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Blog entries tagged with "commissions":
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So what have I been doing? I just finished my first book. "Broken Life - A Fight For Forever" It is in print now and should hit the streets in about six weeks. (Shameless plug!!)
Realtors make a lot of money for not really doing very much. Four, five, six percent commission for what? They put up a sign, have a couple open houses, place some ads, do a little paperwork...on a $650,000 sale they make $32,000. Easy money.
So you've been a Realtor for a few years/months/days because you believe in the great American Dream? You like helping families find the absolute very BEST and affordable home for them? You desire to get the most $$$ out of a sale for your Seller? Good for you!
Two agents competing for the ultimate commission. Who do you think should get the listing?
[REVISION 7/4/08 (original post 7/3/08): The purpose of this post is to educate the public regarding the value a GOOD agent will bring to the transaction, why their fees are justified and how to find a GOOD agent]
In my 22 years as a real estate investor, I have seen residential, commercial, industrial, mixed-use, and hospitality products rise, fall, slide sideways and return healthy returns for the investors. The United States and the real estate market that supports our economy is the foundation for the majority of wealth in … (4 comments)
Homes By Owner is looking for expierienced individuals who are self starters and have the vision to understand that the public is demanding changes. We are operating with just two fulltime agents and rank in the top 50 in the GRAR in listings for this year. These listings allow us … (1 comments)
Let's talk about Home Selling Strategies. From what I've been reading lately I guess there are two schools of thought on these, one that is based on "Price" and the other that is based on "Traffic"
When you negotiate your client's short sale, there is no doubt that you and the buyer's agent stand to have the commissions cut. It has become more common and understood that when involved with a short sale, you will be paid less.
http://www.dos.state.ny.us/cnsl/rebcommdue.html
As an agent, I often get asked that question...so I wanted to share, with you, the consumer...what every agent should share with you before you sign the listing contract.
When you set the appointment, are they sending you a pre-listing packet? Most agents do send something out ahead of time, but … (0 comments)
Russell Shaw says market conditions favor full fee, full service experienced brokers
BrokerIPTV: I am delighted to be with Russell Shaw at the BloodhoundBlog Unchained event sponsored by Zillow here in Phoenix, Arizona and Russell just gave a great talk about our market, about commissions, and you had some interesting … (2 comments)
It's a buyers market... I know it, you know and the buyers know it. Why don't the sellers know it?
With a Multiple Listing Service for Hoboken Real Estate, Everybody Wins
I had an interesting phone conversation this morning with a potential buyer of a Hoboken condo. He wanted to see condo properties in both Hoboken and Manhattan. I was explaining the difference between how real estate brokerages work in Hoboken … (0 comments)
I noticed another agent on Trulia go to a site that basically connects clients and agents through an anonymous bid process where the bidding is done by the agent in the form of how much of the buy side commission they are willing to rebate to the buyer.
I have never … (1 comments)
By the way, I'm not picking on Redfin. If you Google "rebate" and "real estate" you get about 495,000 hits. There are a lot of firms and agents out there on the rebate bandwagon.
After my last post, I got a bunch of replies from supporters of rebate models. I would … (8 comments)
I just got off the phone with a FSBO. WOW is all I can say. I just do not understand their thinking when it comes to real estate. This guy calls me up and says "I have a buyer for my home and I wanted to know if the price they … (3 comments)
Just a little update on the commission I blogged about in my previous post.
At the end of the REO transaction, the title company called for a revised demand based on the net offer. (How dare they?!). We begrudgingly sent it.
At the same time I sent an email to … (2 comments)
I admire all of the Real Estate agents in the industry. I feel that it is often overlooked the amount of money it costs an agent to remain in business. The standard for a Real Estate agent has always been a 3% commission. To a consumer that means that they are … (3 comments)
… (15 comments)
Check out this past Sunday parade mazine as part of your Sunday newspaper.There is an interesting article about the best strategies for right now on pg 10. what I liked most about this article is the recommendation that you find the best broker and it states that you are better off … (0 comments)
For all real estate and mortgage professionals who like to send flowers, event tickets and other "Thank You" gifts to your clients, I can show you how to make commissions on those items that you are going to send to your clients anyway. 
Some comments on my blog make me laugh sometimes. I wrote a something yesterday discussing agent mobility and several agents commented about how they are and have been mobile - AWESOME. A few comments from some centered around commission splits and negatively pointing out that more tools equate lower splits to agents … (20 comments)
On April 14 the bank announced it had lost $350 million or $0.20 per share during the first quarter of 2008. The losses, which were much higher than had been expected, were due primarily, or course, to problems in the mortgage markets. Then this past Friday Wachovia got hit with a … (7 comments)
When it's going smoothly, there's a surprise ending.My phone rings. Someone saw a piece of my marketing, and wants me to list a home for sale. YES! So I'm in a listing appointment. Things are going well. I know I'm competing with other agents. I know they're looking for quality marketing. i … (72 comments)
I am a real estate agent/loan agent from California and I am currently talking to a Realtor in Florida about a program that you may be interested in. She is putting together a program where she will market investment properties on her real estate website. She will have potential clients from out of … (0 comments)
Agent solicited to take my listing, what would you do?
