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Why use a Realtor?

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Mark Roncone, "markroncone.com"

Yorkville, IL

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Why use a Realtor like Mark Roncone?


A qualified, competent real estate agent will help you navigate the myriad of decisions that arise when buying and selling a home. An agent provides value to the homeowner in many ways:

Pays for all marketing and advertising costs.
Adds experience and expertise in all aspects of the sales process including marketing, financing, negotiations and more.
Handles all showings.
Brings a network of known, trusted real estate professionals. If your agent doesn't have the answer, he or she likely knows someone who does.
Always has your interests in mind so you always have someone on your side.
Can handle and advise on all price and contract negotiations.
Provides you with all the possible options and opportunities without holding back.
Gives an unbiased, realistic view of your home and your options. Unlike buyers and sellers, an agent has no emotional attachment to property.
Has the knowledge to help you ask the right questions.
Being a third party, potential buyers are more likely to tell your agent the truth about your home, even if it is unflattering. This objective viewpoint will help you make the necessary changes to get your home sold.
Your time is valuable. A real estate agent allows you to spend your time how you want.

For professional service with an aggressive attitude contact Mark Roncone with Kettley Realtors Yorkville.
Direct (630)212-1118
e-mail mroncone@sbcglobal.net
website http://www.markroncone.com
Buy or sell with me and I will pay for your home warranty!
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July 15 2007 - US
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Kathleen Barnato, "Kathleen Barnato"

Santa Barbara

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Mark hit all the hot spots on why you should use a real estate agent in a transaction. However, your question was why use a Realtor.

A Realtor is a member of the National Association of Realtors. This is our Trademark designation. I suggest you take it further and use a Broker or Associate Broker rather than just a real estate agent. Both can be Realtors but a Broker/Associate Broker has more experience, and is able to run his/her own company if need be. An Associate Broker is one who holds a Broker's license but hangs that license with another firm, such as Prudential California Realty.

To become an Agent, one only needs to take 2 classes and pass a simple test. To become a Broker, which I am, takes many classes, and requires passing a most difficult test.

In addition, I recommend using a Realtor who is a Broker AND a Certified Residential Specialist (CRS), a designation few Realtors hold. I am a CRS and in order to earn this designation, I had to be a Realtor for many years, and have many, many successfully closed transactions. Remember,
Experience is not expensive - it is priceless.

Kathleen Barnato, Realtor, Broker Associate and CRS
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July 15 2007
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Erika Ambrosio, "bayareahomes"

Real Estate Agent
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Because you will save time and $$$ Selling or buying a home without a professional realtor is like being sick and getting medicine over the counter. You think you know what you have, but doctors will always know more than you because they are professionals. Good luck!
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July 15 2007
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Kay Osman, "lovehawaii"

Oahu, Honolulu, Hawaii

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Mark, Kathleen and Erika covered some of the spots. If I may add, I would like to point out that, when you are considering buying a home, you are fearful of the risk, the unknown, and the first thing you may do is to try to find an agent that would provide you with assurances or guaranty. Remember, no one can predict the future. If You think of hiring a real estate agent, because you want someone to guide you, protect you, and provide more security to you more than any other Buyer or Seller, because it is you, may be you are asking too much.
Do not allow the fear to take over, and leads to unrealistic expectations or demands. Your agent will provide you with historical data and support statistics to show you the various trends in the past and the current active and sold data; and you will have to reach your own conclusions, and assumptions. If real estate agents can see through a crystal ball, all of us will be safe, secure and super wealthy.

Trying to employ a professional real estate agent is one of the toughest decisions. To start with, you need to understand what the agent will do for you. But, depending on whether you are a buyer or a seller, the agent?s responsibilities to you will vary. You need to understand the various types of Agency, who represents who and what is the representation impact on you and your purchase.
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July 15 2007
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debischnitzer

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A good realtor has experience that you might not even consider, I recently walked a house that was listed at 3,500 square feet and told the seller it didn't seem like it was more than 2,500 max. After a bit of negotiations, the seller agreed to have the house appraised for square footage alone and it ended up only being 2,300 square feet! He'd been paying taxes for years based upon the house being over 1,000 square feet larger! He never even thought about it. One walk through the house and I knew it was not the same as the others in the area. Great house, just not that large.

