It's wild for an industry with such a low barrier to entry, overfilled with such jokers in the good times, and starving for business in the bad times.. they managed to protect their 6% fee so long. Cartels really do work.
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After a $1.8B verdict, the clock is ticking on the 6% realtor commission
41–50 of 220 posts
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#42Real estate sales is an industry rife with anti-competitive and corrupt practices. Appraisals, home inspections, lending, and sales are all in it together on this. I absolutely loathe them.
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Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#43Earlier quoted context omitted.
I recall reading a section in the California DRE salesperson training book 20 years back on canvassing for new clients. They actually discussed perusing local obituaries and contacting next of kin, because you know, there's a likely sale to be had. But they cautioned waiting 2-3 days as it could be seen as being insensitive.
What is wrong with that? It is a fact that many homes are sold when their occupants die, and offering your services to a potential customer when the customer likely needs it does not seem out of bounds.
A phone call is a request for the person on the other end to stop what they’re doing and pay attention to the phone conversation. Plenty of people are annoyed when that happens in many contexts, not least of which includes telemarketers. Add on top of that the fact that the advice is to allow 2-3 days’ bereavement before the unsolicited possible annoyance... I genuinely don’t get the question.
Be available as a realtor and market well; allow such customers to find you instead of chasing this particular kind of lead.
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#44swwwwweeeeeeeet. But who's going to fill in the address on the boiler plate purchase agreement?
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Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#45Earlier quoted context omitted.
I recall reading a section in the California DRE salesperson training book 20 years back on canvassing for new clients. They actually discussed perusing local obituaries and contacting next of kin, because you know, there's a likely sale to be had. But they cautioned waiting 2-3 days as it could be seen as being insensitive.
What is wrong with that? It is a fact that many homes are sold when their occupants die, and offering your services to a potential customer when the customer likely needs it does not seem out of bounds.
You'll realize when you lose a parent but some schmuck just wants to be the first to get that 3% off of you.
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#46Earlier quoted context omitted.
And title insurance
Of all the scams associated with real estate transactions, title insurance is kind of legitimate. The title chain itself may be recorded, but there may be some lien against the property that was not properly recorded. That’s the situation you protecting against. Now whether that’s worth .5-1% is debatable.
> Of all the scams associated with real estate transactions, title insurance is kind of legitimate
As someone who has submitted (and failed to collect) on a claim against title insurance for legal fees incurred to correct a mistake in the original title that the title company missed, I'm skeptical of its value, at least for things like erroneous lot lines.
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#47Lots of people hating on realtors here, but my buying realtor:
- Put up with me through several offers that fell through due to issues with the house
- Met me quickly several times to see houses in a very hot market (covid)
- Constantly found me homes that met my criteria
- Was able to "get the dirt" on the homes and give me good advice for the homes that fell through, not pressuring me to buy
And my selling realtor, for a home where they will probably only get 2-3k:
- Took outstanding photos of my home
- Constantly fought for me on a few issues and gave me great advice
- Stuck through some legal issues related to the home
- Received and passed along info from other realtors to help me improve the value of the home and quickly get a sale
For the buying realtor, it is true I had to go through 2-3 realtors before meeting her. There were some SHIT realtors I worked with, for sure. Racists, assholes, lazy fucks. But I don't see the issue paying a realtor for their work - though maybe 6% ends up being quite a bit in this day and age.
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#48Ever since I bought my first house I have always hated the concept of realtors. Maybe before the internet it made sense because it wasn't easy finding houses. But what value does a realtor actually bring in the age of Zillow, Redfin, etc... Also - the percent structure has never made sense to me. Why should a realtor make more money just because the house is more expensive? Does a realtor really deserve to make 60k o…
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Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#49Earlier quoted context omitted.
I recall reading a section in the California DRE salesperson training book 20 years back on canvassing for new clients. They actually discussed perusing local obituaries and contacting next of kin, because you know, there's a likely sale to be had. But they cautioned waiting 2-3 days as it could be seen as being insensitive.
What is wrong with that? It is a fact that many homes are sold when their occupants die, and offering your services to a potential customer when the customer likely needs it does not seem out of bounds.
But you're not offering your services. You're trying to get a potential customer to pay you for your services. And you're doing this during, presumably, a time of grief when the potential customer already has a lot to deal with physically and emotionally. And you're doing it because of the event that put them in this state.
So in that way, it's not so much kind as it is exploitative.
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#50A good realtor can guide you through the market, inspections, and negotiation - all of which hugely affect the largest investment most people make. But that's no reason for them to demand a PERCENTAGE off the sale of the home! Closing fees plus realtor fees are a big reason why it takes so long for a home to break even for most people - something like 7 years in NYC. And one reason why there's so much pressure for ho…
well theres that, and compound interest. also compound interest.