Many sellers believe that they will save money by selling their own home. On the surface it seems logical, no agent, no commission = money saved. However, what many sellers do not realise is that not having an agent may actually cost more money in the end. First, commissions are negotiable … (6 comments)
As the Broker/Owner of my own company I have absorbed the following mantra into every cell of my being:"Keep my company overhead LOW and the level of service HIGH."How does an independent agency compete with national conglomerates, institutionally advertised brands? The naked truth is Price (i.e. In NJ all commissions are … (19 comments)
Are times tough for the majority of agents right now? Yes.Is there more residential inventory than there ever has been?Yes. So the most important thing to do right now for any agent who plans on remaining an agent? EARN YOUR COMMISSIONS. In Boca Raton, Florida where we live there are currently … (11 comments)
When it comes time to list a home for sale, consumers have many different choices. They can choose to sell it themselves or hire a limited-service or flat-fee broker. Or, they can hire a full-service broker like myself.When I began selling homes in 1978, there were no such choices. I learned … (3 comments)
Sometimes I hear Realtors or loan officers comapred to other professionals, but can you really compare a Realtor to a M.D.? I am sure many Realtors and loan officers view themselves as a professional, but I think we do ourselves a disservice when we fail to realize how we are actually viewed … (6 comments)
About 7 weeks ago, I requested a face to face meeting with my broker because I felt like our group should/could work through some of the current market frustrations. I suggested having weekly meetings where we are all accountable to each other, where we show our work, and where we share best practices and failures … (8 comments)
The phone calls, leads and contacts we have coming-in are amazing! Thanks to the training system we have in place, we are closing a high percentage of our contacts, and, we are getting busier and busier every day. We are looking for experienced agents that know how to make the most … (0 comments)
I'm in NY today, speaking at the Jeffries Internet Conference. Another Wall Street conference means another opportunity for me to tell the Zillow story to The Street. I also got to watch several other real estate companies present, including Bankrate and Internet Brands (realestateabc.com). These conferences are usually in either NY … (5 comments)
Lately, I have heard about lots of commissions being paid incomplete. In fact, it happened to me 2 times already. It is very important to use the Mortgage Verification form so you know the financial situation of your listings. Remember that in this market we work with cooperating agents that don't … (1 comments)
I was at a closing yesterday on a $440,000 house. To get the deal down, the selling agent and I both gave up $1,000 in commissions (the repairs on the home were high). The sellers were in GA, the house is in Indianapolis so the selling agent worked very very hard … (5 comments)
Conversation in 2004, 2005, 2006:Agent: "We charge 6%. 3% is paid to the Broker who sells your home, and we retain 3% for our efforts on your behalf."Seller: "I have people lined up to list and sell my home and they all tell me that they will do it for 5%. … (2 comments)
Imagine this. You are at the home of a prospective seller, all things are going well, and you are about to go for the close when the seller asks that dreadful question: "How much commission do you charge?"Now, before we re-live this frightful experience, let me suggest that if you have … (5 comments)
It seems to me these days that the availability and easy access to listing websites are leaving brokers between a rock and a hard place. The are a number of websites to post listings on including costar.com, loopnet.com, buildingsearch.com, commercialmart.com, cityfeet.com, commrex.com, propertyline.com, iciworld.net and even craigslist.org. Although these sites proliferate … (2 comments)
60 Minutes with EXIT - MilwaukeeFranchise & Career Opportunities Seminar Thursday, February 211-2pmBoerner Botanical Classrooms9400 Boerner DriveHales Corners, WIDiscover why EXIT Realty was named the leading new franchise brand! And, how you can leverage the tremendous training,compensation and single level residuals to enhance your career and lifestyle. Lucrative commission splits - … (0 comments)
Like buying and selling agents, property managers also run into landlords who want to negotiate our commissions. I recently had an opportunity to reduce my commission in order to manage a very exclusive home that the owner wants to place on the rental market because he has been unable to sell … (4 comments)
If you're a buyer or a seller you may not have heard this one but for the average Realtor, we've been armed with this statement as an objection handler since the beginning of the profession.
