Home Selling in Long Beach>Question Details

Karen Miller, Real Estate Pro in Long Beach, CA

This qustion in for consumers, not Realtors. Would you refer your previous Realtor to a friend. Why?

Asked by Karen Miller, Long Beach, CA Sun Nov 11, 2007

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N,
It is unfortunate that you view Realtors as a commodity. If you believe that nothing matters other than price, it is becuase you are unable to ascertain the differences in education, skill, data interpretation, and quality. In real estate, as in any profession, there are strong, mediocre and weak players. Perhaps some day you will spend some time w/ one or more fantastic Realtors who will help you realize the value and support Realtors can provide.
D
5 votes Thank Flag Link Mon Nov 19, 2007
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
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I am a realtor now but was a consumer when I bought my first home, using a realtor. She was wonderful. We also used her to sell our home. Unfortunately we bought our next home from a FSBUS. I made a vow to always use a realtor after that.
4 votes Thank Flag Link Sun Nov 18, 2007
The agent will not receive the total $12,000 commission. They will split that with their broker and depending on their split may receive half that.
3 votes Thank Flag Link Sun Nov 18, 2007
Unfortunately, my experience is that most realtors are neither competent, nor trustworthy. Their goal is rather simple: Get the transaction done, whether it's good for their client or not; no deal -- no commission.

The harsh reality is that realtors are becoming obsolete. You can get most of the information you need about houses on the market and previous sale prices by looking online. Ziprealty, Homeseekers, and Zillow.com are a few sites you can visit to search for available homes in the neighborhood of your choice. These sites offer a wealth of information about each property and allow you to compare listings.

With that said, if you are not from the area, a competent realtor (if you can find one) is beneficial. For example, they can refer you to a good home inspector - which is a MUST for any home purchase.

If you do use a realtor, much sure they rebate or refund part of their commission to you. Many consumers don’t know that most realtors will refund part of their commission (a refund of 25-33% is the market rate). If they are not willing to rebate, there will be many more willing to do so, as the market is slow (and will slow dramatically in the coming months).

Best of luck to you.

As a side note, I expect to have at least 5 thumbs down by upset realtors by week’s end.

