Ann-marie Doerhoff

I found two houses I liked without a realtor. One I used the listing agent as a transaction broker and the other I hired a “discount buyer’s agent” that refunded me $10,000 at closing. In this buyers market you do not need a realtor to help you find a house. A buyer’s agent’s main interest is the commission so it is in their best interest for you to pay as much as you are willing since they typically get 3% of the sale price. All of the advice that you need a “buyer’s agent” came from realtors. They want you to think they offer some invaluable service. I do not think realtors compare to brain surgeons or lawyers. I think soon their role in the sale/purchase of homes will decrease due to the internet. Remember the days when only insurance brokers sold insurance? The internet made them obsolete. For a $500,000 home somewhere in the contract is included the 3% for the buyer’s agent of $15,000. Realtors do not work for free. You can look at MLS information on the internet to determine a good offering price. Take into account days on market, how bad the people want to sell, similar property prices, etc. The one thing an agent can look at is if a home sold but has not fully closed. They could probably find out the sale price before it becomes public record. You can do it. Either hire the listing agent as a transaction broker or hire your own discount buyer’s agent if the listing agent will not be the transaction broker. Check out this article: http://www.slate.com/id/2105114/ - Wed Mar 12 2008, 13:40

Do not use an agent if possible. In a small market it might be necessary but otherwise you can do it yourself. Think about the real estate agent model - 3% commision if they sell your house that they get only if you sell. They have a huge incentive to convince you to take lower offers because they only lose a little while you lose a lot. On a $100,000 house, if you get an offer for $80,000 they would "lose" $600 and you would lose $20,000. Very bad business model. At higher prices, the numbers look worse. I think the only way to hire an agent is by paying them a flat fee. I can't think of many other professions where people are paid a percentage of what they sell. I think people should be paid based on what they do, by the hour or salary. Like I am.

I sold our house by using only Craig's list (no sign in the yard) in 2 weeks. To sell your home you need to PRICE IT RIGHT (MOST IMPORTANT, be realistic), advertise to the market, and stage it right. You can look on the MLS (many websites offer free access), Trulia.com, and RealestateABC to determine the prices in the local area. You can even go look at some homes for sale in your local area. You can post your house for sale on Craig's List and Trulia for free. If you need to, you can get it on the MLS for less than $500 (shop around for this service too). Google staging your home to figure out how to make your home look appealing to buyers. Less is more. Get rid of all clutter and strange art work. Paint the walls a neutral color. (http://www.jimmessenger.com/22-things-agents-do.php) Price is the most important part of selling still though. Price is not what you think your home is worth, it what someone else will pay for it. Period. - Thu Oct 11 2007, 13:01