Who has heard about a web site called Housepad.com? Listings are in FMLS

Asked by J, Atlanta, GA Fri Feb 29, 2008

and the broker is in the state of PA! For sale by owner properties are showing up in the FMLS? How do agents feel about this? Showing agents must contact the sellers of these properties directly and most likely will never speak with the listing agent? Is this the beginning of the END of the "listing agent" as we know it?

Help the community by answering this question:

+ web reference
Web reference:

Answers

80
Lee Taylor, Agent, Decatur, GA
Sat Mar 1, 2008
Keith in Glendale's point is a valid consideration for the broader community of brokers. Nevertheless, the emergence of alternative brokerage models has been years in the making and many of these models are highly functional success stories. Many are not - I can certainly point to a higher percentage of withdrawn and expired listings from my discount competition. Their casualties in this market are piling up.

How do agents feel about this? Well, it depends on how an agent defines their business. It depends on whether the agent is merely dependent on a broker for their menial livelihood or whether the agent has a compelling, hyper-local business model that is based on lead generation and high level consultation.

According to the NAR, the average agent completes 6 transactions per year, earns gross commisions of about $36,000 per year and nets about $21,000 per year. What does that mean to me? It means that average is failure, and I believe that many average agents are crippled in this market. Many won't even complete 6 transactions this year.

By profession, I am a consultant. Consulting is nothing more than the application by a specialist of technical information to a problem which, when solved, offers a disproportionate benefit to the client compared to the fee he pays.

So, does housepad.com offer disproportionate benefit. Sure - low risk, low cost, potentially high reward. Does this disproportionate benefit work for most folks? No. Most people don't have the free time, don't have the will and don't have the expertise to facilitate a complex real estate transaction from the beginning point of detailed due diligence, to the end point of a fully funded, timely "win / win" closing.

My Listing clients are busy professionals - doctors, lawyers, business executives and tradespeople - a lot of the disproportionate benefit they receive from The Rootdown Group is simply the gift of time.

My fees are negotiable, and when I am dealing directly with an unrepresented seller, I , just like Joshua Jarvis, relish the opportunity.

I like being smarter than the other agent, and surely I'm smarter than some telemarketer in Pennsylvania who works 8 hours a day managing hundreds of $300 transactional, nationwide clients clamoring for service and squeezing every ounce of so-called "value" out of the so-called "broker", in between their 15 minutes per hour smoke breaks.

That's not hyper-local, and real estate agency is becoming increasingly hyper-local.

Get your real estate on, J.
6 votes
Cindy, Both Buyer And Seller, Atlanta, GA
Mon Mar 31, 2008
Rhonda Duffy, please get your SPAM answer off a reputable company's BLOG like Trulia.
I've heard nothing but bad things about your company and neighbors whom have used your 'service' got what they paid for... no service! Furthermore, their house only sold because they were desperate to move and guess who came in with an offer? a fellow Duffy Buyer's Agent with a low-ball offer and and a closing price MUCH less than what you listed it at and what they wanted! What a true disgrace!
5 votes
Thank you Cindy. You are honest. It is a disgrace for an agent to take advantage of someone's ill situation. We are all human and need to beware of this flaw in all of us. We are not animals and can make a better choice. Thanks once again Cindy for the exposure.
Flag Sun Dec 15, 2013
Victor Kamin…, Agent, Edison, NJ
Sun Jan 18, 2009
You're Excused John but how exactly do you think a lot of the buyers find out about the properties or get hooked up with buyers agents that introduce them to the properties?

YES... from the advertising the listing agents do, your SO smart, I knew you'd get that one.

That's right, Buyers don't look for agents, they look for houses and consequently contact a real estate agent to get more info about the property, schedule showings and eventually show more houses. It's a vicious cycle and 99.999999% of people don't buy the house which they called on or wanted to get more info about in the first place.

Please spare us the "I used to be a realtor but wasn't successful and couldn't make it but still know it all anyway and now am angry toward all those who are Realtors now routine. It's played out, old and another vicious cycle in this industry.

Please don't speak for the rest of us who are Realtors, ARE Professionals, ARE respectable and upstanding people that truly do care about our clients and in the process are making money.

Just because your main focus might have been greed and didn't work out for ya and consequently may have also been the part that was your shortcoming doesn't mean the same applies to all other agents out there.

This market is a great time to filter out all the garbage Realtors that cannot make it because they had no place being Realtors in the first place, don't care to further their real estate education after getting their licenses to increase their knowledge and better serve their clients and as a result make more money.
And It wont rid us of ALL bad agents because no matter what there will always be garbage in every line of work. If you knew of any of these agents that were only looking out for their commission and not the best interest of their clients and did not report them to your broker or real estate commission for wrong doing then you were part of the problem as well. Besides, tell me anyone out there doesn't have a co-worker who has no clue what they are doing and are just crappy employees.

I enjoy the part where you protect the buyer agents and how much they are worth because they run around a lot and waste a lot of gas but we all do it. Any good agent has to work with both buyers and sellers but should focus a little more on the listing side because chances are that a listing will sell vs. working with one buyer, when it comes to buyers sometimes its a numbers game. In case you never noticed most, not all but most buyers are not loyal to an agent that may in deed be a good agent and loyal to the buyer.

Getting listings takes skills as does marketing them properly. Open houses rarely sell houses but most sellers want them and they should be done because you should not close out any possible way of attracting attention to the property.

Anyway, I'm sure all the successful Realtors enjoy your commentary. It's not like its that often they are being degraded and talked down to by other jealous agents, those who have tried and failed or even the general public which gets angry for needing to go to an agent because they couldn't sell it themselves realizing it's not so easy or cheap to sell a house and that it just kills them having to pay an experienced agent to do the job which usually cost less than their first price reduction from a grossly over priced listing to begin with.

