Real Estate : It’s a great time to buy. it’s a great time to sell

[hallett21]

I tried to make several offers on different properties. Three of them the listing agent wouldn’t call me back after repeated calls. I had to have a re-agent engaged by me to call. Then they got a call back same day. Additionally one of the listing agents I did get a hold of said they would only submit my offer if I used them as the buyers agent. Which I think is illegal?

Can Joe blow citizen submit an official offer?

Edit. Meaning print out the proper forms etc. The same way you can represent yourself in court

 

[jet496]

Now, don't get me going on the fact that you pay 50 to 70% interest in your early payments, yet you have a 3-7% loan. That should be illegal & it kills me that people accept it & don't complain. The average person will refinance or buy a new home every 5 - 10 years. That means YOU are always paying an average of 50% interest because you're always resetting. Hmmmm. Common sense says that's wrong. You should pay what ever your interest rate is on each payment.

I know, I know, it's called amortization, but it's pure collusion IMO.

 

[thetub]

you can always list it " for sale by owner "?

 

[RiverDave]

I find this thread absolutely fascinating.

On one hand people say the barrier to entry is to low.. then they say 10% do 90+% of the business.. then the latest is to try to find someone to do it for less than the standard %’s.

If you follow that logic your gonna end up with a shitty realtor that does there three houses a year and be bitching the barrier is to low to get in again..

However if you end up working with someone that does a lot of business works in your interests and does it for 1/2 the 6%.. what’s that worth on some of what is arguably the largest and most important transactions of your lives..



To get to the heart of where this thread started..

RE agents are not financial Advisors!! Their sole and only job is to work in the interests of the client. What that job description entails is pretty broad, but mainly to provide information / knowledge / negotiating skills / marketing skills.

That’s it..

If ya catch one trying to be a financial advisor I’d probably keep looking.


By the way out of the 1/4 billion in sales team rdp has done over the last few years.. I have never heard once “we paid you too much”. Quite the opposite actually most have been extremely happy with the services and value that came along with it.


RD

 

[jet496]

Can Joe blow citizen submit an official offer?

Edit. Meaning print out the proper forms etc. The same way you can represent yourself in court

Good question on if there's a standard form for submitting a bid.

We just made a verbal offer & they accepted. We drew up a CAR within a couple days & everyone signed it thus starting the process. First is the deposit, which then you have a specified amount of days to do your due diligence to either proceed to escrow or get the deposit back. Then after the due diligence phase, you have a set amount of days to make escrow close or lose the deposit.

 

[RiverDave]

I forgot to mention.. if it’s all easy money, then by all means stop what you’re doing and go get a license and catch that money falling out of the sky.

I went and got a license awhile back. You don’t see me selling real estate.. there is in fact a reason that less than 10% of them do over 90% of the business and it isn’t because it’s easy or the barrier of entry is too low.

RD

 

[Havasu blue label]

Nice hit congrats

 

[BHC Vic]

I forgot to mention.. if it’s all easy money, then by all means stop what you’re doing and go get a license and catch that money falling out of the sky.

I went and got a license awhile back. You don’t see me selling real estate.. there is in fact a reason that less than 10% of them do over 90% of the business and it isn’t because it’s easy or the barrier of entry is too low.

RD

I won’t say it’s easy money but the ones that started in the last 5 years will have to figure something out. And that’s not just real estate it’s everything. Apprentices the last 5 years have had zero problems finding work. Every company is hiring. Things are and have been tightening up. The shitty can’t hack it guys will start going away. 5 years ago was a great time to jump into the union. It’s much much harder to find a sponsor right now and when you do you’re going to have to produce. The hide and seek for a grand a week is going away. People in the trades will know what I mean w that statement

 

[Havoc Powesports]

LOL, now this is funny to read! Our Brokerage just did a broker's open house on a 14 million dollar listing. Brought in a DJ, open champagne bar, catered foods, and hostesses, pro photographers for the event, cast members from the Siesta Key show since the house was used in the show. and the bill was well north of your proposed 5-10k payment. well north... There are some videography of the listing our brokerage does and those pro videos cost more than that on listings. Now not all listings get that same treatment, but with what you propose wouldn't happen. at all.

