Comments on: Real Estate Agents – The Other Side of the Coin http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/ Investing and Personal Finance Sat, 11 Feb 2012 17:11:02 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: D. Lungren http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/comment-page-1/#comment-93107 D. Lungren Sun, 08 Jan 2012 19:33:15 +0000 http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/#comment-93107 No matter what excuses you realtors make, nobody DESERVES to be paid 100.000.00 for selling a 2 Million$ house. Nuff' excuses. You should make $10K max (after advertising costs, but before the house split of your comm) and you would still have been paid well. You do not put in more effort to sell a $2 Mil property than a $100K property. Quit lying. The Ex-realtor. No matter what excuses you realtors make, nobody DESERVES to be paid 100.000.00 for selling a 2 Million$ house.

Nuff’ excuses. You should make $10K max (after advertising costs, but before the house split of your comm) and you would still have been paid well.

You do not put in more effort to sell a $2 Mil property than a $100K property.

Quit lying.

The Ex-realtor.

]]> By: Kevin http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/comment-page-1/#comment-92895 Kevin Sun, 18 Dec 2011 13:39:13 +0000 http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/#comment-92895 Mr. Cheap, WOW! not sure what happened and it is obvious you hate Realtors but I can assure you have no ideal how the Real Estate process operates just as we have no idea how your business works.( If you do work) I could list everything we do from listing to closing every transaction and it would astound you. No Realtor claims to be perfect but we are providing a respectable service to our Clients. You might want to take a look at yourself and see why you have such a negative outlook on life and channel them thoughts into positive. Mr. Cheap,

WOW! not sure what happened and it is obvious you hate Realtors but I can assure you have no ideal how the Real Estate process operates just as we have no idea how your business works.( If you do work) I could list everything we do from listing to closing every transaction and it would astound you. No Realtor claims to be perfect but we are providing a respectable service to our Clients. You might want to take a look at yourself and see why you have such a negative outlook on life and channel them thoughts into positive.

]]> By: 1ProudRealtor http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/comment-page-1/#comment-91664 1ProudRealtor Mon, 19 Sep 2011 21:00:41 +0000 http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/#comment-91664 Being in real estate for over 23 years , I have seen many things. The one tht has always stood out in my mind was when I went on an appointment to list a home. I gave all the information pertaining to the market, the home the area and the price. I left all these things with my potential client. Well, calling back to see if the decision was made, I was politely told that they will be selling their home themselves. Moving foirward 6 months later...receiving a call from these same people asking if there is anything I could do to help them out of a contract they wrote that an attorney approved ...I said, no. But before I politely refused any help, I aksed what the problem was. Here, I heard this wonderful story of what not to do.... The sellers purchased a contract for selling a home at their local stationary store. The buyers and sellers filled in all the blanks but failed one small detail. The actual closing date. there was no where for this item so the attorney for the buyer and seller both missed this small detail. The seller was begging to find out how he can get out of this deqal since it has been so called "under contrqact" for the last six months without a sign the buyer wanting to close. Well....funny thing..I had no sympathy at all...I said since you have no date for a time of closing, your property is tied up until 1, you go to court, 2 pay the buyer off...and I cannot help you. Call the attorney that approved your contract. I believe this buyer was extremely savvy and knew the ropes and must have done this before, otherwise the buyer would have pointed out that he wanted this home at this certain time and date..was very rewarding to me knowing that some sellers do get the karma they give, just as sdome buyers do too. Being in real estate for over 23 years , I have seen many things. The one tht has always stood out in my mind was when I went on an appointment to list a home. I gave all the information pertaining to the market, the home the area and the price. I left all these things with my potential client.

Well, calling back to see if the decision was made, I was politely told that they will be selling their home themselves.

Moving foirward 6 months later…receiving a call from these same people asking if there is anything I could do to help them out of a contract they wrote that an attorney approved …I said, no. But before I politely refused any help, I aksed what the problem was.

Here, I heard this wonderful story of what not to do….

The sellers purchased a contract for selling a home at their local stationary store. The buyers and sellers filled in all the blanks but failed one small detail. The actual closing date. there was no where for this item so the attorney for the buyer and seller both missed this small detail.

The seller was begging to find out how he can get out of this deqal since it has been so called “under contrqact” for the last six months without a sign the buyer wanting to close.

Well….funny thing..I had no sympathy at all…I said since you have no date for a time of closing, your property is tied up until 1, you go to court, 2 pay the buyer off…and I cannot help you. Call the attorney that approved your contract.