My client did end up purchasing the property, but at the price per square foot of what the house should have been priced in the first place.

--Debi Schnitzer
Keller Williams

debischnitzer@kw.com
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July 16 2007
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Christian Brower, "CallThisNumber"

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I believe you should think very carefully before hiring a real estate agent.

If you are selling your house and you get $200,000 for it, you could end up paying out $12,000 to real estate agents.

I don't know about you, but to me, that's a fair chunk of change to pay someone for helping you sell your house.

--Christian Brower
info@callthisnumber.com
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July 17 2007
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CashRightAway

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Callthisnumber,

Try to keep in mind you may not get 200k for the same house if it was FSBO, because the people who buy homes FSBO want to do it without a realtor, and save on the commission so that 12k would be negotiated out. If money is the motivating factor on a sale, consider the 12k an advertising fee, a consulting fee, and a hassle elimination fee.

Actually unless you are offering a seller carryback on a FSBO property or some other creative financing, don't expect to get more on the property than 3%-7% less than what is MLS market activity.

Don't get me wrong, there are some real estate agents and REALTORS out there that aren't worth it, and it sounds to me like you may have met them, but for the most bang for your buck, I wouldn't discount a good realtor. (good of course IS the operative word)
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July 17 2007
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ReallyEstate

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Realtors are really worth using when buying or selling an existing home. They can also be of use when you aren't familiar with the area. the one time that I can think of that you might consider not using a Realtor is when you are buying a new home and know the area well. The reason for this is that the builder is more likely to deal with you on the price when they don't have to pay the Realtor commission. A Realtor might be able to help deal on price but the builder will still have to pay the commission. So, if you are considering a new home try talking directly to a builder at their sales centers.
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July 17 2007
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CORONA NICK

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As a buyer, does having your own agent put you in a less negotiating position?? I mean, why cant I go out, see the neighborhood I want, find a house I like, and try to use the selling agent... hense the selling agent will be more incline to deal with me because they will be both selling and buying agent... like some say..."jackpot"?
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July 18 2007
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Carrie R

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Nope, you will not be represented. Fiduciary responsibilties are owed to the seller in this circumstance. We are governed by law and ethics. The selling agent must treat you honestly and cannot with hold any material defects etc., however if you think they are going to try and negotiate a better price or terms...they can't, their legal repsonsibilty is to the seller.
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July 18 2007
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Charlotte Wood, "GreenEyedGirl"

Westerly, Rhode Island

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Joanna, you had a bad ride from someone, but if you think all Realtors do is wait around for a commission like a vulture, you are sorely mistaken. How about the agents who spend 5 hours in the hot sun pulling weeds from a derelict yard because the seller is elderly and cannot do it herself or afford to pay anyone? How about the agent selling a house that is "upside down" financially and the owners cannot sell at all without paying out of pocket at the closing, but must sell beacuse they are moving out of state in 60 days, so the agent voluntarily gives up half of their commission to get it done? How about the agent who scrubs the urine off the rugs in a house with pets beacuse the sellers are not willing to do so? How about the agents who spend all their weekends running open houses instead of with their families and during the week making flyers and phone calls and placing ads to find buyers and still gets no time with the family? How about the agent who spends $125 a week in gas carting around buyers to property after property only to find they buyers can't afford any of them? How about the agent who spends hundreds of dollars out of pocket to market a property in newspapers, magazines, and internet sites? How about the agent who stays up all night due to time differences to handle negotiations with a military couple moving from Japan back to the States who have no idea what to do as 1st time buyers? Yeah, you're right all we do is stand around and wait for money. Gee, I guess I have been doing something wrong.
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July 18 2007
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Julia Malik, "julia_1"

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Dear JoannaB,
My initial desire was to ask you why come to a place of discussion and be so offensive when you know that many of us are realtors? My more spiritual response would be that every profession has its bad apples, even some that we voted into position. To generalize in such a manor is not fair. You are not going to be vindicated by striking out. There are venues that you can become involved with to facilitate consumer protection. I myself become weepy at almost every closing, because I know that I was an important element in this result. I am proud to be a realtor, most of the public does respect us as professionals.
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July 18 2007
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pbean

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To further illustrate Julia's excellent point above - I would like to ask the following:

Have you ever had a bad doctor? Would you never go to another one because of that?