This day in age with Realty.com type sites where they bring the listing to you, not an agent, along with pictures, property descriptions, sales & property tax history, etc., I just do not see the worth in 6% realtor fees. It's quite silly actually. Maybe $5k or 10K for making sure everything's good but really that's what the title company does and the CAR agreement covers everything else.

Just sayin'

 

[BHC Vic]

LOL, now this is funny to read! Our Brokerage just did a broker's open house on a 14 million dollar listing. Brought in a DJ, open champagne bar, catered foods, and hostesses, pro photographers for the event, cast members from the Siesta Key show since the house was used in the show. and the bill was well north of your proposed 5-10k payment. well north... There are some videography of the listing our brokerage does and those pro videos cost more than that on listings. Now not all listings get that same treatment, but with what you propose wouldn't happen. at all.

Honest question.. do you think the listing needed all that? Maybe 1 year ago no and maybe today yes? Honest question I’m not trying to be a smart ass

 

[whiteworks]

I find this thread absolutely fascinating.

On one hand people say the barrier to entry is to low.. then they say 10% do 90+% of the business.. then the latest is to try to find someone to do it for less than the standard %’s.

If you follow that logic your gonna end up with a shitty realtor that does there three houses a year and be bitching the barrier is to low to get in again..

However if you end up working with someone that does a lot of business works in your interests and does it for 1/2 the 6%.. what’s that worth on some of what is arguably the largest and most important transactions of your lives..



To get to the heart of where this thread started..

RE agents are not financial Advisors!! Their sole and only job is to work in the interests of the client. What that job description entails is pretty broad, but mainly to provide information / knowledge / negotiating skills / marketing skills.

That’s it..

If ya catch one trying to be a financial advisor I’d probably keep looking.


By the way out of the 1/4 billion in sales team rdp has done over the last few years.. I have never heard once “we paid you too much”. Quite the opposite actually most have been extremely happy with the services and value that came along with it.


RD

Why not just say $250M in sales? Might as well say something like 1/16400 of a trillion dollars or whatever the equivalent would be

I’m just bustin your balls a bit, however there is a big adversity in that profession to overcome being 90% of realtors are goobers, don’t say goober things like 1/4 of a billion in sales, unless you have other 1/4 billion in sales activities pending here and there

It’s not like a realtor is a fiduciary, while it’s only a $3k out of their pocket for every $100k I leave on the table there is no real reason for a realtor to care about grinding out those last couple bucks of commission vs closing a deal now and moving on. While $3k isn’t a big deal, the extra $97k would be useful.

 

[Havoc Powesports]

So, what happens if I stopped by an open house, hosted by the sellers agent. Can I represent myself? The only time this happened was over 35 years ago. At the time, it never crossed my mind.

If you stopped by my open house, I would gladly write up an offer on your behalf to submit to my sellers. Just remember that as the listing agent, my duties are in the seller's best interest, but I have a duty to you as well.

 

[Havoc Powesports]

Honest question.. do you think the listing needed all that? Maybe 1 year ago no and maybe today yes? Honest question I’m not trying to be a smart ass

Most definitely. Had agents from Miami, Tampa, etc bring in their exclusive clients. Quite a few flew in from other areas as well. You're not just selling it as a home but as a lifestyle as well.

 

[hallett21]

Most definitely. Had agents from Miami, Tampa, etc bring in their exclusive clients. Quite a few flew in from other areas as well. You're not just selling it as a home but as a lifestyle as well.

It’s pretty amazing how if you just showed the home as it is many would pass. But when you show it in full party/entertainment mode you get “I’ve gotta have it” buyers.

 

[Havasu blue label]

Most definitely. Had agents from Miami, Tampa, etc bring in their exclusive clients. Quite a few flew in from other areas as well. You're not just selling it as a home but as a lifestyle as well.

What city

 

[RiverDave]

Why not just say $250M in sales? Might as well say something like 1/16400 of a trillion dollars or whatever the equivalent would be

I’m just bustin your balls a bit, however there is a big adversity in that profession to overcome being 90% of realtors are goobers, don’t say goober things like 1/4 of a billion in sales, unless you have other 1/4 billion in sales activities pending here and there

It’s not like a realtor is a fiduciary, while it’s only a $3k out of their pocket for every $100k I leave on the table there is no real reason for a realtor to care about grinding out those last couple bucks of commission vs closing a deal now and moving on. While $3k isn’t a big deal, the extra $97k would be useful.