This is the final blog on a topic we've been looking at over the last several weeks regarding real estate broker commissions. Some people think discount brokerage firms are the way to go. Why not pay the lowest commission possible because "Hey, my house is a palace and anyone could sell … (1 comments)
I put a blog in Active Rain yesterday concerning a really urgent issue. The legal community in Hawaii has done an end run on us that will allow them to take a huge chunk of an agent's commission if their initiative passes. Every Realtor needs to pay immediate attention to this … (0 comments)
I recently blogged on http://www.mylifeasanagent.com/ about Sellers giving agents incentives to bring people to their homes. This can be found at http://www.lifeasanagent.com/jim-hirschhorn/do-realtor-bonuses-make-a-difference/show/.Some agents are lucky and have careers filled with birthday sales (having both ends) and bonuses galore from sellers and home builders. I have had 1 in 5 years of … (5 comments)
Here's a great short essay from 19th century English poet and painter John Ruskin ... I use it in all of my listing presentation pre-listing packages. It really puts things in perspective for most of my potential sellers.
I recently wrote a blog on antitrust violations that generated several private emails asking for clarification on dealing with commission splits. Since a couple of people have asked, I thought a blog might be in order in case there are others who have the same question.
The basic issue it … (3 comments)
After reading a great post addressing a reaction that a buyer's agent had to a commission offered on a sale this morning written by:
During one of our weekly training sessions, the subject of commissions came up and someone asked, "How do you get the Sellers to agree to pay Full Commissions?" As we all know, there are no set commission rates when selling Real Estate. This was one solution our Team Leader, Bill Kilpatrick suggested when it comes … (5 comments)
Wow..now if this doesn't get some agents out into these subdivisions then I don't know what will. I can see that they need to sell some homes at K. Hovnanian® Homes™.I have never seen an incentive like this before.I have to be honest though...I would like the buyer to benefit from … (1 comments)
Look out Reverse, there is another player on the horizon. The EquityKey program is for seniors between the ages of 65 to 85. The benefits of EquityKey are 1. Owner recieves debt free cash equal to 12-15% of initial home value(24-30% of initial home value is both homeowners qualify). 2. No … (1 comments)
I have read many posts recently about discount brokers, full service brokers, wonderful marketing plans, and self-proclaimed superhuman negotiation skills of agents. I have read about the how they give greater value, I have heard how they look down their nose at agents and agencies they consider to be "less than … (0 comments)
i recently posted the following blog; DOES A HIGHER BAC WORK? i havenoticed since the market has got tougher that more and more sellers are offering a higher BAC. to be truthful, i have recently done thje samewhat i would like to know is how other realtors feel about thatdoes it motivate you … (2 comments)
Good morning fellow Rainers. This post was inspired by Joslyn Panka's post "Pay up, or you'll be sorry". If you haven't read her post please take a few minutes to do so. It's a well deserved featured post and managed to get my mind working this morning. While I don't agree … (57 comments)
The phone rings, and you pick it up. It's another agent from somewhere not immediately local, but still within driving range (in rural Minnesota, I'd say within 60 miles or so.). You do what every agent would do. (At least in Minnesota!) You greet them cheerfully, and ask them how they … (109 comments)
Remember the old adage that you have to spend money to make money? Well, it certainly is true if you are planning to sell your home, especially in this market. They key word there is "planning". If you plan ahead, you will have a better sense of the scope of work … (0 comments)
How do you know what your real estate services are worth? Does the market decide? Do you decide? Are the fees you are charging consistent with growing your business the way you want it to grow?1. Know the Rules of Value. Your customer will always pay your price as long as … (0 comments)
Lately I've been bombarded with emails and flyers from developers and other agents touting the higher commissions they are now offering to buyer's agents. Bring them a buyer, and I'll receive a 4%...5%...6%, or higher commission. I've even encountered a Seller offering 10% to the Buyer's broker. I suppose the thought … (3 comments)
Hello, hope everyone had a great (spooky) Halloween -- me, I'm trying to avoid this dish of candy on my desk. . .