NewportFiji
3 votes Thank Flag Link Sun Nov 18, 2007
Sylvia wrote:
I think your question is great. and I appreciate having this chance to brag about my wonderful broker in Texas, once again (even with 3TDs because I am a realtor, it's worth the opportunity) -
~~~~~~~~~~~~
Hey, don't feel bad, so did I--apparently because I pointed out the agent didn't make the full amount the poster said she did! It seems you get thumbs down for TELLING THE TRUTH! Go figure.
2 votes Thank Flag Link Tue Nov 20, 2007
For the sale of my previous home I chose a new agent in a large local brokerage. My rationale was she would spend more time on my listing but have the back-up experience of the office. At the time she was committed to a certain amount of advertising space through her office and without a lot of listings I received good exposure.

I still carry a couple of her business cards in my wallet 3 years later.
2 votes Thank Flag Link Tue Nov 20, 2007
Hi Karen:

I think your question is great. and I appreciate having this chance to brag about my wonderful broker in Texas, once again (even with 3TDs because I am a realtor, it's worth the opportunity) - by the way, the house was my starter home, and he is a full service broker, there was no rebate from him, the commission was low, I was out of town, and he did miracles.

Realtor like Tom in Texas are more than you'd ever know; now that I get to know them in person.

The only problem is that when somebody has a hidden agenda, the person can turn any good thing into a negative experience. Just the way they operate.

I would not worry about this; and thanks again for a wonderful question!

Sylvia
1 vote Thank Flag Link Mon Nov 19, 2007
Sylvia Barry,…, Real Estate Pro in Marin, CA
MVP'08
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Thank you Deborah! I couldn't agree with you more. I didn't respond to "N" because it appeared that he was trying to incite a strong response that would justify his negative feelings about Realtors. I'm sorry that he doesn't feel he deserves his full commission. I guess that's why he's so secretive about his identity, he's ashamed!

I didn't mean for this question to turn into a discussion of commission & kickbacks. I'm always working to improve my skills (as most Realtors generally are), and I thought it would be helpful for recent buyers & selles of property to share what they liked & what they didn't like about their agents. Perhaps I should have worded my question more carefully.

Karen Miller
1 vote Thank Flag Link Mon Nov 19, 2007
JR is correct, the agent may be required to share a portion of the commission with the broker or "house". Generally splits will be between 5 - 50% to the house. However, any rebate will be treated as an "off-the-top" expense. Thus, makes it even easier to obtain a rebate or commission share with your agent. The reality is that it is a smaller percentage of the sharing is coming out of your agent's pocket, as the broker or "house" must share the rebate as well. Best of luck in obtaining your commission sharing with your agent and don't settle for less than 25%. The reality is that it is your money as you're paying the purchase price!!!
1 vote Thank Flag Link Mon Nov 19, 2007
K, to "rebate" or "refund" a part of the commission means that your realtor will share their commission with you. For example, if you have a realtor assist you in buying a home, they will generally get a 2.5-3% commission when the deal closes from the seller. Thus, if you buy a home for $500,000, your broker will be paid $12,500 to $15K by the seller -- a lot of money for the hours they spend on most transactions. If your broker "shares" a mere 25% of the commission with you for the purchase of a $500K home, the broker will receive $10,000-$11,000 and you would receive $3,000 – $4,000. Although you would NEVER have a realtor volunteer this information, this is a routine practice known by all sophisticated buyers. Unfortunately, most first time buyers are not aware of this practice and they are the ones that need it most. Again, insist on the rebate or commission sharing from your realtor. If they are not willing to do it, the next realtor will. Best of luck on your home search.

NewportFiji
1 vote Thank Flag Link Sun Nov 18, 2007
Newportfiji,
What do you mean by refund or rebate the commission?
K.
1 vote Thank Flag Link Sun Nov 18, 2007
I am a Realtor now but I was a consumer once before.

I would definitely recommend my Texas Realtor who did everything to help us sell our house while we were out of town homeowners. We hired one agent prior and did not like his service. Then I found Tom Levin while call real estate office listed on the yellow pages. I talked to him and found out we used to work for the same high tech company and I knew he had the same work ethics and the can do will do spirit. I hired him.

Tom turned out to be a god sent. He did every thing for us while we are out of town.
for what amounts to $3,000 commission. I think he is worth more than his weight in this case.

I will recommend him anytime.

Sylvia
1 vote Thank Flag Link Sun Nov 11, 2007
Sylvia Barry,…, Real Estate Pro in Marin, CA
MVP'08
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Newportfiji is an agent? What rebate is he talking about? How much rebate do you think we can give to the buyers or sellers if we only get 2.5% from a less than $200k sale?
0 votes Thank Flag Link Mon Aug 24, 2009
Hi J. R.:

That's why TDs do not matter to me much. I know what I believe in. I also know when I deserve one - i do give sloppy answers sometimes when I am busy or late (I am a night owl) and TD does bring that to my attention. I give myself a mental note to watch out and hopefully I do better next time and go on.

Thanks for the support :-))

Cheers,
Sylvia
0 votes Thank Flag Link Tue Nov 20, 2007
Sylvia Barry,…, Real Estate Pro in Marin, CA
MVP'08
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I was happy with the agent who sold my last house, and would definitely recommend her. It was sold in 7 days, although we priced slightly under market value, and the home was completely remodeled to the 9s. She also took a 1.5% commission, which the other brokers who interviewed with us also offered, but she was willing to do the open houses vs. assistants, she lived 1 block away to be available for last minute showings, and let our dog stay at her house during open houses and showings.
0 votes Thank Flag Link Mon Nov 19, 2007
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