Profile picture for SoCal Engr

What, if anything, is missing from this list of listing-REA services?

What, if anything, is missing from the following list of listing REA services? What else should a seller receive for the listing REA's X% of sale price?

-- Handling of all contract negotiations
-- Transaction coordination for all disclosures
-- Virtual tour for property
-- Professional photography
-- Hosted open houses
-- Electronic signature services
-- Color flyers, mailers, etc
-- MLS listing
-- Internet exposure for listing (multiple sites)
-- Social media exposure
-- CMA
-- Signs

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November 24 2013 - US
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Answers (24)

well one thing you can't put a price on, or quantify (though some try) is SKILL and ABILITY..........it's often too late for a consumer to realize he or she has been shortchanged in that department  until after they sign on the dotted line.
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November 25 2013
a comparison that comes to my mind that is a simpler version of my answer is to talk with a farmer about the cost of hay.  Comparing the cost and size of a square bale vs. a big round bale.  Once round balers were put on the market it changed the whole game for the farmer,  faster time from cut to storage, better storage, ability to store outside, no need to pay a bunch of hired hands to haul, stack and unstack.  however this didn't mean that if 1 round bale was = to 3 square bales that the change in cost to produce was comparative.  Now the farmer had to purchase a machine, they have to factor in cost of maintenance of this machine, future repairs and usage etc. to determine if they are really paying more or less for that hay and determine an asking price or ROI etc. (many other factors in play as well)

which is again why i say you can't put a price on each service but you can define the service package for the lump sum price (which may or may not justify whatever the percentage is)

I'm tired. and i'm sure that's hard to follow.  I'll try again another day.   Service agreements are worthwhile and good for both sides, it's good to know what is on the list of expectations and what is not-no better way to do that than to have the list written down and agreed upon.
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November 25 2013
I'll come over to the tavern and cry with you on that in a minute.


I've got to go back and unhijack the  thread a second.   I don't know how to put  "availability"  on the list  but that really is the golden nugget, smoking gun, defining moment or whatever you call it.

In addition to paying for services - you are paying a fee to have access to a person.  that doesn't mean that you can call 24 hours a day (people do).  it means...you want to do business with someone who can afford to stay in business and because Real Estate in and of itself is undependable and inpredictable and there are MANY factors that can cause a deal to bust despite the best, top level service.  that person stays in business because they charge a fee and plan their services/costs/fees accordingly so that there is a little overhead/indirect cost in every deal to make it when there is a possible dry spell so that they don't have to go do something else for a living.   People who don't plan that don't stay in business. or they do something else on the side and are less available.   (therefore people who are less available by definition could charges less).

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November 25 2013
Hi Connie

ouch is right....there was a less expensive plan (sorry for hijacking your thread here Socal).....it was a mere $854. BUT.................there was a $2500 deductible before it paid out anything (other than a few well care visits).........and then, no set co pay, amount.... instead  it paid 70%, after deductible & I would pay 30%

70%, I thought to myself,  of what? How much the MD charges? How high could that go with a specialist?............do the math - that was even scarier than paying  $1090 which doesn't have a deductible and does have a low $30 office visit  co- pay...........what a mess healthcare is

Anyone want to know about individual plans..................ask me - we can cry together!
:)

ok... back to selling homes........

See, even healthcare companies are using percentages these days...............not just Realtors!
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November 25 2013
garibaldi, yes. I am saying - I didn't say it before - but I"m saying it now. There is a "standard commission." Whaddya kiddin'?!
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November 25 2013

honestly it looks to be a well defined list of services.  There are other abstract things that such as "being available" that need to be included or implied or somewhat defined.  That has value and is important but I am not sure that defining it in a service agreement is all that desirable for either party -however it is something that if not provided makes many of the other services of less value.

not sure that makes complete sense.   I do like the idea of a "service catalog" approach.  Setting expectations and putting a measurable value to the service -which is by no means offering to reduce commission, it agreement on the value of service provided.   Not necessarily a line item cost of each thing but - here's what I will do for what I am charging.


the discussion of whether or not there is more effort marketing a 900k vs 450k vs 100k property is a whole other issue (one I can't speak on with experience since I've never listed a 900k property)- send me one and then i'll share an opinion!!! LOL




@Debbie....saw your comment on insurance cost.   OUCH...that's painful.  I will stop my bellyaching about my tiny little increase.  I can't get my mind around that increase and how a person just has that much extra budgeted for legislative changes that impact their pocketbook.
ouch again....
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November 25 2013
Profile picture for faridabadi
"yield two-thirds of their commission"

Mark, are you saying there is a standard commission rate? I hope not.
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November 25 2013
And surprisingly, the people whose opinions matter most are the sellers of $900,000+ properties, who seem to think that our services are worth paying twice what the seller of a $450,000 property does.

But, as I've said elsewhere, there are a lot of commission-based brokerage / auction houses out there, and they charge on a commission basis, too. Only difference is - their rates are four to ten times higher.
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November 25 2013
Profile picture for SoCal Engr
"...who would also yield two-thirds of their commission upon request. Funny!"

Funny-or-not, that's not how I look at the scenario as a consumer.

As a consumer, I have an asset that I am looking to cash in. How much I can cash it in for remains to be seen, but my goal is to maximize my yield. In part, that can be obtained by intelligently negotiating commissions.

While realizing that there are benefits to using a REA, there is also a price-point at which the cost/benefit starts to erode. That point is different for each person, and likely for each scenario. I simply have a difficult time believing that the time/effort to successfully market a $900K property is twice that of a $450K property.