It’s six in one hand and half a dozen in the other?

 

[whiteworks]

It’s six in one hand and half a dozen in the other?

It’s half past 4:00 or 4:30?

 

[RiverDave]

It’s half past 4:00 or 4:30?

That’s what I’m saying.. I’m not sure I see the difference between the two? Lol

 

[angiebaby]

It’s pretty ignorant to bash real estate agents on a free website whose owners are real estate agents.

LOL, after about 20 years, I'm not going to start pulling punches around Dave now. He would think there was something wrong with me.

Yes, I think the commission system is broken. I'm not sure how I would fix it other than the seller negotiating the contract. There seems to be an assumption that because it's always been ~6%, that's just the way it is. I don't like to negotiate. I don't like to play the game. It's just not me. If I sell another home, I will probably be a little more forceful, though. When we sold our home in CA and Reno, we used friends as agents, both very experienced, so I wasn't very forceful when negotiating. Our ranch in CA was a difficult sell. 12 acres surrounded by track homes. Two 125-year-old adobe houses. I had no problem paying the commission, and the agent definitely earned her money. If you need an agent in Temecula/Murrieta/Menifee, I can't recommend Kristi Harden enough. Reno sold in a day, which we knew it would, so we probably should have asked for a better rate. Hindsight is 20/20 right? For purchasing, I don't have any control over that negotiated contract. But if and when I go to purchase a home in Havasu, I can't imagine using anyone other than RDP, because Dave and Stacy are my friends, and I know they know that. What you think regarding that relationship doesn't really matter.

 

[badgas]

If you can afford what you are buying and don't plan on moving then it's always a good time to buy.

 

[LuauLounge]

If you stopped by my open house, I would gladly write up an offer on your behalf to submit to my sellers. Just remember that as the listing agent, my duties are in the seller's best interest, but I have a duty to you as well.

Unfortunately, didn’t get the invite.

As to an earlier post, IMO, you are not appealing to Ma and Pa, retired. Your buyer will be much younger, this will be a multihome owner, maybe #2 or #3 or more. Wants to hang with monied and/or political people.

 

[Sportin' Wood]

LOL, after about 20 years, I'm not going to start pulling punches around Dave now. He would think there was something wrong with me.

Yes, I think the commission system is broken. I'm not sure how I would fix it other than the seller negotiating the contract. There seems to be an assumption that because it's always been ~6%, that's just the way it is. I don't like to negotiate. I don't like to play the game. It's just not me. If I sell another home, I will probably be a little more forceful, though. When we sold our home in CA and Reno, we used friends as agents, so I wasn't very forceful when negotiating. Our ranch in CA was a difficult sell. 12 acres surrounded by track homes. Two 125-year-old adobe houses. I had no problem paying the commission, and the agent definitely earned her money. If you need an agent in Temecula/Murrieta/Menifee, I can't recommend Kristi Harden enough. Reno sold in a day, which we knew it would, so we probably should have asked for a better rate. Hindsight is 20/20 right? For purchasing, I don't have any control over that negotiated contract. But if and when I go to purchase a home in Havasu, I can't imagine using anyone other than RDP, because Dave and Stacy are my friends, and I know they know that.

The agents earn the money having to deal with me.

 

[badgas]

I find this thread absolutely fascinating.

On one hand people say the barrier to entry is to low.. then they say 10% do 90+% of the business.. then the latest is to try to find someone to do it for less than the standard %’s.

If you follow that logic your gonna end up with a shitty realtor that does there three houses a year and be bitching the barrier is to low to get in again..

However if you end up working with someone that does a lot of business works in your interests and does it for 1/2 the 6%.. what’s that worth on some of what is arguably the largest and most important transactions of your lives..



To get to the heart of where this thread started..

RE agents are not financial Advisors!! Their sole and only job is to work in the interests of the client. What that job description entails is pretty broad, but mainly to provide information / knowledge / negotiating skills / marketing skills.

That’s it..