By the way John, commissions are negotiable in New Jersey although as a listing agent I get a say in how much I will charge. Negotiations don't only work down in price, there are many other factors to consider as well but my point not to ramble too much is who are you to say how much any particular agents services are or are not worth?

Do you haggle with attorneys on their fees? How about a good plumber? A good home inspector? Just out of curiosity.

Note: Tongue in Cheek sarcasm or Humor depending who's reading this ;-D
Of course none of this rambling requires an answer or reply, nor is one expected.

One last note, You say Buyers agent sell homes actually they don't. You know what sells homes?
The Home, its location, features & price. The agent is an additional component that brings the buyer and seller together by cooperating with other agents and doing so for a fee which they are free to negotiate as well. A buyers agent especially a good one knows the value of their services, doesn't work with every client that walks thru the door and sets the fee which they are willing to work for just like any other professional in a document which is called an exclusive buyers agency agreement. This is a bi-lateral contract among the buyer and agent of what each parties duties are and the fee which will be charged. Just thought you should know.

Cheers and Good Day to All...
4 votes
John, Both Buyer And Seller, Arizona
Sun Jan 18, 2009
Excuse me but I was a realtor faor years, and I can honestly say that the majority of the realtors I dealt with don't care about their clients. The only care about the commission. Which is the American way, I guess. I have listed home, and to this day, still think the listing agent is making a lot of money for doing nothing. Please don't bring up the hour of advertising and holding open house. These actions do not sell houses. Their purpose is to get more clients for the listing agent. What sells houses is buyer's brokers, plain and simple, and for this service, the agent deserves the commission. Chasing around with buyers is time consuming and exhausting and deserves payment. In a fair world, there would be an mls open for all to research sales in their area and list their properties without a listing agent.. They could then appropriately price their properties and agents would concentrate on showing buyers the appropritate properties. This would be fair and just. The current system of listing homes for 3% is, simply stated, a gross overcharge of the public.
3 votes
Lorrie Thomas, , Kennesaw, GA
Tue Apr 1, 2008
I am a Realtor and I think Housepad.com is great! Why? Because in this market you need more to sell a home than just listing it in the local mls. So, when the owner gets serious about getting their home sold they will seek the services of a full service Realtor and appreciate them for what they do. So, I think they are great competition (if all my competition was like that it would be wonderful). It is definitely NOT the end of the listing agent as we know it.

I have picked up a new listing before that had previously been listed on Housepad.com and the owners contacted me and were ready to seriously market their home and sell it.

There are a few others out there similar to Housepad.com, one of the others is Iggyshouse.com Have you heard of that one?
3 votes
Kathy Drewien…, , Atlanta, GA
Mon Mar 3, 2008
Consumers deserve, and have demanded, alternatives to the traditional ways of doing business -- in the music industry, in the movie industry, in the travel industry. Who are we to think same ol', same ol' is gonna work in the real estate industry?

We either adapt or die.
3 votes
Jennifer K G…, , Canton, GA
Wed Apr 2, 2008
Ouch! We don't need bashing in here! Everyone can go about this business in their own way, there is plenty of Atlanta real estate business to go around for all of us!
Web Reference:  http://www.jennsellsfast.com
2 votes
Mark McFarla…, , Pierce County, ND
Tue Apr 1, 2008
We have had companies pop up like this in the Seattle market for the past 25 years,and one thing for sure ALWAYS happens,THEY CLOSE UP AND GO OUT OF BUISSNESS!!!!!!!!! These companies will always be around,and they will always close up their doors.The consumer will finally realize that they need SERVICE to get their home sold,as the old saying goes,you get what you pay for,and in this market,you need a good full time Realtor to get your home sold for the most amount of money!
Mark McFarland
Windermere South Inc.
Puyallup,Washington.
2 votes
J.D. "Dan" &…, Agent, Orange Park, FL
Wed Mar 26, 2008
There are many models in the real estate industry and this is just another. I find it amazing when I search around that site to see where I end up. Each of you should try it. I am not opposed to various sites being able to post my listings since it is my job to get the home exposed as much as possible.

Is this the end of the "listing agent"? Not hardly. When times are good the discounters come out of the wall. A few years ago there were signs on every street for a company that advertised "Friends don't let friends 6%" Now the streets have traditional signs on them.

I would say that with market conditions the way they are right now the "Glorified FSBO" is almost a thing of the past.

JD “Dan” Weisenburger, GRI
Broker-Associate REALTOR®
Vanguard Realty, Inc. GMAC Real Estate
Web Reference:  http://www.neflahomes.com
2 votes
Paul Webster, , Smyrna Ga 30126
Wed Mar 26, 2008
I welcome the flat fee companys. In the Atlanta market the major ones are losing market share and the bad word of mouth travels well here. It also keeps the full time agents on their toes in marketing adn prospecting. By the time the FSBOs are tired of posting to craigslist, backpage iggyshouse and seeing no results they are welcome to a full service Realtor. I on the other hand work with some of those people as they try and if they are not successful in selling they list with me or a refferal agent
2 votes
Keith Sorem, Agent, Glendale, CA
Fri Feb 29, 2008
J
Thank you for your post. Your profile says you are "just looking" in Atlanta. You sound like a Realtor?

Just to clarify, it sounds to me as though FMLS has a feed or data share with somebody who is in turn doing the same with Housepad.com

Somebody should notify the MLS association. I am on the MLS board in Glendale, CA and we are in the process of negotiating with a third party who, we found out, wants the rights to send our data anywhere. Whoa! Stop the horses! We are evaluating that proposal because we do deserve to control out data. Once it goes out into cyberspace, who knows?

Remember the listings remain with the broker. For third parties to "borrow" listing data is in violation of copyright and ownership. Just my take on this.
2 votes
J R, , New York, NY
Sun Mar 15, 2009
That's where you're wrong Ed. The Realtors (including Listing Agents) FUND the MLS with their dues. Without the Realtors there would be no MLS. If there were no Realtors Listing Agents contributing their listings to the MLS there would be no MLS for the public to put their overpriced FSBOs on.

