothing wrong with having a buyer customer and a seller client in the same transaction. By the way, I misspoke in my previous post where I said "we don't have dual agency" in NY, which of course you know. :) My brain was thinking transactional, which we don't have. Sun Jul 13 2008, 18:44
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