The answer to whether your real estate agent deserves a commission or not depends on a statement called "PROCURING CAUSE" which basically means that the agent or broker who, by their actions in producing a buyer, brought about the sale of a property through a series of unbroken events.While I symphatize with you and your agent, from your explanation your agent did not establish solid procuring cause. Your agent may have shown you many homes in the past, but it was your sister-in-law who procured you to visit a new home development, wherein your agent was also not present in the first meeting.In addition, it is not ethical for your agent to recommend to cancel your sale when in fact all papers have been signed and the new home developer's representative has already spent time and effort in meeting your real estate goals.The new home developer's agent deserves compensation, not your agent. I am not bashing your agent, because I am a realtor myself. But I do believe in procuring cause, and I do agree with the policy of the new home developers. It's fair. If an agent can't make the first and only meeting to make 3% or more commission, then that agent does not deserve to get paid.
If all realtors followed #1-10 on your list, their heads would be spinning with leads that call and email all they long! I'm not kidding. I only have 6 of the 10 and my head is still spinning since January 31, 2011 when I first discovered Zillow!
Ya, it's called Zillow Premier Agent Program!!! Trulia just recently came out with their version where a zip code is dedicated to one realtor for the % you are willing to pay. But comparing to Zillow it's more expensive. The disadvantage to Zillow is that it bundles more than one zip code. You get one or two you like, and you pay for one or two you don't necessarily like. You get bundled whether you like it or not.But are the leads real and profitable? Without a doubt!
I use to use them in my signs and online advertisings. However, very very very few people know about them, let alone use them. It took my staff more time to generate the QR codes and post them, print them, etc. It wasn't worth it. It never caught on.
On suitable closings, the following is what I give for under $50:1. Gift basket filled with home items2. Restaurant gc at restaurant.com3. Fruit basket4. Movie or show tickets on "The Strip"
In Las Vegas, listing agents never show up for a showing. And it is rare if an individual, the owner, is selling (not a bank) that the owner is there at the viewing. Typically, the buyer's agent will call to set an appointment for viewing either with the listin agent or directly to the owner-occupant. Then the owner leaves the house during that scheduled time. The buyer and realtor enter using the lockbox.
LOL from wetdawgs comment! Throw in business licenses and marriage licenses too!I agree with all the other comments regarding the different laws of each state. However, from the business perspective, each state generates revenues for licenses, and all other fees associated with real estate.
Roberto, yes I did warn them about this ahead of time. Paying the tax is not an issue for them because they are multi-millionaires. It was the convenience and opportunity of being able to buy that unit at a cheap price of $500,000 (it was $1.2M in 2008), as oppose to losing the opportunity if they had waited for the other partner to return only to risk of another buyer taking the opportunity away from them.
It's harder to sell and harder to rent out. One of the T-intersection houses that was been sold was because a sleepy driver at 3am didn't notice the T intersection with a stop sign and just kept driving. His car ended up passed the livingroom and all the way to the kitchen. Good thing the bedrooms were on the other side.
I'm a realtor in Las Vegas. I recently sold my client a $500,000 condo (paid cash). My buyer (John) and his friend (Dave) are suppose to be co-owners (50/50). However, Dave was traveling extensively in Europe for the next couple of months more, which is a month longer after the close of escrow. As such, the two decided that John's name only will go on all the contracts.To make a long story short, escrow closed and the property was recorded. All the closing costs were paid including Nevada's real property transfer tax of $5.10 per $1,000 of the sales price which totals to $2,550. John decides to hire a deed service to add Dave on to the title.As it turned out, because the current title of a "single man" will be changed to a "partnership as Tenants In Common," my buyers will have to PAY THE TRANSFER TAX ALL OVER AGAIN! There are several exemptions to not paying the transfer tax all over again:1. Adding a spouse2. Adding an immediate family (parents, siblings)3. Changing to a living trust4. Death of a spouse, parents or siblings from titles that had these partiesBecause Dave is a business partner of John, and the two are unrelated by blood, they have to pay the real property title transfer tax all over again! That's another $2,550! This is in spite of the fact that escrow only closed last week in which the $2,550 was just paid.Solution: From the get-go, both Dave and John should have been on the contract.(For confidentiality of my clients, I have made certain information above fictitious)