Real Estate Rates
- Thread starter AirgunSavant
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Originally Posted By: AZjeff
HTSS_RR, you real estate market in SoCal is a bit different that the rest of the country.
It's a little different, but I got about $100k more for my house than my agent could just a month or two before I had that offer and another offer a little higher. I conveyed to the potential buyers that I wasn't in a hurry to move, I would sell my house only when I could get an offer I think is fair market price. I told them I would stay in the house for few more years if I didn't get good price for it.
As long as you how your house real value and asking for just few thousands more, and accept good offer(highly qualify) within 1-2% of what you expect.
HTSS_RR, you real estate market in SoCal is a bit different that the rest of the country.
It's a little different, but I got about $100k more for my house than my agent could just a month or two before I had that offer and another offer a little higher. I conveyed to the potential buyers that I wasn't in a hurry to move, I would sell my house only when I could get an offer I think is fair market price. I told them I would stay in the house for few more years if I didn't get good price for it.
As long as you how your house real value and asking for just few thousands more, and accept good offer(highly qualify) within 1-2% of what you expect.
Originally Posted By: HTSS_TR
Originally Posted By: AZjeff
HTSS_RR, you real estate market in SoCal is a bit different that the rest of the country.
It's a little different, but I got about $100k more for my house than my agent could just a month or two before I had that offer and another offer a little higher. I conveyed to the potential buyers that I wasn't in a hurry to move, I would sell my house only when I could get an offer I think is fair market price. I told them I would stay in the house for few more years if I didn't get good price for it.
As long as you how your house real value and asking for just few thousands more, and accept good offer(highly qualify) within 1-2% of what you expect.
If you knew the real value why did you significantly overprice it on your first attempt. You said you listed it with agent for $1.5. But later sold it for $1.3. Overpriced homes don't get serious consideration. They get people shooting low offers which sounds like what you got. When you priced it properly you got offers. Your agent was simply inexperienced and would take any listing and hope.
Originally Posted By: AZjeff
HTSS_RR, you real estate market in SoCal is a bit different that the rest of the country.
It's a little different, but I got about $100k more for my house than my agent could just a month or two before I had that offer and another offer a little higher. I conveyed to the potential buyers that I wasn't in a hurry to move, I would sell my house only when I could get an offer I think is fair market price. I told them I would stay in the house for few more years if I didn't get good price for it.
As long as you how your house real value and asking for just few thousands more, and accept good offer(highly qualify) within 1-2% of what you expect.
If you knew the real value why did you significantly overprice it on your first attempt. You said you listed it with agent for $1.5. But later sold it for $1.3. Overpriced homes don't get serious consideration. They get people shooting low offers which sounds like what you got. When you priced it properly you got offers. Your agent was simply inexperienced and would take any listing and hope.
Originally Posted By: hatt
Originally Posted By: HTSS_TR
Originally Posted By: AZjeff
HTSS_RR, you real estate market in SoCal is a bit different that the rest of the country.
It's a little different, but I got about $100k more for my house than my agent could just a month or two before I had that offer and another offer a little higher. I conveyed to the potential buyers that I wasn't in a hurry to move, I would sell my house only when I could get an offer I think is fair market price. I told them I would stay in the house for few more years if I didn't get good price for it.
As long as you how your house real value and asking for just few thousands more, and accept good offer(highly qualify) within 1-2% of what you expect.
If you knew the real value why did you significantly overprice it on your first attempt. You said you listed it with agent for $1.5. But later sold it for $1.3. Overpriced homes don't get serious consideration. They get people shooting low offers which sounds like what you got. When you priced it properly you got offers. Your agent was simply inexperienced and would take any listing and hope.
To a broker, all that is meaningless noise. We don't really care why the seller is selling, we'd never tell you the real reason anyway, a simple he doesn't need it anymore tells you everything you need to know without telling you anything. Half the time I don't even ask. You just write up an offer and see what happens. If they want to sell, they'll accept the offer, if they don't, they won't take the offer. I don't really care what the seller says before the offer, it's really what they do after they get the offer. You'd be surprised at how many times they say one thing and then say something else after they get the offer. That's why working with brokers makes it easy, you don't waste a lot of time on the meaningless stuff, it's why fsbo waste a lot of time and energy and eventually many of them give up. I can do a showing in 10-15 minutes, if the owner happens to be there which is a big no no, it can drag on for 30-40 minutes while a lot of chit chat goes on and then in the end, they don't end up buying it.
