Not directed at you at all, I thought your question was actually a good one, I have a good idea what the answer is but it would be interesting to see a real state answer it.
Ask me anything about Real Estate
- Thread starter Addy
- Start date
10-4
I think they do it because they can. Most people can't be bothered with the intricacies of buying or selling a house, or they just don't have the time so they are willing to pay for the Job to be done. Thing is as rightly pointed out, the payment is pretty ridiculous right now and the gravy train is coming to an end.
Red_Liner740
Well-known member
We just purchased our second home and placed our starter home on the market. We went with a well known, long history with area real estate agent and honestly, hes paid for his commission with the purchase price on our second home.
The mind games he was playing with the sellers was of the "slow clap" type. Hat off to him. We really liked the home and were willing to pay asking, he even agreed it was slightly undervalued but he still insisted we go low and wrote up the paperwork to make it seem as if we werent really interested. He read the sellers right and sure enough they came back 10 grand lower than what i was originally gonna ask for.
He's also been invaluable in terms of letting us know potential issues with areas, where taxes and water/sewage prices are high, where they are low, where new developments will be coming up, stuff that you dont really think but are important secondaries.
Fly by night, got their real estate licence in a cereal box type agents are the ones i detest. They are in it to make a quick buck by underselling your house for a quick flip.
The mind games he was playing with the sellers was of the "slow clap" type. Hat off to him. We really liked the home and were willing to pay asking, he even agreed it was slightly undervalued but he still insisted we go low and wrote up the paperwork to make it seem as if we werent really interested. He read the sellers right and sure enough they came back 10 grand lower than what i was originally gonna ask for.
He's also been invaluable in terms of letting us know potential issues with areas, where taxes and water/sewage prices are high, where they are low, where new developments will be coming up, stuff that you dont really think but are important secondaries.
Fly by night, got their real estate licence in a cereal box type agents are the ones i detest. They are in it to make a quick buck by underselling your house for a quick flip.
There are always good and bad realtors out there, just like any other profession. This one just seems to have a bad rap for all the idiots that join the ranks.
When I bought my investment property the realtor was on the ball, made the right call and we beat out 5 other offers by 5k (this was 6 years ago). Still happy with that purchase.
I checked out his listings recently and him and his son have about 150 or so listings under their name. The realtors at that brokerage are about average 3-10 homes. You can see which ones are the professionals and which ones are not. Mind you a bunch of his listings are homes that he buys, flips, and sells again.
When I bought my investment property the realtor was on the ball, made the right call and we beat out 5 other offers by 5k (this was 6 years ago). Still happy with that purchase.
I checked out his listings recently and him and his son have about 150 or so listings under their name. The realtors at that brokerage are about average 3-10 homes. You can see which ones are the professionals and which ones are not. Mind you a bunch of his listings are homes that he buys, flips, and sells again.
I have been reading this thread with some interest as I agree with most of the comments about the average residential realtor.
Commercial and investment realtors have to trade at a much higher level as the buyer client(s) purchase is based on ROI and other non emotional factors.
BTW, there are 42000 agents currently listed with TREB chasing 93000 annual sales including condos. Do the math
Need a good Commercial/Investment agent, PM me.
BB
Commercial and investment realtors have to trade at a much higher level as the buyer client(s) purchase is based on ROI and other non emotional factors.
BTW, there are 42000 agents currently listed with TREB chasing 93000 annual sales including condos. Do the math
Need a good Commercial/Investment agent, PM me.
BB
Commissions have always been negotiable and the end amount is set is usually agreed between the seller and agent.
Higher priced properties usually attract a different set of marketing but it's not always the case with all agents... For example, when listing a smaller condo, an agent might be content with publishing the builder's floor plans with the listing information but when showcasing a higher priced property, you need to have dedicated floor plans completed along with professional picture which increase the cost...
The percentage system is designed to induce the listing agent to work harder for their money and sell it at the highest price possible. There is no restriction on the agent to agree to a set price if both parties agree.
Correction... Not all are even chasing... read some stats here...
http://realtylaboratory.com/2012/03/07/agent-statistics-the-top-1-of-toronto-real-estate-board/
Red_Liner740
Well-known member
Some of those stats are skewed. For instance they count real estate agents who sell100+ listings a year as one agent then admit that he/she acts as a team leader. Well they arent the ones selling and buying homes for you, some lowly paid shmuck is, their face is just on the sign.
Its not like buying something in bulk and a big agent with lots of peons will get you a better price. Unlike lawyers where a big top shot name may intimidate the other side, large real estate "teams" habe more cons then pros.
I see how much back and fourth and other crap my realtor is chasing just for my home. No way would i get a personal and in-depth service if he has more then 10 listings at one time.
Also, i strongly feel that real estate agents should be barred from being allowed to buy real estate properties as investment houses.
