All Forum Posts by: Account Closed

It depends on the agent. I sometimes refer to myself as "real estate consultant" because I want to let people know I do more than list and sell houses. I am also an investor and I enjoy answering questions people may have about the real estate market or investing in real estate. "Realtor" sometimes give people the impression we're just out to make a commission. Some agents want to move away from that image by using the term "consultant."

I use Ring Central as well. I have a separate fax number, and an extra local number is just $5 more. Calls get routed to my cell first and if I don't pick up goes back to voice mail. I find the voice quality Better than voyage which I had a couple of years ago. I don't know about vonage now.

My seller just lost another buyer for this property so he wanted to meet the buyers and have them talk to his mortgage guy to make sure they are serious and qualified. The agent's objection was more about "I ain't driving 30 minutes to so-and-so town" than protecting her buyers' interest. Sadly lots of agents act this way...

When I bought my home 11 years ago, my husband, my father and I installed laminate flooring on the entire second floor. Back then it was the glue-on type. Today they just snap in place. You could easily do it with a little help.

Remember to read all instructions especially the maximum room/floor size. I saw a 5-year old house where they covered the entire full basement with laminate flooring and the floor toward the middle began to buck and gap because it was one large continuous area. Also they used cheap materials so the floor was also peeling and cracking along the seams. Try to get the best quality you can afford because it will make a difference a couple years!

Speaking as an agent and an investor, I know that agents get taught many ways to "justify" their commission and in addition they are regulated by the state to adhere to certain standards. However, I see a lot of agents develop a "holier than thou" attitude when it comes to making deals happen and serving clients. Agents are taught that they have a fiduciary duty much like an attorney to act in the best interest of the client they represent. So in the agent's case, getting the sellers highest possible price at most favorable terms, or getting buyers into the homes at lowest possible price etc. is of top priority, sometimes to the detriment of everything else.

There are many good agents are out there, but unfortunately they are overshadowed by other agents who don't know what they're doing, don't care, or too experienced to learn anything new. Many regular agents who have been in the business are having trouble adjusting to the changing times. They do themselves a disservice when they can't see the truth about themselves and their industry.

I personally think the doctor analogy is ridiculous and laughable. I never spent 10 years in school, go through 2-4 years of internship, rack up 6-figure student loans and pay millions in malpractice insurance to become a real estate agent. Why would I pretend I'm of similar stature of someone who did. Ego is a big part but most had been taught to think this way by their brokers. If you go to ActiveRain and read these agent blogs you will see they have plenty of similar attitude. We are salespeople, for crying out loud.

I just had another agent kill a deal because she balked at my seller's request to meet the buyers, calling him unethical and ignorant. My seller is a successful investor and he probably makes more money than she ever did in 7 years as an agent. But hey, she's supposed to be superior because of her real estate license.

Can an agent be "worth" their commission? All real estate commission (at least in NJ) is negotiable. Consumer choice and the free market should dictate what an agent is worth, and let the agents prove their worth by performance, not an entitlement mentality.

I got a lead for short sale on an estate. The owner died over a year ago and before she passed her guardians took out a reverse mortgage of $502k, even though her house was worth probably $300k at best. The market has dropped to where her house is now worth probably $185-$200k. The estate took a year to locate the executor and he's been trying to sort through the mess because no money is left and he suspects the lawyer for the estate (a friend of the guardians) was not forthcoming. The executor doesn't even know how much exactly is owed on the home. Lis Pendens was filed on the house in October 2010.

Do you think there might be a chance to short sell this or should it go to foreclosure? Can the lender go after the estate for the deficiency? There's probably about $8k left in the estate.

I have two LLCs. One for real estate related and the other for creative services.

I am not going to do anything until after the closing happens. I'm working on two new deals right now on my own and hopefully they will work out and be bigger and better for me than this past one. Wish me luck!

I spoke to my broker and she made it clear that I cannot pay a non-licensed person any part of my Realtor commission.

Now I get to play the bad guy. :)

Would you all feel it's OK if I pay him out of my NEXT, non-realtor deal, for example if I were to wholesale or option a property as a principal, not as a Realtor?

I really appreciate all your feedback. I have been wondering, many have chimed in about the "fair" amount a referral fee might be to them or in their market. Would you consider having a tiered approach, for example. based on deal size or profit? Or would you do a strict flat fee regardless of whether you net $5,000 or $500,000? Would your bird dog or referral source have a problem getting a smaller amount if he sees you're making a large profit? Or do you just let it all even out over time? Is it "fair" for me to say "this is what **I** pay, regardless of what the market says or what everyone else is paying? Because as I think back to the beginning of this whole thing, I really thought I was being fair by offering 10% of my $5,500. Should I just stick to my guns and say this is what I will pay every referrer regardless of what everyone else expects?

Now I wonder if I should have just kept my mouth shut from the start and let him come begging for his "fee." I feel like a chump for having offered too low in his opinion but it's now making me question if the whole deal was worth all the trouble.

Sharon, that's what I would have done if he asked in the beginning. I don't have a problem paying a reasonable fee. Changing your mind the day before closing is not reasonable to me. I assure you there will NOT be a second time. Not with him. I an torn up about this precisely because to me a verbal agreement still means something.