All Forum Posts by: Chris Vasquez

Hey BPers,

I would like to know if anyone has used a Flat Fee MLS to sell their property? Any recommendations of which company you used?
Looking for sites with the easiest access. Meaning, posting more than 4-6 pics, adding and changing open house dates. Things like that.
I have a great attorney who handles dealing with the bank, title, offers...
Thanks

For the nonlicensed people: Commissions are split 4 ways not 2.
ex. 6% commish Buyers agent gets 3%
Sellers agent gets 3%

As agents, they each have to split their share with their own Brokers.
That split depending on how many deals, experience etc.... could be from 50% to 90%.
That 3% share is now 1.5% -2.7% depending on the Broker/Agent agreement.

So the actual agent does not get 3%. Most agents in the biz barely reach 2% because they don't stay in the biz long enough to move up the commission scale.

In this case. If the 16m buyers agent owns his own Brokerage then yes, he would be making the full 2.5% of the 5% the show seems to be alluding to.

Joel, I like #3. The seller should reemburse the agent for any fees paid by the agent to market their property if the seller backs out of the Listing agreement.
When I was an agent. A major issue for me was to walk away from a possible listing when the Seller had their misinformed, fantasy price stuck in their head. Why on earth would I spend my own money marketing a property that will not sell.
Just my 2cents.
I'm going to post a ? On flat fee listings. If any of you guys has an opinion or recommendation, please respond.
Thank you

You know Bryan,
I have been in sales for most of my working life.
There was a retail sales trainer years ago named John Lawhon. His big quote was "Stoke the fire's of their desires and you will not fail to make the sale." When I became a Realtor in Miami around 04. I took a different approach than all the other agents. Lawhons quote works on most in a retail atmosphere. In RE it works then backfires. During my initial training. I noticed the rookies who got a new listing. Told the perspectives anything they wanted to hear. "I'm the best agent, I'll bend over backwards, I'll list it for whatever You want." Like the client has a clue what there property is worth. I'm in the camp of "The customer is Not always right." Just my mentality.
Anyway, the rookies could not figure out why their listings would not sell. I overheard one of the pro's in the office talking to the broker say this. " I got another listing from one of your rookies failed listing presentations. Broker: Really? How?
Agent: When they tell me what they want to sell for and they're priced way out of the market. I stand up, without saying a word and start packing up my presentation. When they ask, where are you going? In a kind, firm way. I tell them, I'm not a house sitter. I refuse to spend my own money marketing an overpriced house that will not sell. I'm sorry for waisting Yours and My time. She had a set on her that any man would be proud of. Plus she was the top agent in my office. Not only did she get the listing. She had the lowest Days On Market average.
I'm not advocating everyone needs a realtor. Mostly the general public needs a reality check. A good Realtor is the only one who can do that.
FYI I'm no longer a Realtor. I got tired of working for someone else. Although, it was a great experience learning the Realtor side of the transaction.

Your welcome guys,

Brian, I agree. Expired listings then relisted. Price change listings. Cancelled then relisted with another agent. Many other factors they do not consider pertaining to inventory. Also adversely, NARS numbers do not include FSBO #s. Active, Pend, Closed. I remember reading 7-10% of properties sold were FSBO. But then again, it may have been a NAR stat pumping the idea to consumers that they "NEED" a Realtor to sell their house.

Hi Lee,

Once you get ahold of an asset manager. Do they actually work with you? Or, do they just refer you to the Listing Agent for the property.
Or
Is your intent to get info on properties that have not been listed yet?
Thanks
Chris

Lol, Good one Paul.
Wow Bill! You must be shaking your head over the Starbucks/Green Mountain deal.
I had the idea for the removable car stereo after mine got stolen at a Heart concert back in the 80's. My uncle invented the Pizza Cutter when he was young but never got a patent. What a home run that would have been.

Winniferd,

If you don't have a phone script, search the forums under that title. I remember seeing one for wholesalers. I just can't seem to find it. Or, if you know what you want to ask. Create your own script.
Make a list of everything you want to know.
Then, put them in order to sound like a conversation.
By writing it out and casually reading the questions to them takes the emotion out of it.
Plus, if you keep it in your mind. They need you more than you need them. You are just a professional trying to help solve their dilemma.
After awhile it becomes Easy as ABC. Always Be Closing.

Here is a link to NAR's local market stats from there web site.
Scroll down the page and choose your market. Enjoy! http://www.realtor.org/research/subscription_data/localmarketreports

Michael,

Here's what I know from my research on HUD.
When the property is listed on there site as Exclusive. They only accept offers from Owner Occupants. If you told them you are an Investor, they may have rejected it for that reason.
After the Exclusive period. They change the status to Extended. That opens the property to Investors. Which has no deed restrictions if your paying cash. If you finance, you may not be able to resell the property for 90 days and for no more than 120% of your purchase price. Get your agent to find out the details why it was rejected. He/she is getting paid a commission. Let them earn there money.
Also HUD, from what I have read seems to Not accept offers any lower than 83% of the original asking price. I am watching a couple of HUDs myself. The first price reduction they did was about a month after the properties went to Extended status and was exactly 10% lower.
I don't know your details so I can't offer any more info than this. I hope this info helps
Post the details. Maybe you'll get more and or better advice from other BPers.
Original Price, your offer, Exclusive or Extended status, Cash or financed.

Risk is defined as the Potential of a descision to have a negative outcome.
Buying a new car has no Risk at all. It's a Guaranteed loss.
Here are some stats. Right off of the car lot.
Year 1 loss 20% 42,000
- 8,400
33,600
2 loss 15% - 5,040
28,560
3 loss 15% -4,284
24,276
4 loss 15% -3,641.40
20,634.60
5 loss 15% -3,095.19
17,539.41

So, 17,539.41/42,000= 68% loss over 5 years.
No risk there! You know going into the transaction what you going to lose.
Guaranteed! It's as close to having psychic powers as anyone could hope for. Buy a 1 year old car and save yourself 20% right off the bat. I doubt RE will drop 68% in the next 5 years. But then again. I'm no Psychic.