[manaboutown]

Originally Posted by jgmroc67

As a realtor for 45 years in 2 states, I never looked at a commission when gleaning available listings to show...think about it... If you want to make the sale, you are going to align the features of a house to what the client is looking for. you are not going to waste your time and gas on listings just because of the commission rate

Also, The above quote about the man looking over the shoulder and deciding the listings are shown in order of commission rate does not make sense. Again think about it.... You line up the listings in order of which ones are closest to each other.

That is what happened. The list had both home prices and the commissions listed. The homes were all not far from one another within a gated community. These folks bought and sold at least twenty houses in ten years as they were flippers.

When they sold a couple of times in tougher markets they used a local MLS broker who did the listings for half a percent. The guy did a lot of them and made good money. Then they used the best photographer in the area $400- $700. They also staged their homes. They were making several hundred thousand dollars a year doing this in Orange County, CA. One house they bought for $700,000, put a lot of work into it while they lived there, and sold it FSBO four years later for $1,700,000. They knew what they were doing.

They picked up sales contract forms at the Newport Beach Realtor Association office and used those on their sales which were usually sold FSBO.

[Tlodge]

Just sold my house in Jacksonville.Went on market Monday at 5PM signed contract at 9PM last night.Paid 3 1/2 % commission.2% to buyers agent 1 1/2% to my agent.If he brings a buyer he gets the whole 3 1/2%.He had a professional photographer take pictures,did a 360 virtual tour.Showed the house approximately 8 times.Was asking $275,000,got $272,500.

[Worldseries27]

Originally Posted by stadry

understand its been cut from 6% to 5% - anyone else hear the same ? Reason not given

art of the deal.
Lowering a commission is simple economics to generate sales and purchases. Wheres the mystery?

[newgirl]

I sold real estate for over 20 years and can tell you that agents have to split the commission with the broker , pay all advertising and other fee’s so when you say it is a 3 percent( I always demanded 7 percent , yes, lol and got it) commission the agent after all costs are lucky to see a full 1 percent . This is mls agents, village sales people do not pay for any marketing costs or cost associated with selling a property so they should be a bit less. So, understanding this you can see why agents would not be in a hurry to sell yours . Most homes listed at a reduced rate end up selling for far less then what you can walk away with offering a great commission. In fact, if I had a challenging listing I would have a seller offer a 8 percent and not once, have I ever not sold a house that was marketed this way for not only the best possible price, but also in the quickest time possible.
MLS agents are Realtors , meaning they not only have legal training hours every year but in order to be a Realtor they must go through a screening process , and is 100 percent responsible for the entire sale, where The Village sales are treated like employees and their only job is to show and write contracts . Where I sold in Mi we were responsible for making sure title is clean ( most do not understand a title company gives you a title but they do not tell you what is in it or deed restrictions etc. )The title companies around here would be out of business anywhere else, if you do not have a full time professional realtor then please( after what I have seen) hire a lawyer!
More commission, more money in the end on your house.

[Halibut]

Originally Posted by jgmroc67

If you want to make the sale, you are going to align the features of a house to what the client is looking for. you are not going to waste your time and gas on listings just because of the commission rate.

Also, buyers have been able to search listings for at least a couple of decades now. If we're in the market, we're usually the one who tell our Realtor which properties we want to see.

[JohnnyP]

I am currently downsizing with plans to move to TV in a few years. Sold another vacation home with a contract that explicitly specified full commission If sale price was greater than or equal to 95% of the listing price. Commission was reduced by 1% if the sale price was less than 95% of the listing price. The house was listed in March 2020, we had several showings, and was under contract in 27 days, at 95.2% of the listing price. Just closed on the house last week, and continuing on-plan to downsize and move to TV in the near future.

[CharlieRoy]

Hi, I would appreciate the name of your listing agent. Thanks

[CharlieRoy]

Originally Posted by HoosierPa

I listed my house on my own on Zillow and a few other sites by owner just as the pandemic was starting. We sold it in 3 days at a nice price and I paid ZERO commission I figure I paid myself about $25,000 for almost no work. The title company does all the work, not the realtor.

Hi HoosierPA, can you recommend a source for the disclosure and sales offer forms that you used? Additionally, did you reach out to a title company and closing attorney in advance of listing? Thanks

[vintageogauge]

Originally Posted by retiredguy123

Every listing contract I ever signed stated a sale price for the house. The seller is not required to sell the house for a lower price. With several houses I have sold, I renegotiated a lower commission with the listing agent in exchange for accepting a lower price. That is my understanding of how a listing contract works.