If ya catch one trying to be a financial advisor I’d probably keep looking.


By the way out of the 1/4 billion in sales team rdp has done over the last few years.. I have never heard once “we paid you too much”. Quite the opposite actually most have been extremely happy with the services and value that came along with it.


RD

Everyone who is not in sales has a LOT of theories and opinions on something they have never done.

 

[angiebaby]

The agents earn the money having to deal with me.

I can attest to that. Maybe we should have paid them 8%

 

[brecht]

Listing my house next week in Santa Clarita. Bought in 2022 for $750k - going on the market for a little over $1m

Let's see how the market really is. House up the street just went for $1.1m

 

[Englewood]

If you don't see the value in an agent, don't hire an agent.

I don't understand ones concern with how much an agent makes, if they aren't paying one to begin with?

What problem would changing real estate commissions solve?

 

[hallett21]

If you don't see the value in an agent, don't hire an agent.

I don't understand ones concern with how much an agent makes, if they aren't paying one to begin with?

What problem would changing real estate commissions solve?

Personal ones

 

[whiteworks]

That’s what I’m saying.. I’m not sure I see the difference between the two? Lol

You know I’m 575 months old right now, and the average American works to age 600 months. I had a really nice party when I turned 480 months, I may throw another big party when I turn 600 months as that’s a milestone birthday.

 

[Havoc Powesports]

Real simple breakdown. Also remember when commission rates were averaging 7-8%
500k house with 6% commission = 30k
30k split between 2 brokerages = 15k each side
15k my broker with a 10% brokerage fee = 1500-
photos, videos 3d, matterport, let us say 1500-
open house snacks, drinks, outside marketing 1000-
so now we have 15k commission - 4k in expenses = 11k
house takes 60 days, from signing the listing agreement, to closing (2 months) if it even closes.
11k divided by 2months = 5500 a month

but don't forget agents have taxes, multiple monthly fees, lock boxes we own, signage installation and removal fees, and vehicle wear/maintenance that is tied to the property as well, along with holding your hand and being on call basically 24/7 since you won't respect my normal hours/boundrys I set.
Am I not allowed to make 5500 a month from that sale of the property? Do you make more than 5500 a month? so why shouldn't I. And a good agent will have multiple listings going on at the same time.

 

[Havoc Powesports]

What city

Siesta Key, FL

 

[yuppie]

LOL!!

Just watching some videos tonight of friends on social media tonight who are in the RE business. Decent people but I don’t know if they know how ridiculous they sound.

I don’t think I have ever had a realtor tell me “now’s not the time”. It’s always a sellers market if I’m debating selling, and a buyers market if I’m buying. And that is confirmed by about 99% of the advertising you see. that’s the word since I was just getting into the market.

Cant wait for the industry to change one day where the middle men are removed. Whether it be by technology or some other facility that simplifies the transaction.

As you go up the ladder in value, ultra-rich people can trade their homes like they'd trade their art or cars or collectibles. When you're dealing with a $10M / $20M home, it doesn't make a ton of sense to give $600K to a realtor just because they've got a contract, lawyers can handle that, the houses are usually traded off-market, etc.

When you're under or just over the million dollar range, a good realtor can provide enormous value by having a solid contract, protecting you from commonly overlooked issues with the house, negotiating, advising on neighborhoods, helping you shop on location, using their network to tell you about pocket listings and more.

I think technology will get to the point where a lot of the middlemen won't be needed, like mortgage processors, but you'd laugh if I told you NFTs and blockchain tech can facilitate the transfer of deeds, the title company could go away completely, even Larry Fink has said "Everything will be tokenized", it's coming.

 

[Sportin' Wood]

There seems to be a lot of focus in this thread about the value an RE agent brings the seller, but I think the disconnect might be that the problem people have is that the RE industry attempts to force a buyer into an agent relationship.

As a seller, employing an agency to handle the transaction and adjust your expectations or give it a shot and FSBO is an easier decision.
As a buyer, you get pushed into using an agency. That is where people are getting agitated; there is not a widely communicated path to representing yourself in the transaction.

If I am comfortable negotiating the purchase myself, I should be able to do that.

