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Re: Low Commission real estate agents
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MDM wrote:
Anyone here have good / bad / indifferent experience with low (i.e. 2%) commissions for selling a property?


I would love to hear any stories (most I've heard have been very negative) people have about Foxtons. Granted, they went out of business more than 10 years ago, so that's probably a tall order. Their business model made no sense - while a seller could save a lot because of the lower commissions, what incentive would a buyer have to use them? A real estate transaction has to work from both sides of it to successfully sell a property at a good price and Foxtons couldn't do that with their business model. I remember seeing their small billboards around Jersey City on occasion.

On a somewhat related and funny note, for many years after Foxtons went out of business, I would see their badly faded purple and yellow umbrellas attached to hot dog carts all over Manhattan, presumably purchased in the bankruptcy sale! Haven't been into Manhattan too much lately for obvious reasons, but you may *still* see those umbrellas today.

Posted on: 4/8 16:26
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Re: Low Commission real estate agents
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This is 100% correct. Who works for free? Sales people are motivated by money. Especially in real estate where their commission is their only form of compensation. Don't waste time haggling over a commission. The realtor or broker will not be as motivated to work for you as he or she may be to work for the client who is paying him or her more. How would you feel if your employer kept requesting that you take a cut in pay because he or she can find someone who can do your job for less?

Quote:

caj11 wrote:
Quote:

MDM wrote:
Anyone here have good / bad / indifferent experience with low (i.e. 2%) commissions for selling a property?


Remember Foxtons? They were one of the original low commission real estate agents that charged 2% and eventually 3% when the 2% commission just wasn't sustainable. In any case, let me put it this way - you get what you pay for. I heard a lot of horror stories with regard to them and then they went out of business entirely when the housing market tanked in 2008 I think.

While many full-service agents will agree to a lower commission than 6% - I've heard some go with 5% from the outset - anything too far below that and I'd wonder how much attention they would give my property. That said, I do know some people who used eRealty or RedFin, where you pay a flat commission of a few hundred dollars plus 3% to be in the realtor's Multiple Listing Service and claim they got the results they desired while saving a lot.

Really, the best thing to do is find an agent that others have highly recommended that will work their hardest to get the highest possible price for the property. Some agents are well worth the 6%, others just get lucky when the home sells quickly, having done hardly any work, but the reality is, while you may want to save on commission, no buyer cares what agent you are using. If you miss out on any potential buyers because your low cost agent didn't market it to enough people, the savings probably isn't worth it.

Posted on: 4/8 14:07
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Re: Low Commission real estate agents
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Thanks for the feedback...

I haven't had to deal with an agent in years. My overall impression of the industry (as a buyer), from past experience, is pretty low.

No-shows for appointments
Trying to sabotage a written contact so not to have to share a commission.
Blatant lying / deception
etc. etc.

I ended up finding an agent that gave me access to the MLS guide (this was before everything was online), I printed stuff out, saw the properties, and gave the agent the ones I wanted to see. Then again.. I was still in my 20s, so nobody took me seriously.

The last sale I did I put an ad in the paper and on the internet and sold it myself. However, I was single then with no kid, so I had more time.

I am putting properties on the market in early summer, after a number of minor upgrades are complete. Just trying to figure out how I am going to go about the sale.

Posted on: 4/8 13:30
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Re: Low Commission real estate agents
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Quote:

MDM wrote:
Anyone here have good / bad / indifferent experience with low (i.e. 2%) commissions for selling a property?


Remember Foxtons? They were one of the original low commission real estate agents that charged 2% and eventually 3% when the 2% commission just wasn't sustainable. In any case, let me put it this way - you get what you pay for. I heard a lot of horror stories with regard to them and then they went out of business entirely when the housing market tanked in 2008 I think.

While many full-service agents will agree to a lower commission than 6% - I've heard some go with 5% from the outset - anything too far below that and I'd wonder how much attention they would give my property. That said, I do know some people who used eRealty or RedFin, where you pay a flat commission of a few hundred dollars plus 3% to be in the realtor's Multiple Listing Service and claim they got the results they desired while saving a lot.

Really, the best thing to do is find an agent that others have highly recommended that will work their hardest to get the highest possible price for the property. Some agents are well worth the 6%, others just get lucky when the home sells quickly, having done hardly any work, but the reality is, while you may want to save on commission, no buyer cares what agent you are using. If you miss out on any potential buyers because your low cost agent didn't market it to enough people, the savings probably isn't worth it.

Posted on: 4/7 18:42
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Low Commission real estate agents
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Anyone here have good / bad / indifferent experience with low (i.e. 2%) commissions for selling a property?

Posted on: 4/7 17:47
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