Bad CPA? Do your taxes yourself! Save the money and deal with the IRS alone.

Need I say more? I think if you get a bad agent, it is your fault because you didn't do your due diligence. You didn't know the right questions to ask to make sure they understood what you expected and wanted. Then again, there are just some bad agents out there, but there are also bad sellers and buyers, so shall we not work with YOU?

As far as that brotherhood comment, you have no idea what you are talking about. We have so many rules and regs to abide by that it sometimes hinders more than it helps.

Furthermore, there is documented evidence that REALTORS make you more money EVEN after paying the commission, than you get on your own. The funny thing is that this research by NAR shows a lower percentage than the research done by USAToday which says we make you 21% MORE.

So, in conclusion, my advice is to do your research and pick an agent that has been in the business a long time, that is proof right there that you are starting off on the right foot, as we don't stay in this business long by fronting marketing costs, time, nights and weekends and not getting paid until and unless your house SELLS.

I'll bet your doctor wouldn't agree to be paid only if he cures you, and I'll bet your CPA won't take a percentage of what he saves you on taxes either. The only other contingency people I know of are personal injury attorneys, and they get 33.33% if they are successful.

hmmm.... there's a thought, let's charge MORE money if you pay contingent, less if you pay up front NOT contingent on the sale. That should pretty much stop the misunderstanding of how REALTORS work.
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July 19 2007
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joannab3884866

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Well, I hate to say it but I believe the movement in the country is to phase out realtors. It's what the public wants, and it's the reason why so many discount services are being used. They would be more successful if members of the NAR would stop blackmailing people, and boycotting properties of people who use those services. When interviewing approximately 75 agents, several indicated that they do not get around to showing discount chain properties until they are desperate. When I asked why, they said that they don't want to settle for such a low commission.

I'm happy that our government is listening to We the People about abuses such as this. The fact that the NAR is still involved in the antitrust lawsuit makes me hopeful.

http://www.usdoj.gov/atr/cases/nar.htm

In fact, I think I am going to write a letter to the USDOJ asking them how I can become more involved in their effort towards improved levels of consumer protection. If they let me help them, I'm sure I too will become weepy knowing how I am doing a public service.
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July 19 2007
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joannab3884866

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Pbean,

In response to your statement:

"I think if you get a bad agent, it is your fault because you didn't do your due diligence. You didn't know the right questions to ask to make sure they understood what you expected and wanted."

Between my 2nd and 3rd (the last one I went with), I interviewed around 75 different agents. I asked some extremely poignant questions, and received some very outrageous answers to say the least which bought me to the realization that most were great BS'ers. Only a few were realistic with me.

"We have so many rules and regs to abide by that it sometimes hinders more than it helps."

sure you do...it would help if the majority of you would actually FOLLOW them.

"Furthermore, there is documented evidence that REALTORS make you more money EVEN after paying the commission, than you get on your own."

