Comments on: Even More Reasons Not To Trust Your Real Estate Agent http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/ Investing and Personal Finance Sat, 11 Feb 2012 04:38:37 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Dan Wagner http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/comment-page-1/#comment-91417 Dan Wagner Wed, 31 Aug 2011 22:42:07 +0000 http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/#comment-91417 Obviously this writer doesn't know much about what they are writing. They obviously never heard of RESPA and Realtors. It is a violation of RESPA for Realtors to take a referral fee from a lender. If they don't have basics like that right, how can they profess to be experts? Obviously this writer doesn’t know much about what they are writing. They obviously never heard of RESPA and Realtors. It is a violation of RESPA for Realtors to take a referral fee from a lender. If they don’t have basics like that right, how can they profess to be experts?

]]> By: Tiffany http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/comment-page-1/#comment-90710 Tiffany Sat, 16 Jul 2011 16:37:59 +0000 http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/#comment-90710 Well written post above. It seems anyone could chose any profession to bash and point out the negatives. Although this is insulting for those of us who work very long and hard hours, weekends and holidays away from our families to accommodate clients needs. Do the very best jobs to provide client sat. etc...I'm aware bad apples exist, that goes without saying in any line of service. It is awful and very negative to assume the worse of all agents because of the way we get paid. Also, It seems to be a misconception that is prevalent about how much we get paid, trust me it is certainly earned and not as much as your assuming after splits, ads.expensive association fees, MLS fees ect...Also, it is illegal to get kick backs from lenders. Agents typically know the good lenders from the not so good or inexperienced in the area they service, it is a much easier and more pleasent experience for all involved to use a good lender, hence the ref. Any other fees have to be disclosed. I'm sure this type of half-truth and half-personal opinion blog has some place to keep company with others who have had bad experience or to act as a fearmonger to those who are just not sure how Realtors work...thay would generate readers, which of course is the desired outcome here, right? Well written post above. It seems anyone could chose any profession to bash and point out the negatives. Although this is insulting for those of us who work very long and hard hours, weekends and holidays away from our families to accommodate clients needs. Do the very best jobs to provide client sat. etc…I’m aware bad apples exist, that goes without saying in any line of service. It is awful and very negative to assume the worse of all agents because of the way we get paid. Also, It seems to be a misconception that is prevalent about how much we get paid, trust me it is certainly earned and not as much as your assuming after splits, ads.expensive association fees, MLS fees ect…Also, it is illegal to get kick backs from lenders. Agents typically know the good lenders from the not so good or inexperienced in the area they service, it is a much easier and more pleasent experience for all involved to use a good lender, hence the ref. Any other fees have to be disclosed.
I’m sure this type of half-truth and half-personal opinion blog has some place to keep company with others who have had bad experience or to act as a fearmonger to those who are just not sure how Realtors work…thay would generate readers, which of course is the desired outcome here, right?

]]> By: Dan B http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/comment-page-1/#comment-86899 Dan B Sat, 05 Feb 2011 20:16:17 +0000 http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/#comment-86899 Wow, what a gross generalization. But don't stop at Realtors. Don't trust cops, all they do is eat donuts and give people tickets for doing nothing wrong. They don't actually provide safety and security to the community, do they? Don't trust lawyers - they're all liars. Besides, everyone who is arrested is always guilty, right? They are not entitled to a defense. Don't trust auto mechanics - all they do is find things to add to your repair costs. They don't actually just fix what needs to be fixed and provide maintenance. Don't trust bankers, they just take your money to line their pockets. They don't provide financial advice and help you plan for your retirement, kids' education and future goals. Don't trust your doctor. She is just there to sell pharmaceuticals. She won't actually help you raise the quality of your life. Don't trust our elected officials. All they do is sit in an office and collect our tax dollars. They don't create policy based on the needs of their constituents. Hmm. This is a bit too specific. Maybe we should break it down to genders and ethnicities too. Mr. Holman, your grossly weak generalization of the men and women in the real estate profession is unsubstantiated, irresponsible and offensive. The business is based on referrals by past clients who feel Realtors did excellent work REPRESENTING them, not by making a quick buck. Next time you feel like trashing someone or the manner in which they feed their children, perhaps take a minute to really examine whether or not you have enough evidence to trash the group as a whole, or if you're just upset by a few people who could have done a better job for you. Wow, what a gross generalization. But don’t stop at Realtors.