Originally Posted By: HTSS_TR
Originally Posted By: AZjeff
HTSS_RR, you real estate market in SoCal is a bit different that the rest of the country.
It's a little different, but I got about $100k more for my house than my agent could just a month or two before I had that offer and another offer a little higher. I conveyed to the potential buyers that I wasn't in a hurry to move, I would sell my house only when I could get an offer I think is fair market price. I told them I would stay in the house for few more years if I didn't get good price for it.
As long as you how your house real value and asking for just few thousands more, and accept good offer(highly qualify) within 1-2% of what you expect.
If you knew the real value why did you significantly overprice it on your first attempt. You said you listed it with agent for $1.5. But later sold it for $1.3. Overpriced homes don't get serious consideration. They get people shooting low offers which sounds like what you got. When you priced it properly you got offers. Your agent was simply inexperienced and would take any listing and hope.
To a broker, all that is meaningless noise. We don't really care why the seller is selling, we'd never tell you the real reason anyway, a simple he doesn't need it anymore tells you everything you need to know without telling you anything. Half the time I don't even ask. You just write up an offer and see what happens. If they want to sell, they'll accept the offer, if they don't, they won't take the offer. I don't really care what the seller says before the offer, it's really what they do after they get the offer. You'd be surprised at how many times they say one thing and then say something else after they get the offer. That's why working with brokers makes it easy, you don't waste a lot of time on the meaningless stuff, it's why fsbo waste a lot of time and energy and eventually many of them give up. I can do a showing in 10-15 minutes, if the owner happens to be there which is a big no no, it can drag on for 30-40 minutes while a lot of chit chat goes on and then in the end, they don't end up buying it.
I get frustrated every day because its not the same old world we use to know. I made more in the 80's-90's than I do now.
I am happy to pay a fair rate for the service and connections.
But I find one thing interesting here and in my travels. Contractors have not lowered their pricing like the rest of us.
They just work less and rip you as hard as they can. Carpenters here are all around $90 and hour.
Real Estate folks also may have to come off of that 6% as the home owners all took a bath too. It's just a reality some don't get. I'd be happy paying the 5% and if it sold fast even more but we all have sob stories in this economy.
I am happy to pay a fair rate for the service and connections.
But I find one thing interesting here and in my travels. Contractors have not lowered their pricing like the rest of us.
They just work less and rip you as hard as they can. Carpenters here are all around $90 and hour.
Real Estate folks also may have to come off of that 6% as the home owners all took a bath too. It's just a reality some don't get. I'd be happy paying the 5% and if it sold fast even more but we all have sob stories in this economy.
Originally Posted By: hatt
If you knew the real value why did you significantly overprice it on your first attempt. You said you listed it with agent for $1.5. But later sold it for $1.3. Overpriced homes don't get serious consideration. They get people shooting low offers which sounds like what you got. When you priced it properly you got offers. Your agent was simply inexperienced and would take any listing and hope.
I left out some details.
The actual selling price was $1.385, the best offer I received with my agent was $1.25 with a lot of repairs.
I first listed $1.5 to test the water, I expected the selling price to be around 1.4, after commission, escrow fees and repairs I would have about $1.3 left. For some reason my agent could only get $1.25 and the repair was estimated to be about $30-35k.
My agent sold a house in my neighborhood(same street just 6-7 houses from mine) a year before, so he knows the area well.
If you knew the real value why did you significantly overprice it on your first attempt. You said you listed it with agent for $1.5. But later sold it for $1.3. Overpriced homes don't get serious consideration. They get people shooting low offers which sounds like what you got. When you priced it properly you got offers. Your agent was simply inexperienced and would take any listing and hope.
I left out some details.
The actual selling price was $1.385, the best offer I received with my agent was $1.25 with a lot of repairs.
I first listed $1.5 to test the water, I expected the selling price to be around 1.4, after commission, escrow fees and repairs I would have about $1.3 left. For some reason my agent could only get $1.25 and the repair was estimated to be about $30-35k.
My agent sold a house in my neighborhood(same street just 6-7 houses from mine) a year before, so he knows the area well.
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Originally Posted By: AirgunSavant
I get frustrated every day because its not the same old world we use to know. I made more in the 80's-90's than I do now.
I am happy to pay a fair rate for the service and connections.
But I find one thing interesting here and in my travels. Contractors have not lowered their pricing like the rest of us.
They just work less and rip you as hard as they can. Carpenters here are all around $90 and hour.
Real Estate folks also may have to come off of that 6% as the home owners all took a bath too. It's just a reality some don't get. I'd be happy paying the 5% and if it sold fast even more but we all have sob stories in this economy.
