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As a listing broker....how do you justify your high commission?

OK, here I go again, jumping into the Lion's Den. In today's post I want to take another shot at answering the question "As a listing broker, how do you justify your high commission?" My goal is to answer this question in a way that will satisfy, "the Sultan's of Short Sales, the Crusaders of Capitalism, and the Prophet's of Profit...Barry Cunningham and Barry Johnson" over at Real Estate Radio USA . I know, your probably thinking, "Broker Bryant, why are you wasting you're time with these guys?" Well.....it could be because I'm stubborn or.....maybe I'm just an idiot!!

But, the real reason, is that I feel it's an important question and it deserves an answer. I had written a post on this topic back in November of ‘06 titled, "So what do you do to justify your high commission?" and in March of this year I went on Real Estate Radio USA to attempt to answer the question again. I wrote about it here, "Real Estate Radio USA and Broker Bryant Solve World Peace! Or Not!!" I, also wrote, "Compensation or performance. Which one will it be?" back in December of 2006.

Yesterday, Jennifer Allan of "Sell with Soul" fame went on the show to try and answer the same question. You can listen to her interview here. Jennifer had the same problem I did, trying to explain to the Barries how we justify our commission, without placing a dollar amount on every little thing that we do.

In this day, of disintermediation and transparency, I truly believe that it is the intangibles that will make or break us. There is no doubt that Sellers can find everything they need, to sell their property on their own, online. Heck, they can even get their property placed in the MLS for just a few hundred bucks. And the reality is MOST properties, by far, sell through the MLS. I think the figure is about 85%.

They do not need me to "market" their property and that's a fact. So why pay me x% to market their property? They shouldn't. If all they needed me for was marketing their property then I agree completely they are wasting their money. Hire a marketing company like "For Sale by Owner" and have at it. Just.....

Be prepared to pay them upfront.

Be prepared to arrive at your own pricing.

Be prepared to arrange all of you own showings.

Be prepared to screen potential Buyers.

Be prepared to negotiate your own deal.

Be prepared to complete all contracts and disclosures required by law.

Be prepared to deal with inspection issues.

Be prepared to deal with unscrupulous REALTORS®, lenders and Buyers.

Be prepared to deal with your own emotional issues with no one to turn to for advice and comfort.

Be prepared to dispute a bad appraisal.

Be prepared to find another Buyer when yours decides to walk at the last minute because you lost your temper with them over a $100 washing machine.

All of these things sound very simple. However, anyone who has been in the business long enough knows that it's the small things that can blow a deal out of the water. Especially when emotions are involved.

Of course, all of this assumes that you priced the property right from the beginning and that it was market ready. If not...then none of this other stuff even matters. A property is sold at time of listing.

BUT....there are Sellers that are prepared to handle these things and if they are able....then they should. They do not need a REALTOR®. And they may very well be successful. I truly hope they are and wish them well. These folks are not my "market" and justifying my commission to them, is a waste of my time. And without a doubt....this group includes the Barries.

Now, if you are not in this group....give me a call and let's get together. We can then sit down, look at your situation and arrive at the best plan for you and your individual situation. I will then justify my commission to you. Fair enough?

MORE INFO FROM BROKER BRYANT... THE SOURCE FOR POINCIANA REAL ESTATE

Posted by Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc on 07/01/2008 08:25 PM

Comments (98)

compensation, opinion, real estate radio usa, sell with soul

98 Comments on As a listing broker....how do you justify your high commission?

JUL

2008

Reserved Parking For "The Lovely Wife"...TLW...ROAR!

Blog Boy...

I gotta park. I'm on much needed Blogging Break. Too much Blogging makes TLW fat :)

Besides if I were to sit at the p.c. all day who'd do all the work around here...I know...Not you :)

TLW...ROAR!

I think I'll just park behind TLW on this. I'm guessing my email will be flooded:-)

Listing are the way to go. Keep on blogging.

Bill

Jennifer hit on a key point yesterday that those guys missed...most of her work is done BEFORE she takes the listing. They didn't grasp the concept of preparation.

They are real estate professionals, they buy and sell and research real estate all day. Of course they don't need a real estate professional to sell their home for them. That'd be like an auto mechanic taking their car to Jiffy Lube to get the oil changed.

But not everybody is a real estate professional and not everybody can do all the prep work to get a home sold. Marketing is one small piece of our job. I liked Jennifer's point that marketing should be aimed at real estate agents, not buyers, as agents are the ones with the buyers.

The only issue that I have trouble justifying is the % commission. How come I only get paid $5500 on a $190k listing, but $21,500 on a $850k listing? Do I really do that much more work? Is it that much harder to sell a high end home than a starter home.

That's a tough one for me.

Bryant... you know damn good and well that our value is not in the number of color flyers we distribute, the billable minutes we spend on the phone with the seller or even an individual homes pro-rated share of my internet expenses... we are well paid because of the market expertise we possess.

That experience and market knowledge is worth its weight in gold considering we can correctly position a clients home in the marketplace so that it sells in a timely fashion as compared to letting it languash on the market because some internet FSBO value calculator or God forbid, an "educated" guess by the homeowner pegged the price incorrectly.

There are some folks that want and have the ability to go FSBO. Knock yourself out I say. For the rest that need a professional to help them navigate a real estate transaction, then we're here for them. End of story.

I don't accept the premise of the question.

A successful listing broker doesn't have to justify their commission. Fact is, if you want them, you have to pay their fee.

Further, I don't accept the premise that sellers can successfully sell their homes themselves. FSBOs have always been fringe, are finnge now and will always be fringe and the publicity about successful FSBOs is all anecdotal.

I'll have to post something about the FSBO I visited Sunday.

Broker Lenn

As for Matt's question regarding the percentage question. It's called risk based pricing. The higher the risk and expenditures, the higher my fee.

BB,

Not everyone is capable or has the time to use those types of companies. The ones that are should then. That tells me they are an expert at it and don't need me to negotiate or coordinate for them. My only question is if that's the case then why don't they go and get their license...it's cheap. And to join the MLS only costs about $700 a yr and if they never use it again they don't have to renew. That's not a lot of overhead considering that they also collect the commission on at least one end. They can join a company that doesn't charge much to hang their license either.

No, actually I'm not thinking "Broker Bryant"... I'm thinking someone who needs to shove the "Broker" tag out in front of his audience is showing much insecurity with your position in the food chain.

After you calling yourself "Broker Bryant"... I can't even get past that to the rest of the post.

