Home Sale Via Fixed Fee Real Estate Broker?

[l8_apex]

I used a flat fee broker back in 2010 and that was the best experience of any realtor transaction. I paid $800 and he took the pics himself, but had a high end camera with a super wide angle lens, plus some color correction afterwards. I didn't ask him to do any open houses, and I did the sales pitch when prospective buyers came over if I was home. This was in the recession, so not necessarily the best time to sell.

I also did the price negotiation, although I think the broker would have been happy to do that.

There was something that the buyer wanted that they put in their offer that I didn't understand, and the broker was happy to talk me through it all.

In retrospect, I think the $800 was fair to both sides, actually I doubt the broker put in more than 4 hours sum total.

I'd do it again, just try to suss out whether recent customers are happy with the broker/realtor.

 

[travelover]

it certainly is if you are selling a high-dollar house

not a transaction on which I would like to get shortknocked, which is what would happen for paying $1K to basically just get the house on mls; what a rip.

is the fixed fee broker going to ACTIVELY look for buyers or otherwise proactively market the property? (no)

Not in my experience. The real estate agent demanded a full 6%, took crappy pictures with his own camera, over priced the home and it sat for months even as I kept dropping the price. I finally got a lower offer and I made Mr. Getwhatyoupayfor refund 2% commission to make up the difference.

Some times you get what you pay for, but it appears than any idiot can be a real estate agent or a financial "advisor". Caveat emptor

 

[RenoJay]

I’ve sold a couple homes FSBO and a couple through traditional broker. The broker will do showings for you (which become a PITA to do yourself) and there may be buy side brokers who won’t show a FSBO to their clients. I’ve been happy with the commission savings on my FSBOs but I think it depends on your market. In some markets FSBOs seem to work better than in others.

 

[Scrapr]

one other thing about brokers. They can be the "bad guy" in negotiations. If you yourself are asked about concessions they have the decision maker right there. If your broker is dealing with it he can "get back to you"

Comes in handy as you can discuss with your broker a strategy to negotiate

 

[travelover]

one other thing about brokers. They can be the "bad guy" in negotiations. If you yourself are asked about concessions they have the decision maker right there. If your broker is dealing with it he can "get back to you"

Comes in handy as you can discuss with your broker a strategy to negotiate

Or the real estate agent can be the problem in negotiations. I finally bypassed my agent and sat down with the potential buyer and hammered out a deal. The buyer later thanked me and told me he wanted to buy the house but the agent was argumentative and was creating suspicion between us, the buyer and seller.

 

[Doribe]

I plan to use the flat rate structure when I sell. I can't justify the value for a full commission. I have sold quite a few properties and have a good lawyer. I don't need too much hand holding.

I have had many glitches during real estate deals that should have been caught or dealt with by the agents and weren't. I'd rather stay on top of everything myself.

 

[akck]

once they are paid the $995, or whatever, what incentive do they have to put in the time to sell the home?

They were only paid if the house sold at closing.

 

[brucethebroker]

Some times you get what you pay for, but it appears than any idiot can be a real estate agent or a financial "advisor". Caveat emptor

Wow.........

 

[freedomatlast]

I'm surprised no one brought up an auction as a way to sell quickly. Around here, they are fairly common. Fee is typically 3% and there are no inspections and negotiating that takes place. Works well if there are at least two people at the auction that really want it and it seems to help if the property is somewhat unique.

 

[zinger1457]

I'm surprised no one brought up an auction as a way to sell quickly. Around here, they are fairly common. Fee is typically 3% and there are no inspections and negotiating that takes place. Works well if there are at least two people at the auction that really want it and it seems to help if the property is somewhat unique.

The only homes around here that I've seen go up for auction are foreclosures.

 

[Music Lover]

once they are paid the $995, or whatever, what incentive do they have to put in the time to sell the home?

Following the same thought...what incentive does an agent who has done all the basic work and listed a house for $300k @ 5% ($15,000) have to put in dozens of extra hours to try to get an extra $10,000 for the homeowner if it will only result in another $500?

 

[Big_Hitter]

Some times you get what you pay for, but it appears than any idiot can be a real estate agent or a financial "advisor". Caveat emptor

that's why you need to pick a good one - not too many barriers to enter those professions

 

[travelover]

that's why you need to pick a good one - not too many barriers to enter those professions

The one I picked was supposedly the highest selling agent in the state, or so he advertised. My mistake.

 

[travelover]

Wow.........

Please don't take it personally. We know you were one of the good ones. There are crooks and losers in every occupation and the problem is that many peers know of the problem, but band together to shield the perp in order to protect the "reputation of the organization".

 

[Ian S]

once they are paid the $995, or whatever, what incentive do they have to put in the time to sell the home?

Well, I wouldn't expect them to put any time into selling the house. I think the idea is that it will be up to the MLS listing and buyers' agents as well as the homeowner. It's kind of a hybrid of FSBO and conventional with a buyer's broker involved. It seems they supply a lockbox which would be ideal. In our case, whichever way we decide to go, we will have already moved out completely so it won't be a hassle for the buyer's agent to show. Our small gated complex is attractive for its increasingly desirable yet quiet location. Being patio homes, no living walls are shared - only garage walls. Single floor living with easy to care for patios - five in our case. Our home is in need of updating and that's what folks who have bought in the past year come in and do.

Anyway, it seems that the topic generates some controversy but the discussion has yielded a number of factors to consider in determining which way to go.