Please clarify exactly how "sweeping adjustments" on Wall Street and in the governments will change how listing agents work. I guess you'll answer that when you answer Victor and my query about how exactly listing agents are being squeezed out of the formula. Tick tock tick tock.
1 vote
J R, , New York, NY
Sun Mar 15, 2009
Ed, again, you obviously have no idea what you are talking about. Victor is 100% right: who do you think puts the listings on the MLS. Where you you think buyers COME from. Do you think people randomly Google "Atlanta GA real estate" and pick a random name? Another good point Victor makes: buyer's agents will have to charge, even if you don't buy. That model has already been tried, and people do not want to pay for something they've been getting for nothing. You are free eto continue to believe that buyers agents are more “essential” than listing agents, but I’m sure there are people here who would just as passionately argue THAT point. They would as why do you even need a buyer’s agent, Ed, when you can simply go on line and find a house for sale (that a listing agent has put on the MLS, by the way)? The fact is, you are a seller who has listed a house. You don't think your agent is working very hard. You probably also think your agent has nothing to do, or should be doing nothing all day but working exclusively for you. Your agent has other clients, and no doubt your agent is working with buyers, possibly as a buyer's agent.

Like Victor, I'd like to see some proof of your repeated statement "listing agents are currently being squeezed out of the sales formula " and "buyer’s agents are more essential to a sale than listing agents" . If ANY agents are "being downsized" (interesting terminology for an independent contractor who cannot be downsized) it is because there are few sales being made at this time, and they are going into other fields.
1 vote
Ed Cage, Home Seller, Plano, TX
Sat Mar 14, 2009
Victor I’m afraid you’ve missed the point as to why listing agents are sharply declining and buyer’s agents are on the upswing.
.
* * * BUYER’S AGENTS DO MUCH MORE FOR THE MONEY * * *
.
Listing agents will starve if buyer’s agents find ways around them.
.
That is exactly what is currently happening.
1 vote
Alan, Both Buyer And Seller, Florida
Mon Apr 28, 2008
I am a customer looking at posting 2 listings on housepad.com. In my opinion, no need to feed the agent more than you have to. Paying 5%-7%, some I see as high as 10%, to agents to do contract paper work that take less than an 1 hour is ridiculous. That's $5K-$10K lost on a $100K house which I had to sit on for more than 5 years. To all customers, if you can read and write in English, it will only take you 1 hour or less to do the contract. If you still can't figure it out, have housepad or other assist you and all you have to do is sign the paper when it is sold. These agents are shark, we the customers are guppies, that's what I learned in real estate class. On the other hand, if you don't have the time or have too much money and need to give some away, then go ahead and use an agent. Be smart and save$$$.
1 vote
I sold 1 house using housepad. simple process. Sorry to insult the agents who feel otherwise. the buyer's agent was more than to deal direct with me. I got top dollar and the house sold pretty quick. ready to sell my current home now.
Flag Sat May 14, 2016
this is the funniest thing I have ever read!!! I hope when you need heart surgery you tell your heart surgeon to drop his price because he is just a scalpel pusher.. idiot!
Flag Tue Jun 11, 2013
That is the funniest thing I have ever read in my life!!! why don't you go tell your heart surgeon when you need heart surgery to drop his fee because all he is .. is a scalpel pusher...moron!
Flag Tue Jun 11, 2013
J R, , New York, NY
Mon Mar 3, 2008
I've seen Housepad.com for a while, along with Century21clickit.com and some others. There are a few extremely overpriced housepad listings near me. It's the listing progression: first we try FSBO, then a MLS flat fee company, then we list with an agent who tells us what we want to hear in stead of the truth. After that they either list with an agent like myself who tells them the truth, or continue to decay on the market for years. Their choice. I show these listings when they are priced right, NOT when they are overpriced. I don't particularly care to deal with the homeowner. I ask them to turn on the lights, leave the door open and vacate the premesis, like I do with any other house I show.
1 vote
Joshua Jarvis, Agent, Duluth, GA
Fri Feb 29, 2008
It's great! In this market, with so much on the market it does nothing but reinforce a real estate agents skills. Statistically, an agent will save you money (by negotiating, marketing,etc) over using a flat fee or going it on your own. It's proven out time and time again, and of course, that's why the market share of the discounts is dwindling with some going out of business.

When we get back to a seller's market, we'll see the discounters rear their head again.

As for housepad or whatever else, I will show my buyers what they want to see. We have an agreement in place that says they will pay for any deficiencies in the commission structure.

I love the flat fee and fsbo listings! I know I can easily save my clients more than the average % for the area.

As a side note, the deals or non-deals are usually quicker when working directly with the seller. Since they don't have an agent who is fighting for the deal, non-motivated sellers will "kill" the deal much faster. So that's a plus as it allows owners to move on.

It's not the end of listing agents, it's just another flat fee/discount "by owner" company
1 vote
Carol Wilson, Agent, MARIETTA, GA
Fri Feb 29, 2008
I've never heard of housepad but I see my listings on it. There are lots of these kinds of sites out there. FSBOs on the FMLS?? Are you talking about those people using the discount brokers who for a fee will put the house on the listing services?

Carol
1 vote
Justin Mccro…, Home Seller, Nashville, TN
Sat Sep 19, 2015
I used them on my last sell and what a joke. Poor, rude and extremely unprofessional to say the least. They also keep your credit card on file and run it for every communication with them!!!

Worst online broker experience I have ever had. You have been warned.
0 votes
Michael Keat…, Home Buyer, Washington, PA
Sun May 3, 2015
I realize this is an old post but there are so few reviews on Housepad I thought I'd add my 2 cents.