Cameron

^ Seriously? Damn... What's that sound? Is that TLW reloading? :)

Bryant, some folks like doing all that work as you described it. To others it is just a plain headache. The Realtor's job is to find the buyer and take the deal smoothly to close.

Lenn is right about FSBOs being fringe too. Only, what, 13% are successful at it.

I listened to the radio interview and I have to wonder... who are these guys? Clearly they see no value in hiring a listing agent, yet they are perfectly happy to have their FSBO's sold by an agent (who will more than likely do more than his/her fair share of the work for 1/2 of the commission.) Just my 2 cents...

Bryant - I've listened to your's and I've listened to Jennifer's interview. You both explained it really well how you justify your commission. You are both experienced Real Estate Agents. The reason the Barry's still question the justification is because they ask the wrong agents. They would have to ask an inexperienced agent that just passed the R.E. exam, who has been business for a short time to justify the commission. Maybe then, they will get the answer they are looking for. This question of justification will never go away, due to the stereotyping of Realtor.

Interestingly enough, Jennifer brought up a very good point about Real Estate agents that just passed a test, to be an apprentice. What is your take on this?

Cameron, "Insecure" sums me up to a tee. Thanks for noticing!!! It's called branding by the way. And it's very effective.

Melissa, The Barries are certainly outspoken. Sometimes they are right and sometimes it's just for entertainment purposes. Hey....there's nothing wrong with that.

Gary, There are folks that can do it themselves and many that just think they can do it themselves. But there are far more that want a REALTOR(R) to assist them. That's my market.

Neal, I actually had a buyer that did that a few years ago. He spent several months getting his Florida license so he could hang it with a broker and get a commission on his own purchase.

Jesse, I wouldn't know any thing about those high commissions. My highest sake in 14 years is $475,000. Most are in the $100s. My sellers get a real deal.

Lenn, I do agree. Commission is a non issue. At least for me in my market.

Matt, We have been marketing to REALTORS(R) for years. It works. I want to make my peers want to show and sell my listings. One of our tag lines, for years, has been "Come on down to Tutas Towne...your REALTOR(R) friendly REALTORS(R)!!!"

Jason and TLW, Are ya'll fighting over a parking spot?

Bill, Thanks for stopping by.

Petra, I think an apprenticeship would be an EXCELLENT way to go. As we all know getting licensed does nothing to make you a good REALTOR(R). It takes training and experience. Starting out as an apprentice would help to get both of these.

Bryant,

May I add, "Be prepared to net less than you would with a top real estate broker"...!!! Thanks, Fran

Broker Bryant, I haven't listened to Jennifers show yesterday, there are a couple I need to listen to.

I agree with Lenn, we DON'T, end of story.

I agree with what someone said Jennifer said, most of my work is done in preparation and the first week afterwards.

Then the negotiating once an offer comes in .

Well Gee...

I think the next time I have a referral for the Riverside California area I am going to send...

It over to Charmin...Opps...I mean Carmen...Oops...I mean Cameraon :)

P.S. Yah. I'm in a mood...Step awaaaaaaaaaaaay from the keyboard :)

TLW...ROAR!

Bryant, it's always sort of amazed me that some agents are almost apologetic about being well-paid! Other professionals who are good at what they do don't seem to be bothered at all by being paid the big bucks! Why don't these radio guys start a show where they call in senior partners at big law firms and ask them how they can possibly justify the gazillion dollar an hour fees they charge.

Great post! Love the list and it's so true that not everyone is our market and the sooner we realize this and move on the better.

I knew it, I knew it, I knew it. I just couldn't put my finger on it before. Bryant is insecure!!! Bryant?! Who's Bryant?! I only know of a Broker Bryant. Never heard of this other Bryant guy though: no wonder he's insecure:-).....Maybe if he did something to make himself stand out so he was instantly recognized by thousands of people he wouldn't feel so insecure......Nah, what's the point in standing out, blending in is so much more effective, especially in this market;-)

As for the post: I expect a reasonable return on my investment and if someone doesn't see the value I bring to the equation, then I'm not going to take on their the risk.

The fact that you are willing to explain an expense to your sellers that most agents ignore out of fear of losing the listing (and so skirt it without effectiveness) is why you do fine with your fees, BB. Plus, you're that good lookin'.

Grandma Laurie YIPEE!

Thanks for the blog. I have a flyer I give people: 30 Things to Do To Sell Your Home (or things your Realtor will do for you) Some people will never get it. Have a great 4th.

If it were really so easy as simply posting a property in the MLS, how come so many homes are languishing on the market AND the mls. The fact is this: PEOPLE sell homes, and the mls is simply a database. How the property is listed in the mls by the listing agent, what the remarks say (who do they target), which directions to the property (past the neighborhood jail or the park), etc... it's the difference between having a dental surgeon pull your tooth or tying a string around the tooth, attaching the other end to a door knob, and slamming the door. OUCH!

I like your approach. I did my own little historical data pull and also found that 30% of my team's sales were a result of direct Realtor to Realtor networking. Hard to do without one.

Think lawyer. Why pay 30%+ to a lawyer to handle a lawsuit for you? I mean you can get a SERIOUS legal team for the money you are going to give up on the back end... and have enough left over for a new house.

I offer discounted programs, but most sellers just don't want to risk their own money.

BB - enjoyed this post and it's a topic we discuss regularly here - I'll have to hear Jennifer's show - sounds like a tough audience. All I know is you ROCK - and are soooo right, Poinciana is getting a steal at any price :)

TLW - Gotta admit Blogging has made my b*tt expand this past year - :( - it should come with a warning :)

Broker Bryant, Well written. I think that's why most doctors don't operate on their children and immediate family, attachment.

I found this post too late. I wanted to flag it, but was beaten to the punch. You did a great job of laying it out.

Bryant, I'm a fairly new broker, but I can't help but feel there's a flaw somewhere. I mean your blog alone, why would someone have to justify their fee? why would someone have to take the further step and blog about justifying their fee? I'm not sure where the flaw is, but I can't help but think it's an inside job. I mean something like taking 2 steps forward one step back scenerio.

sellers agents in particular. they spend more money than anyone else. advertising, office, etc.

buyers agents on the other hand may spend more time, but could get away with lower overhead.