Don’t trust cops, all they do is eat donuts and give people tickets for doing nothing wrong. They don’t actually provide safety and security to the community, do they?
Don’t trust lawyers – they’re all liars. Besides, everyone who is arrested is always guilty, right? They are not entitled to a defense.
Don’t trust auto mechanics – all they do is find things to add to your repair costs. They don’t actually just fix what needs to be fixed and provide maintenance.
Don’t trust bankers, they just take your money to line their pockets. They don’t provide financial advice and help you plan for your retirement, kids’ education and future goals.
Don’t trust your doctor. She is just there to sell pharmaceuticals. She won’t actually help you raise the quality of your life.
Don’t trust our elected officials. All they do is sit in an office and collect our tax dollars. They don’t create policy based on the needs of their constituents.
Hmm. This is a bit too specific. Maybe we should break it down to genders and ethnicities too.

Mr. Holman, your grossly weak generalization of the men and women in the real estate profession is unsubstantiated, irresponsible and offensive. The business is based on referrals by past clients who feel Realtors did excellent work REPRESENTING them, not by making a quick buck.

Next time you feel like trashing someone or the manner in which they feed their children, perhaps take a minute to really examine whether or not you have enough evidence to trash the group as a whole, or if you’re just upset by a few people who could have done a better job for you.

]]> By: Derek http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/comment-page-1/#comment-86049 Derek Fri, 07 Jan 2011 07:03:33 +0000 http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/#comment-86049 Mike hit it right on the head. He said the famous words. Buyer Beware. There are good agents and there are bad agents. You never hear the stories of the good agents. You will always hear the stories of the bad agents. I hope this puts an end to this. Thanks Mike, Mike hit it right on the head. He said the famous words. Buyer Beware. There are good agents and there are bad agents. You never hear the stories of the good agents. You will always hear the stories of the bad agents. I hope this puts an end to this. Thanks Mike,

]]> By: Mike http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/comment-page-1/#comment-86001 Mike Wed, 05 Jan 2011 18:41:22 +0000 http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/#comment-86001 A very high percentage of real estate brokers/agents are pretty honest. I would say about 80%. I'm an attorney that does real estate transactional work as part of my practice. One might think this number is elevated. But bear in mind that people who have been treated badly howl much louder than people who have had a good or acceptable experience. If a broker is a sleazeball, it is going to become known in the professional community, and the market will tend to weed that person out, or at least diminish their presence in the market. That being said, sellers and buyers have a responsibility to educate themselves. And with the internet available to almost everyone, there is no good excuse to go into the biggest deal of one's life without being familiar with the main facets of the deal. There will always be bad apples. Buyer Beware! A very high percentage of real estate brokers/agents are pretty honest. I would say about 80%. I’m an attorney that does real estate transactional work as part of my practice. One might think this number is elevated. But bear in mind that people who have been treated badly howl much louder than people who have had a good or acceptable experience. If a broker is a sleazeball, it is going to become known in the professional community, and the market will tend to weed that person out, or at least diminish their presence in the market. That being said, sellers and buyers have a responsibility to educate themselves. And with the internet available to almost everyone, there is no good excuse to go into the biggest deal of one’s life without being familiar with the main facets of the deal. There will always be bad apples. Buyer Beware!

]]> By: Derek http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/comment-page-1/#comment-29247 Derek Tue, 25 Aug 2009 03:53:17 +0000 http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/#comment-29247 Kimberly I am an agent and I have to tell you. You are different than most people. I started reading your article and thought you were crazy for not wanting to use an agent. As I kept reading I realized your motivated. You probably do not have to worry about an agent. There might be somethings an agent would be good on helping you negotiate. Most sellers will not declutter. Most of them say I want x amount out of my property and than say people are going to come in and talk me down so I will add 5% to my asking price. Than they are 5% or more over priced.Most people will not go and have nice signs made up. They stick the ones from lowes with sharpie for the phone number. The number is in a unique way of writing (sellers creativity) and you can not read it. As far as the web sites. The truely best ones are still owned by real estate agents. Craigs list is doing some amazing things. Most will avertise on a 20 a month website and think they are doing it. Infotube.com is a good example of this. Very bad web site to be on in my opinion. Most people are just not like you Kimberly. You are different. This is why I have a job and am very busy. Kimberly
I am an agent and I have to tell you. You are different than most people. I started reading your article and thought you were crazy for not wanting to use an agent. As I kept reading I realized your motivated. You probably do not have to worry about an agent. There might be somethings an agent would be good on helping you negotiate. Most sellers will not declutter. Most of them say I want x amount out of my property and than say people are going to come in and talk me down so I will add 5% to my asking price. Than they are 5% or more over priced.Most people will not go and have nice signs made up. They stick the ones from lowes with sharpie for the phone number. The number is in a unique way of writing (sellers creativity) and you can not read it. As far as the web sites. The truely best ones are still owned by real estate agents. Craigs list is doing some amazing things. Most will avertise on a 20 a month website and think they are doing it. Infotube.com is a good example of this. Very bad web site to be on in my opinion. Most people are just not like you Kimberly. You are different. This is why I have a job and am very busy.