Gee....it's too bad that after 3 realtors and 2.5 years of my condo sitting around vacant that I had to come up with $7000 in cash to close the deal. Documented "evidence" of bogus trumped-up statistics don't amount to a hill of beans when it comes right down to it.
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July 19 2007
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Carrie R

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Joanna,

Just out of curiosity, how did you feel about your last real estate agent and also once you were with that person how long after that did you finally sell?
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July 19 2007
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joannab3884866

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I went with Linda because i had used her several years prior to sell my first home. I chose her after interviewing all those agents simply because there was an element of trust and familiarity. Basically, after all those interviews I just didn't know who to trust! It took 15 months after signing with Linda to finally sell. She was honest with me and said "there is just no other way around this....we simply have to wait and hope to get lucky". I kept asking her about the price, and she said that I was way below mkt value. I simply could not lower it any more. i had offers comming in at about 25000 less than the dirt cheap list price. I swear it's because of the friggin media blaring it over the airwaves that "homes are way over-priced" In ohio, we never experieced the run- up as was seen in the last several years in Ca and Fl.
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July 19 2007
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getdahl

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Well one would expect realtors and agents to defend their work but what is becoming a fast reality is the Internet is allowing both sellers and buyers to work with each other, thereby forgoing the need for realtors and the overpriced services.

Title Companies or attorneys depending on the state actually close the sale. The sellers can arrange their own advertising locally or on the Internet or both. Now days there are several sites on the Web to determine a selling or purchase price. You can show the home or have a friend do it. Yes, one needs to be proactive and obtain a list of inspection firms, mortgage financial firms or brokers, title companies, or real estate attorneys. Many documents can be obtained through your state real estate commission such as disclosure statements and agreements that meet the requirements of the state. Phone books and Internet work great to gather this information.

Think about it?.. what does the broker do for the 7 percent commission? Let say an average home price is $300,000, the 7 percent ($21,000) would stay in your pocket or it gives you the flexibility to lower the price if so desired.

toocrazy
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July 19 2007
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Carrie R

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Well...at least she didnt push you to accept an offer that was 25,000 less than the asking price. Wouldnt be a big deal if you were selling a million dollar home, but at your price that is HUGE. Hopefully waiting for the right buyer even though it took forever was the right thing for you to do and didnt end up costing you more in carrying costs etc. What kind of job did she do for you the first time around? Were you satisfied then?
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July 19 2007
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joannab3884866

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The first time around, it only took a couple months and the offer was fair. Of course, that was in 1999 which was a vastly different market than today.
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July 19 2007
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Carrie R

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So...you realize a lot of your troubles were based on the market, but your still angry at agents? Is it because they weren't honest about the condition of the market or did they say they had some secret that was better than anyone elses? If they werent honest about market conditions to me they are digging their own hole. That just seems insane. I can't even imagine being that dishonest. To be truthful, it really does come down to luck right now. I can market the crap out of a property. I can have my sellers do absolutely everything to their house that needs to be done. I can make sure its priced 1 or 2% under comps but I still have to HOPE a buyer comes along that is ready to buy. Now that is true for my local market, meaning mid and south Calvert County Maryland. It isnt quite so bad in the northern part of the county and in other counties in Maryland. I honestly dont know anyone who is busy, and those who have had action said it was pure luck. Showings are WAY down or non existent for everyone.
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July 19 2007
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Kimbrough Gray, "kigray"

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I don't really understand the huge anger toward agents. My personal feelings is their are multiple options out their for people. You can use a full service agent, you can use a discount agent, and you can go FSBO. I often here of people that are really angry about agents. But my response is simply go FSBO or use a discount agent instead of getting worked out. Personally, I think a realtor fee is worth the benefit. But if people don't feel that way they are free to not use agents. Its like me being angry about vanilla ice cream. If I dont like it I dont have to pay for it.
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July 20 2007
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joannab3

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Carrie-

I don't know why this is still so muddy for everyone.My dissatisfation wasn't with the market. It's with the fact that I sold my home no thanks to any agent, but I still paid full price commissions for someone that did nothing.
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July 21 2007
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Carrie R