In 2022, we bought an FSBO without an agent. It was a lovely experience. Most straightforward transaction of this size in my life. It was a reasonable mutual gains negotiation.
In 2023, we bought a house with an agent. He earned his money and found us a great home. He also earned his money dealing with me being very difficult fighting for a significant price variance and playing hardball/walkaway negotioations. I'm reasonably sure we would not have gotten the deal done without a middleman softening my tone. I'm also 100% we would have never looked at the home as we could not see past the lack of trees.

That being said, I'm comfortable negotiating on my own behalf and normally make the seller eat my perceived commission cost in the form of a discount. When I sell, I bake in the commission costs as part of my bottom line price. As stated I'm not easy to deal with and have made my agents crazy. All of them would still answer my phone call and they send Angie Christmas cards.

We are at a point in our lives we may not sell anymore houses for a while, so I can't say how I would transact them, but I will 100% use an agency when I sell our RV. I don't want to deal with it and absolutely see the value of employing someone to do this for us.


EDIT: It just dawned on me re-reading this post that the mindset plays a significant role in the perception of the RE Industry. In our FSBO transaction, the relationship was overwhelmingly positive. In the traditional agency transaction, it was hostile and a fistfight all the way.

As I recall every Traditional RE transaction I have had has been a hostile experience where I am fighting against my own agent. Never; even when my own mother represented a transaction, did I feel the agent was out for my best interest, but rather driven by a desire to get done ASAP and get paid. We left significant money on the table when we sold our first house in Murrieta California and my own Mother was my agent. Big Mistake, I never use family for this type of stuff after learning that lesson.

So @hallett21 I think you are right, we all have our own problems that drive behavior.

The RE industry needs to improve it's over-all trust perception and raise the Bar in who can be a Realtor. The commission structure rewards a high sales price, perhaps when you are a buyer you might consider a method in which you reward discounts.

 

[hallett21]

There seems to be a lot of focus in this thread about the value an RE agent brings the seller, but I think the disconnect might be that the problem people have is that the RE industry attempts to force a buyer into an agent relationship.

As a seller, employing an agency to handle the transaction and adjust your expectations or give it a shot and FSBO is an easier decision.
As a buyer, you get pushed into using an agency. That is where people are getting agitated; there is not a widely communicated path to representing yourself in the transaction.

If I am comfortable negotiating the purchase myself, I should be able to do that.

In 2022, we bought an FSBO without an agent. It was a lovely experience. Most straightforward transaction of this size in my life. It was a reasonable mutual gains negotiation.
In 2023, we bought a house with an agent. He earned his money and found us a great home. He also earned his money dealing with me being very difficult fighting for a significant price variance and playing hardball/walkaway negotioations. I'm reasonably sure we would not have gotten the deal done without a middleman softening my tone. I'm also 100% we would have never looked at the home as we could not see past the lack of trees.

That being said, I'm comfortable negotiating on my own behalf and normally make the seller eat my perceived commission cost in the form of a discount. When I sell, I bake in the commission costs as part of my bottom line price. As stated I'm not easy to deal with and have made my agents crazy. All of them would still answer my phone call and they send Angie Christmas cards.

We are at a point in our lives we may not sell anymore houses for a while, so I can't say how I would transact them, but I will 100% use an agency when I sell our RV. I don't want to deal with it and absolutely see the value of employing someone to do this for us.

I wonder how many “tire kickers” there would be if the industry didn’t push for a buyers agent?

You or I could put together a folder showing proof of funds, income etc but no one is vetting that. If you could get over that hurdle efficiently I could see the industry changing on the buyers side.

It doesn’t seem unreasonable (imo) to negotiate with a selling agent that if a self represented buyer shows up you’re only going to pay a flat fee for them to represent both sides. Meaning they still get their 2-3% for selling the home and get a 5k+ bonus for the buyer. Now if there’s going to be a bunch of back and forth negotiations they are entitled to 4-6%.

 

[BHC Vic]

I’ve had a great agent and a shitty one. A great one will make all the difference. Our chino home our agent put a new patio cover in out of his pocket. Completely changed the look of the backyard. I came home late from work to change real quick so I could leave and he could do an open house. Mother fucker was in the backyard picking up dog shit when I got there. He earned every penny and then some. I’ve had shitty agents where all they did was open a door for a house that I found on my own. I should have just fired them and found a better one

 

[Cdog]

It's pretty wild if you think about the risk/reward of the whole commission structure. Figure a successful broker who has millions in closed deals of experience in residential & commercial is worth lets say $100 an hour.