We used them to get our FSBO in the MLS. That did work and I can't say that it was an easy experience. Their online interface leaves a lot to be desired, mostly because of browser compatability issues. Their software only works with Internet Explorer so if you're a Chrome, Safari or Mozilla user you will have enormous frustrations.

They nickel and dime you on everything which irritated me a lot. For example, if you want more than 6 pictures you need to pay extra. If you want other kinds of normal services buyers agents expect you will pay extra. They are unfamiliar to most of the realtors we met so there will be an added layer of suspicion from buyers agents.

My last point is not their fault but it's a consideration anyway. Most realtors I have met are creeps and don't like FSBO listings. They want to protect their racket and gladly collude with one another to the detriment of home buyers and sellers. This means that your FSBO home will get less showings then it would it if was listed by a real estate agent. Sad but true. Some times you can't beat the system.
0 votes
In Texas real estate, it is against the law to overlook a possible listing for your buyer because of the commission offered or preference of who to deal with. I want the best property for my buyer. Yes, I have driven miles and hours showing him everything under the sun. Yes, I will probably doing more work dealing with this limited service company, or the owner directly. But, if this is the property my client wants to buy, it is my job to represent him the best I can and get him the best deal on what he wants. Plain and simple.
Flag Thu May 19, 2016
youngpropert…, Both Buyer And Seller, Martinsburg, WV
Wed Feb 4, 2015
Housepad.com is a scam. The owner has multiple people working as agents under his license. They do not honor their contracts. You can have a black and white contract and they will still not honor it. They get away with this because people do not want to hire a lawyer. I have documented emails from Betty that states it is an MLS requirement that they must have the address of the person who buys your house is moving from, even is you cancel your contract and do not sell your house till three years later. This is a lie. Housepad refused to respond to any emails and calls. After researching the company I found they have multiple BBB complaints, have been reported to the MLS ethics board, and to the State of Pennsylvania for illegal and unethical practices.
0 votes
They did the same thing to me. What a scam!!!!
Flag Sat Sep 19, 2015
Lisa Parks, Home Buyer, Virginia Beach, VA
Thu May 22, 2014
Do not use Housepad if you can avoid it. They are not honest in their dealings with true FSBO clients, charging money after the fact for their "services" which were not requested or required.
0 votes
Gerry McLoug…, , Naples, FL
Sat Aug 17, 2013
I dont think so. Good real estate agents provide a personalized service.
Check out my fsbo tips. I have a network of really good agents if you need a free referral. Best Wishes, Gerry
http://www.youtube.com/watch?v=AAOVoR7LFvY&sns=em
0 votes
Gerry McLoug…, , Naples, FL
Sat Aug 17, 2013
I dont think so. Good real estate agents provide a personalized service.
Check out my fsbo tips. I have a network of really good agents if you need a free referral. Best Wishes, Gerry
http://www.youtube.com/watch?v=AAOVoR7LFvY&sns=em
0 votes
Owner, Home Owner, Lehigh Acres, FL
Sat Aug 10, 2013
Housepad is RIDICULOUS by forcing customers to click weekly emails "I did NOT ACCEPT SALES CONTRACT and property is still available" within 48 hours. If a customers does not click this by error, Housepad will REMOVE the MLS listing regardless. Housepad also charges $50 if a customer does not inform sale of property.
0 votes
Bill Eckler, Agent, Venice, FL
Fri May 24, 2013
In my opinion removing the professional from the equation breeds the likely hood of inaccurate, tainted, or fraudulent information. Isn't it too bad that in so many cases involving change, we lack the true ability of anticipating what the implications will really be.
0 votes
Magikgenie, Home Owner, Boulder, CO
Fri May 24, 2013
I don't know if this is even an active post anymore, but I am actually a seller, doing a for sale by owner transaction, which I know that most of the realtors abhor for obvious reasons. We are using house pad and yes, there is very little support and when you do work with the broker they charge you $25 for 15 minutes. Having said that, real estate is not rocket science, and even if we thought we needed a real estate attorney (which we don't) the fees would be much less than the 3% of our house price going towards a seller's agent. House pad and other services provide a much needed niche. They allow sellers like us who are relatively competent to sell our own home and, in our case, save $14,000! Is it worth the extra effort on our part? You bet! Not for everyone, but it certainly worked well for us.
0 votes
Maggie Burkit, Agent, Ann Arbor, MI
Sat Apr 6, 2013
by the way, I am a Realtor in Michigan (not someone in GA) and have a client who wants to look at one of his listings that is a REO, run by a company who outsources their "bank-owned" homes, and all the people who handle bpo's for them, as I used to, have to deal with their staff in India in pricing these homes in America I would say to boycott them, as who knows if any "sales" are even legal in the states they are advertising in - BUYER BEWARE!!!! Agents, too!!!!
0 votes
Maggie Burkit, Agent, Ann Arbor, MI
Sat Apr 6, 2013
this broker is advertising listings in Michigan and each state has it's own licensing so unless he has a license in each state he is advertising in, he is breaking the law
0 votes
Fred Strickr…, Agent, New Port Richey, FL
Wed Feb 27, 2013
If I were buying a home, I would be extremely concerned to buy a home from a homeowner(s) direct as the homeowner(s) may not be aware that they have an obligation to disclose known material defects to potential Buyer(s). And, if Buyer is paying cash, it is easy for a material defect to go undetected until after closing, at which point it is too late for the Buyer(s) to do anything about it. While it is perfectly acceptable in many MLS' for a broker to offer limited services, I do not agree that it is beneficial to the Buyer to go direct to a homeowner. A Buyer should have an experienced real estate agent to conduct additional research and make sure that their interests are protected.

