Buying a spec home without a realtor

[Sliver]

Originally Posted by DigitalCarpenter

My agent tried to sell my old house last year, after 3 months and not a single offer we walked away and rented it out instead until the market comes back.

My agent didn't make a red cent on his time (we did use him to purchase our upgrade) but if I decided to sell again in the next couple of years I will give him a call.

It's easy to focus on the good times, but the flip side is a lot of work for no gain when the market sucks.

Wow, you didn't give him anything for all the time he put in for you? That's unbelievable.

[onetwo_threefour]

^ Not if you accept that it's part of the compensation model. It's about as capitalist as you get. You produce, you get paid, you don't, you starve. Sometimes you make what looks like a killing for easy work, some times you bust your ass and get nothing.

Pure commission work has always been that way. If it wasn't for the high reward, no one would take the high risk.

[Travis Munroe]

Its far too easy to become a real estate agent...that being said, its difficult to put yourself above most. Its funny how many people get into this industry thinking its millions overnight. Not the case I cant count the hours worked where there was no reward in the end. This is where some will fold and others will use it as motivation.

[1stLand]

Originally Posted by Realtor 1

Its far too easy to become a real estate agent...that being said, its difficult to put yourself above most. Its funny how many people get into this industry thinking its millions overnight. Not the case I cant count the hours worked where there was no reward in the end. This is where some will fold and others will use it as motivation.

Well said. There's far too many people that think it's easy money.

Let me ask prospective Real Estate Agents this, "How do you plan on getting business?"

Especially when you are competing against 5,000 other licensed real estate agents operating under CREB? If there are only 10,000 transactions in a year and assuming 97% of those are 2 ends, that's under 20,000 transaction ends a year. Divide that by 5,000 and that's less than 4 deals for every agent if you average it out.

Many Realtor's don't do a deal in a year.

It is said 20% of the Realtor's out there do 80% of the business.

Like Travis said, it takes a special type of person to become a Realtor. Someone that can deal with rejection, adversity, stress, work strange hours & make sacrifices. As well as being able to go weeks and months without a paycheque.

[DigitalCarpenter]

Originally Posted by Sliver

Wow, you didn't give him anything for all the time he put in for you? That's unbelievable.

Because that's the agreement, if he doesn't sell he doesn't get paid. However he made his commission on the house we bought. That's how it works.

[Sliver]

Originally Posted by DigitalCarpenter

Because that's the agreement, if he doesn't sell he doesn't get paid. However he made his commission on the house we bought. That's how it works.

Sorry, I focused on the part where you said "he didn't make a red cent on his time." I see now after that you said you did use him to buy an upgrade...my mistake.