Not to mention, by big one...Risk and Reward.....we take a risk when we list a property.....if it does not sell, we are out all our time, engegy and effort...not to mention marketing dollars... My favorite quote, was from the Erin Brokovich movie, when the lawyer revealed how high his fees were...the people gasp....then Erin said "Tell them how much you get if you lose" and he said "I get Nothing"

Broker Bryant, thank you for explaining so articulately that Listing Agents deserve every penny of their money and then some. The individual tasks and responsibilities that REALTORS perform to sell their listings are increasing in this Buyer's Market. Our commitment to sellers extends far beyond the resources allocated for advertising and "branding." Before taking a listing, it is imperative to research the competition thoroughly in light of the local market. If a Seller is unrealistic about the asking price, it can be a real setback, all of which mean more days on market and increasing frustration for all parties. Listing agents have had to wear many hats- especially recently: counselor, soothsayer, market expert, transaction management specialist, advertising guru, ethics specialist, home stager, chief negotiator, sounding board, risk manager data management specialist, and more!

As you and some of the others intimate, the inherent knowledge, skill level, resources, expertise, and professionalism are all valuable assets to clients.

For me, listing a property is a far greater challenge than representing a buyer because the window of opportunity to make an excellent first impression is narrow; the overhead is high. It is an awesome responsibility to know that the seller's future depends on whether or not the sale comes to fruition.

I find the sellers that agree with you business model will understand the process and not complain too loudly about your fee.

You Sir..... Are a TOP PRODUCER..... You don't need to justify your commissions.

*Note: My comment is best read if you imagine it coming out of Bryant's mouth while chomping on a cigar*

I loved your article! Most folks don't show up to work and have to justify their paycheck to every customer they come in contact with, right? So why should a Realtor be any different? It's crazy to think that there is nothing more to it than putting it in MLS and a sign in the yard. A good agent earns the trust of their clients by providing the items mentioned, plus dozens of other services along the way, and most Sellers who have gone through the process would never do it without an agent! Great post.

I loved Lenns answer, that says it all....I have the experience, I get the job done and that's what justifies the commission.

I guess I'll have to respond the same as I did the last time you asked this. I DON'T try to justify my commission. I haven't had anyone ask in a long time. But off the top of my head, I guess I'd have to think of the amount of hours involved up front, with preparing a CMA, before I even meet the sellers. While I'm at the house, I spend at least 1 hour, taking pictures and video. Then it takes 2 hours just to process all the paperwork so that each site that pulls information from our MLS will have the right information. Then I spend a couple of hours making every photo look perfect! Then I create a postlet, a blog post, and put the listing on my own web site. Then I check to make sure the listing has gone viral to all the sites that are supposed to promote it. Then I create the video. That can take anywhere from 1 to 5 hours, depending on the size of the house. Oh, and let's not forget about the lockbox, and making sure the property will be easy to show. (Sellers who work cannot be available at all times.)

All that is just the beginning of the process. Sites and blogs have to be checked and updated every week so the listing doesn't get stale. Then we have to prequalify every buyer call. We also have to make sure we know exactly what every line in a contract means, AND be able to explain it all to the sellers. And we have to offer good advice regarding any loopholes or potential problems with each offer. Then when we finally get an acceptable offer, we have to keep a list of every date and watch the timeline for each inspection.

Now, we have to bear in mind how many listings don't sell. We do the same amount of work for every listing. And now gas prices have skyrocketed. If we work with buyers, we may have to shuttle them around for weeks, and look at 50 houses before they make a decision. That's another cost. And a good agent will attend every inspection. There's more gas money and time consumed.

Now, after all that, we have to make enough money to support our famillies, pay for continuing education, pay to be members of sometimes multiple REALTOR Associations, and if we've done a good job for our clients, we darn well deserve to get ahead in life!

Great post Broker Bryant. Keep them coming, I learn a lot from them! The topic of commission tends to come up a lot especially during times like this.....

Thanks for raising the issue. I didn't read everyone's comments, so i might have missed the point I am making here. Justifying the commission is not just about the sale for which we are getting paid; it is for all the work for which we did not get paid because of all the deals, buyers, listings, etc. that went south on us. It is for all of that education, experience, contract classes, marketing classes, masterminding, coaching, previewing and countless other things that contribute to the intangible value of a real estate agent. Keep the Faith. There are those that really do need our services and value them!

I can easily justify my commission by logging into QuickBooks online and showing anyone gross income (sales) vs. what I take to the bottom and actually deposit into my personal checking account (profit -- although I do pay myself a meager salary that doesn't justify all that I do). There are salaries to pay, benefits to pay for (at the very minimum, I believe everyone should have health insurance and the majority of the cost should be absorbed by the employer), technology costs (a biggie), subscription to various REO resources, professional dues and fees, expenses that are supposed to be reimbursed that are not, gas and the list goes on and on.

I probably would have a hard time justifying things if I actually made what my limited liability company is paid, but being able to do that will have to remain a dream.

One thing that I have always respected Keller Williams is their open books policy.

BB This is Barry C using Brett's account. Let me first say that I have come to know you somewhat and feel we have earned a mutual respect. We have agreed and of course disagreed. Our discourse has always been professional and I enjoy mixing it up with you. I feel Cameron's comment above was uncalled for.

Now that we have gotten the Miss Congeniality portion of the program over..let's begin.

It's an old argument and one not to be won or even waged here. Something about preaching to the choir.

I'll reserve comment for the consumer. They are the ones whose opinions actually matter. I will continue to do my best to usher in the realm of transparency and provide the consumer with as much knowledge as possible. I believe the informed consumer can make their own choices.

Many have contacted us for information over the last few months and we have done many shows, delivered nearly 30,000 e-books, countless articles and given as many interviews and talks to consumer groups as necessary.

And as we grow we will continue to inform the consumer. We are telling them what questions to ask, how to find out an agents "batting average"..where to look for the information, what questions to ask an agent...and much, much more.

I have no need to convince or debate agents any longer. I'll let the consumer do that. Many will never ask, but you know what..many are indeed asking. And they are finding that many agents do not have the answers.

For the record, my belief is that listing agents have no merit and that listing a home can be done by the mirror fogging neanderthal. Anyone can list a home. I feel personally that it is outrageous to be paid 3% of the sales price to do what listing agents do. Never going to convince me otherwise.

However, I think those agents who actually procure buyers are worth their weight in gold and earn every penny of their commission. I have no problem whatsoever with an agent who brings the buyer to the table. I would be the first to defend that agent's commission.

On the other hand, it may take some time, but the curtain is lifting on the guy playing oz and pretending to be doing something when in reality he or she is not. Transparency will certainly take care of that.

