This is a friendly, interactive exchange of information on all Real Estate related subjects. Follow on Twitter: @RETALKS


Moderator: admin

 
Kootenay
Real Estate Talker
Topic Author
Posts: 20
Joined: Sat Nov 23, 2013 8:13 am
Contact:

Are REALTORS GREEDY ??

Sat Nov 30, 2013 7:04 am

I find it really amazing that Realtors will not take a buyer to a house that is FSBO listed just because they are not going to get a $5,000.00 commission on a deal even though the seller would be suddenly looking to buy his/her next home and therefore a commission lost as whom do you think the seller would want to use for help. :shock: In my own personal experience :( this year when i tried selling my own home i found out that realtors did not want to even show my home because i negotiated the commission way down. I even did a lot of my own advertising as putting a listing on the Realtor.ca website and just waiting to get the call from a buyer is not that much work for the astronomical commission rate. As for the agent selling the house a half the offered commission rate is pretty good for one afternoons work taking a buyer to a listing and showing the home then drawing up an offer. Works out to be over $500.00 per hour. What does everyone else think :?:
 
User avatar
WhipMaster
Real Estate Talker
Posts: 5129
Joined: Thu Mar 07, 2013 2:42 pm
Contact:

Re: Are REALTORS GREEDY ??

Sat Nov 30, 2013 10:47 am

I am with you. :mrgreen:
Hoo~Cudda~Not~Nod~ed????? :-)
 
User avatar
Dragonslayer
Real Estate Talker
Posts: 112
Joined: Fri Sep 27, 2013 7:54 pm
Contact:

Re: Are REALTORS GREEDY ??

Sun Dec 01, 2013 4:30 pm

http://www.chapters.indigo.ca/books/Spe ... Qgodkm0A1w

Should be required reading for all Realtors

Peace
 
Austin
Real Estate Talker
Posts: 3353
Joined: Thu May 28, 2009 1:41 pm
Contact:

Re: Are REALTORS GREEDY ??

Sun Dec 01, 2013 7:49 pm

Yeap, it's the #1 reason why many Realtors are scammers.

Only Realtors that actively search and bring FSBOs to the attention of their customers are truly looking out for their clients interests.

Note this is regardless of stated commission, they should be able to ask for money from their clients or at least make them totally aware up front that they won't show FSBOs

That all being said, you were pretty naive to think you could sell without paying full commission to buyer agents. They're scammers, but they also run the show.
Redistribute consumption, not income.
 
User avatar
jesse1
Real Estate Talker
Posts: 5097
Joined: Mon Feb 18, 2008 12:51 pm
Contact:

Re: Are REALTORS GREEDY ??

Sun Dec 01, 2013 8:34 pm

I'm shocked and appalled that an agent wants to be compensated for arranging a transaction.

Here's a thought, before signing a contract with a buyer agent, try talking to him about FSBO and figure out what it would take for him to show them to you. Spoiler alert: he expects to get paid if you buy something.

The best debates are ones where we argue over who pays the commission, the buyer or the seller. It turns out I don't give a f*ck.
There is no shame in overpaying
 
Kootenay
Real Estate Talker
Topic Author
Posts: 20
Joined: Sat Nov 23, 2013 8:13 am
Contact:

Re: Are REALTORS GREEDY ??

Mon Dec 02, 2013 5:15 am

When i did my FSBO ad i said i was willing to negotiate the commission to a realtor. Then when i did list the property with a realtor was when nobody wanted to show the property as the commission was negotiated down . I listed below the assessment value so the price was not way out of the market i was at $100,000 below the next listing of $415,000 for a newer home just up the road. I am still going to try and sell again in the spring but the market in the beautiful Kootenays seems to be very slow.
 
User avatar
jesse1
Real Estate Talker
Posts: 5097
Joined: Mon Feb 18, 2008 12:51 pm
Contact:

Re: Are REALTORS GREEDY ??

Mon Dec 02, 2013 10:45 am

nobody wanted to show the property as the commission was negotiated down
Unless you truly do the job of a selling Realtor, the sole agent is going to want some additional compensation for being the intermediary. Not you specifically of course, but people talk about saying they will be their "own" selling agents but don't really know what they're doing and the other agent or buyer has to pick up the slack. From that perspective I can understand why there is some aversion to FSBO; it may be borne out with success rates. I don't know for certain but it could be buyer agents have been continually frustrated with "fringe" FSBOs and find it a very low chance of success of making a deal. Why would they waste their times on that unless they know they have a shot at making a sale?
There is no shame in overpaying
 
User avatar
WhipMaster
Real Estate Talker
Posts: 5129
Joined: Thu Mar 07, 2013 2:42 pm
Contact:

Re: Are REALTORS GREEDY ??