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Joanna,

Hmmmm, well if they truly did nothing I can definately see your anger. However if they truly marketed your home and did everything they could to try and sell it and the market conditions created the scenario, there isnt anything more they could have done. It's easy for agents to spend 500 to 1000 dollars in the first 2 to 4 weeks to market homes. That also does not count time doing the paper work, creating presentations, ad design, web page development etc. I don't have an assistant, I do everything myself so this takes a very long time. I also make sure I am aware of the competition and if I havent personally seen a home I will go view it and sometimes take my sellers too so they can see how they compare to the competition. Holding broker/agent opens are also part of the arsenal and these are expenses I pay for. Agents generally will serve lunches and offer door prizes to increase attendance. Sometimes we get together if several of us have listings in the same vicinity and each agent will have a different course of the meal to try and increase traffic. Again this is money I spend out of my pocket. These are just basic techniques, there are others. It's also my time. Would you go to work and say hey I think I'll give you say a couple weeks of free work? I don't think so. Agents do all these things in good faith that those expenses will be covered when the house sells and hope there is enough commission to cover all the expense to get it to the point of being sold and then some so they can actually take home a paycheck. We don't always make a profit, sometimes we just cover costs and sometimes after we have done all of these things and the seller decides to take their home off the market or go with someone else...well we are up the creek without a paddle in sight. It's the chance we take and it's one reason I won't work with anyone who does not hear my advice or who is unrealistic about the value of their house.
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July 21 2007
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shparekh

San Ramon, CA

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I am a prequalified first-time home buyer willing to buy now. I am looking in Northern California in San Francisco Bay Area.

My problem with a buyer's agent is that I never see any conviction from them to negotiate the prices down for me. I always get textbook answers such as its a great community, great schools, home prices always go up, etc. To me this demonstrates an unwillingness to negotiate price down for me or even work towards finding properties that are priced attractively. And this seems to be exactly inline the sellers experience where their property stayed on the market for two years before they sold for $25000 more. If you remove the agents commission and the two years of interest on your mortgage payment, the seller would have come out ahead.

To me all the great things about a home are the reason why I am interesting in making offer on it. Yet, this is also the information that is freely available today on the internet. Given these contemporary circumstances, in my mind the agent should be able to identify and negotiate the best value for me. Not just find a property in the best community or find the most competitive lender. I think the 3% that is spent for their services are justified then.

Bottomline, I want an agent! But my agent should work for me in negotiating the prices down. My top two interview question to an agent is -
"Give me five good reasons why you think the home prices should not be where they are at today?"
"What can you do about it for me?"

To all those who would try to impart conventional education to me on my agent hunt, I have to say this - Market has shifted. There is a need for you guys... but the need is not what you served before. Need has changed. But it is there for you guys to serve and benefit.


Thank you.
Best regards,
Sanjay
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July 21 2007
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Marci Reinheimer

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Sanjay,

Just out of curiosity, did your agent refuse to write the offer? I can't imagine in this market (especially in this area) that they wouldn't be willing to do that. Where I am, the prices are down about 8% from this time last year, but obviously, that varies by city.

If you buy through a FSBO, be very careful. Most do not know about the disclosure laws (we have many).
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July 21 2007
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shparekh

San Ramon, CA

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I think the agents have always been too eager to write an offer. The problem is we never got a good feeling on what would be the best offer. Everywhere around us we read that properties are staying on the market longer, inventories are building, new homes are marketed with huge incentives, deals are not going through because of buyer's contingencies, etc. But the agents kept telling us we won't be able to negotiate down too much. Certainly not to the extent of 8%. And this has been going on for last 6 months. During which the home that we had seen before either are not sold or sold 10-12% lower then the list price.

In these circumstances, I cannot seem to understand why a buyer's agent would not be interested in looking at the advantages that a buyer has and negotiate down on the property?

Best regards,
Sanjay
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July 21 2007
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Carrie R

Port Republic, Maryland

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Nor can I
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July 21 2007
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Marci Reinheimer

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Sanjay,

I can't for the life of me figure out why either. If you are a qualified buyer with no house to sell, you'd be right up my alley! And yes, I would tell the seller (or their agent) why it would be advantageous to negotiate with you.
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July 21 2007
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Marci Reinheimer

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By the way, where are you looking? (I'm in Contra Costa County)
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July 21 2007
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shparekh

San Ramon, CA

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I am looking in San Ramon. Around Bollinger Canyon and 680.
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July 21 2007

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