There's been several discussions about what a Realtor really does to earn the commission that is received. I would like to share the story regarding my most recent closing.
In October of 2006 I went out on a listing appointment to meet and interview with a couple who's home had expired the previous month before. I had sent a couple of expired listing letter's to them and the owners decided it was time to do something about the home and I received a call.
When I arrived Mr. & Mrs. Expired said "list my house and sell it quickly!" The home was 4 years old, open and spacious and seemed like a great buy for the money. Problem was that several homes in this community had gone back to their prospective banks due to foreclosure which had brought the prices down for everyone concerned. The same builder was building another community less than a mile away and there wasn't much price difference between "brand new" and the existing homes.
The home I was taking the listing on had been on the market for a year with another Realtor and in that time had received one low- ball offer that Mr. & Mrs. Expired had turned down. They had also just signed an extension on their bridge loan and hoped the home would sell in the next six months before they were faced with more problems. Besides this, they were paying two houses payments and this was killing their budget.
Right after I listed the home, I received a call from the owners asking me to talk to an investor that said there was an investment company that would work out a deal with them. After hearing the deal, I was horrified at the risk my homeowners would be taking if they decided to go this way. I did my best to explain everything and the risk and was relieved when they gave me the opportunity to continue with the listing.
I had my work cut out for me! At the time of listing, there were 32 other homes listed in this subdivision for sale and that didn't included the FSBOs. I decided I would do everything I could to give this community and home exposure in hopes of finding a buyer. I organized a Brokers Open House one Sunday in hopes of driving more traffic into the area. Even if my home did not sell, I figured it might help bring attention to what a great area this was and word would get out. I posted the home on every website I could and used all the avenues that I have available through my Broker. Finally, after 2 1/2 months, an offer was received. Mr. & Mrs. Seller were excited but knew they were going to have to bring in a chuck of change to pay off the loan. It was very important to them that Inspection repairs and closing costs did not get out of hand.
After getting through the inspection, the costs for repairs and having everything completed on time we finally made it to the day of close. The lender did not send the final package until two hours before the close. So I arrived early to see the new HUD. Bottom line had changed and my sellers were being asked to kick in more money for close. After getting with the closer and the other Realtor, I made someone explain why the figures changed. I then pointed out how this had now put the closing costs and down-payment assistance over the 6% we had agreed upon in the purchase agreement. It took some finagling, but soon the costs were removed from my sellers bottom line. We returned to the closing table, and everyone was happy.
I'm not sharing this story for a pat on the back. For me, I was just doing my job! I thought I would share just one example of what a Realtor does to earn the commission they receive. Think we're worth it?
Comments (35)Subscribe to CommentsComment