Real Estate

Lower your Listing/Selling Fees - Use Flat Rate MLS

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[OP]
Deal Expert
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Aug 2, 2010
15193 posts
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Here 'n There
dec12 wrote: Maybe you should tell him to bug off and start his own thread. :D
Well if all he wants to do is make personal attacks and personal criticism that have nothing to do with the topic then he should do that.

And, most successful agents I know are holding open houses between 2 and 4pm on a Sunday to market themselves, not glued to the Internet.
Deal Fanatic
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Feb 19, 2010
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This was a useful thread....for one post. Thanks for that eonibm.

Beyond that it's been 250+ posts of "I know you are but what am I?" which, IOW, is completely useless. It's only a matter of time until it gets locked IMO.
Deal Addict
Jul 21, 2004
1355 posts
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I would guess that the Captain would have to tweak his plan again and give 80% cash back? what's the problem with that scenario? at some point the margins would be squeezed so tight that some captains would sink, at which point the remaining captains can lower the cashback until they reach a level that can sustain them. If at some point the captains overtake the industry from the 2.5% landlubbers, we would be at a new status quo... where eventually eonibm2 will appear with another idea to lower the then industry norm for fees.

How did the thread turn into a pissing match between business models anyways? I thought this is suppose to be a DIY guide. Talk about the guide itself kind of got left behind on page 2. Either you debunk the guide and show that it's bad advice, or you show that all the work involved is worth 2.5%.

It's been pretty entertaining though.

Donnie740 wrote: And therein lies the problem with trying to compete on price with a low margin high volume business model. You're offering to give away 50% of your earnings now. What happens when "Captain John" comes along offering to give away 60% of his earnings? And then "Captain Shawn" figures he'll go one better and give away 75% of his earnings?
[OP]
Deal Expert
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Aug 2, 2010
15193 posts
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Here 'n There
Conquistador wrote: This was a useful thread....for one post. Thanks for that eonibm.

Beyond that it's been 250+ posts of "I know you are but what am I?" which, IOW, is completely useless. It's only a matter of time until it gets locked IMO.
Thank you. I too don't know why Donnie740 keeps doing that. Thanks for your support. As for being locked this thread is pretty tame compared to some of the other ones on here that are not locked.

This is not about me or anyone else but my post #1 How to lower your Real Estate Agent Transaction Fees

If anyone has any useful tips to add to that post I would appreciate it. If you have personal attacks you will be ignored from now on, by me anyway. The advice in that post has nothing to do with what someone who is not a real estate agent does for a living, how many or if they flip houses, if they are working for minimum wage or not. It is irrelevant. For those of you who are real estate agents you have nothing to worry about if you are able to get enough MLS listing business at 2.5%.
Banned
May 7, 2014
188 posts
26 upvotes
Westmount, QC
eonibm wrote: You don't have to believe anything about me. Really you don't.

And, I am flattered by your interest in me but, again, this thread is not about me but about my post #1 How to lower your Real Estate Agent Transaction Fees
This is wrong. The way Donnie sees this tread is as an attempt to diminish his already slim income.
I have to admit that I have problems to figure out what he sells and when because he is always here
Penalty Box
Aug 11, 2005
4175 posts
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Wow! I take a 5 day hiatus and come back and see that Donnie is STEAMING MAD!! What did you guys do to him?
Deal Addict
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May 6, 2010
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Markham
Luckyinfil wrote: Wow! I take a 5 day hiatus and come back and see that Donnie is STEAMING MAD!! What did you guys do to him?
You'll be steaming mad too if every other post asking you to justify your "expert" fee. Donnie can't post a refute to Ron's service fee because either there's no difference level of service between these two or it's trade secret.
Penalty Box
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Aug 19, 2008
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dec12 wrote: You'll be steaming mad too if every other post asking you to justify your "expert" fee. Donnie can't post a refute to Ron's service fee because either there's no difference level of service between these two or it's trade secret.
You must have missed my earlier post - - don't worry though, I never have a problem explaining my value proposition again.

I know of very few realtors who come from the renovation/construction industry with the ability/contacts to go in and raise the value of the property by putting in some work.

"Telling" a seller they need to have the wallpaper removed and repaint the whole house, change the kitchen cabinetry and countertops, rip out the old carpeting, change out all the lighting and then fully stage the property is not a value add. Going in and actually doing all of that is. And that's how I'm able to justify a listing commission of 4%-5% or more. Because I raise the value of the property. I always welcome the seller to call around and get their own quotes because I know they're not going to find any T&M that's cheaper and certainly not anything that will defer payment until the property closes.

