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Asked by Looking for Info, Chicago, IL Tue Aug 19, 2008

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Answers

14
Lisa Schade, Agent, Libertyville, IL
Tue Aug 19, 2008
BEST ANSWER
Unfortunately, you do get what you pay for. And it's not all about sticking a sign in your yard anymore that get's a home sold. It does come down to the individual agent and what they are willing to do for you to get your home sold.

I apologize on behalf of all of my fellow colleagues who also make this, their sole support of their family. Unfortunately, we all get judged by the incidence that you stated.

I, myself, work for a full brokerage firm, but, we also have FSBO programs and flat fee services.

Please feel free to contact me directly.
1 vote
Alan May, Agent, Evanston, IL
Tue Aug 19, 2008
I believe that Redfin (a flat-fee agency) has an office in Schaumburg. (link below)

Blow their minds, and let them know you were referred by a full-service Coldwell Banker agent. :-)
3 votes
J R, , New York, NY
Tue Aug 19, 2008
Despite what a lot of full service agents will say, flat fee MLS services can still get your home sold in an efficient amount of time if you are willing to be proactive.
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Obviously getting his home on the MLS didn't do it last time for Looking....

Looking, you say you had many showings? Many showings and no offers means your home is overpriced. In what way did the broker not have your best interest at hand? Curious how you define that. I am not trying to argue with you, maybe they didn't, but if they brought a lot of buyers but there was no sale, I'm wondering what you were not satisfied with, other than the house didn't sell.
2 votes
Pete Wolfgram, , Chicago, IL
Tue Aug 19, 2008
Despite what a lot of full service agents will say, flat fee MLS services can still get your home sold in an efficient amount of time if you are willing to be proactive. Not guaranteed, but lets face it, neither are traditional agencies these days! I have been running a discount brokerage firm for a couple of years and have made many clients extremely happy with the savings.
Unfortunately because of other circumstances we are not taking on new clients, but I have come in contact with similar services and would be happy to recommend them. In the suburbs Flatlandhomes.com offers a great service, closest to ours, and would be my first choice. In the city, Prello Realty and Berg Properties are also good options, only slightly differing in whats included in the flat fee.
Just keep in mind that choosing an experienced attorney is the best way to protect yourself from a legal problem. Other than that, you should find the process to be less difficult than a lot make it seem, especially if you don't mind scheduling showings, open houses, or making flyer's for your neighborhood.
Best of luck, and please feel free to contact me if you have any other questions.
Web Reference:  http://www.isellmyplace.com
2 votes
Tman, , 30642
Tue Aug 19, 2008
Looking for,


I won't speak for Chicago, but major discounting is ballooning all over the country ... you're seeing it in Florida, the Carolinas, Virginia, OH, PA, CA, etc etc ...

Discount brokers doesn't mean less service anymore - it means less dollars spent ...

You have styles like Pete Wolgram just mentioned .. and you also have full service brokers discounting their services because of the slow market and they have every intention of competing ... agents that are discounting means beating their competition and staying in business - and it's great for the consumers pocketbook.

The condo we just sold in Florida was negotiated down to a full service flat fee of $10,000 - it sold for $419,000 ... the listing agent will receive $5,000 and the buyers agent will receive $5,000 .. if we use percentages, it was a 2.4% total commission instead of the 5% that the original insisted on -- we saved $11,000...

It's a buyers market and it's reflective all the way down to the commissions spent .. shop aggresively, shop smart .. as long as you're proactive and you interview the next 4 or 5 potential agents, then all should do well ... don't ask, tell.!

http://www.marketwatch.com/news/story/haggle-real-estate-com…

--- REAL ESTATE ---

Speak up, home sellers
Those who haggle on commissions often get what they want: report
By Amy Hoak, MarketWatch

-- CHICAGO (MarketWatch) -- Don't be afraid to ask your real estate agent for a lower commission -- chances are, your wish will be granted without affecting the quality of service, according to a new survey by Consumer Reports.
Forty-six percent of the sellers surveyed by Consumer Reports for its September issue said they attempted to negotiate a lower commission rate, and 71% succeeded in getting one.
Plus, those who paid commission rates of 3% or lower were as satisfied with the performance of their broker as those who paid 6% or more, according to the survey results.

--- Because people are so successful, said Amanda Walker, senior project editor for Consumer Reports, "then clearly it should be something that you should try to do." That's especially true in today's challenging markets when sellers may need to cut their price, she added.
The results were based on a survey of 3,753 readers who sold or tried to sell a home, 4,029 readers who bought one and 7,368 readers who did both during the past few years.
In fact, people who paid higher rates were more likely to have regrets about the selling process, the survey found. Almost one-third of respondents said they should have been more assertive in negotiating the agent's commission.
http://www.marketwatch.com/news/story/haggle-real-estate-com…
1 vote
Pete Wolfgram, , Chicago, IL
Tue Aug 19, 2008
Brandon,
While you obviously understand what a flat fee service encompasses, I would like to clarify that I have never received a complaint for misleading someone about what we offer. On our "flat fee mls" page it is explained; we charge a one time, flat fee of $399 to list a property on the mls. WE do not accept a commission for our service at closing, but yes, of course in order to get a buyers agent to show your property you must offer something, typically 2-3% (Co-op fee). If the seller happens to bring in a buyer who is not using an agent, but rather found info from our yard sign and website marketing, then no commission would be paid to anyone.