From the homeowner's perspective, it is more secure to list your home with a Realtor and have the phone calls come to either your Realtor direct, the Broker's office or a call center representative who will verify identification of the caller and coordinate showing times. In today's times, as a homeowner, I would be very concerned about the safety of having my phone number listed on the Internet. There are many brokerages that offer a full-service experience for the homeowners at a commission that is reduced below the average commission for an area. I question the sincerity and commitment of a company that obligates a customer to pay an upfront fee.
0 votes
Ripped Off, Home Seller, Tucson, AZ
Sun Mar 25, 2012
DON"T DO IT! Here's why. I believe the concept of a flat-rate listing price is a great idea. In the Tucson AZ area where I live, anyone can search the MLS listings on the internet and narrow their search by just about every conceivable criteria. I have searched for and found several houses using the MLS site.
I thought It was strange that I had my house listed on the MLS Through Housepad for almost 1 year and never received 1 call from a potential buyer. In the meantime, several houses in this neighborhood (many in poorer condition) have sold at comparable or higher prices. Then, the other day, another real estate agent asked me if I was aware that the phone number in the listing is a non-working number. I called to verify, and sure enough, I got a message that the number was no longer in service. My contact information is only available in the agent only section of the listing. So, in order to receive contact, a potential buyer would have to go to another real estate agent and have them look up the info. It is generally not in that's agent's best interest to share this information, when there are plenty of properties listed by their own brokerage to which they can steer their client. therefore, not only was the Housepad listing virtually worthless, I watched the value of my property decline for 1 year, while I waited for an offer.
After cancelling my listing with Housepad, I listed with a local Agent. In the 4 weeks it has been listed, I have averaged 22 people viewing the house every weekend. This weekend I received an offer for the full price. Thanks a lot Housepad.
I have not decided whether to take this company to small-claims court, or AZ Superior court for mishandling this listing. I may try to see how many of their clients listings go to dead phone numbers, maybe we can file class action.
0 votes
Suzy Lopolito, Agent, Glenside, PA
Sun Oct 3, 2010
Never use housepad!!! I was the selling agent on a property that was listed with housepad. What a complete joke!!!!! No real listing agent! Sellers beware!!! Get a real agent, that sells regularly in your area! Don't get taken advantage of!!!
0 votes
does 303 lakeridge rd 76108 lakeside tx home have a view through the sliding glassdoor into the sunroom
Flag Tue Jun 28, 2016
Flat Fee MLS…, , Womelsdorf, PA
Wed Sep 29, 2010
The "fine print" referanced below is part of the listing agreement regular font, requiring the final HUD1 sheet to be faxed or emailed to the listing broker on the day of closing. This is necessary to give the listing broker time to verify and enter the correct sale details into the MLS per MLS rules to avoid an MLS fine. According to the listing agreement there is a $50 fee if this is not submitted, or a $25 if it is submitted late. Normally the day before closing a reminder is sent to do this. MLS sold data accuracy rules are essential, because appraisers and agents rely on this information to make accurate appraisals and CMA's, respectively.

The customer with the lockbox complaint was sent a log file showing the times the electronic lockbox was opened by agents, including times customer reported the box not working.
0 votes
Peter J, Home Seller, Okabena, MN
Wed Jun 23, 2010
Never use HousePad!!! It has fine print which will rip you off after you close the house sale.
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Mon Jun 14, 2010
Hi J;

Amazing the number of excellent responses almost 16 months later.
Can you share, what did you finally do.

Go with an agent or Housepad?

Thx.
Perry
Web Reference:  http://www.ruthandperry.com
0 votes
Laurie Willi…, , 07720
Mon Jun 14, 2010
No, not in my opinion. Real Estate is one of the most difficult businesses and sellers and buyers sell us short as realtors. Good luck to all, but in the END, they need our expertise, especially in this market.
Laurie Williamson
Better Homes Realy
Bradley Beach, NJ
Broke/Sales
732.496.0596
0 votes
Victor Kamin…, Agent, Edison, NJ
Fri May 15, 2009
Paul, housepad may have contracted with an agent not so familiar with your area and may have possibly given you a lockbox that is for an MLS that is not the primary in the area which would not allow the local agents to access the box.

There is more than one MLS is each state, actually there are MANY however from county to county there are areas where the agents need to be members of more then one mls in which case you would need an MLS lockbox for each MLS otherwise some agents might not be able to get in. Usually there is a Primary MLS which is determined by which ones most of the agents usually use in a specific area. This may be the case if the lockbox does work, the agent just may not be aware of it.
0 votes
Paul, Home Seller, Erie, PA
Fri May 15, 2009
I am a current user of housepad and would never use the again. I repeat never use them again. They have twice provided a lockbox which is required in my multilist area and it has failed to let realtors in for evening showings. Housepad insisted there was nothing wrong with the lockbox. Who to believe. Five realtors wanting to show the house to clients or the housepad rep covering his butt. There is no question that the failed lockbox has resulted in lack of house showings. We live in Erie and the house is in Pittsburgh. Paul
0 votes
J R, , New York, NY
Wed Mar 18, 2009
Ed all, you do in this post is reiterate claims you made and did not back up in previous posts.
0 votes
Ed Cage, Home Seller, Plano, TX
Wed Mar 18, 2009
Lorrie thanks for your knowledgeable and professional input. There is an agent in Atlanta (Rhonda Duffy) whom I admire greatly for her creative business model that is getting terrific results for her and her clients and associates. She was unjustly flamed on this forum but I hope she will come back – Rhonda Duffy has much to offer both readers and clients.
.
1) In my view this recent real estate upheaval will shake out the tree. Both listing agents as well as “buyer’s agents” are suffering. If you are a listing agent other than a FSBO, Housepad, Flat fee MLS, or a solution oriented “Duffy type” listing agent you have felt the crunch more than most. Many listing agents who advertise and market successfully for their sellers will survive. Most listing agents who focus primarily upon recruiting new sellers to list then put their “marketing for the seller” obligation on auto-pilot will fail.
.
2) Most of what I call the “Buyer’s agents” are also working for half what they are used to but the good ones will prosper down the road. The BUYER’S AGENTS DO MUCH MORE FOR THE MONEY.
.
3) Indeed a great many listing agents who focus chiefly on recruiting new seller listings over ***client marketing and service*** will fail. Conversely many (not all) competent listing agents who place Flat fee MLS, FSBO, Housepad, and “Duffy type” innovative formulas will be needed in the foreseeable future.
.
4) Lorrie I have decided to go with Housepad for reasons I have outlined previously. In short I have at least a chance to save anywhere from $12,000 to $6,000 with only a $278 investment.

