I met a couple yesterday that have been looking for 4 years for a house with storage for 5 cars (heâ€™s a collector) and he said â€œyou wouldnâ€™t think that would be that hard to findâ€. Since most Multiple Listing Services top out at 3 cars you canâ€™t search for 5 cars. So I reached out to the entire Real Estate community in Dutchess County via email looking for such a listingâ€¦. I found 10 homes that match his criteria. He spent years I found 10 in an afternoon. Obviously that is a service he or you cannot provide for yourselves.
I usually donâ€™t answer the stupid questions on Trulia but I just thought I would share this with my fellow Realtors. Oh and by the way I think we should blame car dealers for the collapse of GM & Chrysler which Billions of tax payer dollars went to saveâ€¦. Same premises
We do difficult work that requires experience, knowledge and attention to detail which basically means it takes smartness, hardware and extensive studies and work to be able to help clients. And after all this, no one would take less money to do the work needed.
The value we give is a lot but not realized by some people.
read all the threads and forums here and on zillow....it seems to me that our commission structure, and our industry is scrutinized, debated and critiqued.. ALL the time!
I feel no obligation to defend or explain it........
Fortunately, for you, there are vaious business models available today....some with flat fee structures or a la carte menu options................find one you are comfortable with.
Actually, if you as a home owner are looking for discount and to cut corners, the worst thing that can happen is that you â€™d find out the real reason it did not sell in the first place and if do decide to list it again you wonâ€™t make the same mistake twice. I will put my experience, motivation and upbeat attitude to work for you. But these things can not be done alone. With your help and working together I am confident that we would make a great team. Clients satisfaction most be our foremost goal. If you have any questions or thoughts, I will be delighted to hear from you.
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
Keep in mind that commissions are always negotiable between you and your agent, there are no set standards, therefore it's wise to choose an agent with care as not all are created equal....
Furthermore, the commission provides a barrier to speculation. Meaning that higher the cost of doing business as a developer, investor etc in the real estate sector the more cautious and thorough they are and deters unchecked speculative behavior. Though, it isn't always enough of a deterent as we recently saw; however, it would have been much worse had the costs of buying and selling were less.
1. Scrutinized? Real estate markets are open markets. Buyers and Sellers negotiate freely in those markets. Most all real estate commissions are paid by Sellers, not Buyers. (Don't think because it's included in the price the Buyer is paying it; if the Seller could get that price without the commission they would and the Buyer would pay it!). Sellers are free to negotiate with different real estate brokers to establish the terms of their contract to list and sell the home. This includes negotiating the amount of the commission. No one is forcing the Seller to pay; certainly no one is forcing the Seller to pay 6% commission. So, what is there to scrutinize? And who would do the scrutinizing?
2. Speaking of the real-estate debacle: do you remember Foxton's? This was the famous real estate brokerage that undercut all other real estate firms with a low 2% commission (I think it was 2%, I'm old, I forget stuff). Oh, you've never heard of Foxton's? That's because the firm couldn't survive in a "normal" real estate market with such a low commission structure. It costs money to run a business that is dedicated to doing one thing, like build computers, process credit card transactions (a nod to Mack: PayPal) or sell homes.
Post meltdown I met many former Foxton's agents as they transitioned over to other real estate offices to attempt to continue their real estate sales careers. I've been doing this a LONG time and I found many (but not all) of these former Foxton's folks to be only a step above "clerk" in terms of their sales abilities. In my travels throughout my local market here and the many real estate offices I have visited since the meltdown, I noticed that many of these former Foxton's folks are long gone; they couldn't cut it. I guess that says something both about what skillset was required to earn a 2% commission. Those Foxton's agents---and there are many---who successfully transitioned had the necessary understanding of sales as a profession.
3. I bought my first home from a FSBO and sold it years later myself as FSBO. I'm not a real estate agent, never have been. But I'm a professional salesperson with lots of real world experience in the real estate industry. I will tell you in both situations, the buy and then the sell, I wanted to shoot myself several times due to the frustrations of dealing with people who were neither sales professionals nor experienced in real estate transactions. In other words, I muddled through the FSBO experience, but only with much aggravation and I would not recommend the average person do the same.
4. There's nothing "punitive" about the process of buying a home (except trying to get a mortgage in the "punishing" lending environment of 2012-2013!!! LOL). It's a happy time buying and selling a home and there's a process and a system in place. Hiring professional salespeople to sell your home and pay them a fair, market-based commission to do so isn't such a terrible part of the process. Visiting homes with Purple wallpaper, shag carpets that haven't been shampooed since the 80's, now THOSE are terrible parts of the process!
5. You can wash your car yourself, but doesn't it look so much better when you bring it to a professional? And that's just washing the car! Selling a home is a bit more complicated; just a bit. :-)
Oh, wait, that's FIVE observations. I get carried away sometimes...
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
For buyers - oh my! Is the home in a flood zone, FEMA recently updated their maps, are all the c/o's in place, is this in or near a superfund site, what surprises will you get after your in contract. Hope they have a keen eye for the subtle like GFI's need to be installed, is that asbestos or hardy board?
Realtors also have knowledge and access to a multitude of reference sites to provide to buyers, such as parcel outlines, schools, and information about the community. We add a tremendous value and expertise, convenience and mutual respect to both buyers and sellers while upholding our iduciary responsibilities.
To buy a $50,000 bauble from a reputable auction house costs the seller between 15% and 25% of the strike price, plus a 10%-20% "buyer's premium" tacked on to that. Given that it's easy to find a Tiffany lamp online, you might say, well, I'll go to eBay, in which case, they'll nick the seller for a couple of points and PayPal will tack on 2.9% (or a credit card company will take a piece) for doing, what, exactly?
Here's a secret - promise not to tell anyone, right? You don't need a real estate broker. It's not mandatory. It's not required. Just because 80% or so of residential transactions involve real estate agents doesn't mean that it's a law. And this is at every price point - people use agents for $50,000 bungalows and $25,000,000 estates. Normal, everyday people use agents, and so do incredibly sophisticated deal makers. Donald Trump uses real estate agents, for goodness' sake.
And if you care to do the math, when the house sells for less, that commission is reduced...it's a percentage of the sales price.
If you don't think Realtors offer value, sell it yourself. National Association of Reatlors statistics prove out that Realtor represented homes sell for over 20% more than For Sale By Owners.
We also pay monthly dues to MLS, boards, CAR and advertising etc which can cost us anywhere between $1000-5000/month even if we did not make a cent that month from the hard work trying to reach the buyers and sellers who come with a little interest to buy or sell home and walk them thru the process whether or not they are going to commit to this transaction.
This is really more work and less money.
Thanks for bringing up the question.