We are simply in the business of providing an alternative to people who feel they are capable of doing some of the leg work. Hypothetically speaking of course, on a 500k property with a 3% commission offered to a buyers agent, our client would still save $14,101 after paying us.

I have no problem, as I have in the past, accepting a commission for a full service agency if thats desired. In this type of market, maybe a seller would like everything handled just for peace of mind. Fantastic!! Whatever the case, "Looking" asked for recommendations on these types of companies, and that is what I provided. I think it's a disservice to assert that discount brokerage firms are somehow trying to mislead sellers, but I suppose I can only speak for our operation. Most importantly, I wish "Looking" the best of luck in whatever type they choose, and would still encourage most to consider the options.
1 vote
Brandon Schu…, Agent, Western Springs, IL
Tue Aug 19, 2008
Pete,

With 6 closings your office had in the past 12 months, with listings, how does your "flat fee" work? When you tell home sellers that you charge a "flat fee", does the flat include the the co-op commission, if another broker brings in a buyer?

I looked at your website and it says that you don't charge a commission, yet paying a co-op commission to another broker, for bringing in a buyer is a commission, right?
Web Reference:  http://BrandonSchuppe.com
1 vote
J R, , New York, NY
Wed Aug 20, 2008
In response to JR, finding a flat fee service is something that we are investigating as a possible option, which is our right to do so, and it is a personal decision that we have deceided to make based on our current experience. While many may not agree with our decision to look into this avenue, we have every right to investigate the availible options. The reason my property did not sell in 6 months was not due to the price, and we weren't being unreasonable. If we were,our former realtor wouldn't be facing corrective action from the state.

It disappoints me me that you would insinuate or assume we were being unreasonable sellers in a situation that really is none of your business, and in a market you don't work in. What happened is between us and our realtor. The question at hand was regarding how to find a flat fee brokerage in our area. We thought trulia would be a good place to start, however we were not and are not looking to justify our reasons or have accusations slipped at us. It is a shame that some people have other agendas on here.
~~~~~~~~~~~~
I have not insinuating or assumed anything, and I have certainly not said it was not your right to use a flat fee service. I have also not tried to talk to you out of it.

It disappoints me that you ask a question and when asked for more clarification, you get insulted and refused to answer. If you did not want to share that information, you should have just asked "how do I find a flat fee service in the suburbs?". For my own part I am interested in hearing what consumers are not happy about so that I can not do whatever it is. You would like me to give you information, but not give me information. One hand washes the other, you know. Information is a two way street. You expect something for free (information) and you won't share the information that I have asked? Now you drop a tidbit that your realtor is facing some kind of action, but are still unwilling to disclose why you were unhappy with them, or what the action is. Again, you could have avoided this had you left out the irrelevant (to you) part of your question.

My answer to you then, is "google is your friend". Google "flat fee Chicago".
0 votes
Pete Wolfgram, , Chicago, IL
Tue Aug 19, 2008
Trulia is still a great place to start... Although not perfect, it does provide the medium for these real estate dialogs to take place. Everyone can benefit from information sharing like this.
Web Reference:  http://www.isellmyplace.com
0 votes
Looking for…, Home Seller, Chicago, IL
Tue Aug 19, 2008
In response to JR, finding a flat fee service is something that we are investigating as a possible option, which is our right to do so, and it is a personal decision that we have deceided to make based on our current experience. While many may not agree with our decision to look into this avenue, we have every right to investigate the availible options. The reason my property did not sell in 6 months was not due to the price, and we weren't being unreasonable. If we were,our former realtor wouldn't be facing corrective action from the state.

It disappoints me me that you would insinuate or assume we were being unreasonable sellers in a situation that really is none of your business, and in a market you don't work in. What happened is between us and our realtor. The question at hand was regarding how to find a flat fee brokerage in our area. We thought trulia would be a good place to start, however we were not and are not looking to justify our reasons or have accusations slipped at us. It is a shame that some people have other agendas on here.
0 votes
Scott Epstein, , Crystal Lake, IL
Tue Aug 19, 2008
We can help you as well. We cover the entire chicagoland area and as one of Illinois' most visited real estate websites, can offer you maximum exposure for your home. Please contact me at scott@illinoisrealestate.com
0 votes
Kale Realty, Agent, Chicago, IL
Tue Aug 19, 2008
Hi Home Seller

Please contact me or visit our site http://www.kalerealty.com we can 100% help you.

Thanks!

Nick
Web Reference:  http://www.kalerealty.com
0 votes
Brandon Schu…, Agent, Western Springs, IL
Tue Aug 19, 2008
What suburb are we talking about?
Web Reference:  http://BrandonSchuppe.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Aug 19, 2008
Unfortanately sometimes you get what you pay for with a flat fee service. Even with a full service agency it is aonly as good as the agent. Make sure you know what they are offering for your money and how much you will be required to pay up front. A full servoce agent will discount the fee if you make an agreement for you to do some of the work as well. Make sure you are gettinjg what you are paying for. A full service agent should first give you the correct value of your property and what you should expect to get in offers, they should advertise the property weekly, they should be prequalifing or screening potentioal buyers, they should be conducting assisted showings, providing the required disclosures and assisting you in getting an offer to begin negotiations. once you have a deal they should being making sure the buyer is compleing their due diligince in a timely manner. There is more to selling a home than putting in an ad, waiting for abuyer to show, get an offer and close. There is alot of behind the scenes stuff that makes tha machine run like a well oiled machine. It is when someoen doesnt do their job that it shows up. good luck with your sale.
Web Reference:  http://www.ScottSellsNH.com
0 votes
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