.
Ms. Gould I can immediately tell you are a competent person who will do well in most any environment. Virtually all of us have been dealt a bad hand but you will prevail.
Warm regards,
Ed Cage
ecagetx@gmail.com
0 votes
Victor Kamin…, Agent, Edison, NJ
Wed Mar 18, 2009
Very well said Lorie, I could not agree with you more...
0 votes
J R, , New York, NY
Wed Mar 18, 2009
I also said, “HE EVEN HAD PLANT(S) CALLING ME TRYING TO INFLUENCE US TO COME DOWN MORE.” When I said “calling me to influence us to come down more” I meant calling on the phone.
~~~~~~~~~~~~

Your agent had people pretending to be buyers calling you? Is that what you mean? Who was calling and what were they saying to “influence you” to come down more. How did you know the people calling were plants and what did they say? I am really curious about that statement.
0 votes
Lorie Gould, Agent, Duluth, GA
Wed Mar 18, 2009
Is this question still being answered more than a year later??

Housepads market share in Georgia is nearly non-existent and my guess is that this is the case for most states. "This is not the beginning of the end for the "listing agent" as we know it". There are different busines models in the marketplace and the consumer has the opportunity to make their choice. And they have the opportunity to change their minds at any time.

This market has only cemented the need for full service full time professionals. Not all agents are full time or professional so the seller really should do interview several and ask good questions. Every industry has their bad seeds!

Most consumers do not want to gamble when it comes to the sell of their home in a declining market. Statistics show that extended time on market harms a seller. In a market of decline it can be absolutely devastating. Sellers need guidance, advice, and someone who truly cares about the outcome of the listing versus someone who simply deposits a $500 upfront non-refundable fee times 30 to 60 listings per week which is more than a million dollars a year. Sellers feel that it is worth taking the risk because it is only $500 and if it does not work then they can make a change. What they fail to realize is that they have now created a negative history for their home... a history of the home being rejected by buyers in the market. I can assure you that this time on market will cost the seller much more than the $500 paid upfront. And lets not forget about the non-refundable money paid to "rent" a lockbox.

You see there are brokerages out there that have decided to remove the true "duties" of being a Realtor by preying on peoples perception and also giving the perception themselves in their television commercials etc that Realtors do nothing to earn their money and that is because they do nothing to earn their money. And perhaps when they were full service they felt guilty for accepting a full commission because they did nothing which made it easy to start a do nothing real estate company... or perhaps they just saw an opportunity to take advantage of sellers who want to make the most amount at the closing table possible by creating perception that agents are overpaid by agreeing to do nothing for next to nothing. Yes, people agree to the terms of the these agents who get paid a flat fee to do nothing but that it because they have bought in hook, line, and sinker to the perception that these flat fee companies have portrayed about their own industry. These consumers have bought in to the perception that selling a home is all about the MLS only to find out down the road that is not the case. And these same "flat fee" companies then do nothing to negotiate for their customers best interest that are lucky enough to get an offer... and then we they accept the offer because they feel they have been backed in a corner with no guidance... watch out for the inspection because once again the seller has no agent fighting for them. Seller beware!

There are agents in the industry that truly care about their clients and have a vested interest in the results. These agents earn every penny. Most "flat fee" companies fail... for those that are successful by listing a lot of homes which are very few are laughing all the way to the bank at consumers expense. They are taking the sellers money to list their home without providing the seller with guidance to then advertise the home to produce buyers for their buyers agents that then go and make a larger commission by collecting the buyers agent commission. So sellers are paying them for the giving them the privilage of using their home to obtain buyers for other homes which makes them a ton of money. In my opinion, they don't care about the best interest of the consumer... they care about the best interest of their bank account. So my question is who is overpaid for doing nothing??

If agents were overpaid then why are these flat fee companies providing full service and full representation for the flat fee? Why do they have their pages of disclaimers of what they are not going to do because you are not paying for it? And if the MLS was all that was needed to sell a home then why aren't 100% of the listings listed selling?

Yes, there is a model for everyone. But consumers should truly understand the differences and what it really takes to sell a home and maintain value!
Web Reference:  http://www.HomesByLorie.com
0 votes
does 303 lakeridge rd 76108 lakeside tx home have a view through the sliding glassdoor into the sunroom
Flag Tue Jun 28, 2016
Ed Cage, Home Seller, Plano, TX
Wed Mar 18, 2009
= = = Regarding saving $6,000 to $12,000 with Housepad = = =

John I agree with virtually everything you said in your January 18th post. I especially agree with your quote regarding grossly overpaid listing agents: “The current system of listing homes for 3% is, simply stated, a gross overcharge of the public.” – quote by John
.
As I said before I’m going with Housepad. At Housepad I can get in for $229 and be on all the same MLS listings I’m on now for 6% ($12,000) plus all calls go directly to me.. Sites that don’t allow owner contacts are also forwarded to me with a $49 phone forwarding system. I have enormous experience working with all sorts of people, professions, and opinions. And absolutely nobody can show *MY OWN HOME* to prospects as well as I can.
.
* * * * * * * * * *
Listing agents will starve if buyer’s agents find ways around them.
Indeed, that’s precisely what’s going on.
* * * * * * * * * *
.
But the fact that we’ve had no showings in 3 weeks is not entirely the listing agent’s fault. All of us must adjust for changing times. Housepad gives me the ability to reduce the house substantially so that buyer’s agent, the buyer and the seller (me) all benefit. Additionally if I sell it myself I save $12,000.
0 votes
Victor Kamin…, Agent, Edison, NJ
Tue Mar 17, 2009
I'd have to agree with her, considering the market you haven't been listed long enough for it to technically be "Your Turn" according to the absorption rate.

There are many homes for sale but only a few buyers.

I think you went a little overboard on the work done and some of the collateral services, the paint and appliances are great the flooring to if it was beat but replacing bricks? Not unless real bad but I would have probably waited until you get an offer and the inspection comes up, that's when the buyers will look for things to negotiate down on price.

How long did you list with your current agent? Even though they may pull your listing off the market they may not grant an unconditional withdrawal meaning if you relist with another agency you may still owe them their commission.

Your agent should have ordered a professional tour or at least done a virtual tour themselves.
0 votes
Ed Cage, Home Seller, Plano, TX
Tue Mar 17, 2009
Vic the numbers I gave in my quote below were correct. But leading into that I meant to say “$12,000 commission” rather than 12% commission – My bad. Here’s the quote from me which used 6%: “$200,000 down to (-$8,200) = $191,800 would leave us with $191,800 minus a commission due of $11,858 = $179,942. “ I additionally explained the commission also included $350 to entice realtors to view the home in hopes they could win $10,000. – (I rounded the $11,858 up to $12,000.)
.
I also said, “HE EVEN HAD PLANT(S) CALLING ME TRYING TO INFLUENCE US TO COME DOWN MORE.” When I said “calling me to influence us to come down more” I meant calling on the phone.
.
The upgrades are documented in the Virtual tour I posted: All but 3 rooms in the house were repainted and all wallpaper was removed. Many doors and panels were also repainted. New state of the art stainless steel venta hood, cook top, built in microwave and built in oven. All were stainless steel and custom built into custom paneling. The most expensive item was the new countertops. We also had new hardwood scraped wood installed and all of the Spanish tile was removed. (Very expensive) Next the entire Jack & Jill bathrooms arrangement also had all tile removed and replaced with custom mosaic type new tile. A back bedroom and closet were carpeted and our huge walk-in closet had all shelves and walls repaired and repainted. As many as 15 light fixtures were removed and replaced with new fixtures selected by our designer stager. Our beautiful leaded front door was sanded down and re-stained and re-varnished as well. The entire house was very professionally staged at a cost of only $870 including many loaner pieces of furniture and appointments.
.
On the outside all cracked bricks were removed and replaced. The wood paneling outside was also upgraded with all weak areas replaced and repainted. A special panel was built in over the microwave to match the existing paneling perfectly. All working electrical items were put in perfect order. A new mirror was installed in the living room as well. After the fact we later had all tinting removed from all windows and miscellaneous other smaller repairs. Bingo: $14,000+
.
Take a look at the Virtual Tour site I posted. You’ll see that all these things are documented and the home shows *beautifully*
.
Believe me I'm aware many are much worse off than us. I have increased the amount I’ll take for the house to $194,900 rather than the previous $191,800. Victor I have decided to go with Housepad for the reasons I previously outlined. However my wife wants to give the listing agent until June 1st. I disagree but the way you make a marriage go 38 yrs is listening to your spouse.
.
Cheers!
.
MR ;^D
0 votes
J R, , New York, NY
Tue Mar 17, 2009
I can't tell others how to run their offices but in many cases its a free for all and agents being independent contractors are often left to work that way without too much guidance or education in fear of being too bossy.
~~~~~~~~~~~~~~