The listing agent who basically preys upon the ignorance of the consumer will find their days numbered and I for one am going to advance that ideology as far as the wheels on this thing will take me.

BB..you're all right with me and I look forward to continued discourse with you. You're a class act who can stand toe-to-toe without going personal...which is more than I can say for some.

People can do it themselves, but they should be prepared to net less money. They don't know what they don't know. They should prepare themselves to be taken advantage of.

JUL

2008

BB - You forgot to mention DOM. I am in a market where the average DOM is 145 days and that is for listings marketed in MLS. A FSBO could take twice as long to get the same results that an agent will by listing it in MLS. FSBOs need to know that they could be at it for months! Factor in the time it could rake with decling values...it's a no brainer! In this kind of market, why not pay an agent who can stop the bleeding faster?

"How do you justify your high commission?" sounds like "when did you stop beating your wife".

That statement presumes that the commission is high in the first place.

And what's "high"?

You make some very valid points. Regarding marketing, I suppose a seller could do it if they had the knowledge and had put all of the programs and systems in place.

Very well said, I think you made it very clear in this post. I will listen to the interview with Jennifer.

BB, you pay for what you get. I think there is a reason why a few listing agents have all of the High End properties that typically have a "SOLD" signs on them.... AJ

I represent both buyers and sellers. I deserve to get paid... just like anyone else.

Great discussion and always an issue. If not verbally at least in the mind of the seller, unless they have been through it all before and seen a transaction go haywire.

Does anyone know how to get hold of the audio of Jennifer's interrigation interview? I was on the road with a customer and wasn't about to have them listen in the car!

The FSBO "listing"on our MLS had always been an issue with me. It was hard to quantify because few of these brokerages had any "legs." Being an academic, I felt I needed more raw numbers to make anything close to an accurate comparison. But I sort of put that to rest when one FSBO brokerage had enough significant listings to run numbers. In my blog, I compared the FSBO flat-fee brokerage to another brokerage that covered the same territories. In that way an apples to apples comparison was possible. A comparison revealed the following:

1. DOM was close to 60 days longer for flat fee....or about 2 mortgage payments, 2 months of taxes, heat and general upkeep.

2. 20% of the flat fee listings were in contract/sold for the flat fee brokerage - 55% for the full service brokerage

3. Average sale price was 7% less for the flat fee service and I was being generous because I lumped all the listings together. The full-service brokerage had a large percentage cooperatives whereas all save one of the flat fee listings were SF homes. Since a standard coop was being offered to the selling side, the flat-fee people didn't come off all that well.

There are some very savvy sellers for whom flat fee and FSBO works, but these are few and far between. For most of the population a normal listing probably puts the most money in the seller's pocket.

A caveat - our market is VERY slow right now. I do not know how these numbers would work in a bull market.

Broker Bryant- All points well made. Too often we see sellers who are so concerned about the wrong things and plant their signs on the front yard- unaware of the Real Estate laws and how they put themselves at risk for litigation, robbery, or other peril. In this market, competing for the small pool of qualified buyers takes finese.

Bryant, I just emailed your article to a REA friend that is having a hard time with a client. Thank you for the post.

I have been in this industry since 1981. The business has changed with the growth of the internet. My company is a full service discount brokerage firm . We price the home, advertise, schedule the showings, supply feedback, handle the paperwork and attend all the closing. We list homes for only $499 upfront and $1,500 at closing. If another company is the selling compnay they receive 3-3.5% for the sale. I do EVERYTHING a full commission company does for my seller including color card stock fliers which cost me .22 a piece. I started this by Selling custom builders specs a few years ago when the real estate commission was more than the builder profit. I think the 3-3.5% is very resonable for bringing a buyer but the 3-3.5% for the listing is why consumer groups and the Justice Dept is up in arms.

I know this is a simple reply. But the way I see it, if I have to be educated and get a license to sell real estate, then even the state validates the importance of what I do. I mean, car salesmen don't have to be licensed- right?

Not only do we have to be educated to obtain the license, we have to continue educating ourselves on a yearly basis. Thus, making it even more apparent that what we do is of high importance.

And in response to Matt's comment about getting more on a high sale than a low one because it's a percentage: I have no problems justifying that one. If I am listing a $150k property, my marketing is for $150k property. On a Million dollar home, the entire marketing package is FAR more expensive in every way. Yes...much larger risk and worth the % on the sale.

Kimberly..you're kidding right?

BB..this one would be WAY too easy!

Good morning! Woke up to a great discussion. Matt - I can't answer that question either - and I've asked it several times. But we can discuss it elsewhere, off BB's blog.

Judging by BC's comment above, I guess I wasn't any more persuasive than you were... sigh...

Great points mentioned in the blog - and as we discussed yesterday, if a seller wanted to/was willing to pay me upfront for my services, with no guarantee of performance... I'll take THAT deal all day long!!! A big part of our fee is that we work with no guarantee of compensation. Sellers pay us to CARE a whole lot about their home sale.

WE don't get a lot of argument about commission...an occasional whine about the price which these days is not what sellers wish for...and we don't either of course. I tell folks, it's the only job that I would ever have and actually LOVE paying to go to work...I am more than betting on that I can sell their house...I am putting MY money, MY time and MY effort where there house is....and with an over 99% list to sale average...I know I can do it better than most folks...NEXT !

The biggest benefit that agents provide is just keeping a deal together.

There are so many times when silly little things and misunderstandings can potentially blow things apart. Sellers get angry at low ball offers or the word termite sends buyers scurrying.

So many things that most of us take for granted are unknown by the general public.

Consumers are getting more educated about the process but by the questions that I get asked, I have to say that most consumers don't have a clue when it comes to real estate. It's not rocket science but it seems to be more complicated than the average person can handle. Maybe 10% can figure it out themselves. I'm looking for the other 90% who need some kind of help.

Interesting reading, I simply tell my clients that I'm worth the difference between what the other realtors may take and what I charge. Then I show them my marketing plan and explain "
once again" the work I have already put into creating their CMA. Of course my CMAs are normally significantly more thorough than my competition's.

WOW!!! Great comments everyone. I appreciate you stopping by. I wrote this post with a little "tongue in cheek". My purpose was to get a conversation started and to see how you guys would answer the question. Here are a few more thoughts.

In my business I rarely if ever get questioned about why I charge what I charge. So justifying my commission is just not something I do.

