[Robnlaura]

Originally Posted by APovi

Sorry for not being clear.
The example was a $400k Sale with a 6% commission. Is that $24K?
The point is that a Seller can pay an Appraiser/Realtor $1,000 and not pay a Listing Realtor $12,000.
Whatever the correct math is, I'd sooner pay out $1,000 than $12,000 for the same work.
(If fact, more work because you'd get confirmation (Appraisal) that your previous List Price is realistic/or not).

Why pay a listing agent if you think this? Why don’t you pay a listing company and do it yourself? $100 to $500 is what they charge!!

[VillagerNut]

To write off any type of advertising, events, etc. you actually have to spend money. So that money is out the door. Personally I do not want to have an IRS audit, so there are some expenses that I would never take like an home office expense. My choice.

Originally Posted by rustyp

What about those items you wrote off - part of the room in your house as an office, mileage, all those many wine and dine the client events, depreciation on the car, etc. 50% ?

[VillagerNut]

I am really sorry that you encountered an unethical real estate agent. This issue is exactly why this NAR settlement is a very good thing. Because now the buyer in the state of Florida can actually have true representation. Then that would be part of the responsibilities to make sure the Contract is presented to the seller.

Originally Posted by rustyp

Thanks - that triggers a few more questions

1 Does the listing agent have to list to MLS
2 How does the listing agent publish MLS
3 Is there a time requirement for the MLS listing to be posted to other MLS agents

Given the listing agent / office gets to keep both sides of the commission if the listing agent sells the same property - would not this be an incentive for the listing agent to "drag their feet" publishing the MLS until feeling out the initial buyers that typically rush to a new listing ?

Many years ago I put a purchase offer on a property which just hit the market. The listing agent called me back and said seller rejected offer. I asked was there a counter. Reply - no. I asked for proof of rejection. The agent said doesn't work that way. The listing agent had a reputation of being on the shady side so I hired a broker. Found out the seller never got the offer. Seller accepted my original offer through the broker I hired and listing agent lost half the commission. To say the original agent wasn't happy would be an understatement. To this day the shady agent won't even make eye contact with me in a very small town.

[billsr]

No! No! No! An appraiser is not required to be a Realtor. Some of them do have RE licenses and then become Realtors. However, they usually belong to the MLS as an "Affiliate Member". If an appraiser both collected a commission and was paid for an appraisal, it would be a definite conflict of interest. Plus, an appraiser cannot receive payment that is tied to the amount of the sale. That is against the law.

[margaretmattson]

Originally Posted by billsr

No! No! No! An appraiser is not required to be a Realtor. Some of them do have RE licenses and then become Realtors. However, they usually belong to the MLS as an "Affiliate Member". If an appraiser both collected a commission and was paid for an appraisal, it would be a definite conflict of interest. Plus, an appraiser cannot receive payment that is tied to the amount of the sale. That is against the law.

This has been an interesting thread. I believed listing agents would survive. But, now I am not so certain. The wave of the future may be low cost listing services. Has anyone used a listing service? I assume it is FSBO? We sold our previous home to a buyer we knew had interest. Never had to list the home.

[vintageogauge]

Originally Posted by margaretmattson

This has been an interesting thread. I believed listing agents would survive. But, now I am not so certain. The wave of the future may be low cost listing services. Has anyone used a listing service? I assume it is FSBO? We sold our previous home to a buyer we knew had interest. Never had to list the home.

When this first came out I read that up to 50% of the current agents will most likely get out of the business. I realize that 10% is also up to 50% so it's kind of meaningless but that is what was in print.

[MightyDog]

Originally Posted by margaretmattson

This has been an interesting thread. I believed listing agents would survive. But, now I am not so certain. The wave of the future may be low cost listing services. Has anyone used a listing service? I assume it is FSBO? We sold our previous home to a buyer we knew had interest. Never had to list the home.

The "listing service" I used in 2017 to sell my house in NC was a very well put-together listing by me on Zillow (which populates overnight onto Trulia, owned by Zillow).

Those two internet spots produced phone calls from agents and interested solo buyers. I got 3 offers in 3 days and took the one from the solo buyer. It closed just fine with zero $ paid to any agents. Never even put a sign in the yard.

I will be doing the exact same thing in the next 2 months and am hoping for similar results. Although, I will pay an agent who brings me a buyer 2.5 % for a closed deal.

Btw, it only works that well in a low supply / high demand market or location. When conditions are the reverse, you need all the help and exposure you can get. I'm familiar with that too - having had a fully-listed house on the market for 5 months in 2008. Simply brutal!

[margaretmattson]

Originally Posted by MightyDog

The "listing service" I used in 2017 to sell my house in NC was a very well put-together listing by me on Zillow (which populates overnight onto Trulia, owned by Zillow).

Those two internet spots produced phone calls from agents and interested solo buyers. I got 3 offers in 3 days and took the one from the solo buyer. It closed just fine with zero $ paid to any agents. Never even put a sign in the yard.

I will be doing the exact same thing in the next 2 months and am hoping for similar results. Although, I will pay an agent who brings me a buyer 2.5 % for a closed deal.

Btw, it only works that well in a low supply / high demand market or location. When conditions are the reverse, you need all the help and exposure you can get. I'm familiar with that too - having had a fully-listed house on the market for 5 months in 2008. Simply brutal!

Make certain your pictures show your home in the most appealing way. We noticed a home that was sitting for months. We were interested in that area and requested a showing. The online pictures did not do justice for the beautiful home. One sad picture of the LARGE glass enclosed lanai and the description of the home did not mention a remodel.

