How long should you give your real estate agent

[Shaun @ Tru6]

Originally Posted by rwest

Spammer reported.

But, while we’re here, did the condo sell?

It did for $1.1M Rutager.

[vash]

worst and best phone call I have ever made as an adult was to call and fire my RE. I actually said, "it not me, it's you.."....it just blurted out. in my mind, I had it playing out the nicer version. but I messed it all up outloud.

[Shaun @ Tru6]

She had a 2 bedroom with her own inside elevator. Prices are for today versus 2021 but still think she should have gotten a lot closer to $1.5 then.

45 Province Boston Condos

[JavaBrewer]

Everything is in decline, including SoCal. My wife works in RE and yes 6 months is the usual selling agent contract. This is a challenging market but a home still on MLS after 6 months is obviously overpriced. My wife just fired her clients because they insisted on open houses every weekend but refuse to lower their price. All feedback is the home is $100k overpriced which she stated at the start. She has invested 300+ hours on this listing and $2500+ cash. These clients are on the internet pulling comps from listings 3 miles away which are in way better neighborhoods. Price adjustments were a couple $k at a time. Enough is enough. First time ever firing a client but at some point you need to pull the plug on a bad situation. So it was a 6 month contract but after 4.5 months…”you’re fired!”

[jyl]

RE prices went way up when money and jobs were abundant and rates were very low. They should go down, but it takes time and houses sitting with no bids and frustrated sellers for that to happen. And it is - happening, that is. 50% of major metros are seeing house prices decline. In some states, it’s really accelerating (FL, etc).

I’m looking at a commercial property. In my city, commercial properties are for the most part priced significantly higher than their income generation merits. I’m seeing typically 4-5% cap rates, which means with current loan rates, it’s hard to see how those buildings don’t burn cash.

[Dixie]

I'm curious. What do y'all think a RE agent should be doing to market your house, aside from putting it on the MLS?

[Alan A]

Broker open house.
Public open house.

Both normal here.

[dad911]

Mine does pics, brochures, some staging/decorations, researches local parks, schools etc. inspections for a CCO, buyer’s inspections, and knows how how to save a deal when the buyer’s lawyer or realtor screws up.

[jhynesrockmtn]

My ex was a residential agent for years. Even back before sites like redfin and zillow, she always said open houses were just a vehicle for agents to attract clients, not buyers. Fast forward 20+ years and that is even more true. No need for random folks to walk through your house. Most are just neighborhood looky loos.

[rcooled]

Originally Posted by Dixie

I'm curious. What do y'all think a RE agent should be doing to market your house, aside from putting it on the MLS?

In addition to what dad911 said, a good agent will advise a seller on how to increase curb appeal and buyer interest by possibly making a few simple repairs, tidying up the landscaping, applying a fresh coat of paint here & there, etc. These kind of things can be especially helpful in a slow market.

Some people think that simply offering their tired old house for sale will get droves of people to appear clamoring to buy it. Sometimes it takes a little more effort from the agent in adjusting a seller's expectations to get them more involved in the process and to get things moving.

[craigster59]

Originally Posted by jhynesrockmtn

My ex was a residential agent for years. Even back before sites like redfin and zillow, she always said open houses were just a vehicle for agents to attract clients, not buyers. Fast forward 20+ years and that is even more true. No need for random folks to walk through your house. Most are just neighborhood looky loos.

That's what my agent said after we lowered the price and we discussed another Open House. He said it mostly attracts the looky loos, real buyers have already searched the online listings and will schedule a showing.

It would be nice to prep and declutter once for the Open House, maybe in a seller's market. But for now it's stash the personal stuff, vacuum and mop, open the blinds and turn on all the lights. Then take the dog to the park for an hour.

[A930Rocket]

Having built and sold 7 homes, we’ve never sold one through an open house, or our agent having a buyer. It’s always an outside agent bringing a buyer who looked at it, after perusing MLS.

For the first few, we went with what our agent recommended as a selling price, but after they sold the next day for asking price, we starting bumping the price up and always get it. What’s a couple of bucks to the agent is thousands of bucks to us.

[David Inc.]

Originally Posted by A930Rocket

Having built and sold 7 homes, we’ve never sold one through an open house, or our agent having a buyer. It’s always an outside agent bringing a buyer who looked at it, after perusing MLS.

For the first few, we went with what our agent recommended as a selling price, but after they sold the next day for asking price, we starting bumping the price up and always get it. What’s a couple of bucks to the agent is thousands of bucks to us.

That's always been the weird misalignment of motive for agents. For an agent a fast sale is much more important than a good price. I guess unless there's enough name recognition and market recognition that they are known for good prices. I feel like the latter isn't the case, though.

[craigster59]

The law has changed in California. It used to be a 6% split between sellers and buyers agent.

Now sellers agent gets 3% and buyers agent is negotiable. Some offers we have gotten have been a 2-2.5% to buyer agent. Seems fair, they really don't bring much to the deal. more of a "finder's fee".

[Chocaholic]

Exact same here.

[rcooled]

Originally Posted by craigster59

Now sellers agent gets 3% and buyers agent is negotiable. Seems fair, they really don't bring much to the deal. More of a "finder's fee".

Way back before the internet, when many homes in CA would sell in the $200K-$300K range, 3% to the buyer's agent was reasonable. But now, in markets where the average sale price is well over $1M, and with buyers having easy on-line access to inventory, that 3% amounted to a pretty serious payout for the amount of effort expended.

[cabmandone]

I spent about 8 years as a Realtor. I have no love for profession and don't believe most are worth the commission they are paid.
They can't offer any legal or tax advice so if you have contract concerns or tax concerns you need to consult and attorney or accountant. They can't offer any insight into construction, HVAC, plumbing or electrical so you have to hire contractors (most home inspectors aren't licensed in any of those fields btw and their findings are mostly an indication that further inspection by a licensed contractor is needed) to inspect. I've never really understood the value an agent brings for the pay they receive. Granted the agent doesn't get the full commission, there's a co-op if it's sold by a buyer's agent so 50/50...60/40... 70/30 and then a split with the broker they're licensed under.

Wanna really get under an agent's skin? List the home FSBO and offer to co-op with them if they bring a buyer. In the age of the internet, with all the RE sites out there, advertising is cheap and easy.

[craigster59]

Well, things have picked up a bit. We finally got an offer without a contingency of selling their property to buy ours. All looked good and we were prepared to enter "the dance".

Then last night got two more offers, one who was already in escrow on their property making a full price offer and then another, a nurse, who came in with a full price offer sight unseen. She really wants the house.

My realtor insisted she take look in person since she's somewhat local so now we have showings at 9 am and 10:30 am today. Looks like after the price lowering we're "the new girl in the whorehouse".

[911 Rod]

We listed our house last summer with a RE agent that was a friend/customer who is a dick but fun to drink with.
Had zero communication with him the whole 6 months.

Re-listed this spring with a new agent that was recommended by a customer.
Night and day. We hear from him all the time and get 2 different online activity reports each week.
Communication is so important.

[Chocaholic]

We're 3+ months in with the realtor seemingly doing everything she can. Almost no showings...no activity. Not sure what plan B will look like.

Congrats Craig...can't say I'm not envious! Kudos.