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Old 06-07-2011, 04:12 PM   #41
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Of which I ended up putting in offers 8 different times on 8 different places over a span of 6 months, all of which were never followed up on and lost to other more agressive agents acting on behalf of their clients.
Can you elaborate on the quoted part, because I don't understand the criticism. Where you low-balling the seller each time? It seems unlikely you could put 8 different offers in and not purchase a house unless you had unrealistic expectations.
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Old 06-07-2011, 04:17 PM   #42
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He could if it was during the boom times or his realtor didn't advise him that his offer would be to low and that he should up it or call listing agent and see if there were other offers and try to get hints as to what price range they were in
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Old 06-07-2011, 05:27 PM   #43
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It happens...

Don't fall in love with the house but try around to get a great deal which will mean a handful of low ball offers. Although this option gives the opportunity to come back with another offer if you really want the place.

Have the offer conditional to selling your current home. If an offer is accepted conditional to selling of the buyers home, the property does not have to advertise as C/S. This allows other buyers to shop through the property and place an offer. 9x out of 10 a seller will accept a offer not conditional to a sale of home than one that is.
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Old 06-07-2011, 07:19 PM   #44
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Can you elaborate on the quoted part, because I don't understand the criticism. Where you low-balling the seller each time? It seems unlikely you could put 8 different offers in and not purchase a house unless you had unrealistic expectations.
We were going in an average of $5,000 to $10,000 under asking price, as per the Realtor's direction. I was pre-approved for a mortgage, was bidding on houses within this range and on the advice of the realtor putting in offers $5-10K under the asking price. It was in mid 2009 and people were still purchasing for over a price. My realtor kept insisting this method would be perfectly fine and how everyone did it so we would write the offer and then she'd tell me a couple of days later that it was rejected and the house was already sold so we couldn't bid again. I have no idea if any of those offers were even countered or not. One even went so far as while I was touring a house for the second time with my parents (that we wrote an offer for and thought she had put my offer in the night before and we were waiting to hear back) we were told we had to leave as the house was sold to someone else.

Quite frankly, I put 100% of the blame for the 8 offers solely on the Realtor in this case. It was my first attempt to buy a house and I took all necessary steps to give her my budget for a house, got pre-approved and had cash in hand for the downpayment and when she told me to look at things above my price I refused stating I had a budget. I think the fact that I was only looking to spend $250K and not the $800K plus her other clients and listings were I didn't get anywhere near the same service. After the 8th offer and her flat out telling me "I didn't follow up because I didn't think it was necessary" I decided that I was no longer interested in purchasing a house and continued to rent.

Note: I just want to clarify that I blame THIS particular Realtor I worked with, not all Realtors. I realize this is not normal Realtor behaviour as I currently work with 3 others and when I told them about this and showed them the offer sheets written up as they did not believe me either they were appalled and said they have never seen anything like this before either. I would use a Realtor again when I decide to try to purchase my first house again, but I think I would do far more research or interviewing of one to ensure its the right fit.

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Old 06-07-2011, 10:27 PM   #45
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^^ appreciate the story and your understanding that this was one individuals poor performance.
1 realtor like that in your story is what gives 100 others a bad name.
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Old 06-07-2011, 10:28 PM   #46
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The one common thing you see when a house is listed without a realtor, is that 9 times out of 10 the house is significantly overpriced. Welist usually means 'really cheap homeowner with a warped sense of the value of their home.'
I've seen that a tonne and it never makes sense. There will be a house that is worth $300,000, and even though it could go for about $280,000 since there are no realtor fees, it will be listed the other way at $320,000.

One reason I think this happens, is the people who list themselves aren't in as big of a hurry as people who go with a realtor. They can wait the market out for a while hoping to get their price, and they have a lot of negotiating room. If they end up needing a quicker sale, they can always go with a realtor at that time.
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Old 06-07-2011, 10:32 PM   #47
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Old 06-08-2011, 10:30 PM   #48
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So i was told that certain buyer realtors wont show my current listing because we listed it with a flat commission rate and they will take their clients to see other "higher" commission listed homes. This is actual feedback from half dozen realtors.

so the use for realtors to me has now been explained.
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Old 06-08-2011, 11:28 PM   #49
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^^ Totally depends on your scenario as so many agents try to win business over by discounting both sides of the deal making it appeal to you. While it sounds attractive at first you soon realize that every house on your street is selling accept yours.
I can only discuss so much in the public like this so if you wish to hear more or want some advice PM me.
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Old 06-09-2011, 08:25 AM   #50
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so the use for realtors to me has now been explained.
I think you can bring this into any sort of commission sales. So if you have ever bought a car, a bed, an appliance, clothes from a store at a mall, etc then you have also had commission salespeople trying to sell you the thing that makes them the highest commission.
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Old 06-09-2011, 08:59 AM   #51
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So i was told that certain buyer realtors wont show my current listing because we listed it with a flat commission rate and they will take their clients to see other "higher" commission listed homes. This is actual feedback from half dozen realtors.