If I was an agent and brought you a lower offer, ( they do have to present it to you even if it's a lowball) then you asked me to lower my commission I would walk. This is how these people make their living, they do what they have to in bringing you an offer but now you feel their effort is not worth what you agreed to pay. Very sad way to treat someone that is working for you.

[retiredguy123]

Originally Posted by vintageogauge

If I was an agent and brought you a lower offer, ( they do have to present it to you even if it's a lowball) then you asked me to lower my commission I would walk. This is how these people make their living, they do what they have to in bringing you an offer but now you feel their effort is not worth what you agreed to pay. Very sad way to treat someone that is working for you.

I understand your opinion. But, I would just point out that the listing contract is prepared by the broker, not by the seller. Their contract says the seller agrees to pay a specified commission on a full price offer. So, the seller has not agreed to pay a full commission on a reduced price offer unless it is stated otherwise. If that is what they expect, then they should rewrite the contract. I can assure you that, if you fail to adhere to any part of the listing contract, they will enforce it against you.

[vintageogauge]

Originally Posted by retiredguy123

I understand your opinion. But, I would just point out that the listing contract is prepared by the broker, not by the seller. Their contract says the seller agrees to pay a specified commission on a full price offer. So, the seller has not agreed to pay a full commission on a reduced price offer unless it is stated otherwise. If that is what they expect, then they should rewrite the contract. I can assure you that, if you fail to adhere to any part of the listing contract, they will enforce it against you.

You're still taking income away from the agent that is actually doing all the work. I would not accept a lower commission and if you chose to not accept the offer with full commission I would walk away from you and take my client to another home, there are plenty of them for sale.

[OrangeBlossomBaby]

Originally Posted by Jayhawk

Apples to oranges. You get what you pay for, obviously.

So, if I had a high-end home, let's say I bought it for $549,000 a 3000SF 3bd/3bth with mature landscaping, backing onto the wildlife preserve (with low fencing), a birdcage with a heated pool and spa, 3-car garage plus a 2-cart garage plus a front screened in porch, no carpeting, gourmet kitchen, italian marble tiling, walk-in shower, etc. etc. etc.

And I sold it when I decided to downsize - and didn't use any real estate agent at all.. did a "for sale by owner" thing on Facebook..or here on ToTV..

you're saying the house is worthless because there wasn't any agent getting 6% of the sales price as commission?

Are you really seriously believing that?

[OrangeBlossomBaby]

Originally Posted by vintageogauge

You're still taking income away from the agent that is actually doing all the work. I would not accept a lower commission and if you chose to not accept the offer with full commission I would walk away from you and take my client to another home, there are plenty of them for sale.

...and then the buyer can tell you "well you know, since you don't want to be part of this deal - I'm going to just walk away from you. *I* like that house. So with or without your help, I'm buying it. Do you want a commission or not?"

The buyer decides whether to buy the house or not - not the agent representing them. If you don't like the commission, you can walk away, but you can't "take the buyer with you" if the buyer likes the house.

[vintageogauge]

Originally Posted by OrangeBlossomBaby

...and then the buyer can tell you "well you know, since you don't want to be part of this deal - I'm going to just walk away from you. *I* like that house. So with or without your help, I'm buying it. Do you want a commission or not?"

The buyer decides whether to buy the house or not - not the agent representing them. If you don't like the commission, you can walk away, but you can't "take the buyer with you" if the buyer likes the house.

The buyer made you an offer which you declined, you should have made a counteroffer rather than try to beat down the agent that brought them. And don't forget once that agent brought a buyer to your house if he comes back later on his own you still owe the commission, that too is in the contract. Lesson here is don't be a cheapskate.

[Brandigirl]

Originally Posted by stadry

understand its been cut from 6% to 5% - anyone else hear the same ? reason not given

Yes, that is true. We just sold one of our homes at 5% with The Villages Realtor. It was on the market for 5 months (at 6%). It was 2 weeks due to be renewed (had 6 month contract) and I guess they didn't want us to switch with realtor outside The Villages. So The Villages Realtor said he would lower since it took so long to sell. Then we got lucky and 2 weeks later, it sold. I don't know if they are now starting at 5% or lower it from 6 to 5 % after it hasn't sold for a few months.