All Forum Posts by: Jorge Zea

@Leland S.: yes the listing company should allow you to enter any amount. We have listed properties with a $1 compensation for buyers agents (that's an extreme example), but it can be done. There is no such thing as "standard" commissions; commissions are always negotiable.

@Bob Okenwa: You are part of a very elite, forward-thinking group of individuals that are stepping ahead of the future.

You can do it!!

@Bob Okenwa the buyer's agent or the buyer always brings the offer (contract). You just negotiate the transaction as you do with any other sale. We strong suggest to always get a Real Estate Attorney to review all documentation and prepare the seller docs (do this always - even if you have a Realtor).

Most BP members are experienced enough to feel comfortable doing this themselves ... after you do 2 or 3, it will become routine.

You are saving thousands of dollars so you will need to do a bit of work yourself, but it is worth it.

Never pay full commissions any more ... if you decide to get a full service Realtor to list your house, that is fine (the Entry Only concept is not for everyone, we understand), but always negotiate a flat fee. 

% commissions are not valid any longer ... what additional work does a Realtor selling a $600,000 has to do than to sell a $400,000 that is worth $6,000 more in commission? In my opinion, the effort and paperwork and time spent is the same - they should earn the same then.

@Patrick Philip sample is dramatic! Look at it slowly.

He's paying 6% commission. ($29,940)

BUT!!! that amount is calculated on the entire sale price BUT it comes directly out of his profit affecting it exponentially. His commission is actually 42% of his profit. DRAMATIC! ... Maybe your Realtor is a super star and he/she is worth 42% of your profit ... I am not sure ... that is your call.

Being experienced, as I see you are, using an MLS Flat Fee Listing company is by far the best alternative. Offer a market normal commission to buyer agent of 2-3% depending on your area and pay $99 for a reputable Flat Fee Listing company and your profit is boosted exponentially.

@Brian Pulaski mentions it well; nevertheless we find $499 very expensive. CT and FL have $99 services for 12 months listing that will do it professionally. 

Make sure the Flat Fee Company is NOT a referral service, that the broker is reachable and licensed ... check reviews and license numbers (licenses should be listed on the home site), they should allow at least 25 pictures, no charge for changes, and a good customer service. Try their phone number ... you will all be OK

Realtors are in it to make money, so the larger the commissions you offer to the BUyer's agent, the better chance to get them interested in bringing you a buyer. Statistically 2-3% commissions get sold faster. We have listed properties offering $1 as commission and some have succeeded, some just come back and increase the commission when they see it didn't work.

FSBO don't work. Not in CA, not anywhere else. only 3-5 FSBO in 100 are successful.

95.97% of all properties sell through the MLS.

So your best bet is to post it to the MLS through one of the Entry Only services (Flat Fee) and save the listing side of the commission.

@Ty Zemlok mentioned SoldBot - beware that this company advertises that they are free, but they obligate you (the seller to use a specific Escrow Company which cut them a fee for their referral ... hardly ethical in my opinion because they don't mention this anywhere in their website ... sellers are blindsided after the fact. I prefer upfront models like @Jonathan Minerick's company: HomeCoin that is truly "no strings attached" for a low fee.

Always ask for the small print upfront.

@Jonathan Minerick is accurate in his points. I would only add that you should always check that the listing is directly listed by a licensed (in your state) broker (license should be displayed on the site) and that it is not a referral service that will gather your property info and resell it to a local Broker in your area. 

Test to make sure communication flows ... try their phone number and ask to talk to the broker or a licensed person. or send them an email and test their response time. 

You can do it!!!!

Fees are always negotiable. Ask what is the additional service (beyond and additional to what other Realtors - who don't charge an additional fee - do) that costs $295.

It's like buying a car. If I have to pay an additional fee for the exact same car just because I use a particular dealer who does nothing extra or puts something additional in the car doesn't make sense. If they through in a couple of months of Sat radio, toolbox, and oil changes for a year, then it makes sense

 I personally find (in any service industry) additional fees without a service rendered, awkward and unjustified.

There must be another agent without the fee that does exactly the same thing.

@Jay Hinrichs - Completely agree! We have together the task to transform the traditional Real Estate Brokerage models. Technology is here are Millennials are pushing hard

Make sure it is  a licensed company and they disclose at least the name of the company in their home page. Call and talk to the broker. Make sure they are legitimate, licensed and will list the property directly ... not resale your info to another broker where you loos control.

You can do it!

Good Luck.