Profile picture for jvhendricks

Im wondering if hiring a realtor is in my best interest. Furthermore how much will it cost me?

  • June 25 2010 - Broken Arrow
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Answers (20)

Profile picture for klarek the realist
I'm sure you saw that I quoted Enid Metro Association of Realtors, which is a credible source

And they were quoting the National Association of realtors who are NOT credible at all.  They are a hairline away from a DoJ indictment for fraud.  Almost everything they say is patently false. 

If you knew anything about your industry you would know that the statistic you quoted was a complete lie. 
  • April 29 2011
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Why would jvhendricks care almost a year after asking this question?

Peggy, with all due respect your post is wrong on so many levels, beginning with reviving a question that is almost a year old with the intention to try to get business.
  • April 28 2011
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Profile picture for SteadyState
 "Steady State, I'm sure you saw that I quoted Enid Metro Association of Realtors, which is a credible source.  http://www.enidrealtors.c ... ndex.html

Feel free to visit their website, there is more information than I provided from earlier." - Peggy Ulmer, "soldonpeggy"

Once again it is proven that NAR stands for Not About Reading. Peggy says Enid Metro Association of Realtors is a credible source. But their claim of 32% better price than FBSO is directly lifted from the NAR study shown on the Enid site here.
This NAR study has been superseded by and disproved by more recent studies from University of Wisconsin and Stanford University. Peggy should learn to read, actually read and understand what is written before stating incorrect sources. By the way stating a fact is not using scare tactics.
Here is a thread on this subject with references.
  • April 28 2011
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Profile picture for sunnyview
"Enid Metro Association of Realtors, which is a credible source."

I hate to disagree, but local and national realtor associations have not been the most honest sources for information about the direction of the market. Although there is no doubt that they have access to the best raw numbers available, the interpretation of them has been problematic. Here is a slide from a June 2008 NAR presentation from Lawrence Yun. Not accurate or reasonable even in 2008.

I cannot speak about the accuracy of Enid Metro Association numbers specifically, but I can say that the 5 markets that I follow most closely have not has local RE associations making calls based on the numbers alone. I wish they did. Realtors have the power to help people who buy and sell make better decisions.
  • April 27 2011
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Steady State, I'm sure you saw that I quoted Enid Metro Association of Realtors, which is a credible source.  http://www.enidrealtors.com/index.html

Feel free to visit their website, there is more information than I provided from earlier.  Jvhendricks, you can check for yourself so that Steady State doesn't try and use scare tactics to confuse you.

Have a great day! :)
  • April 27 2011
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Profile picture for SteadyState

Misleading sayings in the posts above:
----------------------------
"Homes that sold with the help of a realtor in 2006 sold on average for 32% more than for sale by owner sales". - Peggy Ulmer, "soldonpeggy"
Detained studies done recently by economics professors at University Of Wisconsin, Madison and Stanford University has SHOW SUCH STATEMENTS TO BE FALSE. FBSO do just as well as Listing Agents. Thus Peggy is misleading you into believing that listing agents can do better by using a selective study put out by Enid Metro Association of Realtors
-------------------------------
"The seller is who pays the commission, not the buyer, so it depends on which end you're on." - Georgina OBryan, "GOBryan1
"If you are buying, it won't cost you anything." - Christi Baylor, "cbaylor"
"Absolutely!!!  And as a buyer, it's usually FREE to you to work with a Realtor." - Angela Plafcan, "aplafcan"

All of these agents do not tell you that the commission is priced into the home. Thus a home that would sell for $100K without REAs will sell for $106K. The seller then take takes the $6K and gives it to the listing agent and the listing agent then takes roughly $3K and pays to the buying agent/brokerage.

They are misleading you by clever trickery  (the seller pays the commission - which is only true in terms of process but the money comes from the buyers pocket as it is priced into the home price) or outright lying when they say it is Free.

  • April 27 2011
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Hands down, hiring a realtor is in your best interest.  "Homes that sold with the help of a realtor in 2006 sold on average for 32% more than for sale by owner sales" (Enid Metro Association of Realtors).  With a realtor charging 6% that leaves plenty of profit in your pocket.  Do keep in mind that the lower the agent percent is NOT always the best.  The best lawyers and doctors are not cheap, therefore you pay for the service you get. 

If there's anything I can help you with please feel free to call and I can assist you in finding a qualified realtor.

  • April 27 2011
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Hiring a Realtor would be your best bet, but you want someone who will market your home and not just put it on the market! If you are selling, I offer a menu of commission rates so you have a choice and I am a part of the Coldwell Banker brand which is one of the most respected and recognized names in real estate and we will market your property. If you are buying, my services will cost you nothing and I could help you save thousands. My cell phone # is 918-313-0408 or you can follow this link to my website... http://www.jcantero.cbtulsa.com   

Good luck,
John Cantero
  • July 31 2010
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Hiring a Realtor is a great idea because whether you are buying or selling this process can be overwhelming. A good Realtor would be benificial because they have full knowledge of the for ever changing housing market.
 It is important to work with someone that has your best interest at heart.

A Realtor is paid about 4-6% once contracts are signed. The Realtor has to market out of this 4-6%, the Broker the Realtor works for has to be paid and the agent that is on the other end of the transaction has to also get paid from the 4-6% . If you are buying the seller pays not you . Selling or a buying a Realtor can truly help it be a much smoother process.