What service do you offer in which you've lowered the price?
Services are not a commodity. You say you'd be happy paying 5% but what service are you getting? Most real estates sales folks don't even answer their phone. You'd be happy paying 5% for bare minimum but wouldn't go 1% more for a top notch agent that does everything they can to get your house sold quickly for top dollar?
I get frustrated every day because its not the same old world we use to know. I made more in the 80's-90's than I do now.
I am happy to pay a fair rate for the service and connections.
But I find one thing interesting here and in my travels. Contractors have not lowered their pricing like the rest of us.
They just work less and rip you as hard as they can. Carpenters here are all around $90 and hour.
Real Estate folks also may have to come off of that 6% as the home owners all took a bath too. It's just a reality some don't get. I'd be happy paying the 5% and if it sold fast even more but we all have sob stories in this economy.
What service do you offer in which you've lowered the price?
Services are not a commodity. You say you'd be happy paying 5% but what service are you getting? Most real estates sales folks don't even answer their phone. You'd be happy paying 5% for bare minimum but wouldn't go 1% more for a top notch agent that does everything they can to get your house sold quickly for top dollar?
The advent of easy access to listings and excellent photos via Internet and instant communication has made the real estate agents life considerably easier.
There was considerably wasted time prior going through listings and looking at places that never would you consider due to lack of access of easy maps and photos to pre explore a home area. Also cancels are a simply text not waiting around. Moreover waiting around can be productive time for agent taking care of other business with a laptop or tablet.
That being said the idea of high commission is outdated and I don't care what real estate agents think of the past. Our home was sold with 3% commission each time and sold rather quickly.
Real estate agents have a much simpler job now and ability to make up with sales if any good. Don't over pay them!
There was considerably wasted time prior going through listings and looking at places that never would you consider due to lack of access of easy maps and photos to pre explore a home area. Also cancels are a simply text not waiting around. Moreover waiting around can be productive time for agent taking care of other business with a laptop or tablet.
That being said the idea of high commission is outdated and I don't care what real estate agents think of the past. Our home was sold with 3% commission each time and sold rather quickly.
Real estate agents have a much simpler job now and ability to make up with sales if any good. Don't over pay them!
Kestas
Staff member
Agreed. If realty was such a difficult and underpaid job, why has there been an explosion of realtors entering the market recently? I understand the number of realtors has tripled over the past decade. They are all chasing easy money. Meanwhile, students are shunning the engineering field for good reason - hard work and low pay for the sacrifices made.
In my circle of friends, it seems that every 20th person is a realtor. All the engineers I know are old-timers such as myself. I don't know that any of their kids are going into engineering. And I'm here in Detroit!
In my circle of friends, it seems that every 20th person is a realtor. All the engineers I know are old-timers such as myself. I don't know that any of their kids are going into engineering. And I'm here in Detroit!
Originally Posted By: Nate1979
Realtors are basically overpaid car salesman. I hate jobs like this where they think they are worth a percentage instead of a fixed fee. Same with tipping at restaurants.
REALTORs are more than happy to negotiate a fixed fee instead of a %. It's nice to lock in your commission!
Realtors are basically overpaid car salesman. I hate jobs like this where they think they are worth a percentage instead of a fixed fee. Same with tipping at restaurants.
REALTORs are more than happy to negotiate a fixed fee instead of a %. It's nice to lock in your commission!
Originally Posted By: racer12306
Want to sit back and let the experts work their "magic"
What "magic"??? Just showing people a house is something an unskilled worker can do.
Want to sit back and let the experts work their "magic"
What "magic"??? Just showing people a house is something an unskilled worker can do.
Originally Posted By: madRiver
The advent of easy access to listings and excellent photos via Internet and instant communication has made the real estate agents life considerably easier.
Actually most don't have excellent photos. I want to see exactly what type of heating fuel is used, and if it has a garage and/or basment and lot of the time I have to really look hard at the pictures to figure that out.
The advent of easy access to listings and excellent photos via Internet and instant communication has made the real estate agents life considerably easier.
Actually most don't have excellent photos. I want to see exactly what type of heating fuel is used, and if it has a garage and/or basment and lot of the time I have to really look hard at the pictures to figure that out.
Everything I do because the Chinese-Indians-Taiwanese etc. all knocked off my products and all of my expenses are through the roof but I have to compete with the world market. I guess most have no clue. Every raw material I buy is way more expensive than it used to be. Plus the Internet made everybody with a computer a potential competitor...
