However I have been on the mortgage side of the business as a loan processor and it seemed to me that for the most part realtors were lazy. It seemed crazy to me no matter the work involved they expect that 3% commission. In the end you are having to pay to access MLS, and that access costs 3%, even if the house could sale itself due to the area or market. I have seen realtors advertise that if they don't sell your house in 30 days, then they reduced the commission, which I think is probably the best way to go about it. I would rather get the sale done quickly than what usually happens where the realtor lists the house for what the sellers want and then they have to keep dropping the price because its too expensive.
After a $1.8B verdict, the clock is ticking on the 6% realtor commission
201–210 of 220 posts
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#202Earlier 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.
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#203Earlier quoted context omitted.
That’s another good point! Frankly, there’s really nothing stopping your seller’s agent from lying about the offers that are coming in or at least gently pushing sellers toward commission-maximizing offers, and the scenario you described is basically a push in the direction of buyers’ agents disappearing.
> lying about the offers that are coming in Certainly they would not engage is such questionable ethical behaviour ;)
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#204Earlier quoted context omitted.
I bought on short sale and my realtor made it happen. Made $180,000 when I sold that place. Used the same realtor buying the next place, it was down to 8 people that put offers in on the only day showing. We got it because she knew a couple of tricks, one not exactly ethical. She is a family friend and normal people would have got 1/2 the work from her. A hardworking realtor can absolutely make a difference. Good luc…
Ah, but you didn't get a hardworking realtor, you got a family friend to break the rules just for you. You even admit that no one else would have gotten the same deal that you did. There doesn't seem to be any luck available.
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#205Earlier quoted context omitted.
First off, I'm not opposed to such a world in general. However, you, like the other replier, failed to read how my $300k number was intended as a joke about my optimism. Thus, it makes more sense to conclude my estimates (made with both a degree in Finance and access to BrightMLS comparables to rigorously draw my conclusions) was obviously far lower than $300k and your numbers don't really make much sense. Remember,…
Unless you did an experiment with different realtors, you have no idea if someone else besides the realtor (since you have known since 4) would have found you the $300k. I have no doubt that there is a range of talent for realtors, just like SWEs. The problem is the 6%. Why doesn't your realtor get 10% and everyone else get 1%? The system is rigged.
Neither do you. Am I to believe you know more about one of the houses I owned than I do? Again, I'm all for lifting the fixed commissions. I'm just saying there does exist exceptions that I would still pay 5% for. Although, like I said, her operation isn't just some aspiring salesman acting slick. It's a team of about 4 professionals under her that go over every single angle to prepare it for the market. She's not even that persuasive or talkative. All they do are value-added services, which is how it should be. I wouldn't even know how to update the records to classify it a multi-family, yet they do it all automatically.
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#206Earlier quoted context omitted.
Well, you're paying TWO realtors. Buyer and seller, so it's really half that. But yeah, I would say $10k is a pretty sweet deal in a lot of cases.
$10k is 6% of $166k. Not many homes selling for that now a days. The median home sale price in June was $426k. Or $25.6k of commission. Typical Sunnyvale prices were about 2.4million, or $144k commission.
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#207Lots 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,…
How many of those issues are created by a poor system, perpetuated by realtors though?
Like, figure the haircut you take bringing your car to a dealership...
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#208Lots 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,…
Is what you’re talking about worth… $10k? Or the likely $100k you paid?
Re: After a $1.8B verdict, the clock is ticking on the 6% realtor commission
#209Earlier quoted context omitted.
$10k is 6% of $166k. Not many homes selling for that now a days. The median home sale price in June was $426k. Or $25.6k of commission. Typical Sunnyvale prices were about 2.4million, or $144k commission.
They each get $10k - buyer and seller. For very expensive homes realtors will often "take a hit" to secure a sale.
Rural area realtors can be pieces of work too, but at least they aren’t claiming to be worth as much money. ;)