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My Friend listed with a Discount Agent...And then they just want to rent..."

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

 

  Ladies at lunch  Real estate was the lunch topic of discussion....and everyone knows someone who knows more than any Realtor could ever hope to learn about real estate of course...sigh....

   Soooo....my friend told me of her friend who had listed with a discount agent to say all of this money in commission. (THIS Discount agent from our experience does not return phone calls promptly and showings are set through him....sigh again.)

    Querying further...."Are they down sizing..'moving out of state.....?" I asked...Oh no my friend said...they just decided they wanted to rent.  

  question mark  What is wrong with this picture ?  Moving from over 5,000 square feet...to renting...hmmmm....end of lunch and on to the court records on the computer....Uh huh...no surprise....the decision to move is not theirs...but their lender's decision.  The price is not appraisable...but one they may believe will cover the debt with multiple lenders.

      Records indicate that they have been down this road before...guessing that their "stay of execution" was a loan modification...that "worked for a while"....for the bank extracting every nickel from the Sellers. 

  shame on you   The financial situation could not be "righted"...and the Discount agent has done his job in violating the ethics "oath" we all take.....Honor thy Market Analyis....unless it gets you a listing...which I never understand because it is not going to produce a sale in these kinds of cases.  There is no price reduction that will "save" them ....and the Discount agent doesn't do short sales...he just makes the sellers believe that isn't necessary by listing the property at a price that will never have a  SOLD sign on it.  Over pricing is not unique to Discount Agents of course...In our market...very, very common....let the Seller name the price, throw a sign on the lawn and a listing in MLS and call it real estate....oh not...ESPECIALLY not when this puts the Seller(s) in danger of foreclosure.  ('Ethics anyone ?)
   For those of you who are reading this blog and are choosing to single out the term "discount agent" without the qualification that this agent...and often the case in OUR market...buys listings...does not return calls...does nothing more than put the sign in the yard and listing in MLS
and we could list the times that agents with these practices help take a Seller into foreclosure....That is the point....and guessing no one in this forum endorses that action.

 

  email  I emailed my lunch friend.....and told her that when her friend expresses some frustration with the house not selling....we would be happy to talk with her.....and we can only hope that we get to talk with her before the Sheriff has his sale.

  upside down house    If you or anyone you know has a story about their house...that just isn't selling for the price that they have in mind....that has lingered on the market at a price far above the rest of the neighborhood....Call us...let us refer them to someone who can help them.  If there are alternatives to a short sale...we will explore them....If a short sale is the alternative...we will list and close it  or refer them to someone in their state who can. 

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Comments (29)

Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

No Lenn...the service is very bad because he is listing the property for a price for which it iwll not appraise.  Very often here discount agents are order takers and list at whatever price the Seller deems appropriate...which may not and often does not have anything to do with what the market says it should be based upon comparable sales.  Discount agents do what they do ....and we do what we do...but ANY agent who has a seller believe that they will get hundreds of thousands of dollars more than is possible ...deserves not to have a license in our book.

Jul 03, 2013 08:56 PM
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

As I said on Lenn's reblog, on home inspections I find that the discount agent has little to do with the fee, but the quality of the service they provide.

Jul 03, 2013 09:35 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

  If you charge less...you are right Jay...it is reflected in the fee...who works for nothing ?  Discount agents provide fewer services...here often a menu of pick and choose. Unfortunately one of the choices all too ofen is allowing the Seller to choose the price !

Jul 03, 2013 09:41 PM
Barbara Hensley
RE/MAX Properties - Rockwall, TX
Homes for Sale in Rockwall County, Texas

Happy July 4th, Sally and David.  I had to suggest this one as this happens all the time.  You get exactly what you pay for and nothing more.  I have worked with some of the guys before and they do no marketing and provide few pictures for MLS, fail to return calls and do not properly inform sellers as to the value of their home.  Would anyone want to go to a discount doctor?  Those selling their home should have the highest level of marketing to the home owners.