If you are attempting to justify your commission, to the consumer, by explaining what your costs and splits are I truly feel you are missing the boat. The consumer could care less how much you have to pay your broker, or gas, supplies etc..They want to know "what's in it for me". So you could outline advertising costs related to their specific property if you were so inclined. Personally, I don't and wouldn't. My costs to do business is my business not theirs.

I am however, very happy to show them where and when their property will be advertised, be it online, print, post card or whatever. This relates to them and they have the right to know. It's a fair question. Although I don't believe this has anything to do with my value.

Barry, I truly think you feel that way about listing brokers because you have so much experience and are able to do things yourself. The average seller is just not capable or willing to sell their own property. They want help. I don't think you will ever see the value unless you yourself worked as a licensee working for sellers. It's a perspective you don't have. I finally started getting my business back on track this year and have placed 8 properties under contract in the last 30 days. 3 are with my buyers and 5 are with sellers. Out of the 5 seller deals, 3 of the buyers found the property online through my marketing (video tours) and then contacted their REALTOR(R). In 2 of these cases I'm dealing directly with the mortgage broker because the buyer's agent is nothing but a "door opener" for the mortgage company. These deals would not have happened if it weren't for me, the listing broker.

OK...I have to go to work but will be back later.

As you point out your list is deceptively simple. I think it may even work against you. One huge thing it doesn't demonstrate is how much TIME and effort the home selling process takes.

How much time do you spend on an average listing? All the phone calls, open houses, showings, waiting for faxes, waiting for lawyers, playing therapist to keep the seller happy, more phone calls, the back and forth to get an offer/counter offer accepted, and everything else that keeps the deal together and moving along, it all adds up!

I wouldn't be surprised if after adding up all the time spent on an average listing and calculating their hourly rate if most agents wouldn't demand a higher commission or leave the business.

BB..I just listened to your Radio Show..Good job buddy

Thanks for posting this topic, BB! It is very inspirational.

I'd like to get paid MORE for listing properties because I just don't enjoy it as much as working with buyers. But I guess my days of preying on the ignorance of consumers are over. :)

Cheers,

Robin

BB,

Let me pass this on to some people who might not be aware of this...talking about justifying your commissions should be ok but discussing commissions is not a good idea as you might remember Calebs post about the subject. Discussion the actual fees is a no no and there is always the liability that someone out there might see it so in my opinion...the fees should only be discussed amongst the Realtor(R) and the client. I won't post that link here without your permission.

Bryant,

I like the way that you put this. It is true that most people really have no idea about what goes into this business... or even every succesfull transaction for that matter. You and I are in different yet related fields and it drives me crazy when people complain about about there being a fee for my service though I do not run into that very often because the clients whom I choose to work with know that I work hard for them. However, I do run across complaints here and there on the internet and I always think to myself "what if we worked by the hour"... If I charged even just $100.00 per hour like a low priced attorney I would make out much better than I currently do and I feel that the reason that there is resistance from some people to pay us what we deserve is because they do not have a proper understanding of the work that goes into each transaction behind the scenes.

BB,

You can discuss this, till the cows come home. Like in any profession, it is what you know....then do it!

Dick Beals

"If I charged even just $100.00 per hour like a low priced attorney I would make out much better than I currently do"

What makes you think so. I only use my attorney when I need him. It's not like the meter would run continously. He also bills me in 15 minute incrementals.

So let's take a look shall we.

Listing Appointment (initial consulatation): No charge
Entering Property on MLS (15 minutes) - $25.00
Calling and Ordering Yard Sign Placement - (15 minutes) $25.00
CMA & Research On Property (1 hour) - $100.00
Open House (Optional) (2 hours) - $200.00
Buyer's Contract Review (15 minutes) - $25.00
20 Incoming Calls About MY Property (200 total minutes = 3.33 hours) $325.00
Listing Syndication (30 minutes) $50.00
Taking Pictures (30 minutes) $50.00

Total Billable Hours: @ 8 hours..Hmmm..$800.00 You're hired!

I don't know anyone who charges for the initial consultation(listing appointment) so lets not include it. I do know some that charge a fee for a CMA or for BPO's.

Brett,

Your model is interesting but I'm not sold on it.

If it works for you then that's great but I can't see using it here.

Calling for signs? A fee? for what? I have my own signs and do not charge to stick it in the ground...never have never will....some neighborhoods don't even allow signs here.

Open houses here do not work and I can't fathom someone charging for one. Most agents in out area don't even want to do them...I'll do them if the owner insists but I don't charge a fee.

Negotiating a contract or reviewing can be done by the agent or an attorney. That liability is justified.

Incoming calls? Are the calls running on that meter? Never heard of such a thing.

I don't charge for pictures...our MLS can take them or the agent can take them but I never heard of anyone that charges for pictures.

My fee is my fee and everything I do is included....how about all the anguish you have to go through with the other agent involved not doing their job? What about the inspections and the appraisals? You left those out. I would think those services were more justified then some of the others you mentioned.

Coming in from the financial side (mortgages, equipment leasing, commerical lending) we always run into this issue. Why are you charging 2 points? Why do I have to pay recording fees? Why should you make $4,000 on a $200K loan? (Ten points on unsecured commercial and 15 points on a small equipment lease is not uncommon)

You get these questions from people that would never question a doctor's fee, a lawyer's retainer or billable hours, or even what a plumber would charge to unclog a drain. (No disrespect to plumbers, doctors or lawyers)

We are the only industry where the consumer knows what the salesman is making. Your milk would be cheaper if you could negotiate the cashiers wages at the supermarket.

You charge what you charge because you do not work for free, no one does. Your time has value to it, just like doctors, lawyers and plumbers. People that deeply discount their fees at the first sign of customer balking have little respect for what they do. I know how to be competitive when I need to be but when you add up the hours some files/deals take to get done you find yourself making less than minimum wage.

"how about all the anguish you have to go through with the other agent involved not doing their job?" huh??? you expect to be compensated for that?

What about the inspections and the appraisals? You left those out. ....no i did not...you don't perform them

Good post,

You are right on the mark, the guy that wants to do all this himself can have at it, he is not my market.

Take care!

RJH

Wow, I am not very efficient.

