Selling a house, real estate commission

[YanmarFever]

When I recommend someone I would trust for work to be done on my behalf to others, my reputation is on the line as much as the person I'm recommending.

Very true, there use to be a time when a mans word was as good as his reputation.

 

[Sigarms]

Very true, there use to be a time when a mans word was as good as his reputation.

When I deal with people in my line of work, my word is my reputation.

I have no doubt there are others like me, in any profession which you speak ill will of that hold to the same philosophy as I do.

Over time, I've "fired" more than my fair share of customers because they didn't hold the same type of philosophy (ironic, a higher percentage I "fire" always seem to preach Jesus Christ in work to help in their sales, but thy can't pay their bills, go figure LOL).

We go back to "due unto others...."

 

[YanmarFever]

Yes I have seen my share of those...

 

[sandman2234]

We purchased my mother in laws house and I negotiated $550 total costs for the realtor and attorney fees. It was thru a friend who is a realtor, and $500 of that went to the company for using their services. Less than half a percent in costs to me! I had recently turned her onto two sales that netted her a good chunk of change since she handled both sides of two sales that she listed, and was appreciative besides being a friend.
David from jax

 

[Sigarms]

We purchased my mother in laws house and I negotiated $550 total costs for the realtor and attorney fees. It was thru a friend who is a realtor, and $500 of that went to the company for using their services. Less than half a percent in costs to me! I had recently turned her onto two sales that netted her a good chunk of change since she handled both sides of two sales that she listed, and was appreciative besides being a friend.
David from jax

This is no different than hiring a HVAC professional for their job knowledge.

For $550 total costs for realtor and attorney fees, that's less than a 1% commision if the house sold anywhere above 100k.

End of the day, you HAVE to know your profession. If you're a professional and know you're crap per work, no way you can make a living off of 1% of the sale.

The realtor who sold us on our home also represented the buyer. Little more trickier because their was additional as an option. I called the realtor recently because we had to deal with our septic tank. He's 72 now, owns his company, and told me he may or may not retire due to his grandkids. If we ever sell, he will be our realtor because as he explained to me, when you're dealing with land, things in the realty world are a little different. He knows his crap and if I'm making money selling a house, I want someone doing it that knows that they are doing.

 

[ultrarunner]

My friends were downsizing and listed their home and kicked the Realtor out… they were most unhappy with his unprofessionalism

The old couple were in bed sleeping and heard a noise and it was a Realtor showing the house at 9 at night… Realtor said he called and left a message he was coming.

Anyway, I said I might be interested and another Realtor did the sale for 1% and used the terms I typed up and the 1% was $6,000

The 1% Realtor turned out good for me because she added a rent back provision which I thought unnecessary but turned out the daughter stayed 3 months after close and I was covered!

 

[Sigarms]

The 1% Realtor turned out good for me because she added a rent back provision which I thought unnecessary but turned out the daughter stayed 3 months after close and I was covered!

Here I thought I missed out going into the medical profession because EVERYONE needs medical issues attended to vs how comfortable they feel in thier home with their HVAC system.

That said, either I'm smart enough to understand that making 1% net profit off of a sale is next to impossible running a business, or, I should have said screw HVAC and any thoughts of the medical profession, and should have gotten into selling real estate because that's where the money is!

 

[ultrarunner]

Almost none of our Doctors encourage kids to be Doctors…

The reason is medicine has changed so much and cost of entry is very high.

Funny you mention Real Estate… one of the Docs said his 27 year old son who dropped out of college is making mid 6 figures as a commercial broker…

Know some very successful Realtors with no trade or college… they are just people persons, always available and live and breath Real Estate.

That said many see it as easy and that’s why few can make it a career when reality hits.

I took the test with no study and passed and had the background check, etc. but decided not to send in the money for the license…

Much prefer to do my own deals…

 

[plowhog]

I will not give realtors any money for what they did to the housing market. They overinflated it without a thought to what they were doing.

I'm sorry but every realtor I know feels they should drive a new escalade every two years...that mentality has to stop.

I am surprised at the comment and the number of "likes."

Having been a licensed RE broker, in multiple states, for a very long time I have a difficult time understanding any of this. I guess the average public sees a quick sale on a property and deduces its peaches and cream and easy money in real estate.

If the impression is that realtors are lowlife scum bagging huge easy money, with little effort or ethics required, I'd suggest getting your license and giving it a whirl. After all, the shower of easy money is so huge there is certainly plenty for all!!!

 

[Sigarms]

That said many see it as easy and that’s why few can make it a career when reality hits.

Way I see it, to actually make money, it requires work no matter what you do. The key is having the knowlege and whe to apply it.