Selling a home isn't rocket science. Anyone can do it. You just stick a sign in the yard, run an ad in the paper, hold an open house, and boom! you just sell it. Right? Well, there is a lot more to getting an actual sale than that. The most important … (5 comments)
Over the past few days, I have been wondering about the fate of the listings that the ill-fated Foxtons was attempting to “sell.” As I said in a previous blog, I thought it was outrageous that they were leaving their clients twisting in the wind until the courts made a “decision.” … (27 comments)
I am noticing that a lot of agents are getting back into the habit of farming for business. They are door-knocking, mailing postcards and newsletters, etc. but some aren't getting anywhere. Most ask why they go through the expense of printing and mailing when they get little or no results.If that is … (0 comments)
It is amazing how many conversations about real estate start with that question. It baffles me to this day that this is the one field in which people think they can make a decision simply by how much money the professional practitioner will "charge" them. It gets asked other ways, like … (0 comments)
Excerpt From CAR NEW Dept Of Justice WEB SITE EXAMINES COMPETITION IN BROKERAGE SECTORThe Antitrust Division of the U.S. Dept. of Justice launched a new Web site this week aimed at educating consumers about the benefits of competition within the real estate brokerage sector. The site, which is drawing heavy criticism from the … (4 comments)
The Dept of Justice put up a new website this week and NAR is not happy (paranoid???). NAR contends that the DOJ is prepping the public for a single (discount) service; the DOJ's position is they're educating the public as to how they can save money when using a real estate broker.According … (3 comments)
Increase your volume! Isn't that what all agents strive to do-more volume equals more commissions. The only problem is a single agent can only handle a limited number of transactions or listings at a time. A single agent is limited to the amount of work they alone can produce and that … (3 comments)
There are many ways to get your name out there or sale your brand. Blogging is incredible but can also be very boring. Why not try something different, audio or video blog. I love to talk on the radio and educate others. Of course, i have termed myself as the educational ambassador, but … (4 comments)
Are there any Ethics Police or experts in Moral Dilemma ready for a challenge? I have a dilemma. I have a new offer that is being presented to the seller tomorrow. It is my listing, and we have had two deals fall apart in financing lately. The last deal blew up … (10 comments)
Are you feeling the squeeze of "Commission Compression?" Here's the best way I've found to deal with closing on commission questions. Start with pulling a search from your MLS of all the competing actives within the serviceable area (all the homes you would potentially show a buyer that would be interested in … (8 comments)
This is probably one of the best articles I've seen written about the so-called consumer friendly company's aka 'discounters'. We won't even get into the whole 'it can't be a discount if there is no set price' concept. Instead, take a gander at this article written by Blanche Evans at Realty … (2 comments)
I'm preparing my itinerary for a showing expedition to Fairfax County. Gettin' the map, checkin' it twice and what have we here?A house with a single under-exposed photo of the outside, no virtual tour, but fabulous locaiton, price seems OK and -Oh! No!! What's this right under the "Do Not Contact … (59 comments)
Last week, in "Broker proposes new real estate marketing platform: Universal MLS", Inman News Writer Glenn Roberts discussed a "Universal MLS" that is the brainchild of Colorado real estate broker Creed Smith, a specialist in bank-owned foreclosure properties. A real estate broker since 1987 who has a master's degree in marketing, Smith … (2 comments)
FFG is looking for 5000 Independent Real Estate & Mortgage Brokers/Managers and an appropriate number of Sales Associates in the United States during the next 2 years to market their new TDR Assisted-Mortgage® products.With FFG TDR Assisted Mortgage® Products you will be offering your prospective clients a regular mortgage, with regular … (0 comments)
In this market of excess inventory and slow moving listings, it is not uncommon for brokers to offer a higher than usual cooperating commission to entice other agents to come and show their listings. While I certain appreciate the lure of the higher commissions, I can't help but think... who … (14 comments)
So help me help a friend who is selling a home in Newport Beach CaliforniaHe bought the home about 5 years ago and has seen the property go from $1.3 to $2.7 in price.He asked me what the justification was to pay 6%. Give me your best answers and I will … (18 comments)
Okay, I admit, I was once a "For Sale By Owner" but it wasn't by choice. I knew that a Realtor would be able to sell our property faster than we could, but of course I was out voted. I really do not understand why anyone would want to be bothered … (0 comments)
Just to let you know up front- this Attorney that is representing the sellers has been called by myself and the buyer's Attorney for the past 2 weeks and NEVER returns a call. Every-time you call her office- you get her voice mail! I get a call this morning from the buyer's … (0 comments)
Under certain circumstances a builder will offer higher than traditional commissions to buyer's agents. Here are some of the circumstances under which a builder may offer such a premium:Builder is approaching close-out. The builder may be ready to deploy the selling agents at a newer community. By offering higher incentives the … (0 comments)
Do you ever find it amazing when you come across REALTORS® that shy away from negotiations? What is it about this simple process that makes some people weak in the knees? Is it the fear of not knowing what to say or do? Perhaps it's because sometimes people try to be … (37 comments)
This is the first post in a three part series that will discuss some key factors that are causing the Great Mortgage Correction, as well as some opinion on what can be done to alleviate some of the pressure on consumers and mortgage professionals. Part 1. The Clone Age and Damaging … (4 comments)
Thank you for your input in regards to the Buyer's Agents Commission. I am sharing your comments with my Sellers. How does everyone feel about a modification to the Listing Agreement to a "Variable Rate Commission" and put in the confidential remarks section that a co-op is offered for a full price offer. We … (3 comments)
Are you my Buyer? As the president of your own professional sales corporation, your job is to create and keep customers with whom you enjoy working and who appreciate the extent of the job you do for them and how you treat them. Then you'll have an abundance of ‘clients for … (1 comments)
I left off Part 2 on the verge of buying my "dream lot" in the Central Valley town of Santa Ana, west of San Jose and next door to Escazu, over an acre and a quarter of land looking west, in a platted subdivision near the top of a small mountain. … (5 comments)