Listing Appointment: 1.5 hours, not including pre-listing interviews and document preparation

Entering Property on MLS: 2 hours

Calling and Ordering Yard Sign Placement: I put them out myself with the lockboxes

CMA & Research On Property: 4-12 hours, including previewing active listings, depending on the neighborhood

Open House (Optional): I ask other agents do open houses to pick up buyers, since I've never gotten a buyer for a listing at its open house, so 15 minutes to coordinate with sellers and agents

Buyer's Contract Review: I wish it were only 15 minutes, but because I want to do my job properly, I explain it and negotiate counters, so it's usually at least an hour of back-and-forth on an "easy" deal

20 Incoming Calls About MY Property: I don't get as many calls as I do e-mails, but the time commitment is about the same since I answer all messages in detail

Listing Syndication: 2 hours+ entering on websites, Craigslist, plus virtual tours, and flyers

Taking Pictures: oh, please. 30 minutes? See my previous blog post on bad MLS photos--I spend upwards of 4 hours on photos

I guess I need to start charging for the time I spend updating website listings; vacuuming up dead bugs, weeding yards, and staging vacant houses; calling agents for feedback; updating sellers on progress; reverse prospecting on the MLS for agents' buyers; and arranging for things like repairs, yard service, and painting.

There must be other things I waste my time on, but now I need another cup of coffee before I get back to work!

Cheers,

Robin

Robin if you hold yourself out to be a professional and it takes you 2 hours to enter a property on the MLS or 4 hours to take pictures, or 4-12 hours to do a CMA...you need to seriously look at outsourcing..either that or...well you know..

Wonder how long it took for you to write that comment.

Bryant, superb analysis. They don't pay us just to market their property, or like you said, For Sale By Owner could do the job at a discount. It's what we know, paid for dearly by our years of training and real-world experience.

Bryant: I don't know if you've been keeping track of the comments on Jennifer's post, but I just left one there that addressed some of the points that the radio guys made. I would think that the fact that I'm a discounter, would add a little bit of credence to what I had to say??

Basically, I understand their frustration. The fact of the matter is that there are way too many agents because it's way too easy to get and to keep a license. The end result is that most real estate agents can't truly justify their commissions. That said, those of us who are true professionals shouldn't be discounted by anyone because we do bring something of value to the table.

Do I have some problems with what a lot of agents charge? Yep, I wouldn't have started my company if I didn't. But that doesn't mean that there aren't agents out there who do deserve to get rewarded for the skills and knowledge that they bring to the table!

Bob Mitchell

ValueList Real Estate Services, Inc.

Very interesting comments. Here's my 2 cents... I think in the internet age, especially as it matures, it is not so much about "marketing a property", as it is about being an expert advisor to the seller in the form of doing a Compartivie Market Analysis, talking pricing strategy, staging and showing strategy, negotiation, writing contracts that stand up, and advising on the millions of little details through the selling/moving process.

The problem is that we Realtors do a lot of work for which we never get paid: buyers that disappear, sellers whose properties do not sell, CMAs for people who don't list. All of this work is really paid for by sellers who sell - so of course they feel they overpay for what THEY get. Maybe it's time we send a bill to sellers who properties do not sell, and buyers who don't buy, and tire kickers who waste Realtors' time?

Hi, Brett:

Professional=fast? I dunno. I do outsource my filing.

Entering data into the MLS is not just a matter of filling in a bunch of blanks, it includes writing remarks that will (hopefully) make the property appeal to agents and buyers and doing some research because the sellers don't usually have all the information other property required by the MLS.

It doesn't take me 4 hours on average just to take pictures, it takes me time to crop, brighten, and resize the photos for websites and virtual tours. Buyers want to see lots of photos. And they need to be good ones.

It only takes a few minutes to pull up comparable sales on the MLS. It takes me a lot longer to figure out where a prospective listing should be priced in comparison to those sales, especially if there aren't many or the property is unusual. Or if I haven't seen it yet. And then I go preview the active listings that will be the competition. I call agents with houses that are under contract or about to close to find out what the sales price is. If the property is a tract home, my job is a lot easier; except then it is likely to compete with new homes and I need to take into account the builder incentives that my seller may need to compete with.

And yes, it does take me a long time to painstakingly craft my comments. Thanks for noticing! :0 But I was multi-tasking, too.

Cheers,

Robin

Robin - Brilliant! You're awfully smart - I bet you're a blast to hang out with.

Aw, shucks (blush, blush).... I don't know about that. All I do is talk about real estate!

Back atcha, Jennifer--it's a love fest!

Okay, okay; I'll get back to work now this time for real. After I bookmark the RE radio blog. There's some good stuff on there.

Cheers,

Robin

Very interesting post BB! I think you are just a glutton for punishment!

As for Andrew Kyle's comment, we definitely have the right to charge a retainer for taking a listing or a new buyer on. To be refunded at successful COE!

Will be back to read the interesting comments that you always spawn. Maybe TLW will want to go on a bike ride with me so we can work on our pc asses :)

OK Brett, I'm going to approach this from a different angle for ya. First you need to clear your mind of any and all preconceived ideas.

I would never compare what I do to an Attorney or a Doctor. Although there are many Drs and Attorneys that suck at what they do. Just because they may be book smart does not make them good Drs or Attorneys. Nor does it make them a professional. I'm sure you can agree with that.

I also would never justify my commission by how much money I spend or solely on what I do to market a property. Even though the marketing is a part of it. Folk spay me because of what I bring to the transaction. It's a package that includes years of experience, knowledge, reputation etc..

Look at this way: As an advertiser why would I pay money to place an add on your blog site, website or show? Why can't I just go out and build my own website or blog site and place my own ads? Why can't I just advertise on Craigslist or a myriad of other free sites? I certainly have the knowledge to do so. I don't know how much you guys charge but I'm sure the cost to advertise far exceeds any set up costs that you incur. They pay to advertise on your sites and show because you drive traffic. This is an intangible that just happens to be the most important part pf the equation.

If you didn't have any traffic then advertising with you would be a a waste of money because you cannot justify the costs just by the things you do i.e. build a pretty ad and place it on your site. Anyone can do that. And many do. They are paying you because of what you bring to the table. And they know you are bringing things to the table because you can show them results. These results are due to the Barries personality and their knowledge and experience in marketing. There are folks that do exactly what the Barries do BUT if they don't have the personalities, knowledge and experience for it they will fail. The sites and show are NOT successful because of the way the ads are designed.

Here's another example: Let's say you were wholesaling a property. You went out and found a deal and placed it under contract with an assignable contract and then sold off your interest for a tidy profit. Why couldn't the end user have just done the same thing? Why should you be entitled to a tidy profit for just flipping a contract? It's because you had the knowledge and the time to put it together. Even though anyone(in theory) could do it, they don't necessarily have the inclination to do so. This is also an intangible.