In every other industry thats called insider trading.
Its not like buying something in bulk and a big agent with lots of peons will get you a better price. Unlike lawyers where a big top shot name may intimidate the other side, large real estate "teams" habe more cons then pros.
I see how much back and fourth and other crap my realtor is chasing just for my home. No way would i get a personal and in-depth service if he has more then 10 listings at one time.
Also, i strongly feel that real estate agents should be barred from being allowed to buy real estate properties as investment houses.
In every other industry thats called insider trading.
are you kidding me? many times they get advanced notice of some listings before its posted on mls by various methods. Definitely have the upper hand....
I'm fairly sure listings are up within 24 hours on Realtor.ca that's what I was told recently anyway.
If a brokerage has an exclusive listing agreement outside of the MLS thats a different story. Still not sure why its a travesty for a realtor to buy the house. Remember they owe duties to the client whom they're representing. Its an agency relationship in law. As long as disclosure is given and consented to by the client, its fair game.
If a brokerage has an exclusive listing agreement outside of the MLS thats a different story. Still not sure why its a travesty for a realtor to buy the house. Remember they owe duties to the client whom they're representing. Its an agency relationship in law. As long as disclosure is given and consented to by the client, its fair game.
Anyone actually have a real estate question that I can help them with?
This forum is all about tangents.
Red_Liner740
Well-known member
UUU Snarky remark!
Yes, clients and potential buyers have access to MLS, which is great, but houses are actually listed on the real estate board, not MLS, and it can take 24 to 48 hours before it goes on MLS, IF it ever gets there. That gives other real estate agents one to two days of prime pickings before the public is even aware of them. A good, honest real estate agent would notify their clients of a possible match, a crooked one would make an offer for himself.
Here's a scenario. Lil ol lady, dont know jack about the market, husband dies, doesnt wanna live in her house anymore. She has a real estate agent come and tell her what her house would go on the market for.
She not knowingly agrees to list it way below the market. Real estate agent buys the home without ever listing it (and yes, this happens all the time), renovates it quickly and places it back on the market in 4 months.
Normally, the market would self-correct with that house being listed low by having a bidding war for it. Kinda hard to have a bidding war when no-one knows the house is for sale.
The first real estate agent who came and saw my house was boasting how he has 15 properties he rents out. Gee, i guess its just pure luck he's scoring these houses for cheap. (snarky remark back to ya!)
in fact, my house went up for sale monday, was not able to be viewed until tuesday, yet monday afternoon we had a real estate agent come and "show the house"
I have security cameras, nobody but himself came and saw it, he wore joggers and t-shirt covered in paint. What client do you think he was representing?
Yes, clients and potential buyers have access to MLS, which is great, but houses are actually listed on the real estate board, not MLS, and it can take 24 to 48 hours before it goes on MLS, IF it ever gets there. That gives other real estate agents one to two days of prime pickings before the public is even aware of them. A good, honest real estate agent would notify their clients of a possible match, a crooked one would make an offer for himself.
Here's a scenario. Lil ol lady, dont know jack about the market, husband dies, doesnt wanna live in her house anymore. She has a real estate agent come and tell her what her house would go on the market for.
She not knowingly agrees to list it way below the market. Real estate agent buys the home without ever listing it (and yes, this happens all the time), renovates it quickly and places it back on the market in 4 months.
Normally, the market would self-correct with that house being listed low by having a bidding war for it. Kinda hard to have a bidding war when no-one knows the house is for sale.
The first real estate agent who came and saw my house was boasting how he has 15 properties he rents out. Gee, i guess its just pure luck he's scoring these houses for cheap. (snarky remark back to ya!)
in fact, my house went up for sale monday, was not able to be viewed until tuesday, yet monday afternoon we had a real estate agent come and "show the house"
I have security cameras, nobody but himself came and saw it, he wore joggers and t-shirt covered in paint. What client do you think he was representing?
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Your hypothetical situation would lead to massive fines if pursued in court. The client is BEYOND well protected. What you've posited is breach of trust in the agency relationship. That hypothetical brokerage was serving their own interests and duping the client... lawyers would rip them apart and the lil old lady would be compensated at least back to 'market value'
You're basically saying that because some rotten realtors break the law, all realtors should be barred from buying MLS properties. Derp derp.
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Red_Liner740
Well-known member
Yea you're right man, **** like that never happens, people never speed or steal and rainbows come out unicorns ***.
Stop living in lala land. and that derp derp, lol, that **** would get your nose broken in real life. Its one thing to have a discussion but your snide remarks go well above and beyond of cordial conversation.
Internet tough guy.
Stop living in lala land. and that derp derp, lol, that **** would get your nose broken in real life. Its one thing to have a discussion but your snide remarks go well above and beyond of cordial conversation.
Internet tough guy.