]]> By: Kimberly http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/comment-page-1/#comment-14142 Kimberly Mon, 04 May 2009 13:15:16 +0000 http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/#comment-14142 In 2009, I just do not comprehend why an educated individual would hire an agent to buy or sell. With such easy access to the internet, the amount of free classified sites (ie. kijiji.ca), inexpensive signage available (ie. vistaprint.ca), free maps, etc., anyone using an agent to buy or sell a house is puzzling. I'm pretty sure most people know how to get around their house so unless the agent is going to clean and stage your house for you every time they bring buyers through for a viewing, you've got to be crazy to be paying them $20000+ to give house tours and fill in a few blanks on standard real estate forms (http://privaterealestate.ca/Agree_PAS.pdf). The only time an agent makes sense to me is for POS homes or if I were trying to sell while overseas. Even if I was overseas, I would probably give my house key to my neighbour to show the place for me and reward someone I know and trust if a sale results. We just sold our house via kijiji.ca and the process was simple! So much easier than the usual stress and tension we've experience with agents we've hired in the past. Steps to selling: 1. Watch HGTV. Declutter and make your house spotless as per stager suggestions. 2. Post pictures, details, and A REALISTIC price given the current market conditions on a known free classified site in your community. Kijiji and craigslist are very popular in my community. 3. Order lawn signs via vistaprint.ca and post. 4. Get all of your utility bills and property tax info in order in case the buyer asks for this info. Create a flyer about your property features if you wish. 5. Complete the following form http://privaterealestate.ca/Memorandum.pdf with buyer to be accompanied by a cheque (minimum 1% of purchase price, to be held in trust by your lawyer). 6. Have your lawyer prepare the Agreement and have the purchasers lawyer review the Agreement. 7. Both parties sign off on Agreement. 8. Have house inspection condition waived upon satisfactory inspection by certified house inspector. Voila! You have happy buyers and a firm sale. Our lawyer charged us $1000 for this. An agent would have charged us $20000 and we still would have had to pay our lawyer $1000 anyway. Your home will sell itself. The bottom line is you have got to price your home fairly. We priced our home 5-10% lower than other similar overinflated properties listed on MLS. We got full asking price without having to negotiate at all. The very happy buyers knew the price was fair and it was the best deal in the area. We got the sale while other similar homes in the area continue to sit on the market. There is only one trick in real estate - pricing your house for it's REAL value. You can have your property value assessed for free via mpac.com. Still in this recession, too many sellers/agents are overinflating the price of their homes. These homes are just sitting on the market for days. The value of a home can be easily assessed by confirming the property taxes and recent sales in the neighbourhood. For 20$, your lawyer can tell you how much the owners paid for the property when they bought the house, any mortgages in their possession, and what the municipality assesses the value of the property at. Our most recent favourite agent remarks, amongst all the others in this fabulous series is after asking an agent about a particular feature/defect, their response is almost always: "I'll have to ask the owner about that". As if they hadn't already noticed the defect/feature when they took pictures of the property. Drives us crazy. Wouldn't it be easier to just deal with the owners directly??? Great series! I'd be interested in seeing a series on builders. In 2009, I just do not comprehend why an educated individual would hire an agent to buy or sell. With such easy access to the internet, the amount of free classified sites (ie. kijiji.ca), inexpensive signage available (ie. vistaprint.ca), free maps, etc., anyone using an agent to buy or sell a house is puzzling. I’m pretty sure most people know how to get around their house so unless the agent is going to clean and stage your house for you every time they bring buyers through for a viewing, you’ve got to be crazy to be paying them $20000+ to give house tours and fill in a few blanks on standard real estate forms (http://privaterealestate.ca/Agree_PAS.pdf).