Anyone wanting to list a home their home should contact the experts, Sally and David Hanson, they are short sale specialist and have the wisdom, patience and knowledge to lead you through the short sale process.

Call the Hanson team at 414-525-0563   

Jul 03, 2013 09:56 PM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Sally/David, You are both the perfect Realtors to explain any alternatives there may be for this seller. Discount Broker...HA!

Jul 03, 2013 10:05 PM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Oh boy, did they make a big mistake by going with the discount agent instead of the pros.....Sally and David Hanson.....famous for much more than nail polish.  ☺  Have a wonderful 4th of July however you choose to celebrate.

Jul 03, 2013 10:08 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Thank you Barb...getting what you pay for...what a concept...and pricing advice is usually not included in our market.

Thank you Larry and Sheila....have a great 4th !

You bet Roger....celebrate we shall and thanks for the compliment...enjoy your day !

Jul 03, 2013 10:12 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

People usually find out the hard way they got what they paid for. I see this often and actually just met with a seller yesterday who was promised teh sun, moon and stars and got no sale and no help. Sellers need to do it right the first time. Happy 4th of July Have a great day

Jul 03, 2013 10:46 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Thank you Scott....as statistics will show...pricing it right the first time gets the Seller more money than sliding it down the slippery slope of price reductions and lying about the original list price to get the listing.

Jul 03, 2013 11:28 PM
Roy Kelley
Retired - Gaithersburg, MD

Enjoy the celebrations of Independence day and have a wonderful weekend.

Jul 03, 2013 11:45 PM
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

 

 

 

 

Happy 4th of July to all our ActiveRain friends.

 

 

 

 

Jul 04, 2013 12:28 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Thank you Roy, Chris and Dick....enjoy !

Jul 04, 2013 12:31 AM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I feel discount brokers and agents earn what they are worth.  What bugs me from time to time, I feel as if I'm working with limited service providers even though they consider themselves full service brokers.  Sally and David although I have to work today I wanted to wish you a Happy 4th of July!

Jul 04, 2013 03:16 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Thank you Paul....we are working as well...There is a whole lot here taken out of context by some people....First of all...

east, west, midwest...state to state is HUGELY different... We are the largest MLS in the state and I do not believe at this point in time...always subject to change....that we have a brokerage that is strictly devoted to buyers.  The Buyers agents here are a part of a team and split their commissions with their team, their brokerage, the co-broke and I am not aware of any discounts to buyers...that of course is up to them.

Note...this blog does not say ALL discount brokers for SELLERS...massive difference between Buyer and Seller are horrible...this one has a reputation...and very very often in this market because it is a $500 or less of a fee to list...and the person you deal with is the Seller....you do not get to talk with the agent....not even to know who the title company might be....and the Sellers are unaware of the job they do.

All any of us can say is what OUR experience is in OUR market with CERTAIN agents...no one else knows what that is....Amen and Women...Happy holiday !

Jul 04, 2013 03:36 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Wishing you and your entire family a Happy 4th of July and may you have excellent weather to celebrate!

Jul 04, 2013 03:52 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

We do Barb...thank you for sending it along with Cheddar Bay Biscuits...did you know that recipe is on the net...? !

Jul 04, 2013 04:03 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Unfortunately this happens much to often with folks sticking their heads in the sand.  

Jul 04, 2013 09:58 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Yes...you want sooo much to believe it is true...and it will be easier this way....but as WE all know...the Seller does not decide the price and shame on the agents who list at six figures over the market !

Jul 04, 2013 10:09 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

I don't care what business you are in, the old adage of you get what you pay for is always true, especially when it comes to real estate.

Jul 04, 2013 10:50 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

  You are sooo right ....sellers who think they can live with minimal marketing and setting the price at the Sellers' desire is in for a rude awakening...and likely...no closing.

Jul 04, 2013 10:57 PM