Mon Dec 02, 2013 11:45 am

When i did my FSBO ad i said i was willing to negotiate the commission to a realtor. Then when i did list the property with a realtor was when nobody wanted to show the property as the commission was negotiated down . I listed below the assessment value so the price was not way out of the market i was at $100,000 below the next listing of $415,000 for a newer home just up the road. I am still going to try and sell again in the spring but the market in the beautiful Kootenays seems to be very slow.
... so you were asking below the "assessed value" and $100,000 below
a "newer" home in the neighbourhood...and you didn't manage to sell it??? :shock:

everything has it's correct price. Obviously you are not priced correctly, you are obviously....too high. :mrgreen:

Maybe you are being too greedy?

Why not reduce the price by $50,000?.....that may help. :mrgreen:
Hoo~Cudda~Not~Nod~ed????? :-)
 
barrievattoy
Real Estate Talker
Posts: 451
Joined: Fri Jan 03, 2003 2:25 pm
Contact:

Re: Are REALTORS GREEDY ??

Mon Dec 02, 2013 2:17 pm

Selling Your Home? Then You Need A Marketing Plan

It's Not Just A House For Sale
It's How You Sell It !


By Barrie Vattoy
Prudential Sterling Realty

Marketing your home is more than placing a sign in your yard and placing an ad in the local newspaper. To get the most exposure for your home, you should have a marketing plan that has clear objectives and specifically outlines the resources that will be used to reach potential buyers.

Each marketing plan should be designed around your property and capitalize on its most desirable features. Therefore, you need to be honest with your real estate professional about the condition of your home, and what’s the final price you will accept for your home. Your real estate professional may advise you to get a home inspection upfront to determine the current condition, so that you have time to make any corrective work. This can make your home more saleable and help avoid unpleasant surprises and expenses later on.

Rarely is the successful marketing of a property the result of a single activity. Therefore the marketing plan should list the types of tools that will be used to expose your home to buyers. Yard signs, newspaper ads, and listing with a Multiple Listing Service should only be the beginning. Other resources may include company tours, Open Houses, “Just Listed” postcards to clients and surrounding neighborhood, and referrals.

And don’t forget technological tools. Studies show that more and more people are using the Internet during their home search. Your exposure can now be worldwide instead of just contained in your neighborhood. So you want to make sure that your marketing plan reflects how you will reach that audience. Besides listings on their personal websites, your real estate professional may list your home on Realty Link or their affiliations’ website such as Prudential.com. Another popular technological tool he or she may use to market your home is virtual tours, which allows viewers to get a 360-degree preview of your home without leaving their computer.

When marketing your property, there are really two audiences you are trying to reach—home buyers and other real estate professionals. Make sure the plan includes action steps on how each audience will be marketed to.

An effective marketing plan will also spell out specific dates for marketing activities such as company and broker tours, Open Houses, postcard mailings, and newspaper advertisements. Yet, it should leave room for unscheduled events such as following up with sales professionals or brokers who preview or show the home.

The action steps should also include checkpoints, possibly at the 15-, 30- and 45-day mark, to review activity on the home and determine if changes need to be made to the marketing plan.

As the home seller, you should be kept in the loop on activity of your home. The marketing plan should state how (such as by mail, phone email, or even through a website) and the frequency (daily, weekly).

Of course these are just guidelines, but can give you an idea if the marketing plan your real estate professional has proposed to you has to be refined. You need to be comfortable with the marketing strategy for your home. An effective plan will not only put you at ease, but give your home maximum exposure so that hopefully you will have a quick sell.
Last edited by barrievattoy on Mon Dec 02, 2013 2:39 pm, edited 1 time in total.
 
User avatar
WhipMaster
Real Estate Talker
Posts: 5129
Joined: Thu Mar 07, 2013 2:42 pm
Contact:

Re: Are REALTORS GREEDY ??