This is true. And even when offices offer lots of training, there’s always the agents who know everything and don’t need it. In my office they are mostly the ones who retired from government jobs and have pensions, so they can muddle along and close a few of their friends from time to time and it’s just extra pocket money.
0 votes
Victor Kamin…, Agent, Edison, NJ
Tue Mar 17, 2009
12% Commission????? Now that is ridiculous even for a commercial property where the norm is 10%

Listen unfortunately there are many agents out there where their ethics flew right out the window on their way rushing to get the listing and that is unfortunate. Listing homes at a higher price just to get people to come down later is an unethical tactic which is why sellers should never pick an agent based on the list price they suggest.

I don't know about that drawing thing, in my state that's illegal agents can only be paid through their brokers NJ is a very restrictive state full of consumer protection laws many states don't have. If the agent wanted to offer something it should have been a $50 gift gift card or movie tickets a $10,000 drawing is insane and how are they getting $10K out of $350?

What kind of improvements did you do for $14 Grand? I never suggest clients do major work like that unless I'm sure they'll make it back and then some in the sale. "This is rare"! in most cases I'd just set the price so that it would sell in it's current condition and guide the seller to do the yard work and curb appeal stuff. (Cheap if not Free), Advise them of any "Funky Odors" and how to get rid of them, Clean the floors and walls or paint and steam clean or replace carpeting, start packing... All personal items like family photos, nick-nacks, and misc decorations, keep the sink empty and clean at all times and the counters clear. Pack away all winter cloths or summer cloths depending on the season and remove extra or excessive furniture and then we'll take it from there.

I'm not a big fan of gift cards, drawings and gimmicks like that, offering a free lunch at a brokers open house is usually enough when you make sure they get the message via email and fax invites.

What were the upgrades he had you do? I find in most cases agent give advise that is not too helpful with staging and the final net value which is the object. This is why it's important to work with an experienced agent or a new agent that is partnered with an experienced agent and they BOTH will be working on the transaction together until the end.

I can't tell others how to run their offices but in many cases its a free for all and agents being independent contractors are often left to work that way without too much guidance or education in fear of being too bossy. I'm a broker that is a little more hands on that prefers demands excellent service out of my agents if they want to work for my office. Our reputation is too precious and easy to destroy since criticism spreads a lot faster than praise.