Hope this was helpful , good luck 
Francesca's contact info [contact info removed by moderator]
  • June 29 2010
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It is usually the best idea to work with an agent to save yourself the headache and hassle that goes along with buying or selling a home.  Realtors always come in handy by divulging very sensitive information that intern help you make a better decisions.  If you can burden the work load and feel informed enough to work a deal by yourself then by all means give it a try.  You can always try and if you run into any problems later on you can still hire a realtor later.
  • June 29 2010
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Profile picture for openup
To me it depends on how much equity you have and what pressure your under to sell. Anytime your not pressured to sell, have adequate funds to cover the transaction, not under any time or financial constraint and don't have any complicated legal issues with the property.

I believe it is in the best interest of the Realtor not yours. You will only pay out equity on the transaction.

If you are buying, the seller pays the cost of the buyers agent, but if you can negotiate a concession from the seller because you don't have agent. Then not having one can save you a buck or two.
  • June 29 2010
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The cost is in the asking price of the property. If you do this alone, you'll probably pay more. Do you slaughter your own meat? Do you re-sole your own shoes. Would you go to court without an attorney? ... Think about it. .... Happy funding, Rudi
  • June 29 2010
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My advice is to find a Realtor with your best interest is their only consideration.  You can do it on your own but unless you have access to local knowledge of sales and all the information behind the sales, then you should hire a pro.  If you are buying go out on a few appointments with a Realtor you have chosen to see if your are fit together.  How interested in you and your concerns or questions about the homes you are viewing? If you find a home of interest how quickly does she get you the information on comparable sales, history of the property and any other pertinent information.  The needs to be a high level of trust and relationship because when the time comes to make a decision you need to be able to trust her opinion on your offer -- it should not be adversarial.

On the sales side the pro's won't give you a price on your property.  She will provide you with all the information on the market and similar property sales.  The correct pricing strategy should be apparent during the meeting and after she has fully viewed your property. The buyers in the market decide what your property is worth at a given time in the market.  A seller can put any price he wants but the market will set the final price.  Bottom line if the agent will go ahead and take your listing when the market is clearly in the low $300k range at $375K list price, then you and this agent will be spending many months together waiting for your home to sell.

If you are a seller and you find out the market price is below what you owe on the property, then find an agent that specializes in short sales.

As far as how much it will cost you, depends on your market. The agents you interview will have no problem showing objective information on what a typical commissions are paid on both sides of the transaction. 

If you decide to sell it yourself I would advise to pay out to the buyer agents in your area.  You want the maximum exposure on your property; but no matter what you pay a buyer will not pay above market. As a buyer your agent should help you to not do the same.  Good Luck

 
  • June 28 2010
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The seller is who pays the commission, not the buyer, so it depends on which end you're on. A Realtor helps you find a place, negotiate and draw the paperwork, of you're the buyer. As the Seller's Agent, a realtor advertises and helps all the way through closing.

  • June 28 2010
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Depends on your situation.  You should have someone to be your representation.  As a buyer you need someone to be on your side and NO you do not pay for this.  As a seller you may need someone to advertise, put the home on the MLS, and work for you by negotiating with buyers and buyers agents.  It is up to you what you need.  Good Luck
  • June 28 2010
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Buying or selling home is often one of the largest financial decisions that you will make in a lifetime and having a professional to guide you through the process is invaluable.  In a home sale transaction you are actually entering into a complex legally binding contract. It is very important that you understand the process from offer to closing, or hire a professional that does. The seller who has placed the home on the market with a broker has already established a business relationship.   Certainly the buyer who seeks representation with an agent would  put himself on an equal level in bringing the knowledge and experience of an agent to the negotiations.  In many states, the entire fee is covered, however, by the commission charged to the seller.

The complex process of a home purchase, particularly in this day and age, when changes to the mortgage and appraisal processes seem to happen every day, it only makes sense to seek the advice of a professional to assist you.
  • June 28 2010
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If you are buying, it won't cost you anything.  The seller pays both agent commissions.  It is always in your best interest to hire a REALTOR.  We are experts in the field of homebuying and can help ensure that you are making a good investment.  You can still buy a house - it doesn't have to be FSBO.  But an agent can help you make a good strong reasonable offer.

If you are selling it is still best to hire a REALTOR.  We perform market analyses to ensure that your home is priced within Fair Market Value.  We also market the property (at our own expense), hold open houses, coordinate the closing etc... not to mention the ability to put your listing on the MLS (multiple listing service) - which increases visibility to other agents and prospective buyers. 
  • June 28 2010
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Absolutely!!!  And as a buyer, it's usually FREE to you to work with a Realtor.  I specialize in working with buyers.  I'm happy to tell you how the commissions get paid in more detail, but basically, the seller hires an agent to sell their home and pays for the commission for both sides of the transaction.  It's an expense negotiated between the seller and their listing agent when they decide to sell their home using an agent (thus exposing their home on our multiple listing service).

Call or email me to discuss further if you still have questions.  I meet with my buyers in person to discuss what they are looking for in their next home and how we can work together to achieve that. 

Best,
Angela Plafcan
  • June 28 2010
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Profile picture for wetdawgs
If you are buying, the only opportunity you have to go without an agent is if you find a home that is FSBO.    Then you should have a lawyer involved to protect your interests.

If you are going for a house that is for sale with an agent listing it, the agent already has signed into the contract the percentage that will go to the buyer's agent.   If the selling agent has to represent you also, the selling agent will double dip.
  • June 28 2010
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Profile picture for UB Home Team
Are you buying or selling?  I am biased, but believe a Realtor is best suited for either situation! We have more exposure and experience on the selling side, and better suited and knowledgeable for most buyer situations.

Best of luck!
  • June 28 2010
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