We gave a well below ask offer. With very little negotiation, our offer was accepted. We feel blessed! The heirs were happy to finally rid themselves of the home. I believe better pictures and description would have brought in higher offers. The listing agent may have been inexperienced or did not want to pay a professional photographer. Maybe, he believed the location alone would sell the home. Definitely dropped the ball on this property.

[Normal]

Originally Posted by margaretmattson

Make certain your pictures show your home in the most appealing way. We noticed a home that was sitting for months. We were interested in that area and requested a showing. The online pictures did not do justice for the beautiful home. One sad picture of the LARGE glass enclosed lanai and the description of the home did not mention a remodel.

We gave a well below ask offer. With very little negotiation, our offer was accepted. We feel blessed! The heirs were happy to finally rid themselves of the home. I believe better pictures and description would have brought in higher offers. The listing agent may have been inexperienced or did not want to pay a professional photographer. Maybe, he believed the location alone would sell the home. Definitely dropped the ball on this property.

You still have to pay the title company about 1500 bucks to do all the paperwork. But yes, you save a bundle. I wouldn’t even use an agent. It’s free to try it yourself. If it doesn’t sell in a couple weeks, then bring someone in? Anyone can list on Zillow if you own a cell phone.

Affiliated Title Wildwood 352-492-0564
Freedom Title Lady Lake 352-633-5195
Advantage Title The Villages 352-430-1328

All will give you any documents you may need for offers, disclosure and sale. Complete them and turn them in.

[Bay Kid]

Originally Posted by MightyDog

The "listing service" I used in 2017 to sell my house in NC was a very well put-together listing by me on Zillow (which populates overnight onto Trulia, owned by Zillow).

Those two internet spots produced phone calls from agents and interested solo buyers. I got 3 offers in 3 days and took the one from the solo buyer. It closed just fine with zero $ paid to any agents. Never even put a sign in the yard.

I will be doing the exact same thing in the next 2 months and am hoping for similar results. Although, I will pay an agent who brings me a buyer 2.5 % for a closed deal.

Btw, it only works that well in a low supply / high demand market or location. When conditions are the reverse, you need all the help and exposure you can get. I'm familiar with that too - having had a fully-listed house on the market for 5 months in 2008. Simply brutal!

Zillow couldn't survive without using the MLS system for comps, which wouldn't be possible without the hard work of Realtors.

[MightyDog]

Originally Posted by margaretmattson

Make certain your pictures show your home in the most appealing way. We noticed a home that was sitting for months. We were interested in that area and requested a showing. The online pictures did not do justice for the beautiful home. One sad picture of the LARGE glass enclosed lanai and the description of the home did not mention a remodel.

We gave a well below ask offer. With very little negotiation, our offer was accepted. We feel blessed! The heirs were happy to finally rid themselves of the home. I believe better pictures and description would have brought in higher offers. The listing agent may have been inexperienced or did not want to pay a professional photographer. Maybe, he believed the location alone would sell the home. Definitely dropped the ball on this property.

Trust me, sales and marketing are my thing as my FSBO sale in 2017 would attest. I can put up a better listing than half of the agents out there. Because I think like the buyer would, what they want to see and know - that's the key.

I have noticed that there are interesting 'pockets' of opportunity in TV. Like you experienced...an estate sale situation of heirs just wanting to liquidate and not being especially price-sensitive, listings by less-experienced agents (with dialed-out owners) that don't present the property well or are very over-priced resulting in little traffic so, any offer that comes is ripe for getting a good buy, etc. Smart of you to see past the poor listing and find the gem.

[Robnlaura]

All realtors had to list on mls now that doesn’t mean people don’t have side buyers. Selling a home is not so easy to many. Valuations alone are not that easy as well Zillow is always wrong !

[Normal]

Originally Posted by Robnlaura

All realtors had to list on mls now that doesn’t mean people don’t have side buyers. Selling a home is not so easy to many. Valuations alone are not that easy as well Zillow is always wrong !

Yes, a seller should consult with several listings in the area and comps from their neighborhood. That will give them a much better idea on home sale value. This is particularly easy in The Villages where so many homes are similar. They should/would glean much more from a sale without a realtor too.

[margaretmattson]

Originally Posted by Robnlaura

All realtors had to list on mls now that doesn’t mean people don’t have side buyers. Selling a home is not so easy to many. Valuations alone are not that easy as well Zillow is always wrong !

I disagree. I find it quite easy to find the value of my property. I go on to trulia and type in sq footage. Then I search the SOLD homes in the Villages the last few months. Find a few similar to mine. Write down the address and price the homes sold for and these are my comps.

I then go onto VLS. Type in my model name. Look at the homes most similar to mine. Write down the address and asking price. Voila! I now have more comps.

I go on the county tax site. Look at the accessed value of my home. Add 25-30% more. I now have what the county believes my house is worth.

Compare all my data and set an ask price accordingly. If a buyer insists I am overpriced, show the recently sold similar homes to him/her. Not much room for argument when they see this information.

[Normal]

Originally Posted by margaretmattson

I disagree. I find it quite easy to find the value of my property. I go on to trulia and type in sq footage. Then I search the SOLD homes in the Villages the last few months. Find a few similar to mine. Write down the address and price the homes sold for and these are my comps.

I then go onto VLS. Type in my model name. Look at the homes most similar to mine. Write down the address and asking price. Voila! I now have more comps.

I go on the county tax site. Look at the accessed value of my home. Add 25-30% more. I now have what the county believes my house is worth.

Compare all my data and set an ask price accordingly. If a buyer insists I am overpriced, show the recently sold similar homes to him/her. Not much room for argument when they see this information.

This is yet another way to find out your home value. Getting a realtor involved only jacks up your sale price and makes you less likely to sell and way less competitive.
I would rather buy a home for 400,000 than 424,000. Who wouldn’t?