I believe this buyer was extremely savvy and knew the ropes and must have done this before, otherwise the buyer would have pointed out that he wanted this home at this certain time and date..was very rewarding to me knowing that some sellers do get the karma they give, just as sdome buyers do too.

]]> By: Allan http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/comment-page-1/#comment-89294 Allan Wed, 18 May 2011 19:47:11 +0000 http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/#comment-89294 Well there is so much to say in response to the previous comments bashing the work/services provided by Realtors. Maybe we should start with the stats related to "when a real estate deal goes bad" In the city I live (population approx. 1m) there are on average 1000 court cases related to real estate per month. If you remove the forclosures from the equation you will find approx 200 cases in which a problem arose in the transaction ( i.e. latent defect that was not declared by the seller is one example) The actual cases represent only a portion of actual cases in which these problems have occured since many people are not willing to take things to that level. Proper conceincious representation by a licensed professional will help steer clear of these issues. Besides being trained to be on the lookout for potential problems that can occur Realtors also carry insurance that cover clients if the agent failed to warn or advise their clients properly. Another layer of protection. Or how about a holdback on the final payment to ensure repairs have been done. Properties listed with a Real Estate agent must provide a declaration of latent defects. This is a very important distinction between "for sale by owner" and MLS listed properties as it squarely puts the seller in a liability position should they "fail to disclose". During the phenominal rise in the market we saw investors and some homeowners selling off (by private sale requiring no declaration) properties that were to expensive to fix up...many with latent defects that the inexperienced buyers were ultimatley stuck with. Buyer beware! Who's watching your back? As an agent I would never advise my client to purchase a property without a proper professional inspection even though in multiple offer situations the offer with the fewest conditions usually won out. This of course cost me sales but in the end a lot less hastle and expense dealing with the aftermath. Secondly when a problem arises an agent will have solutions because of his/her training and experience that are not readily available to buyers sellers. Here is an example ... My client had secured a pre-approved loan from their bank we found them a townhome negotiated a price provided the deposit, had an inspection, removed conditions, etc.etc. 3 days before the deal was about to close my clients bank contacted them to inform them their financing had been declined. ( the loans officer they originally dealt with was on holidays as this was between Christmas and New Years, instead of signing off the "new" bank manager reviewed the file and arbitrairily decided to quash the deal.) I contacted our broker...explained the situation and the fact that my client would loose his deposit if we don't get the problem resolved. In the end he found us a mortgage at 1/2 percent less than what they had originally agreed to ..... here is the kicker .... it was with the same bank that gave my client the runaround in the first place ! Another satisfied customer. And the additional work/services didn't cost them a penny. Another issue we were able to resolve was when the home my clients bought had the furnace shut off (accidentally) the pipes froze necessitating last minute repairs before move-in. (since the damages were minimal we negotiated a deal with the seller through their agent) Only problem was there was not a plumber available that could respond in time to fix the problem before the possession date. I contacted a friend who was able to come in the evening. With my assistance we addressed the repair and the clients were able to move in on time. Connections are always a good thing in cases like this. As for Realtors only looking for a quick buck. I've been in the business approx 8 years. A few years ago I donated all the money I made that year to chairity. When you consider my expenses for that year I came out in the negative. I was able to do this because of a previous business sale and am not here to brag but saying all agents are bad is like saying all cops, judges, politicians, doctors, lawyers, bankers etc. are bad people because of a few "bad apples". While I agree everyone should attempt to educate themselves to whatever degree possible so they can question things like recommended asking prices etc. Not everyone is able or has the time for such endeavors. Interview whomever you hire to do a job for you ask for references and make sure they understand your needs and have similar values. I know this can seem daunting but there is a payoff in the end. When I was in high school I rebuilt the brakes on my car .... I havn't done that since. With the changes in technology, the potential for liability and safety for my family I wouldn't do it today ..... the risks far outweigh the benefits. There is a place for experts in many fields to provide needed and necessary services for the benefit of the public. That is unless you or someone you know has had a "bad" experience with a mechanic in which case you may believe they are all "bad" Well there is so much to say in response to the previous comments bashing the work/services provided by Realtors.
Maybe we should start with the stats related to “when a real estate deal goes bad” In the city I live (population approx. 1m) there are on average 1000 court cases related to real estate per month. If you remove the forclosures from the equation you will find approx 200 cases in which a problem arose in the transaction ( i.e. latent defect that was not declared by the seller is one example) The actual cases represent only a portion of actual cases in which these problems have occured since many people are not willing to take things to that level. Proper conceincious representation by a licensed professional will help steer clear of these issues. Besides being trained to be on the lookout for potential problems that can occur Realtors also carry insurance that cover clients if the agent failed to warn or advise their clients properly. Another layer of protection. Or how about a holdback on the final payment to ensure repairs have been done. Properties listed with a Real Estate agent must provide a declaration of latent defects. This is a very important distinction between “for sale by owner” and MLS listed properties as it squarely puts the seller in a liability position should they “fail to disclose”. During the phenominal rise in the market we saw investors and some homeowners selling off (by private sale requiring no declaration) properties that were to expensive to fix up…many with latent defects that the inexperienced buyers were ultimatley stuck with. Buyer beware! Who’s watching your back? As an agent I would never advise my client to purchase a property without a proper professional inspection even though in multiple offer situations the offer with the fewest conditions usually won out. This of course cost me sales but in the end a lot less hastle and expense dealing with the aftermath.
Secondly when a problem arises an agent will have solutions because of his/her training and experience that are not readily available to buyers sellers. Here is an example … My client had secured a pre-approved loan from their bank we found them a townhome negotiated a price provided the deposit, had an inspection, removed conditions, etc.etc. 3 days before the deal was about to close my clients bank contacted them to inform them their financing had been declined. ( the loans officer they originally dealt with was on holidays as this was between Christmas and New Years, instead of signing off the “new” bank manager reviewed the file and arbitrairily decided to quash the deal.) I contacted our broker…explained the situation and the fact that my client would loose his deposit if we don’t get the problem resolved. In the end he found us a mortgage at 1/2 percent less than what they had originally agreed to ….. here is the kicker …. it was with the same bank that gave my client the runaround in the first place ! Another satisfied customer. And the additional work/services didn’t cost them a penny.
Another issue we were able to resolve was when the home my clients bought had the furnace shut off (accidentally) the pipes froze necessitating last minute repairs before move-in. (since the damages were minimal we negotiated a deal with the seller through their agent) Only problem was there was not a plumber available that could respond in time to fix the problem before the possession date. I contacted a friend who was able to come in the evening. With my assistance we addressed the repair and the clients were able to move in on time. Connections are always a good thing in cases like this.
As for Realtors only looking for a quick buck. I’ve been in the business approx 8 years. A few years ago I donated all the money I made that year to chairity. When you consider my expenses for that year I came out in the negative. I was able to do this because of a previous business sale and am not here to brag but saying all agents are bad is like saying all cops, judges, politicians, doctors, lawyers, bankers etc. are bad people because of a few “bad apples”. While I agree everyone should attempt to educate themselves to whatever degree possible so they can question things like recommended asking prices etc. Not everyone is able or has the time for such endeavors. Interview whomever you hire to do a job for you ask for references and make sure they understand your needs and have similar values. I know this can seem daunting but there is a payoff in the end.
When I was in high school I rebuilt the brakes on my car …. I havn’t done that since. With the changes in technology, the potential for liability and safety for my family I wouldn’t do it today ….. the risks far outweigh the benefits. There is a place for experts in many fields to provide needed and necessary services for the benefit of the public. That is unless you or someone you know has had a “bad” experience with a mechanic in which case you may believe they are all “bad”