The only time an agent makes sense to me is for POS homes or if I were trying to sell while overseas. Even if I was overseas, I would probably give my house key to my neighbour to show the place for me and reward someone I know and trust if a sale results.

We just sold our house via kijiji.ca and the process was simple! So much easier than the usual stress and tension we’ve experience with agents we’ve hired in the past.

Steps to selling:
1. Watch HGTV. Declutter and make your house spotless as per stager suggestions.
2. Post pictures, details, and A REALISTIC price given the current market conditions on a known free classified site in your community. Kijiji and craigslist are very popular in my community.
3. Order lawn signs via vistaprint.ca and post.
4. Get all of your utility bills and property tax info in order in case the buyer asks for this info. Create a flyer about your property features if you wish.
5. Complete the following form http://privaterealestate.ca/Memorandum.pdf with buyer to be accompanied by a cheque (minimum 1% of purchase price, to be held in trust by your lawyer).
6. Have your lawyer prepare the Agreement and have the purchasers lawyer review the Agreement.
7. Both parties sign off on Agreement.
8. Have house inspection condition waived upon satisfactory inspection by certified house inspector.
Voila! You have happy buyers and a firm sale.

Our lawyer charged us $1000 for this. An agent would have charged us $20000 and we still would have had to pay our lawyer $1000 anyway.

Your home will sell itself. The bottom line is you have got to price your home fairly. We priced our home 5-10% lower than other similar overinflated properties listed on MLS. We got full asking price without having to negotiate at all. The very happy buyers knew the price was fair and it was the best deal in the area. We got the sale while other similar homes in the area continue to sit on the market. There is only one trick in real estate – pricing your house for it’s REAL value. You can have your property value assessed for free via mpac.com.

Still in this recession, too many sellers/agents are overinflating the price of their homes. These homes are just sitting on the market for days. The value of a home can be easily assessed by confirming the property taxes and recent sales in the neighbourhood. For 20$, your lawyer can tell you how much the owners paid for the property when they bought the house, any mortgages in their possession, and what the municipality assesses the value of the property at.

Our most recent favourite agent remarks, amongst all the others in this fabulous series is after asking an agent about a particular feature/defect, their response is almost always: “I’ll have to ask the owner about that”. As if they hadn’t already noticed the defect/feature when they took pictures of the property. Drives us crazy. Wouldn’t it be easier to just deal with the owners directly???

Great series! I’d be interested in seeing a series on builders.

]]> By: Finance Gets Personal » Cici n’est pas un carney. http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/comment-page-1/#comment-10912 Finance Gets Personal » Cici n’est pas un carney. Thu, 05 Feb 2009 17:29:28 +0000 http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/#comment-10912 [...] Even More Reasons Why You Can’t Trust Your Real Estate Agent (the follow up to Why You Can’t Trust Real Estate Agents When Buying a House and Why You Can’t Trust Real Estate Agents When Selling a House) from Quest For Four Pillars. Things that make you go hmmm… [...] [...] Even More Reasons Why You Can’t Trust Your Real Estate Agent (the follow up to Why You Can’t Trust Real Estate Agents When Buying a House and Why You Can’t Trust Real Estate Agents When Selling a House) from Quest For Four Pillars. Things that make you go hmmm… [...]

]]> By: Pricing http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/comment-page-1/#comment-7854 Pricing Thu, 04 Sep 2008 10:53:26 +0000 http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/#comment-7854 [...] time readers know Mike and I would never say a bad word about real estate agents.  However, a recent case recently came up in Australia where a real estate agent bought a house [...]

]]> By: Retire Rich from Real Estate http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/comment-page-1/#comment-6478 Retire Rich from Real Estate Thu, 12 Jun 2008 09:16:02 +0000 http://www.moneysmartsblog.com/do-not-trust-your-real-estate-agent/#comment-6478 [...] He has a section on selling, and provides good advice on FSBO vs. using a Realtor: do it yourself if you can, use a Realtor if you live elsewhere or don’t have the time. He advises not to tell your Realtor anything you don’t want the buyer to know. [...] [...] He has a section on selling, and provides good advice on FSBO vs. using a Realtor: do it yourself if you can, use a Realtor if you live elsewhere or don’t have the time. He advises not to tell your Realtor anything you don’t want the buyer to know. [...]

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