Anyone need Real Estate Advice?

[y2jversion1]

I think it should be either a sliding scale or flat rate based on price range. Technically a realtor can work just as hard selling a $250K house as you would a $500K house, yet we're being charged twice as much. We're currently thinking of selling our house but $25K for realtor service is a huge chunk of our investment especially on our neck of the woods as it seems the houses go so quick...Seriously considering your MLS listing service, but the wife refuses to DIY.

Very true. When you say sliding scale, do you mean something similar to what CATDOG is referring to?

In terms of flat rate, what would you say is reasonable?

Thanks again for the feedback!

[CatDog]

y2, I'll brain storm some more idea's and hell I am happy to help you execute them, just take care of me when I need to list on MLS when I have a budget of $0 after reno.

[jumbojones]

Very true. When you say sliding scale, do you mean something similar to what CATDOG is referring to?

In terms of flat rate, what would you say is reasonable?

Thanks again for the feedback!

I was thinking house value, not time on the market, so $0-150K/5%, $150K-300K/4%, $300K-500/3%, $500K+/2%

As for flat rate, I guess you can use the percentages above. I don't mind the rates you give on your site, it's just finding a realtor to play ball with those might be difficult, not sure. How has the response been, do other realtors avoid MLS only listings?

[riz1]

I was thinking house value, not time on the market, so $0-150K/5%, $150K-300K/4%, $300K-500/3%, $500K+/2%

As for flat rate, I guess you can use the percentages above. I don't mind the rates you give on your site, it's just finding a realtor to play ball with those might be difficult, not sure. How has the response been, do other realtors avoid MLS only listings?

Actually with MLS only listings one of the major gaps we found is the pricing. Folks need to price based on market value not what they think the home is worth. Due to the emotional attachment of the home its difficult for clients to price appropriately.

In terms of buyer agents avoiding MLS only listing as long as you give a 2.25 to 2.5% commission to them they don't care. They will still show, although based on RECO rules they have to show regardless of commission rate.

[y2jversion1]

y2, I'll brain storm some more idea's and hell I am happy to help you execute them, just take care of me when I need to list on MLS when I have a budget of $0 after reno.

Haha..hopefully the posts from various members in this and the other thread have helped resolve your to-do or not-to-do reno conflict

And definitely Riz1 & I are taking the feedback received in this thread re: 'Things Realtors can do to make it better' to analyze, compile a list and discuss with our broker to see what type of changes we can make with regards to pricing structure. The last time we rolled out the flat-fee based listings, the amount of haterade we got from fellow agents was pretty significant. I'm sure this time we'll make waves again too LOL. The whole point is to try and go with the times.

In terms of economy, we're still not doing that great overall and every penny saved by people will help in the long run. All it takes is for one person/agent/brokerage to start a trend, and if it picks up - others will follow suit.

Keep the ideas coming and hopefully by Thurs/Fri we can have a good amount of suggestions to work with

[MJunkie]

I would suggest reducing your rates from 1% to 0.5%.

Its a win for the customer as it will make debate about DIY vs full scale service a lot less mute as the price difference gets narrowed quiet a bit. Secondly, your business will get the high margin full listing business (instead of low margin DIY service) in more volume as more people choose your full listing service over DIY so you will be able to make up for the lower price through higher volume.

It should be a win win for both customer and yourself.

Just a thought.

[riz1]

I would suggest reducing your rates from 1% to 0.5%.

Its a win for the customer as it will make debate about DIY vs full scale service a lot less mute as the price difference gets narrowed quiet a bit. Secondly, your business will get the high margin full listing business (instead of low margin DIY service) in more volume as more people choose your full listing service over DIY so you will be able to make up for the lower price through higher volume.

It should be a win win for both customer and yourself.

Just a thought.

keep the feedback coming... helps us a build a business case. too bad we can't control the buying end... that needs to change also... I guess 1 step at a time. We have noticed the buyer commission dropping from 2.5% to 2.25 and that needs to be dropped further. Market needs to change to benefit consumers...

Consumers need to keep pushing all agents....

thanks for all the feedback from RFDers.... We will advise of outcome...

[sonic]

ok, lets just say....my closing date on our new home is July 1....but the closing date on my present home is august 1. Our current home will be occupied for that ONE month by my son. I need to know , can i have hydro/electric/heat in BOTH homes for that one month? & what about home insurance? How much is that gonna run me?
Our currant mortgage is paid.

anyone?.....

[riz1]

anyone?.....

I don't see and issue with keeping your utlilites active and it would be like a normal charge. in terms of insurance, i recommed you speak to your insurance company. They may want to change it as a tenanted property.

Good luck and keep us posted on outcome...

[y2jversion1]

Any more suggestions, folks?

[enigma54]

I recently got interested in a condo development where I registered at the website the developer had set up for the condo. After a few update emails, the last email announced that the first opportunity to buy the units before the condo goes on sale to the public would be happening in a few weeks time. Now, because I registered, can I still bring my real estate agent to represent me if I buy a unit? At the bottom of the developer's email, it does say "brokers protected". I thought registering at their website would be harmless and a way to get updated info about the development. Thanks!

[sonic]

I don't see and issue with keeping your utlilites active and it would be like a normal charge. in terms of insurance, i recommed you speak to your insurance company. They may want to change it as a tenanted property.

Good luck and keep us posted on outcome...

thanks...Im assuming the house has to be "lived in" to be insured?

also...how does one pay thier realtor? seperate cheque.... or does the lawyer handle this part?

[riz1]

thanks...Im assuming the house has to be "lived in" to be insured?

also...how does one pay thier realtor? seperate cheque.... or does the lawyer handle this part?

not sure a property has to be lived in to be insured but why would a home insurance company knowinlgy want to cover an empty home. Risks are high!! if you are planning to go on a "vacation" for an extended period of time leaving your home empty, you need to advice your insurance company. I think they boost the rate up for that time, as risk also increase.


Paying a realtor, unless otherwise specified in the agreement all payments MUST go through the lawyer. I would not recommend any other method.

[y2jversion1]

Thanks to MJunkie, JUMBOJONES, CATDOG & the other PMs received regarding suggestions on listing fees/commissions. As promised, we took this back to our broker and after a long discussion we were able to shake things up. Not only a reduced percentage based total commission, but also a flat-fee based commission for any property - none of that range-based crap

I'm anticipating lots of anger-filled calls & emails from 'people', but hey - open market

Thanks again for everyone's valuable input!

[y2jversion1]

Oh and apologies for those waiting for "sold" reports - we've just been so busy with the price drop plan as well as with clients we we couldn't get around to send those out. Will have them out to you in the next 24hours... sorry for the delay!