That's why I have no concerns about competition. And also why I'm always encouraging people to get their real estate licence - - especially if their career is down-and-out, like say, an unemployed engineer.
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Nov 19, 2004
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Donnie740 wrote: You must have missed my earlier post - - don't worry though, I never have a problem explaining my value proposition again.

I know of very few realtors who come from the renovation/construction industry with the ability/contacts to go in and raise the value of the property by putting in some work.

"Telling" a seller they need to have the wallpaper removed and repaint the whole house, change the kitchen cabinetry and countertops, rip out the old carpeting, change out all the lighting and then fully stage the property is not a value add. Going in and actually doing all of that is. And that's how I'm able to justify a listing commission of 4%-5% or more. Because I raise the value of the property. I always welcome the seller to call around and get their own quotes because I know they're not going to find any T&M that's cheaper and certainly not anything that will defer payment until the property closes.

That's why I have no concerns about competition. And also why I'm always encouraging people to get their real estate licence - - especially if their career is down-and-out, like say, an unemployed engineer.
So you are charging 4-5% because you go in and cover the cost of all those updates so the seller can get a better price? Or are you just going in and telling the seller that they should update? Because I can tell you no realtor I know is going to sell for 4-5% and go in an update my kitchen.
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Nov 15, 2005
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Donnie740 wrote: You must have missed my earlier post - - don't worry though, I never have a problem explaining my value proposition again.

I know of very few realtors who come from the renovation/construction industry with the ability/contacts to go in and raise the value of the property by putting in some work.

"Telling" a seller they need to have the wallpaper removed and repaint the whole house, change the kitchen cabinetry and countertops, rip out the old carpeting, change out all the lighting and then fully stage the property is not a value add. Going in and actually doing all of that is. And that's how I'm able to justify a listing commission of 4%-5% or more. Because I raise the value of the property. I always welcome the seller to call around and get their own quotes because I know they're not going to find any T&M that's cheaper and certainly not anything that will defer payment until the property closes.

That's why I have no concerns about competition. And also why I'm always encouraging people to get their real estate licence - - especially if their career is down-and-out, like say, an unemployed engineer.

I find some of your advice bang on and some way off. Even though some members choose to attack your commission rate, it doesn't mean you should stoop to their level and call them names, not to say they should be calling you names either. As a professional in any industry, doing this de-values your advice in any of your future posts that I read.
Penalty Box
Aug 11, 2005
4175 posts
1410 upvotes
boonjaca wrote: I find some of your advice bang on and some way off. Even though some members choose to attack your commission rate, it doesn't mean you should stoop to their level and call them names, not to say they should be calling you names either. As a professional in any industry, doing this de-values your advice in any of your future posts that I read.
You're speaking to a realtard that sold 2 houses the entire year. You call that a professional?
Penalty Box
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Aug 19, 2008
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don242 wrote: So you are charging 4-5% because you go in and cover the cost of all those updates so the seller can get a better price? Or are you just going in and telling the seller that they should update?
I thought it was pretty clear in my post.
Donnie740 wrote: "Telling" a seller they need to have the wallpaper removed and repaint the whole house, change the kitchen cabinetry and countertops, rip out the old carpeting, change out all the lighting and then fully stage the property is not a value add. Going in and actually doing all of that is. And that's how I'm able to justify a listing commission of 4%-5% or more. Because I raise the value of the property.

don242 wrote: Because I can tell you no realtor I know is going to sell for 4-5% and go in an update my kitchen.
You're absolutely correct. Because very few have the ability o contacts to do so. I sold a duplex last month where I had a new kitchen dropped in. Tear out the old one, install new cabinetry and countertop. Cost to me was under $1500.

Was that worth it to me for an extra 1% in commission? Yes - - 1% is more than double the $1500 cost. Was it worth it to the seller for an extra 1% in commission. Yes - - it raised the value of the property by more than double the 1% cost.

That's a win/win situation. Another satisfied customer.
Penalty Box
Aug 11, 2005
4175 posts
1410 upvotes
Donnie740 wrote: I thought it was pretty clear in my post.





You're absolutely correct. Because very few have the ability o contacts to do so. I sold a duplex last month where I had a new kitchen dropped in. Tear out the old one, install new cabinetry and countertop. Cost to me was under $1500.

Was that worth it to me for an extra 1% in commission? Yes - - 1% is more than double the $1500 cost. Was it worth it to the seller for an extra 1% in commission. Yes - - it raised the value of the property by more than double the 1% cost.

That's a win/win situation. Another satisfied customer.


MLS listing? Let's see what a $1500 kitchen reno looks like.

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