I think it's weird you ask. I personally don't know many who are raking it in today like you used to be able too. I want to work 24/7 but this economy wont let those that want to- do so.
Originally Posted By: hatt
Originally Posted By: AirgunSavant
I get frustrated every day because its not the same old world we use to know. I made more in the 80's-90's than I do now.
I am happy to pay a fair rate for the service and connections.
But I find one thing interesting here and in my travels. Contractors have not lowered their pricing like the rest of us.
They just work less and rip you as hard as they can. Carpenters here are all around $90 and hour.
Real Estate folks also may have to come off of that 6% as the home owners all took a bath too. It's just a reality some don't get. I'd be happy paying the 5% and if it sold fast even more but we all have sob stories in this economy.
What service do you offer in which you've lowered the price?
Services are not a commodity. You say you'd be happy paying 5% but what service are you getting? Most real estates sales folks don't even answer their phone. You'd be happy paying 5% for bare minimum but wouldn't go 1% more for a top notch agent that does everything they can to get your house sold quickly for top dollar?
I think it's weird you ask. I personally don't know many who are raking it in today like you used to be able too. I want to work 24/7 but this economy wont let those that want to- do so.
Originally Posted By: hatt
Originally Posted By: AirgunSavant
I get frustrated every day because its not the same old world we use to know. I made more in the 80's-90's than I do now.
I am happy to pay a fair rate for the service and connections.
But I find one thing interesting here and in my travels. Contractors have not lowered their pricing like the rest of us.
They just work less and rip you as hard as they can. Carpenters here are all around $90 and hour.
Real Estate folks also may have to come off of that 6% as the home owners all took a bath too. It's just a reality some don't get. I'd be happy paying the 5% and if it sold fast even more but we all have sob stories in this economy.
What service do you offer in which you've lowered the price?
Services are not a commodity. You say you'd be happy paying 5% but what service are you getting? Most real estates sales folks don't even answer their phone. You'd be happy paying 5% for bare minimum but wouldn't go 1% more for a top notch agent that does everything they can to get your house sold quickly for top dollar?
I can't argue with that.
And this b-s that an agent will get you top dollar is a joke too. Most use every thing they can think of for a quick sale. You're too close to the road. Your house is too old. Values are down. On and on and on.
Originally Posted By: madRiver
The advent of easy access to listings and excellent photos via Internet and instant communication has made the real estate agents life considerably easier.
There was considerably wasted time prior going through listings and looking at places that never would you consider due to lack of access of easy maps and photos to pre explore a home area. Also cancels are a simply text not waiting around. Moreover waiting around can be productive time for agent taking care of other business with a laptop or tablet.
That being said the idea of high commission is outdated and I don't care what real estate agents think of the past. Our home was sold with 3% commission each time and sold rather quickly.
Real estate agents have a much simpler job now and ability to make up with sales if any good. Don't over pay them!
And this b-s that an agent will get you top dollar is a joke too. Most use every thing they can think of for a quick sale. You're too close to the road. Your house is too old. Values are down. On and on and on.
Originally Posted By: madRiver
The advent of easy access to listings and excellent photos via Internet and instant communication has made the real estate agents life considerably easier.
There was considerably wasted time prior going through listings and looking at places that never would you consider due to lack of access of easy maps and photos to pre explore a home area. Also cancels are a simply text not waiting around. Moreover waiting around can be productive time for agent taking care of other business with a laptop or tablet.
That being said the idea of high commission is outdated and I don't care what real estate agents think of the past. Our home was sold with 3% commission each time and sold rather quickly.
Real estate agents have a much simpler job now and ability to make up with sales if any good. Don't over pay them!
If you can't make any money doing what you use to do you need to do something else. Discounting yourself into the poorhouse isn't a good business strategy. The real estate sales business is still going strong. 89% of home sales involve sales agent. No need to work cut rate commissions.
Originally Posted By: AirgunSavant
I can't argue with that.
And this b-s that an agent will get you top dollar is a joke too. Most use every thing they can think of for a quick sale. You're too close to the road. Your house is too old. Values are down. On and on and on.
A REALTOR's job isn't to get you top dollar. Their job is to get everyone involved to agree on a sale of a piece of property. Sticking a sign in the yard and hoping that somehow 11% of the buyers that don't use an agent will stop by in a sensible time frame and give you over market price is grasping. Most people want to sell in a few months. That means you have to market to actual buyers, and price to the current market. If you don't care if it takes 10 years to get a centain price there are plenty of agents that will list it for the next decade waiting for the stray buyer that can't resist your property to show up.