Others may...and that's what makes the world go 'round.
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November 25 2013
Attitude is a tool, like deference and patience.

To read these boards, you'd think that the General Public wanted an agent that was a fierce negotiator and a master strategist, who would also yield two-thirds of their commission upon request. Funny!
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November 25 2013
Profile picture for SoCal Engr
Okay...and now, the nefarious backstory to this post.

In some of my meanderings, I came across a REA who has determined that their services, as listed, are worth $6K - irrespective of selling price. I just did a cursory perusal of the site/services, so I don't know what happens if the sale price is less-than-$240K, which is about the point where the $6K exceeds a 2.5% commission for the listing REA.

Just thought it was an interesting approach, and seemed like a fairly complete "basic" list.
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November 25 2013
One size does not fit all.  It is case by case.

Pre-listing visual inspection to alert sellers of items which may come up on a buyers inspection.
Honest evaluation of what needs to be done to attractively present the home. (take the dead deer off the rack outside the garage)
Staging service
Cleaning service prior to listing. (I supply a maid to do kitchens, baths and dust bunnies)
Negotiation of inspection repairs for the least impact to the seller
Accommodate showings when pets involved
Personally attend showings when seller requires it.
Stay on top of buyers agent to be sure contingency deadlines are being met
Recommendations of trusted professionals when other services like repairs are needed.


Really - make my day with a laugh.  I just had Fannie Mae terminate my buyers contract which was executed in August because he needed to do another extension.  Fannie Mae has not been able to close because of a lien which was their fault for not giving proper notice to begin with.  Fannie Mae has refused to give a time line or even tell the buyer how they intend to cure it.  The buyer frustrated by no one having an answer called Fannie Mae in DC.  His punishment for asking the high and mighty Fannie Mae a question was to have his contract terminated.

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November 25 2013
Profile picture for wetdawgs
"Attitude - Lots of"  - finally honesty.  what a pleasure to see!
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November 24 2013
Profile picture for faridabadi
"Transaction coordination with Escrow officer to ensure Closing."

I would also like to know which of these services are generally performed by REA and which ones are outsourced to a third party.

Can you please come up with a similar list for Buyer's agent too? :)
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November 24 2013
"Clean up, you slob. Take the pics of your Aunt's dog down. You may as well replace those clouded insulated windows now. Etc... Staging, maybe"

You're funny Hamp!

I really  needed a laugh, so  thanks!

(just found out my health insurance plan is  dropping the pseudo group I am in....from paying a whopping  $732 a month - for ONE person - , I will now have the pleasure of paying  $1090 a month....... for an HMO no less!).

Go ahead.....make me laugh again, please - and send in the sommelier!

Oh, So-cal - add individual  domain name/address for the listing to your list
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November 24 2013
How about knowledge, experience and a network of associates from other agents/brokers, escrow agents, lenders, attorneys, inspectors that they can call on for assistance.  Expertise is a difficult thing to put a price tag on, but it is invaluable when needed.
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November 24 2013
I think most Seller's actually want a team of Waiters and a Sommelier. They don't even want to look at a menu. They want you the staff to deduce what they'll enjoy, or bring a little of everything. They want to be carried from the car to the table, and back.
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November 24 2013
I don't agree with that, So_Cal. I think that most of us choose from the pantry and present that to the seller for approval, rather than the buffet analogy. 
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November 24 2013
Profile picture for SoCal Engr
"I have not distilled this thought, but the analogy I want to use is akin to a restaurant - it may have 300 ingredients on hand, but you may not want all of them in your meal."

Concur. But, pursuing the restaurant analogy, most listing REAs appear to treat their services as a buffet. All services are made available for one price, irrespective of how much of which services are used. Under that premise, I'm just trying to make sure the buffet has adequate selections.
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November 24 2013
We have some local specialty periodicals that are worth using, depending on the house.
Buy side screening is negligible around here. List side screening needs to be done, even if Buyers Agent claims to have done it. BS detecting.
Clean up, you slob. Take the pics of your Aunt's dog down. You may as well replace those clouded insulated windows now. Etc... Staging, maybe?


Showings - Coordination of and participation in.
Showing Feedback Pursuance
Fancy Lock-box
Attitude - Lots of



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November 24 2013
I think it rather depends on what the client's needs are, and what is customary for the market area.

There are brokerages that do not do everything you have listed, and there are some clients who don't even want to be in the multiple.

I have not distilled this thought, but the analogy I want to use is akin to a restaurant - it may have 300 ingredients on hand, but you may not want all of them in your meal.
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November 24 2013
Profile picture for SoCal Engr
@ Amanda - Just looking for input on "what I could/should expect".
@ Hamp - At times, you make me smile...

"Local Print Advertising"
Aside from higher-end properties, how much is "local print" actually used by buyers? Just curious, as most of the ad-mags seem to have on online presence.

"Inquiry Administration and Pre-Qualification Screening"
Assumption is this is handling the phone calls from potential buyers. Since it now seems like most REAs are asking potential buyers for pre-qual or pre-approval letters, seems like "screening" on the buy side should be minimal effort?

"Marketability Advice"
What would this cover? I'm assuming CMA handles pricing and current market trend, and the various media channels handle "actual marketing". Does "marketability" address recommended changes?
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November 24 2013
He's doing some econometric analysis of why REA's are overpaid salespeople.

Local Print advertising.
Inquiry Administration and Pre-Qualification Screening
Marketability Advice

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November 24 2013
Hi SoCal-Engr,

What is the purpose / proposed placement for this content?
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November 24 2013
 
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