#76
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Redfin may have a lower commission for the listing side of the transaction IF you also bought a home with Redfin because then they would receive a buyer's agent commission (they also recommend that you pay the buyer's agent a rate that is best for the market). But collecting the buyer's agent commission on the deals where they only represented a buyer is where Redfin made most of their profits because it costs Redfin more money to list a home due to photography and marketing. If sellers aren't offering a buyer's agent commission Redfin will be losing money on those deals as they pay a salary to their agents. Their previous business model won't be sustainable if there is no buyer's agent commission. They are putting a positive spin on it right now but they'll have to figure something out.
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I'm riding to promote awareness of my riding Last edited by avalonracing; 03-27-2024 at 07:05 AM. |
#77
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On higher end houses someone calls to set up a showing and I ask for information about the buyer before approving the showing. The person calling has no information and no one ever gets back to me and the showings don't happen. Jeff |
#78
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Appraisers contact the high end Realtors to find out why certain houses sell for more than others. Jeff |
#79
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Jeff |
#80
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As an example, I lived in Paris, TX, from 2012 to 2018. When I bought a house in December of 2012, my broker mom drove up to look at properties with me and my realtor. She walked around the properties with me and pointed out the foundation and roof repairs, things like a gap in the fascia boards that might indicate a foundation problem or poor repair, and what would be a fair offer less than asking. Realtors matter. |
#81
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Anyone who thinks that sellers will reduce asking prices by 2 - 3% (i.e., the buyer’s agsnt’s portion of the commission) once they are no longer on the hook for the buyer’s agent’s commission is delusional.
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#82
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I think any scrutiny on this industry will ultimately be beneficial to the public.
With apologies to our resident realtor, in my experience real estate is full of people with marginal ethics. At least car salespeople don't try to dress things up with the label of "professional". Does anyone think that the % of people in the professions that are unethical is similar across doctors, attorneys, engineers, dentists, architects, etc. to that % in real estate agents? My last realtor experience was when my siblings and I sold our mother's condo in Newton after her death. It was in a five story 100+ unit buildings, plenty of comps. My sister chose a realtor who was recommended who also lived in the building. She gave us a higher than realistic expectation of selling price, did a marginal job on any type of prep work, and then tried to get us to accept a real lowball offer that turned out to be from a friend of hers (and she'd get both sides of the commission). We basically put the process on hold until her contract ran out, found another realtor, and got it sold fairly fast for a reasonable price. And we weren't either greedy or unrealistic about what it was worth, fortunately we none of us needed the money and we just wanted to get the modest estate settled. What other major type of service do we buy that has the same likelihood of working with someone like our first realtor? I'm a consulting engineer with 45 years of experience helping teams of architects, engineers, builders, and developers create efficient, durable, healthy building projects. I have encountered professionals in these fields with wide ranging levels of competence, but I can't say I've found more than one or two that are unethical, out of thousands.
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Bingham/B.Jackson/Unicoi/Habanero/Raleigh20/429C/BigDummy/S6 |
#83
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Exactly, and so many new buyers will not have the money to pay an agent which won't allow them to take that first big step toward wealth-building. Yes they can go straight to the listing agent, but that agent is contractually working for the seller and will only do things to sell the home. Yes, buyers can hire a home inspector but a random home inspector isn't going to be able to advise them on anything other than some material facts found on the day of the inspection. When working as a buyer's agent I never talked anyone into a home... but I talked buyers out of countless homes that were poor investments.
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I'm riding to promote awareness of my riding |
#84
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I live in an area full of expensive houses and I really wonder where the money is going because the realtors dont seem like they're getting rich off of it. |
#85
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As mentioned upthread, I think many agents are working part time or a RE company has a passel of agents and each one except for a couple isn't doing al that well. The most successful agents and the company owners are doing very well.
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Bingham/B.Jackson/Unicoi/Habanero/Raleigh20/429C/BigDummy/S6 |
#86
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Even the real estate agent who was recommended to me ended up being deficient in some ways. Another buyer and I were both interested, but inspection report from seller listed $30 k of potential issues. Wouldn’t even tell me 1) what he thinks the house is worth (which is to say, price at which I should walk away) and 2) best strategy for maximizing my chance of winning the offer. Then there were the various agents I interacted with, ranging from merely incompetent yet greedy to the downright mendacious. If there’s such a low chance of finding a worthwhile agent, i might as well not waste my time looking for one, for the vast majority of situations. Last edited by echappist; 03-24-2024 at 08:05 AM. |
#87
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I remember when a friend who'd been a school teacher for 25 years was all of a sudden an investment advisor at the local Merrill Lynch or similar (can't recall). So if I walk in there tomorrow, he's gonna advise me on how to invest my money? I've had a not so great dentist but at least he had to study a long time to earn that Dr.
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Bingham/B.Jackson/Unicoi/Habanero/Raleigh20/429C/BigDummy/S6 |
#88
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We all have a bias about the people working in the profession we work in.
We are probably always going to overestimate the ethics of those we share a profession with, no matter what that profession is. I think when you look outside that though there are certain professions that get misjudged harshly. Not really sure what I think about Realtors but IMO attorneys would be way up the list of professions harshly judged by the public without reason, often times by people who might have never actually had any direct experience with an attorney! |
#89
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There are dishonest plumbers, contractors, engineers and most any profession you can name. Doing a little study and using common sense can help you avoid them. |
#90
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