I can't argue with that.
And this b-s that an agent will get you top dollar is a joke too. Most use every thing they can think of for a quick sale. You're too close to the road. Your house is too old. Values are down. On and on and on.
A REALTOR's job isn't to get you top dollar. Their job is to get everyone involved to agree on a sale of a piece of property. Sticking a sign in the yard and hoping that somehow 11% of the buyers that don't use an agent will stop by in a sensible time frame and give you over market price is grasping. Most people want to sell in a few months. That means you have to market to actual buyers, and price to the current market. If you don't care if it takes 10 years to get a centain price there are plenty of agents that will list it for the next decade waiting for the stray buyer that can't resist your property to show up.
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They for the most part all advertise that.
I really don't think you live in the real world.
No I'm not attacking you either. But sometimes we are blinded by the reality around us.
Show me where I can chase a booming job market these days!.....
I really don't think you live in the real world.
No I'm not attacking you either. But sometimes we are blinded by the reality around us.
Show me where I can chase a booming job market these days!.....
Originally Posted By: hatt
Originally Posted By: AirgunSavant
I can't argue with that.
And this b-s that an agent will get you top dollar is a joke too. Most use every thing they can think of for a quick sale. You're too close to the road. Your house is too old. Values are down. On and on and on.
A REALTOR's job isn't to get you top dollar. Their job is to get everyone involved to agree on a sale of a piece of property. Sticking a sign in the yard and hoping that somehow 11% of the buyers that don't use an agent will stop by in a sensible time frame and give you over market price is grasping. Most people want to sell in a few months. That means you have to market to actual buyers, and price to the current market. If you don't care if it takes 10 years to get a centain price there are plenty of agents that will list it for the next decade waiting for the stray buyer that can't resist your property to show up.
Would you recommend to a buyer to hold out a little longer to try and get a better price? Studies show that a realtor is more interested in getting the quick sale than recommending to hold out for a better price because there is very little value incentive to the realtor to get a higher price.
I have found as a buyer that my agent really works for me and is pretty cutthroat on the offers. But as a seller, eh, not so much.
Originally Posted By: AirgunSavant
I can't argue with that.
And this b-s that an agent will get you top dollar is a joke too. Most use every thing they can think of for a quick sale. You're too close to the road. Your house is too old. Values are down. On and on and on.
A REALTOR's job isn't to get you top dollar. Their job is to get everyone involved to agree on a sale of a piece of property. Sticking a sign in the yard and hoping that somehow 11% of the buyers that don't use an agent will stop by in a sensible time frame and give you over market price is grasping. Most people want to sell in a few months. That means you have to market to actual buyers, and price to the current market. If you don't care if it takes 10 years to get a centain price there are plenty of agents that will list it for the next decade waiting for the stray buyer that can't resist your property to show up.
Would you recommend to a buyer to hold out a little longer to try and get a better price? Studies show that a realtor is more interested in getting the quick sale than recommending to hold out for a better price because there is very little value incentive to the realtor to get a higher price.
I have found as a buyer that my agent really works for me and is pretty cutthroat on the offers. But as a seller, eh, not so much.
Originally Posted By: Nate1979
Would you recommend to a buyer to hold out a little longer to try and get a better price? Studies show that a realtor is more interested in getting the quick sale than recommending to hold out for a better price because there is very little value incentive to the realtor to get a higher price.
I have found as a buyer that my agent really works for me and is pretty cutthroat on the offers. But as a seller, eh, not so much.
Depends on a lot of variables. If the buyer is in love with the home and wants to put in an offer for X, which I determine is a sensible price, why would I advise them to do something which jeopardizes them getting the home. What are they going to do with that $2,000 I talked them into trying to save that resulted in them losing the house? If they aren't in love and are more interested in a price point you do things a little different.
Would you recommend to a buyer to hold out a little longer to try and get a better price? Studies show that a realtor is more interested in getting the quick sale than recommending to hold out for a better price because there is very little value incentive to the realtor to get a higher price.
I have found as a buyer that my agent really works for me and is pretty cutthroat on the offers. But as a seller, eh, not so much.
Depends on a lot of variables. If the buyer is in love with the home and wants to put in an offer for X, which I determine is a sensible price, why would I advise them to do something which jeopardizes them getting the home. What are they going to do with that $2,000 I talked them into trying to save that resulted in them losing the house? If they aren't in love and are more interested in a price point you do things a little different.
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