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On Hiring a Realtor Based on their Fee

What's Your Commission? On Hiring a Realtor Based on their Fee... 

I always say (oh well maybe somebody did say it before me) - if the Realtor cannot negotiate their own Commission then how are they going to negotiate the best price possible for your home? Negotiation skills. I would think, given a choice - you would want an aggressive negotiator, not someone that either doesn't believe in their own ability or the value of your home!

The question that begs to be asked is....Why do some Real Estate Agents offer Discounted Fees?  Is it because they're the Good Guy?  They just want to see more money in your pocket then theirs?  

 

                                       

Well there could be a number of reasons:

- they feel that's the only way they can compete

- they have poor negotiation skills

- they have trouble justifying their own worth

- they're hoping to make up for it in volume 

- the agent is desperate - any commission is better then no commission

- qualifications/experience of the Realtor

- you're willing to do the marketing instead

- they feel sorry for you

- they believe in pro bono

- having a sign on your lawn is more important then the commission

 

                                        

So let's do a little review.

Did you know that the commission the seller pays is split between the Selling Agent (the person with the buyer) and the Listing Agent (the person with the seller). So if the commission is 6% then typically 3% will go to the Selling Agent and 3% will go to Listing Agent.  Sometimes we Realtors assume that you know that!  However I'm pretty sure that some of you think we get the whole kit and caboodle!

Do you know that there are Real Estate Companies out there that Do Not put your home on The Mutiple Listing System (MLS)?  They have this 'exclusivity' thing happening.  They think that their paycheque might be a lot bigger if they do not have to co-operate and share their commission if they get to to List AND Sell your home. Be sure to ask them what portion of the commission you are paying will be going to the Selling Broker.   How much longer do you think it will take to sell your home if it's only YOUR AGENT  that's trying to sell it? I think I read somewhere that it's like 16:100 odds. 

When looking at an MLS Listing - the Selling Agent can see the commission they will be paid.  It may not show up on the Public Version - but that information is disclosed in the Realtor's version.   Note:  It's the Selling Agent that reviews the properties for sale in the MLS and most often choose those they deem appropriate for their buyer. Guess what?  Herein lies the conundrum.

Now put yourself in the Selling Agent's shoes. You can sell House A or could sell House B. But house A will pay you $1,000, $4,000, $7,000 or MORE! You have mortgage payment, bills, & children to support. Which house would you like to sell?

Did you know that unlike Doctors, Lawyers and Government Employees - Realtors are not paid per hour.  But we do take all the risk by putting our time & money into advertising YOUR property in order to get it sold. Chances are we also have an OFFICE cost, MLS Fees, Board Fees and more! Do you know that we only get paid if the Seller sells and the Buyer buys? If they don't our costs are not recovered.

So no - commission is not regulated - there is no set rate if you're selling your home - but it IS a good idea that the commission you're paying the Selling Realtor is  in-line with the rest of the comparable houses on the market.  Market slow?  Well in that case you might even consider offering a greater sales commission or a sales bonus.  You say WHAT???  But look at it this way.  For every week/month your home doesn't sell - how much will THAT cost you? You get to choose!

Still think you'd like to go with a Discount Broker?

*Please note - this is not meant to suggest that the Commission fee charged is the only criteria - there are many, many different aspects to hiring the right Realtor. Please check out this post:   How Do I Find a Good Realtor? 

Is It Wrong to Work With More Then One Realtor?

Speaking of Statistics...What's the Difference Between Median Price and Average Price?

 

                                             

 

If you or someone you know is thinking of Buying or Selling property in Cultus Lake, Chilliwack, Hope, Abbotsford, Langley or anywhere in the Fraser Valley Area of B.C. - or if you would like more information please give Liz  Moras of Landmark Realty Chilliwack a call at- 604-799-0459 or e-mail at lizmoras@gmail.com.     

Copyright © 2009 By Liz Moras, All Rights Reserved. All photos by Liz Moras ( except the one's I'm in!). All information provided by this author is only an opinion, it is not guaranteed, may be based on information collected from several sources, and may be time sensitive.  It is not necessarily representative of the opinions of Landmark Realty Chwk. Ltd..   

