All Forum Posts by: Mike Cumbie

Hi @Nick Webb

I'm a big "You do your thing" type of person so what I am saying isn't mean to be mean or argumentative. Just my thoughts.

Each state and licensing organization will vary.

I recommend everyone I know to get a RE license. Pay the couple hundred dollars, pass a test. Then from that moment forward everyone they meet, recommend to me. I can legally pass referral fees out like they are candy to any licensee (They never have to show a house or put up a sign, pay for MLS access or join a board, just be licensed by the state to practice RE). Just meet a random person and say "Oh you want to sell a house, call Mike!" I will send over a 25% referral fee on every transaction for those 9 words if they buy or sell. (Average house sale in my area means you get a fee of $900 for each one they buy or sell for those 9 words).

Sadly if you didn't pay the couple hundred on licensing, I can't give you a pack of gum. I appreciate referrals so much. My business is built on it. I have requirements to give out money though as a licensee. It may be the state that gets me. It may be the IRS. Either way I have to follow the rules and I do because one $900 referral fee isn't worth risking my business. I have pulled referral fees from Florida, NC, TN, MI, AZ from people I recommended anywhere from $800 to $7800 dollars. Just for recommending the right person. If they didn't have a license in that state I couldn't recommend. I have paid out referral fees anywhere from $500 to $3500 locally for an "Introduction" to a buyer or seller. Key being.... "When it sells".

Hope it helps and check out your local requirements, good luck!!

@Josh Caldwell

"This property isn't for me, I am not your buyer. What if I could get you a buyer who would be willing to pay your asking price, would thatinterest you? I plan to make money from this transaction, but not from you. The buyer will pay me for helping him find your property. do you want me working for you for free to find you a buyer?" Great, then sign my agreement and lets get started."

Then why are you listed as the buyer on the purchase and sale contract?

"do you want me working for you for free to find you a buyer"

This one does sound a whole lot like you are working in their interest for free. It's why agency disclosure laws came into place.

@Julie Woo

Sometimes the best move is doing nothing. 

It sounds like that was your lawyers advice and agents. You have received the same advice by numerous people here. You have the money in your hands. Personally I would have never offered it back to them in exchange for a release. It is their move, it sounds like you keep making extra moves why they are waiting for you to make a misstep. 

At this point you are going to either receive a letter from their lawyer a summons a nasty gram (or most likely nothing at all). Give any of those to your lawyer and stop doing things. Every move you make has the potential to cost you $500 to thousands. It's not your turn, stop spending money and wait until it is time to respond. 

Just my random thoughts and not legal or real estate advice. 

@Julie Woo

Wait you have the EMD?

Yeah wait till you get served

Obviously I go with whatever your lawyer and agent say as they know all of the little nuances of it, as well as the local stuff.

I also fully agree with @JD Martin if you know they were under contract while under contract with you it's a card I'd play. The other card I would play is that if it was listed on the MLS again, while under contract with you as active...... It may very well be a violation of local MLS rules. Who cares? Well who ever put it on the MLS will care when they get the fine for having a property that is under contract listed as active. That "Discount broker" will either be eating the fine or has verbiage that pushes the cost on the owner. Some times those fines can be in the thousands. Apply pressure somewhere else and they may work on helping you to resolve it.

Just my 2 cents and good luck!

@Account Closed

"Perhaps you aren't aware that in law"

"You seem to be a "black and white" type of guy, which is fine, however law is not "black and white". It's also very important to read it "as it is". It does NOT say you can't ask for proof, therefore, following the law, you ask."

My feelings "Just my opinion of course" but as these cases start to hit the court system, you are going to see agencies do a whole lot of backpedaling. All their tough talk is going to turn into "It was a guideline", "We strongly recommended that" as they try and disavow all responsibility for their policies. 

Hi @Brandon Ribeiro,

Personally I don't use them often. For the most part I meet a client and if they decide to go elsewhere so be it. If I decide I really don't want to represent them (Maybe something they said I didn't like) I don't have to take them to any more houses. 

I do know agents that won't walk in the door without an exclusive representation (Not to be confused with agency disclosure). That's their choice, it just doesn't work for me. Now if I was mainly doing online lead generation..... I may go that route. Based on my experience, buyers from Zillow etc have about zero loyalty, so I'll meet them once and we can test each other out. If I "don't feel it" I won't even send a follow up. 

Good Luck!

Hi @Payge Myers

I'll echo the others.

As far as choosing a class I recommend an online one that is videos instead of just reading. The videos of someone talking allow you to do other things while attending. The licensing material is what I would call "Dry" and it's by the hour not the knowledge. Which makes it a bunch of fluff or repetition. So if I am going to hear the same thing 8 ways by 9 different people, I'd rather it be while drinking a Bourbon and coke, vs reading it then waiting for the timer to click before I can go to the next page. Just my thoughts. 

I looked where I went and they don't have an Illinois version or I'd point you there. I think my online was like $89.00 with a groupon then a couple $50.00 tests. Something like that would be my first objective to complete before jumping in. For a couple hundred you should be at least where you can think through the best way to start. Without the license though you would just be trading one job for another.

The license course is just so you know the legalities and are at a "baseline". Actually selling and marketing etc will all be learned after on your own.

Good Luck!

Personally I don't care what the CDC says. The CDC says a lot of things and has over the years. You can read all about their findings on suicides, highway speeds and a host of other things. This notion that "The CDC\Executives now create laws and if you don't follow them, police will come and throw you in jail" is pretty much a joke. Any statement by any of them without any teeth is just chest pounding. When deciding cases the Judiciary branch makes the determination. Stand in front of a judge and say "Well your honor, your decision doesn't really matter because a different branch of government unilaterally decided you were irrelevant and this is the way it is".

Judges decide cases based on law. In order to become a law it has to go through the Legislative branch. Until that piece of it happens, it's "a suggestion".

Plenty of good rentals outside Rochester. There are also many different types. Are you looking at student rentals? We also have a good set of traveling nurse accommodations with UofR. There are plenty of duplexes around as well as some SFR. Our market has very flat spikes in good or bad times, so I would qualify it as steady.