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Oh man.This could be ugly.
A good agent offers far more than just a search and fill in the blank forms. You could ask the question of many professions, plumber, CPA, lawyer, doctor etc. but if you run into a snag with your plumbing, taxes, estate documents or having a baby and you're doing those things without the assistance of a professional it will cost you a great deal more than it would have if you started with the professional in the first place. same goes for licensed agents.
It all depends in what your agent has to offer you as an expert.
There are agents that want to just nail every buyer and seller to the first house they come cross and who cares if it was wise investment as long as they get the highest amount of commission in the shortest amount of time.
God help these buyers and sellers if it is their first time through the process. We all learn from our first experience through, only to be very aware the next time.
Now there are agents that do earn there commission and more. If an agent gets you either into a house or out of one that never comes back and bites you in the future and you are able to look back on the experience without getting sick to your stomach; that agent probably rightfully earned their commission. This is especially true if you find yourself referring family members to them in the future.
May want to ask yourself that next time and think that someone out there turning and burning sales is really out there in your best interest.
If an agent questions what they have to offer you and they believe you can basically do everything yourself, that agent needs to get out and educate themselves because I would break out in hives if my client knew more than I did and I asked that question of myself.
That is why the military has ranks... A private will charge a tank wth a rifle, a seasoned military professional will have a game plan already planned out.
Ask yourself, do you like a cheap beer or a fine wine?
Good luck out there :o)
As Dunes said, REAs used to have a strangle-hold on information. Not using an REA? Then, no access to the MLS - either to list or look. The Internet hasn't completely nullified this, but it's made it pretty much a non-factor in the minds of current buyers.What's left? General familiarity with the market and processes. Is that worth 6%, irrespective of how it's split? Not uniformly across all properties. Same forms, same number of signatures, different numbers. Does "different numbers" justify the delta between $6K on a $100K transaction $30K on a $500K transaction? Hard to justify that $24K delta.Are REAs really necessary? No, and they never have been. It's just that the increased access to information, both on properties and processes, has added fodder to the discussions. With that being said, are REAs useful? Yes, many - though not all - are. It's just, what are their services really worth. Everyone else in the transaction, including the LO who actually arranges the financing, works off a straight fee - nowhere near what the REA charges.p.s. Before you post...Yes, I know LOs use different fee mechanisms. However, the ones I use charge a flat fee - not a percentage of the loan.
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