Now take into account they make nothing if a deal doesn't sell or close. In fact it cost them their time & investment capital.

Who here would take a $50 an hour job if you had no guarantee to be paid?

 

[Sportin' Wood]

I wonder how many “tire kickers” there would be if the industry didn’t push for a buyers agent?

You or I could put together a folder showing proof of funds, income etc but no one is vetting that. If you could get over that hurdle efficiently I could see the industry changing on the buyers side.

It doesn’t seem unreasonable (imo) to negotiate with a selling agent that if a self represented buyer shows up you’re only going to pay a flat fee for them to represent both sides. Meaning they still get their 2-3% for selling the home and get a 5k+ bonus for the buyer. Now if there’s going to be a bunch of back and forth negotiations they are entitled to 4-6%.

Are there really that many tire kickers? New tools like Zillow allow "shoppers" a pretty good experience without being a tire kicker. A quick phone conversation with a "Lead" should set in motion a qualifying process that would weed out anyone not in a position to buy. The tire kicker problem seems like a lack of sales acumen.

I see the biggest hurdle in showing a home to prospects without wasting time. Good pictures and videos can scale the reach of prospects without a traditional showing.

I rarely see a good sales video produced that truly walks a person through a home and tells a story. It seems everyone just does the same thing and does a walk-through video with some crappy elevator music. It's kind of like when you just let people randomly walk through a house and dig through people's closets. Some of RDP's videos are so good you don't really need to do a showing unless they are ready to buy. Value Props matter; you can't do that with a cell phone camera and a shakey walk-through.

When we sold our Ranch in California, I self-produced the video sizzle reel at a time when no one was doing videos. Today, I would do it with a host and explain everything.

Just because something has always been done this way does not mean there is no room for improvement. I see most of the excellent work done by a seller's agent. The problem seems to be "What Value" does the Buyer's agent provide? This appears to be the most significant opportunity for the RE industry.

 

[Cdog]

Are there really that many tire kickers? New tools like Zillow allow "shoppers" a pretty good experience without being a tire kicker. A quick phone conversation with a "Lead" should set in motion a qualifying process that would weed out anyone not in a position to buy. The tire kicker problem seems like a lack of sales acumen.

I see the biggest hurdle in showing a home to prospects without wasting time. Good pictures and videos can scale the reach of prospects without a traditional showing.

I rarely see a good sales video produced that truly walks a person through a home and tells a story. It seems everyone just does the same thing and does a walk-through video with some crappy elevator music. It's kind of like when you just let people randomly walk through a house and dig through people's closets. Some of RDP's videos are so good you don't really need to do a showing unless they are ready to buy. Value Props matter; you can't do that with a cell phone camera and a shakey walk-through.

When we sold our Ranch in California, I self-produced the video sizzle reel at a time when no one was doing videos. Today, I would do it with a host and explain everything.

Just because something has always been done this way does not mean there is no room for improvement. I see most of the excellent work done by a seller's agent. The problem seems to be "What Value" does the Buyer's agent provide? This appears to be the most significant opportunity for the RE industry.

Wishful thinking. Zillow is there to drive leads to sell to agents & brokers. They have duped the public to believe they are a consumer resource.

I’ve been asked to join their clap trap several times and have no interest in working for a pimp.

 

[Thing One]

So a question for the agents here.

My Daughter is getting ready to sell her current house, and move into a new house. She asked me about negotiating with her agent. I feel to sell her house, 4% is reasonable, 1% to her selling agent and 3% to the buyers agent. Then her agent that sold her house, gets the 3% from the builder on her new house.

House she's selling is worth about $430K, new house will be about $490K. House is in a pretty fast moving area due to reasonable priced homes.

 

[Sportin' Wood]

It's pretty wild if you think about the risk/reward of the whole commission structure. Figure a successful broker who has millions in closed deals of experience in residential & commercial is worth lets say $100 an hour.

Now take into account they make nothing if a deal doesn't sell or close. In fact it cost them their time & investment capital.

