Fellow Active Rainer's I come to you for advice. I received not 10 minutes ago an email that really set me off. A self proclaimed 'rant'. I do not want this to be an angry post . I do want to address it properly in that is does question our profession directly, and to all in related fields. Actually attacks. Highlighted below is the expressed feelings of this person I have never before met. Pretty amazing to me that the public feels comfortable in even speaking to someone, about their chosen profession, in this manner. Happens more with Real Estate than it should. I hope I have replied to this rant I received, appropriately and to what most of you would feel is a professional manner. Your opinion here in Active Rain has become quite valued to me. Thank you.
RANT Sent me:
I won't tell you right away what my usual opinion of real estate agencies is - but you can probably guess with this comment. Maybe you will be the one agent that is not like the rest. Maybe you can be the one that can satisfactorily explain why it costs me twice as much money to sell a house costing $300K than $150K. I doubt your work is less for the $150K home - in fact it is probably more since the clientele has less assets. So why the ripoff? Don't tell me "its just the way the system works". And also don't tell me that it encourages you to sell the house at a higher price so you earn more (and I earn more also). You don't earn anything - and neither does your agency unless something sells, no matter the price. Okay - rant secured.
My Reply:
You are absolutely correct. No one gets paid until the home sells, and that does not mean a signed contract, but completed transaction. There is no upfront money paid to anyone for any of the work done.
As far as costs. You again are correct. The $150,000 home receives no less attention than the $300,000 or $450,000 home. Sometimes more. And yet the $150,000 home owner is treated with the same professionalism, care and concerns at a fraction of the $ cost. Of course their home value is but a fraction of the $ value. The percentage is the constant.
A clients home selling has nothing to do with their assets so that does not enter into the equation at all. Unless of course they are being forced to sell due to financial reasons. And that scenario is not limited to the $150,000 price bracket. The last 6 years has vividly demonstrated that fact.
A Realtor® is hired by a home owner because they want their home SOLD. A home owner also has the option of selling it themselves. National Association of Realtor®’s Surveys' show that over 80% of ‘For Sale by Owner” will turn to a Realtor in less than 2 weeks because they realize they are in over their head. In one month that figure increases to 90%. Those figures are not specific to a certain price bracket.
As far as the way the system works. That IS the case. Not just in the Real Estate field. Across the board. Sales exist in all industries, from tooth picks, to parts for commercial airliners. While commissions will vary slightly I doubt much. (Not an authority there because I have never sold tooth picks)
Realtor®’s are in many cases worth more than any commission paid. We also sometimes have a transaction come through that is easier than others. That is by far and away the unusual, not the norm.
Quite frankly I take a great deal of pride in being a Realtor® and what I offer to both Buyers and Sellers. I do not for a moment doubt my worth to them, whether it be a $70,000 condo at Schweitzer or $450,000 commercial building in Priest River.
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MARK DON McINNES - YOUR LOCAL NORTH IDAHO REAL ESTATE RESOURCE
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