so the use for realtors to me has now been explained.
i think the buying realtor is doing a disservice to their client here. what if your house was the perfect house for the buyer? they would never know because the realtor wont show it?

a flaw in the system, no?
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Old 06-09-2011, 10:36 AM   #52
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i think the buying realtor is doing a disservice to their client here. what if your house was the perfect house for the buyer? they would never know because the realtor wont show it?

a flaw in the system, no?
When we bought a few years back the house was listed with a cheaper commission. The house just wasn't shown as often as the others in the area, and we definitely got a better deal as a result.

I can't blame the realtors though; would you want to do the exact same work for the same outcome and get paid much less? Its not the preference of most people!
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Old 06-09-2011, 10:52 AM   #53
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When we bought a few years back the house was listed with a cheaper commission. The house just wasn't shown as often as the others in the area, and we definitely got a better deal as a result.

I can't blame the realtors though; would you want to do the exact same work for the same outcome and get paid much less? Its not the preference of most people!
that would be the flaw in the system!

however, all business have different types of orders, some make more then others, but we still service our clients dont we?

you dont tell your clients you wont help them buy a type of fund because the commission isnt as much as the one you would prefer to sell them.

just as certain orders i take make me less then others, but i still help my clients out.

i dont think a realtor is serving their client by only showing certain properties, but i guess thats me.
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Old 06-09-2011, 11:09 AM   #54
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I don't understand the resentment some people feel over how the MLS system works. It was created by realtors to serve realtors. Realtors pay to upload their listings on it, and that's why it exists. Only since the internet became common was it available for the public to view, but even now, the public doesn't see the most current listings on the MLS. That's still for realtors to keep the inside track. And rightfully so. They're the ones paying for it.
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Old 06-09-2011, 11:22 AM   #55
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Thank you 4x4. Everyone has their own view and at the end of the day I enjoy a good debate like anyone. With that being said, DementedReality see's nothing but flaws in the system and no use for realtors. I think it is quite clear how you feel and every second post is about how messed the system is.
You do not have to deal with any realtor's if you do not wish.
As spoken above, I pay into a membership that gives me access to private real estate information. Best of all, a few months of your time and you can do it too!

Lastly, do not go mis understanding the industry as a easy industry to become a millionaire. 95% of the money in this industry is controlled by 5% of our agents. Just like any profession, the ones who are great make big money. The non go getter agents are fighting for scraps.
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Old 06-09-2011, 11:24 AM   #56
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that would be the flaw in the system!

however, all business have different types of orders, some make more then others, but we still service our clients dont we?

you dont tell your clients you wont help them buy a type of fund because the commission isnt as much as the one you would prefer to sell them.

just as certain orders i take make me less then others, but i still help my clients out.

i dont think a realtor is serving their client by only showing certain properties, but i guess thats me.
Right, I don't operate that way, but that is by choice. I can definitely see the other side of the coin where advisors in my field will not work with funds where they make less money though.

Its not a problem with the system though, its a case where people think that others make too much money for their services. In this case you are expecting that someone should work for free or for much less than they would charge....which is your prerogative, just as much as its their choice to not do it.
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Old 06-09-2011, 11:50 AM   #57
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....which is your prerogative, just as much as its their choice to not do it.
In this case, if a buyer would be best served by a certain property, wouldn't a Realtor in an agency relationship be bound to show it to them? Obviously that's not what happens, but I'm pretty sure they would be theoretically obligated to do so.

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Old 06-09-2011, 11:55 AM   #58
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^^ no doubt. I have never turned down showings because I am being offered less. Am
Am I a little shorter when asked for feedback or grab a extra chocolate out of the "take one" basket.....I will let you decide
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Old 06-09-2011, 12:16 PM   #59
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^^ no doubt. I have never turned down showings because I am being offered less. Am
Am I a little shorter when asked for feedback or grab a extra chocolate out of the "take one" basket.....I will let you decide
That's human nature, I would think. I suspect those who offer less commission have bigger problems with buyer's agents than an extra chocolate...
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Old 06-09-2011, 12:22 PM   #60
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Well thats all well and good, but while the realtor might still show the property I can totally see why they might not....they're running their own business and if they don't want to do that for that price isn't it up to them?

In my case there were quite a few places in the area to view, so I can easily see how our eventual choice was not shown by every realtor.
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