Who here would take a $50 an hour job if you had no guarantee to be paid?

I've taken significantly more risk than $ 50-hour jobs and have not been paid. Multiply that as a sub-contractor. The entire business model of Sub Contracting is built on the risk of never being paid and fighting to be paid for services rendered. It is why I don't play in that industry; it sucked balls.

The trick is finding products that allow you to earn before you spend.

 

[Sportin' Wood]

Wishful thinking. Zillow is there to drive leads to sell to agents & brokers. They have duped the public to believe they are a consumer resource.

I’ve been asked to join their clap trap several times and have no interest in working for a pimp.

Of course, it is a lead source, but if you have the listing and you don't want to deal with Tire kickers, provide an amazing digital experience and prequalify the buyers.
Oh, and BTW, you should be able to retarget Zillow visitors with your own Google ads showing your listings.

 

[traquer]

I love this quote: in real estate, the rule of thumb is to buy and wait. Not wait and buy. As long as you can afford it you're good.

 

[SPYLIFE]

It’s pretty ignorant to bash real estate agents on a free website whose owners are real estate agents.

All real estate agent haters are nothing more than free market haters. You only consider what agents make on closed transactions. Try quitting your salary job and working 6-7 days a week, holidays, all hours of day/ night, etc without guaranteed pay. Let me know how you feel when you have weeks or months and hundreds or thousands of dollars into a clients home and they call you and say “we don’t want to sell anymore”. I bet you same haters would be crying to the labor board if your employer shorted you 1 hour of pay! Lol

If you think realtors make too much money and you think laws should be placed to limit their income, you are a communist free market hater. Period. Realtors are NOT civil servants. It amazes me how so many members on here will boast about being a conservative Republican yet when it comes to an economical conversation, they are so liberal.

Mentioned this thread to my GF who is a licensed agent, but does not practice. She stated the same mentioned about with spending 1000's of dollars, or weekend after weekend with a client only for them to decide they changed their mind. She also mentioned where someone buys a house and six months later the front door squeaks and the buyers decide that's the realtors fault at 1am. A person buys a house and 4 months later the disposal breaks, and they want to sue the broker and realtor for the price of a new one. I don't know how much this happens, but it's another example of this not being a job where you browse a couple websites, show a person a couple of houses then kickback making $1000's of doing very little.

 

[Cdog]

I've taken significantly more risk than $ 50-hour jobs and have not been paid. Multiply that as a sub-contractor. The entire business model of Sub Contracting is built on the risk of never being paid and fighting to be paid for services rendered. It is why I don't play in that industry; it sucked balls.

The trick is finding products that allow you to earn before you spend.

It wasn’t a tit for tat comparison with you. It was a perspective most here haven’t imagined.

But since you mentioned it. Real estate is definitely in line with contracting. Risks are offset by reward

 

[D19]

So a question for the agents here.

My Daughter is getting ready to sell her current house, and move into a new house. She asked me about negotiating with her agent. I feel to sell her house, 4% is reasonable, 1% to her selling agent and 3% to the buyers agent. Then her agent that sold her house, gets the 3% from the builder on her new house.

House she's selling is worth about $430K, new house will be about $490K. House is in a pretty fast moving area due to reasonable priced homes.

Why would you want the buyers agent to make more money? The buyers agent has no money and time in the deal? The buyers agent is the one that’s going to try and negotiate the price and terms down with the seller, wouldn’t you want to pay the person who has your back, who has dedicated their time, resources and money into your property to earn the same or more? What’s the incentive for that person to even work for you?

Even if you split the compensation straight down the middle, the listing agent always makes less due to the initial investment and time put forth into marketing the property.

The only agents that you will find that would accept such an offer are desperate agents. They’re throwing their own money away. What do you think they’re going do if they get their hand on yours or your daughters money? Do you want an agent that works out of desperation?

 

[Cdog]

Of course, it is a lead source, but if you have the listing and you don't want to deal with Tire kickers, provide an amazing digital experience and prequalify the buyers.
Oh, and BTW, you should be able to retarget Zillow visitors with your own Google ads showing your listings.

Amazing digital experience. Define what that even is?