                               

 

 

10 Reasons Why The Holiday Season Is A Better Time To Sell

10 Reasons Why The Holiday Season Is A Great Time To Sell.  Below is a list of reasons why now is the time to list.... Don't wait until spring.

 

*Sellers are dropping out of the market for holidays, less competition

*Buyers who are looking in the winter tend to be more serious buyers.

*Singles, couples, and empty nesters tend to wait while school is in session to buy, less competition for them.

*Interest rates are at an all time low

*Buyer scan buy more house right now.

*February and March produce the highest amount of homes sales, but November and December and January don't have as many homes for sale so there is a higher ration of homes sold to those for sale.

*The holiday spirit can help sell your home, you decorate for your guests, but buyers will find your home more charming while it is decorated for the season.

*Most homes are never cleaner and never smell better, or are better decorated than during the holiday season.

*If you don't want to move during the holidays you can negotiate possession for your own convenience.

*Sellers can usually negotiate their best deals during the holiday season.

 

Sellers who take their homes off the market or postpone selling them during the holidays won't save any money; they will simply postpone their own dreams and perhaps find more competition when they decide to enter the market again.

 

Are you ready to postpone your dreams or are you ready to move ahead and live your future now?

 

 

 

Kim Boekholder, Keller Williams, Moving to Utah? Moving Around Utah? Contact me for help

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p.s. "By the way, if a friend or family member you know could use a caring and competent agent, I would enjoy meeting them.  Thanks for thinking of me with your referrals.  I am certified in short sales, foreclsoures, buying, selling, investing, luxury homes, relocation.

Kim Boekholder Associate Broker,

Keller Williams Utah Realtors, Chair Ambassador Murray Chamber

Specializing in Short Sales and Relocation

Mobile: 801-580-5624
Fax:     801-303-8556
boeks@msn.com   

 

Keller Williams a great place to hang your license.

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Closing Day is Coming - Prepare Your Home For Pay Day

So you have sold your home!  Congratulations!  Closing day is coming.  Prepare your home for pay day. 

When your house sells it usually results in you feeling pretty great, at least for a little while.  Yet not long after, the pressures of preparing the home for closing day begin to mount.  You wanted this day to come but now that it is really happening you have some ambivalence.  Preparing the house for closing becomes top of mind. 

So what things should you do to prepare for closing day?

Here are seven recommendations to help with the mental task of preparing your home for closing.  That is the day when the buyers walk through, inspect "your" work, confirm that everything is as they expect it to be, and proceed to the lawyers office with the cheque.

1. Find yourself some boxes.  If you are doing your own packing, and many people do, gathering lots of wrapping tissue or news paper and boxes will be just the thing.  Pick up 50 or more depending on how much stuff you plan to take to your new destination.  When you have them, start packing all the things you plan to take but can do without until you are relocated.  It is more than you think.

2. Identify the give aways and make a list of people you know will take them off your hands.  We all have a few items that we would prefer to give away.  Avoid carrying these into your "next life" by passing them down to a loved one or friend.  It often feels liberating to pass along something you are no longer using or that you just want someone else to have.

3.  Identify the garage/yard sale items and plan your weekend sale now.  This will involve putting the announcement notice in the paper and online.  Get it organized and planned for the earliest date.  This will help you to make sure the weekend does not creep up on you unaware.  Deadlines for advertising in the paper are some of those things that do creep up.

4.  Throw away anything else left over.  If you can't sell it or give it away and you are not going to keep it, then send it to the landfill.  Yes, I know that is not environmentally friendly but unless you can make an old broken chair into next weeks dinner, you have to throw some things out.  This is one of those times.

5.  Clean up all rooms in the house that you can before moving day gets here.  Leave only the vacuuming for the very last day.  Ask a couple of cleaners to go through the home and do the heavy work for you.  Hire them if you need to.  Cleaning the ceilings and walls, lights, shelving, cupboards, windows, and storage areas are things the hired help can do.  This is not the time to be Superwoman....or even the time to be married to her.  Tip for the guys.  Insist on this one.  It will save you a tonne of guilt. :-)

6.  Book the movers.  I know, I have it numbered as 6 but really you should make this number 1.  The earlier you do this, the better.  Often the movers are really busy at peak moving days so get on this and reserve them now.  It will take a lot off your mind.