You mentioned something about the listing agent having "plants" as buyers that came by to see the house?
If you are sure of this, easy to check stop by the office and take a look around for a familiar face. If that is the case report that agent to the real estate commission (they are there to protect the public) also complain to the local Realtors association of this ethical violation, it's not only a breach of ethics but borderline fraud.

Unfortunately there are agents out there that play these games and those are the very few and are the scum of the industry that bring the rest of our reputations down the drain with them. If this is what you are experiencing I would start by reporting it to their broker in hopes the broker isn't the one that trained them to do business like that, next step is complain to Realtor Association and Real Estate Commission.
0 votes
Ed Cage, Home Seller, Plano, TX
Tue Mar 17, 2009
Victor there were 861 Plano homes for sale homes in the MLS computer on March 11, 2009 divided by 150 (17%) Plano homes sold in February = 5.7 months of inventory. I check about a dozen homes a day and compare them with my $74.35 Sq Ft cost. I’m less than 95% of comparable Plano TX homes. My listing agent set the $200K price and another top realtor/leasing agent (With a major firm) told me last week, “I’ve seen a lot of homes listed incorrectly but yours is one of the few I can say is, listed correctly.’”
. - - - -
VIC: Did your Realtor give you an opinion of the offer?
ED: My listing agent told me repeatedly and continually that his firm averaged a sale price within 1.5% of the listed price. I disputed that claim over and over but he insisted it was true. He also said, “Ed Cage you are a guy I’d like to meet. I can’t believe how easily you come down on your price!” (I had it listed by myself as a BO at $197,000 and was willing to go to $185,000 before the upgrades and the 12% commission.) Him and his operations numbers man did an impressive in depth analysis print outs presentation and came up with the price of $200,000. I told him that means you can sell it for $197,000 on average. I conveyed to him that I thought that was sales hype BS but he insisted he had the figures to prove it.
. - - - -
VIC: Were new comps run to see how the offer compared to recent comp sales?
ED: Yes. See above – They ran impressive comparison charts in this area and allowed for things I’d never thought of. Perhaps a dozen different variables were factored in. Vic, believe this if you believe nothing else: ***I am as good of a numbers man as you will ever run across*** But subjective opinions and assumptions by a listing agent and his operations and accounting manager are too vague to prove wrong.
. - - - -
VIC: Did you counter offer or just reject it for being too low?
ED: Keep in mind at the time we already had $14,500 in interior and exterior upgrades, all suggested by my listing agent. I’ve since added more upgrades on my own. Also keep in mind his commission and the buyer’s agent commission even at 191,800 that we came down to was a total of $11,858 including a disastrous nutty $350 charge to get realtors who showed up a chance to “win $10,000 in a drawing” (Har-har) just for coming by. A large percentage never showed but claimed they did. (A real rip-off) - Anyway when we finally ground out the $191,800 the buyer wanted me to come down even more. I told my listing agent that we had come down as far as we could. $200,000 down to (-$8,200) = $191,800 would leave us with $191,800 minus a commission due of $11,858 = $179,942. But keep in mind as per his suggestions we had ALSO done an additional $14,500 in improvements. So $179,942 minus $14,500 = $165,442 before we even start looking at closing costs. And here was a guy who chided me for being so willing to take less than 1.5% of the listing price! ($197,000)
.
* * * * * * * * * * * * *
VICTOR MY OWN LISTING AGENT WORKED LONG AND
HARD TO GET ME TO COME DOWN SIGNIFICANTLY.
HE EVEN HAD PLANT(S) CALLING ME TRYING TO
INFLUENCE US TO COME DOWN MORE.
* * * * * * * * * * * * *
.
And here’s the punch line to this horror story: He said, (Paraphrasing): “ I’ve had a lot of clients but I’ve never seen anyone who did everything that we suggested as you did. Ed this house is a ‘10’ on a 10 point scale.”
0 votes
Victor Kamin…, Agent, Edison, NJ
Tue Mar 17, 2009
Don't get me wrong, I'm not knocking the housepad business model, I never said Housepad can make things any worse. They have their niche and to each his own, there is a market for their model which is the FSBO that would never go to a real estate broker for help or someone that must do everything on their own. I can understand that.

BTW. I think my cousin is in Austin but not sure I'd have to dig up my family contact list.

"Absorption in the Dallas Fort Worth is off sharply" is not an answer, you really need to know what that number is. This is the number of homes sold monthly vs. the # of homes on the market including any new listings. This will give you an approximation of time it should take to sell your home provided it is priced correctly, in good shape, updated or at least in comparison to comps, etc.

Your home has been on the market for 69 days and had an offer should not be too bad, many markets have an average of 11 months inventory meaning you can be waiting for a while to sell yours, the way to move up the list is proper exposure, keep it neat like the shiny penny in a pile of dull ones so it stands out and shines above the rest. That would be a good start but even if it's clean and presentable is it up to date with modern amenities? With the price drops and large inventory these days buyers have more options, keep this in mind when you're looking for your new place as well. You can get more for your money.

- Did your Realtor give you an opinion of the offer?
- Were new comps run to see how the offer compared to recent comp sales?
- Did you counter offer or just reject it for being too low?

Find out how many properties are on the market similar not down to the # of beds but say it's a single family home, find out total number of single family homes are available in your town, if you'd like you can break it down to price ranges.

Example:
Last month there were...
300 single family homes for sale
50 of those were in the price range $150K - $250K
5 Homes from this range sold

Take the homes in a certain price range and divide that number by the amount that sold and you'll get the estimated # of months of inventory you have on the market in this example it would be 10 Months of market inventory and that's not counting the FSBOs

No showings for a while is usually an indication of being over priced because before people ever even see your home they are searching within a specific price range and +/- only a few dollars and they may never see your home. When pricing people search for home from rounded price ranges unless they get pre-approved which may change their search ranges.
0 votes
1 2
Search Advice
Search
Ask our community a question

Email me when…

Learn more