How would you react to a seller that says show me proof of funds before you are allowed to see his house.

Zillow does everything they can to firewall access to the listing agents & re route to their Hoe’s.

 

[Sportin' Wood]

1.)Amazing digital experience. Define what that even is?

2.)How would you react to a seller that says show me proof of funds before you are allowed to see his house.

3.)Zillow does everything they can to firewall access to the listing agents & re route to their Hoe’s.

1.) A decent video tour of a listing is a good start. RDP does this better than anything I have seen. They could go a step further—basic marketing acumen, including the 4 Ps of marketing. Tell a buyer why they should buy this house. Trash day is on Friday; the school bus stop is 100 feet away, the water heater is new, and it is a maintenance landscape. This house is priced below market, the utilities are underground, and it has high-speed internet, etc. RE agents have not had to work for it, so they just follow the leader. Scale the pitch so you don't need to show the Lookie Lous. Since many buyers are moving across states, it would make sense to use the opportunity when you have them and sell.

2.) I have no problem being pre-screened or prequalified for any purchase I am about to make. I am suspect of any salesperson who does not ask me basic questions like my timing to purchase, how I plan to pay for an item, and if I am the sole decision maker. If I'm not willing to answer these questions, I'm not serious.

3.) Yes, this is their business model, and I love it. Invest in an excellent digital marketing person with PPC and Google ads experience, and they will show you how to run a re-targeting campaign that blows up prospects who visit Zillow.com. I'm not going to give away the playbook. You can leverage Zillow in other ways if you are so inclined, but it is not free.

 

[RiverDave]

You know I’m 575 months old right now, and the average American works to age 600 months. I had a really nice party when I turned 480 months, I may throw another big party when I turn 600 months as that’s a milestone birthday.

Do you say 250k or a quarter mill? lol. You find the weirdest shit to get stuck on

 

[hallett21]

1.) A decent video tour of a listing is a good start. RDP does this better than anything I have seen. They could go a step further—basic marketing acumen, including the 4 Ps of marketing. Tell a buyer why they should buy this house. Trash day is on Friday; the school bus stop is 100 feet away, the water heater is new, and it is a maintenance landscape. This house is priced below market, the utilities are underground, and it has high-speed internet, etc. RE agents have not had to work for it, so they just follow the leader. Scale the pitch so you don't need to show the Lookie Lous. Since many buyers are moving across states, it would make sense to use the opportunity when you have them and sell.

2.) I have no problem being pre-screened or prequalified for any purchase I am about to make. I am suspect of any salesperson who does not ask me basic questions like my timing to purchase, how I plan to pay for an item, and if I am the sole decision maker. If I'm not willing to answer these questions, I'm not serious.

3.) Yes, this is their business model, and I love it. Invest in an excellent digital marketing person with PPC and Google ads experience, and they will show you how to run a re-targeting campaign that blows up prospects who visit Zillow.com. I'm not going to give away the playbook. You can leverage Zillow in other ways if you are so inclined, but it is not free.

It’s funny because everything you’re describing should be the bare minimum lol.

I’m starting to see why people hate realtors though. If they aren’t providing the above service, they are not a professional.

 

[RiverDave]

Everyone who is not in sales has a LOT of theories and opinions on something they have never done.

This is so incredibly true.. lol.

People say well he just fills out some paperwork and he made xyz.. I did months of manual labor to make the same?

As my buddy Scott Price always says “jump on in the water is fine!”

If it’s really that easy then why not just go do it? There is a reason why in every corporate or private business situation the sales team generally (not always but generally) makes more then the owners or even ceos.

There is also a reason that across most industries 10% does 90% as well.

RD

 

[Sportin' Wood]

It’s funny because everything you’re describing should be the bare minimum lol.

I’m starting to see why people hate realtors though. If they aren’t providing the above service, they are not a professional.

Yea, like I think I have said multiple times. Good selling agents are easy to spot and well worth the money. The problem is that there are so many bad agents when times are good.

I don't hide from this statement. In the mid-2000s, it was effortless to be a contractor. In the fall of 2007, I learned how terrible I was at the business. I paid for that lesson for almost 15 years. When times get tough, you find out who is good at what they do. It is really easy to be bad at business when there is lots of money floating around.