Welcome to a new week, Realtor friends.
I have been faced with a big problem in the past few months..... How low will you go?
OK what I mean is what is the lowest priced listing you will take that is a Short Sale? Over the past few months I have turned down 20 + short sale condo listings that are CASH ONLY communities.
Why would anyone turn down business? Margin!
Example a $30,000 condo at 3% commission if the bank allows it is, $900.00
Take out Keller Williams Reallty Fees
Take out Transaction Fees
Take out Marketing Fees
Take out Show Service Fees
Take out my Assistant's Labor
Take out Taxes on the Net
and before you add in my time you NET = NOTHING!!!!
So the question is what are you doing about this issue?
To make it worse what happens when you get a referral for a cheap low priced listing like this? Cannot afford the referral fee.
Work 1 year on a Short Sale to "pay" to sell it is the way I feel. So I am walking from the listing... who is helping owners with these condos? Cheap houses?