]]> By: Heidi Panciera http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/comment-page-1/#comment-89019 Heidi Panciera Mon, 09 May 2011 14:33:28 +0000 http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/#comment-89019 Wow! Your really throw real estate agents under the bus. I have been selling real estate for 24 years and most of the stuff you are saying is false. We do not get anything out or referring a client to a attorney, mortgage company or inspectors. I would much rather my clients know what they are paying for in points, fees etc, and if I can help them save money I will. An experienced negociator that knows the market is crucial to getting the best price for your property. Putting a property on way to high just to get the listing is not doing anyone any good. I can't stand the fact that any realtor will tell the seller what they want to hear instead of the facts. It is not fair to the sellers. They should know what their property is worth so they can make an informed decision on if this is the right time for them to sell. Open houses are to bring buyers in and to meet prospective sellers. Many of my sellers insist upon it. I don't incourage it but will conduct one if asked. It is my job. If find it rediculas that you are charging money for a book that you have no idea what you are talking about. Wow! Your really throw real estate agents under the bus. I have been selling real estate for 24 years and most of the stuff you are saying is false. We do not get anything out or referring a client to a attorney, mortgage company or inspectors. I would much rather my clients know what they are paying for in points, fees etc, and if I can help them save money I will. An experienced negociator that knows the market is crucial to getting the best price for your property. Putting a property on way to high just to get the listing is not doing anyone any good. I can’t stand the fact that any realtor will tell the seller what they want to hear instead of the facts. It is not fair to the sellers. They should know what their property is worth so they can make an informed decision on if this is the right time for them to sell. Open houses are to bring buyers in and to meet prospective sellers. Many of my sellers insist upon it. I don’t incourage it but will conduct one if asked. It is my job. If find it rediculas that you are charging money for a book that you have no idea what you are talking about.