Mon Dec 02, 2013 2:39 pm

...sorry Barry but you realtors are too greedy.
Only the Seller is allowed to be greedy, and then complain when his/her house doesn't sell. :mrgreen:
Hoo~Cudda~Not~Nod~ed????? :-)
 
thinktom
Real Estate Talker
Posts: 1695
Joined: Tue Jan 16, 2007 2:51 pm
Contact:

Re: Are REALTORS GREEDY ??

Mon Dec 02, 2013 3:01 pm

Only the Seller is allowed to be greedy, and then complain when his/her house doesn't sell. :mrgreen:
This. Give me a break. I have shown plenty of FSBO's to clients. It's also not surprising how many FSBO's are overpriced. Lofty expectations is the culprit.

Let's face it. It's also about ego. Some people don't think the Realtor is worth the commission. Fine. Don't pay it. But I find it hilarious when I tell a FSBO I'll 'net' them their price and tack my commission on top, and they still refuse. Why? EGO.

Work with a buyer for a year or two, with all that it entails, and then not be compensated when they finally buy?? Sure. No problem. :roll:
 
Geyser
Real Estate Talker
Posts: 3569
Joined: Tue Jun 05, 2012 5:26 pm
Location: In a van down by the river
Contact:

Re: Are REALTORS GREEDY ??

Mon Dec 02, 2013 5:27 pm

...sorry Barry but you realtors are too greedy.
Only the Seller is allowed to be greedy, and then complain when his/her house doesn't sell. :mrgreen:
Steady on Whippy, don't get too "intense". :lol:
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
Geyser
Real Estate Talker
Posts: 3569
Joined: Tue Jun 05, 2012 5:26 pm
Location: In a van down by the river
Contact:

Re: Are REALTORS GREEDY ??

Mon Dec 02, 2013 5:46 pm

Only the Seller is allowed to be greedy, and then complain when his/her house doesn't sell. :mrgreen:
This. Give me a break. I have shown plenty of FSBO's to clients. It's also not surprising how many FSBO's are overpriced. Lofty expectations is the culprit.

Let's face it. It's also about ego. Some people don't think the Realtor is worth the commission. Fine. Don't pay it. But I find it hilarious when I tell a FSBO I'll 'net' them their price and tack my commission on top, and they still refuse. Why? EGO.

Work with a buyer for a year or two, with all that it entails, and then not be compensated when they finally buy?? Sure. No problem. :roll:
FWIW, after briefly toying with the idea of FSBO I used a realtor for my last sale and it paid off handsomely. I thought I had a good understanding of using comparables to determine a price that would be near the top of the range I should be in yet still ensure a reasonably prompt sale.

Fortunately the realtor persuaded me to price it a lot higher, he brought well qualified traffic to the property and quickly sold it for substantially more than I expected. He saved me from my own ego and my flawed valuation. The additional money paid his standard commission in full (no grinding) and left me tens of thousands ahead, that was the best earned commission cheque I ever wrote. :D
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
User avatar
WhipMaster
Real Estate Talker
Posts: 5129
Joined: Thu Mar 07, 2013 2:42 pm
Contact:

Re: Are REALTORS GREEDY ??

Mon Dec 02, 2013 7:17 pm

Geyser:
Fortunately the realtor persuaded me to price it a lot higher, he brought well qualified traffic to the property and quickly sold it for substantially more than I expected.
so...you are saying that you sold real estate and didn't go "underwater", and your realtor actually worked to your benefit? :shock:
I don't know about that.... we were told by many of the contributors here that think they know something that you will go broke owning real estate because it always goes down, and realtors are nothing but bandits who will cheat you.... :shock:

Give me an "H"! :P
Give me a "C"! :P
Give me an "N"! :P
Give me an "F" :P
!Give me an "N"! :P

Hoo~Cudda~Not~Fawkin~Node! :mrgreen:
Hoo~Cudda~Not~Nod~ed????? :-)
 
User avatar
jesse1
Real Estate Talker
Posts: 5097
Joined: Mon Feb 18, 2008 12:51 pm
Contact:

Re: Are REALTORS GREEDY ??

Mon Dec 02, 2013 10:43 pm

then not be compensated when they finally buy
As tom points out, FSBOs seem to have chips on their shoulders from a perception, or a past a bad experience, of a Realtor not delivering the "optimal" result. In the end it's more a stand of principle but from what I've seen not one based on maximizing return.

The more I hear people complain about Realtors the more I think they're complaining they aren't capable of discriminating the good from the bad. Must be frustrating.
There is no shame in overpaying

Who is online

Users browsing this forum: No registered users and 4 guests