There will be some people that will take advantage of today's technology to market and sell their own property. But there will be many more, by far, that won't. Those are the folks I'm looking for. Those are the folks that just want to sell their property and are willing to pay what I charge to get it done. They don't care how I do it.

We will NEVER be able to justify our commissions to you because you don't need or want our services. So trying to do so is an effort in futility. All I know is that in 14 years I have never had a seller that was disappointed in my services or what I charged. Even though I have had many houses that I didn't sell. That's just the nature of the business. I take NO responsibility for market conditions. That's out of my control. It's out of my control that they owe more than the property is worth. My sellers are my friends. They are far more than just a pay check. We do the best we can with what we have to work with.

I care about the folks I work for and they know it. That's how I justify my commission.

I have sellers right now that I have been working with for 2 years. We may never sell their property because they aren't able to price it low enough. They are in their 80s and have health problems. We have no option but to try. The members of AR actually donated money so we could help them pay for a bankruptcy to get rid of bills they could no longer afford. They have nothing except their home that is too big and expensive for them. Earlier this year I worked with them for 3 months to negotiate their 11% adjustable rate mortgage down to a 6.25% fixed rate. Their property is listed with me pro bono to try and get the price closer to market value. I've spent many hours on the phone with them letting them cry on my shoulder when they get depressed. I worry about them daily. That's how I justify my commission which in this case will be nothing. These are intangibles.

I truly hope that the day never comes when you need a REALTOR(R) like me and many others who will help you solve your problems whether we get paid or not. But if you ever do..... give me a call. I'll refer you over to Century 21 :)

It's not what we do, it's how we do it. And you'll either get that or you won't. My guess is you won't. And there's nothing I can do about that.

on the air..i'll be back

You are so right! I actually had a seller ask me yesterday, while at the escrow company, "do you always go to your sellers' closings?" - I replied that I always do that, unless the sellers are out of town. He thought that was unusual! I guess sellers and buyers today are accustomed to finding the "best deal" in real estate agents and brokers. I justify my fees by my knowledge, experience, education, designations and my willingness to go the "extra mile" to market a property and ensure a successful closing. Unfortunately, in today's market, when transactions are more difficult, consumers are looking for even lower fees. They do not realize that the listing is only the beginning; seeing the transaction through to a successful closing is where the real work is...and spending less money on commissions often results in a reduced "net" profit to the sellers. If enough of today's deals fall out of escrow, maybe more sellers and buyers will recognize our value as brokers.

Terri White

Broker/Owner

Las Vegas Properties

The problem with the commission factor is this -- some listing agents just do not provide the service required for the fee they get, others go above and beyond. The typical agent puts the property on MLS and prays for a sale. The great listing agents have built a network of other agents who can bring them buyers and vice versa. The great ones know their market and how to price to market.

What saddens me is when I ask my listing agent what is an appropriate price, "what is the market price for my apt complex?" he answers, "what do you want to list them for". Then when they get a an interested buyer with sketchy financing they can't get me a contract with a ernest money. I'm willing to be creative to help close the sale. I'm not willing to pay an above average listing fee for subpar work.

A 10% listing fee for commercial property is ok with me if you get me the results i want. But don't ask me to cut my price significantly w/o you taking a lesser percentage fee.

As always, the HIGHEST caliber material. Thank you.
Maya

FSBO clients take a big risk and almost always end up coming out last. On the other hand, when FSBOs finally decide to list as they usually do, they already have a pretty good idea of at least some of what is involved in being a REALTOR and already have had enough. They don't know the whole picture, of course, because there is plenty more when an offer comes in!! Its a hard lesson for FSBO sellers and usually quite expensive as they lose time and money.

The bottom line is, as some agents have already mentioned, the sellers that pay for our services as listing agents want EXPERIENCE and EXPERTISE and want someone to handle everything for them. The radio guys are experienced investors so the sales process is very familiar to them as it is to us. But for many sellers, the selling process can be SCARY. They ask questions throughout the process, wonder about many little details, want advise on what businesses are reliable that they can use (who is a good roofer that can repair my roof quickly, who is an experienced mortgage professional we trust, etc.).

Many sellers will only sell a couple houses in their LIFETIMES, yet we sometimes sell a couple a week. This is not their profession and they want a professional to guide them through. Our experience and guidance is what they are paying for, not simply putting a sign in the yard and an ad in the multiple list system. They want to lean on you, ask your advice about their decorating, how to make their home look the best, if an offer is good. As we all know, advertising and getting the buyer is only part of the process. In this market, getting to settlement can be a real challenge. Do we do the inspections? No, but you bet we attend them. We attend all settlements. We, as professional Realtors, are there to answer any and all questions that our sellers have to make the process go as smoothly as possible.

We also have a lot of liability and you bet your butt if something goes wrong with the transation, WE are on the hotseat. We have to make sure the contracts are perfect, the inspections and negotiations go well, the inspections are negotiated, and on and on.

Is the bar to entry as a Realtor set low? Yes. Too low? Yes. Can anyone be a Realtor easily? Yes. Is everyone a GOOD REALTOR? No. But the GOOD ONES are worth their weight in GOLD to most sellers.

Bryant:

I'm glad you followed up in a full blown post. I don't think GOOD agents need to convince Brett and the Barries of your worth as a listing agent. If your clients feel your services are worth your commission that's all that matters. So, agents, know your business, be prepared to provide value and the Bombastic Barries (sorry, I just couldn't resist, all in good fun :-)) will have little effect on any GOOD listing agent's business.

BTW, Brett I see here that you (Barry C) do mention buyer's agents being worth their weight in gold. You just didn't mention it in the comments on Jennifer's blog, the one I was commenting on and I believe Barry C made the comment, not you. If you're going to attack, please keep the blog posts straight. ;-)

Bottom line on which everyone can agree: we need to generally see a higher calibre of agent. The Departments of Real Estate need to make the licensing process and the disciplinary process more stringent to weed out more of the BAD agents that give you all a bad name.

Unfortunately, it probably won't cure the problem, see the attorney comparison. Every month I look at the Bar Newsletter (I think everyone would agree that the process of becoming a licensed attorney is more stringent than the one to become a licensed real estate agent) and see disbarments and disciplinary action against attorneys who have essentially been stupid, provided poor customer service, were greedy or irresponsible and, therefore, failed to fulfill their fiduciary duty. So, higher standards are not a cure all but they may be a good start.

