Date registered: Dec 2005
Location: United States
Mentioned: 3 Post(s)
Quoted: 399 Post(s)
Realtor Stories (cont'd)
Subject: Realtor Stories (cont'd)
"I had a personal experience with the "non-collusion" of realtors. Tried to sell our house ourselves, got it listed on the MLS, and had a parade of realtors come through... without clients. Three months pass, we get it listed with a realtor-- who did absolutely nothing-- and the same realtors came through with clients. Other FSBOs have shared this experience. In spite of guaranteeing a commission to the buyers' agent, there was no desire on the part of the realtors to give business to the FSBO.
Many of the realtors, of course, tried to sell me their services. I asked what value they would add. More than one cited the many customers they were helping find a home(none of who they were bringing by-- collusion, anyone?). One spent a long time pointing out that she would also help find a new home. I pointed out that by not showing her current customers all the available properties (e.g., mine), she was demonstrating that she didn't look out for her customers' best interests.
It's a slimy industry. I would never accuse every member of being slimy, but I met enough who lied to my face about their business that it left me with a horrible taste in my mouth.
The model for commissions should be sellers' agents getting a much larger percentage of the amount above the assessment. Maybe 15% of the sales price above assessment. And the buyers' agents should get a flat fee based on the assessment (or perhaps even a decreasing percentage).
Thank goodness the auto sales industry has evolved. Last purchase, I used several buyers' services and ample online info to find the best deal in our region. Then I took that price down the street and said "the sale is yours if you can meet this price." Answer: "yes." Total research: maybe 1/2 hour. Total haggling: 3 seconds.
Posted by: Mike M at May 11, 2005 10:42:07 AM