]]> By: Welcome Globe and Mail Readers « Daily News http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/comment-page-1/#comment-23892 Welcome Globe and Mail Readers « Daily News Sat, 11 Jul 2009 00:23:18 +0000 http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/#comment-23892 [...] Real estate agents – the other side of the coin [...] [...] Real estate agents – the other side of the coin [...]

]]> By: Bridget Soto http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/comment-page-1/#comment-23293 Bridget Soto Wed, 08 Jul 2009 19:34:37 +0000 http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/#comment-23293 Hi, I am going out on a limb here because I am a real estate agent and I want to let your readers know that not all real estate agents are money hungry mongers. I'm relatively new to the profession, started July 2007, right before the economy started its downward spiral. I went into the profession because I wanted to help people and yes I thought I could make good money. I also have two young children so I wanted a flexible work schedule, so I wanted to be at home when they needed me. I loved all those home improvement, house hunting shows, and property virgin shows. Let me tell you, they make it look so easy. However, I found out that being a realtor is harder than it looks and a lot more expensive. First of all, real estate agents need to go through 60 hrs of training and pass a test to get their initial license and then we have to take continuing classes to keep our license. True, the classes are not overly difficult, but they are expensive and very time consuming. In my case, after I received my initial license, I was paired with a seasoned agent that showed me the ropes for a year, kind of like an internship. I had 3 transactions that year and didn't come close to breaking even, but I learned a lot. During that year, I was amazed by how much time, stress, and energy each transaction entailed. I also found that I was working 40-60 hrs a week and was on-call 24/7. It is a lot of work. I was never home and I hardly spent anytime with my family. It has been an uphill battle trying to make a name for myself. I am still not there yet, but I am still trying. Have I mentioned how expensive it is to be a real estate agent. The overhead is unbelievable. Half of everything I make goes to my office. Then there's insurance, training, Realtor dues, MLS fees, lockbox, signs, office supplies, etc.... I actually had to take another job just to stay a real estate agent. I believe I am worth every cent of my commission. I can't speak for all agents but I do know the agents in my office and I work our butts off to ensure our clients are happy with the sale of their home and/or the purchase of their new home. Regarding your points on real estate agents using their knowledge and experience to manipulate their buyers and sellers. Realtors, adhere to very strict ethical guidelines from NAR (which I applaud) and there's also Agency Law (equally wonderful) . In addition, I, personally have an office policy and a very strict broker (which I love to work for) to deal with. I love working at my particular office. All the agents that I work with are not in it for extrinsic reasons and are genuinely there to help their clients. Yes, there are agents that are in it for the money, but not all of them. I like to believe that the money mongers tend to weed themselves out eventually-especially when the market goes down. Unfortunatly, they leave a bitter taste in peoples mouth and give all real estate agents a bad reputation. My recommendation to anyone that is buying or selling a house is educate yourself, ask questions, and interview a handful of agents before you decide on one in paticular. Personally, I work primarily on referrals, so it is important for me to do every job well and I will because I one of those good agents. Sincerely, Bridget Hi,