Jennifer Allan, in her most recent blog post, talked about being the best agent you know. Every one of us should be able to say that about ourselves or we are not performing to our abilities. And, if it is not within our capabilities to be the best agent, attorney, appraiser, doctor, stager, mechanic, etc., that we know, we should be considering another career path.

Enough said, I will step away from the soap box now. BTW, I would use a GOOD listing agent to sell my property.

Lisa

JUL

2008

Brett,

I hope that business model and schedule works for you! Its always nice to see people operate so efficiently, however I do know a lot of great agents who put a lot more work, time, and dedication into what they do for each client than what you have indicated in your comment addressing my "If I charged even just $100.00 per hour like a low priced attorney I would make out much better than I currently do" comment.

Another thing that I would like to point out is that as I said I am in a different yet related field. The structure of my work load is a bit different than that of a Realtors® although I do a whole lot of advertising for my Realtor® referral partners which I do not charge them for; instead I count on reciporcation.

I work a solid 50 hours a week as a Mortgage Professional and I invest a lot of time aside from my work to advertise for my clients. Just in working on mortgages with everything that goes into the process, especially with credit lending standards being tightened every day, I put in a minimum of 50 hours.

Not 50 hours per deal but I work steady on several deals which total 50 hours every work. Not one person would pay that bill but at 50 hours per week X $100.00 per hour I would earn $5,000.00 per week which I currently do not. I have some months where I earn half of that and some months where I earn less than half of that on a monthly scale but I do not consistently earn $20,000.00 per month as I do consistently put in 200 hours per month into my work.

So, as I said I am in a different yet related field and your scenario above does not work for my business.

WOW, you received a blend of answers and comments on this one! Nice update to the update Bryant. I do think the intangible is the experience. You have spent years going to classes, gain knowledge that is not charged directly to the client but certainly would change the results the seller is expecting without that experience. Well deserved feature.

I recently took a trip to Nebraska to see my son, I hate to fly, and the price of the ticket was high in my opinion but when I saw how young the pilot was who was flying the puddle jumper from Denver to North Platte was I really didn't like the situation but when he landed that plane perfectly I was glad I got what I paid for. He was a professional who deserves every penny he gets paid and if folks don't like my fees they are welcome to call someone else or do it themselves.

TLW, If you have anyone coming to Riverside county don't get confused as there are more than one Cameron out here and I'm not Charmin.

JUL

2008

Whomever discovered full service brokerage wasn't stupid.....obviously there are people who will pay for that type of service. So why would a person be willing to pay us our commissions that we charge versus going with a discount service? Maybe the consumer needs to justify why they should pay us.

You hit it right on the head Bryant. There are always going to people who want to cut their own hair. It is just their mentality. Trying to convince them whey they should let someone else cut their hair is useless. They will fight you to the end on this. Some things just are the way they are. The key is to understand that. Some people like Keystone and some like Heineken.....it is what it is.

I choose to work with the people who value my experience, and to those that don't, good for them, that is their choice.

Cameron Wilson...

I know who you are. I would NEVER confuse you with anyone. You would NEVER say something like that to us. If you felt that way you'd have the b-lls to call me and tell me so. LOL...

I was in a mood when "The Broker Bryant" put this post up :)

I feel much better now. Sometimes we all just need to take a Blogging Break :)

P.S. Next time you swing by "The Crap-A-Rama" could you kindly throw those folks a new roll? Wink :)

P.S.S. I think I should get extra points for having the b-lls to post this comment :)

TLW...ROAR!

JUL

2008

Be prepared to perform extensive marketing efforts, answer to people at any hour, review title and deed information, be prepared to work against all other agents and brokerages in the area that will do their best to market there listing and sell it instead of yours....a grim reality in a sof market

JUL

2008

It's really not all that hard to justify our fees if you break them down into individual tasks.

Here's an article I wrote for Realty Times in 2000 that breaks down expenses for a listing at that time.

When asked to explain what value he brings to the transaction Jim Lee, Knoxville's Realtor of the Year knows exactly what his time is worth. He offers the following chart for Realty Times readers to consider, and has based his conclusions on a $75,000 annual income

Description Time Dollar Value*

First Visit 1.0 hrs. $40.00
Comparative Market Analysis 2.0 hrs. 80.00
Listing Appointment, measure, consultation 3.0 hrs. 120.00
Install Sign and Lock box .5 hrs. 20.00
Photography, film, development 2.0 hrs 50.00
Hold Broker Open House including refreshments and promotion 4.0 hrs. 385.00
Advertising preparation and placement including Internet 6.0 hrs 240.00
Write, Record, and Install "Talking House" radio transmitter 3.0 hrs 120.00
Prepare brochure box flyers and deliver (initial 100 flyers @ $39.00) 2.0 hrs 119.00
Preparation and Cost of Graphics 1.0 hrs. 65.00
Deliver Graphics .5 hrs. 20.00 Preparation and Cost of "Just Listed" Cards 3.0 hrs. 130.00
Postage for Mailers 41.25 Preparation and Cost of Picture Postcards to Agents 3.0 hrs. 168.75
Weekly Communications** 8.0 hrs. 320.00
Scheduling Appointments** 16.0 hrs. 640.00
Follow-up on Showings** 8.0 hrs. 320.00
Negotiations 6-12.0 hrs. 480.00
Pending Follow-up 6-12.0 hrs. 480.00
Meet Mechanical Inspector 3.0 hrs. 120.00
Meet Termite Inspector 1.0 hrs. 40.00
Meet Appraiser 1.0 hrs. 40.00
Review Settlement Papers 1.0 hrs. 40.00
Closing 1.0 hrs. 40.00 TOTAL: $4,191.00 *

Based on a $75,000 annual income **Based on a 16 week listing period. All estimates of time are typical marketing activities.

Lee adds that the chart does not count his "years of experience, expertise, educational courses, contacts, professional reputation, equipment, (computers, cameras, etc.) Multiple Listing Service, support staff, and many other benefits. "I don't know how to put a price on the value of experience, education, time in the business, etc," says Lee. "I don't believe there is any way to assign a value to that. However, it becomes priceless to me and to a seller that has an appraisal problem or a buyer with a credit glitch that needs smoothing out."

You should be able to modify

JUL

2008

Thats an interesting breakdown. We all know that plenty of other little things/issues crop up inbetween.

AUG

2008

Great blog. I was not able to read every comment so I'm not sure if anyone addressed this but can I have your permission to use your bullet points in my FSBO packet? You hit the nail on the head.

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