7.  When closing day comes, you will have everything out of the house, and the house thoroughly cleaned.  Why not leave a little gift on the counter and a hand written note expressing your personal enjoyment of the home, along with well wishes for the new owners in the years ahead?  It is amazing how that little gesture will help smooth over any small wrinkle that might arise.  At this point, you have prepared the house as best as you can.  The final piece is all about people management.

Closing day will come and your efforts will all be rewarded.  With careful attention to details the sale will close smoothly and the payment for the home will be in your account, if only for a moment in time.  At this point, you need to take yourself out for dinner.  After all, you deserve a reward too.  You have done a great job!

___________________________________________________________________________________

About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove - St. Philips, Torbay – Flatrock – Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador.  For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500.

Want to get in touch? Email rgosmond1@gmail.com. For more information, please visit http://www.rgregosmond.com.  Thinking of selling your home?  I have a passion for helping my clients with buying and selling real estate!  If there is any way I can be of service to you today, please feel free to contact me!

 

How Do I Find a Good Realtor? From That Chilliwack Girl!

How do I Find a Good Realtor I Should Work With?

It's a common question - and perhaps not one always asked of THE Realtor - but definitely one discussed amongst the public! I just did a post -  Is It Wrong to Work With More Then One Realtor? and one question begets another.  It reminded me of a conversation I had recently. 

I was working my mall shift at the Kiosk the other day ~ and chatting with a customer and she asked..."But How do I find the Good Realtor?".......And I thought to myself - the choice Must be confusing for people!  If you don't have someone you know recommend one - and if you don't want to solely rely on the ads in the Real Estate Weekly what do you do?

                                   

Well I can tell you what you Don't Want to do!  And that's choose on the basis of the Lowest Commission and Who Suggests the Highest Price for your home!  But that's the subject of another post.  This one is about what you Should Do!

Some people go for Experience -  believing that is the KEY! And it could be - but brand new agents can be amazing as well.  There's something about enthusiasm and thinking anything is possible - that can be pretty powerful!

I'm a big believer in Enthusiasm:  When an agent shows excitement about your home it'll come through in every conversation whether it be on the phone - at an open house - or through their advertising! They'll be able to convince both Realtors and Customers to view the house but still make recommendations to show your home in it's best light!

Marketing  has always been important ~ but these days a Web presence is critical!  I believe one of the first things you should do is GOOGLE them.  Google their name, their company and things like  'Your Town/Community Realtor' and see what comes up.  Ask the Realtor if they BLOG, evaluate their Website (because of course they HAVE to have one)....Ask them to show you how they market other homes - that'll give you a pretty good clue!  If you're not computer savy then ask a friend that is!

Find out where the Realtors advertise ~ Real Estate Newspapers have become passe in some communities so don't be surprised if they don't advertise in newspapers - but let them show you how they will market your property.  In the same way Open Houses can be a good tool in some areas and yet not in others. So ask questions and ask why.  Ultimately you want to get to the point where you trust the Realtor in their choice of marketing !

Communication:  You want an agent that can tell you The Good, The Bad and the Ugly! A phone call after each showing is not too much to expect, nor is a monthly report outlining showings, ads placed, feedback, etc. You should be able to expect a return phone call within a few hours - but some Realtors don't work Weekends or evenings - so make sure you know what you can expect.

All that being said.......I find Intuition and 'Gut Feelings' can also be a powerful factor.  You'll know if you feel uneasy about the potential association or if there's a mutual respect and camaraderie. My best advice? Research, Ask Questions And then go with your Gut Feeling! 

  

                                             

 

If you or someone you know is thinking of Buying or Selling property in Cultus Lake, Chilliwack, Hope, Abbotsford, Langley or anywhere in the Fraser Valley Area of B.C. - or if you would like more information please give Liz  Moras of Landmark Realty Chilliwack a call at- 604-799-0459 or e-mail at lizmoras@gmail.com.     

Copyright © 2009 By Liz Moras, All Rights Reserved. All photos by Liz Moras ( except the one's I'm in!). All information provided by this author is only an opinion, it is not guaranteed, may be based on information collected from several sources, and may be time sensitive.  It is not necessarily representative of the opinions of Landmark Realty Chwk. Ltd..   

                               

 

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