I am going out on a limb here because I am a real estate agent and I want to let your readers know that not all real estate agents are money hungry mongers. I’m relatively new to the profession, started July 2007, right before the economy started its downward spiral. I went into the profession because I wanted to help people and yes I thought I could make good money. I also have two young children so I wanted a flexible work schedule, so I wanted to be at home when they needed me. I loved all those home improvement, house hunting shows, and property virgin shows. Let me tell you, they make it look so easy. However, I found out that being a realtor is harder than it looks and a lot more expensive. First of all, real estate agents need to go through 60 hrs of training and pass a test to get their initial license and then we have to take continuing classes to keep our license. True, the classes are not overly difficult, but they are expensive and very time consuming. In my case, after I received my initial license, I was paired with a seasoned agent that showed me the ropes for a year, kind of like an internship. I had 3 transactions that year and didn’t come close to breaking even, but I learned a lot. During that year, I was amazed by how much time, stress, and energy each transaction entailed. I also found that I was working 40-60 hrs a week and was on-call 24/7. It is a lot of work. I was never home and I hardly spent anytime with my family. It has been an uphill battle trying to make a name for myself. I am still not there yet, but I am still trying. Have I mentioned how expensive it is to be a real estate agent. The overhead is unbelievable. Half of everything I make goes to my office. Then there’s insurance, training, Realtor dues, MLS fees, lockbox, signs, office supplies, etc…. I actually had to take another job just to stay a real estate agent. I believe I am worth every cent of my commission. I can’t speak for all agents but I do know the agents in my office and I work our butts off to ensure our clients are happy with the sale of their home and/or the purchase of their new home. Regarding your points on real estate agents using their knowledge and experience to manipulate their buyers and sellers. Realtors, adhere to very strict ethical guidelines from NAR (which I applaud) and there’s also Agency Law (equally wonderful) . In addition, I, personally have an office policy and a very strict broker (which I love to work for) to deal with. I love working at my particular office. All the agents that I work with are not in it for extrinsic reasons and are genuinely there to help their clients. Yes, there are agents that are in it for the money, but not all of them. I like to believe that the money mongers tend to weed themselves out eventually-especially when the market goes down. Unfortunatly, they leave a bitter taste in peoples mouth and give all real estate agents a bad reputation. My recommendation to anyone that is buying or selling a house is educate yourself, ask questions, and interview a handful of agents before you decide on one in paticular. Personally, I work primarily on referrals, so it is important for me to do every job well and I will because I one of those good agents.

Sincerely, Bridget

]]> By: Passing Through http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/comment-page-1/#comment-10096 Passing Through Fri, 02 Jan 2009 16:30:34 +0000 http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/#comment-10096 a good realtor will work to help you reach your goals which is usually the most money in the smallest amount of time (unless you've got emotional attachment issues and you really don't want to sell it) if i am serious about selling my home and i want top price, it's going to be 5 star hotel quality, 10+ showing condition at all times - and quite frankly, i've got better things to do then spend months dusting, vacuuming, etc in hopes that that i will get a higher offer it i keep it on the market longer. often the first offer is the best because the buyers have likely been waiting for your home to come on the market, they've seen a bunch of others and are growing weary of the buying experience. buyers do a lot of searching before spending their money and seeing a home sit around only raises doubts. think about it, when you see a home that has been on the market for more than 30 days don't you say to yourself... hmmm, what's wrong with it? i bet i can talk them down in price since nobody seems to want to buy it... or are you naive enough to think wow, 30 days and no other buyers have seen this gem? sigh... a good realtor will work to help you reach your goals which is usually the most money in the smallest amount of time (unless you’ve got emotional attachment issues and you really don’t want to sell it)

if i am serious about selling my home and i want top price, it’s going to be 5 star hotel quality, 10+ showing condition at all times – and quite frankly, i’ve got better things to do then spend months dusting, vacuuming, etc in hopes that that i will get a higher offer it i keep it on the market longer.

often the first offer is the best because the buyers have likely been waiting for your home to come on the market, they’ve seen a bunch of others and are growing weary of the buying experience. buyers do a lot of searching before spending their money and seeing a home sit around only raises doubts.

think about it, when you see a home that has been on the market for more than 30 days don’t you say to yourself… hmmm, what’s wrong with it? i bet i can talk them down in price since nobody seems to want to buy it… or are you naive enough to think wow, 30 days and no other buyers have seen this gem?

sigh…

]]> By: Pricing http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/comment-page-1/#comment-7851 Pricing Thu, 04 Sep 2008 09:02:49 +0000 http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/#comment-7851 [...] 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 [...]

]]> By: Mr. DoNotTrustAgents http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/comment-page-1/#comment-7194 Mr. DoNotTrustAgents Tue, 29 Jul 2008 21:12:39 +0000 http://www.moneysmartsblog.com/real-estate-agents-the-other-side-of-the-coin/#comment-7194 Dee: actually agents are loosing money longer the property is on market... they have expense for advertising, showing (gas, time..) so it make perfect sense that their first goal is to sell as quick as possible Dee: actually agents are loosing money longer the property is on market… they have expense for advertising, showing (gas, time..) so it make perfect sense that their first goal is to sell as quick as possible

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