CATHY SLOAN's Discussions

I have been in the Biz 30 years.  Been through 3 down turns in the industry. This is the worst.  Last 5 years everybody that could pass the RE exam became a "RE Agent"  According to NAR.  25% of the Realtor membership did not earn a commission  in 2007. They say 30% of the realtors in my city are leaving the business.  Some good agents, some OK, some not so good.  Our industry is just like many other professions when it appears money can be made everybody wants to get on the band wagon.  Membership in our Board had doubled in the past 5 years.  Every industry needs a correction so that the remaining dedicated true professionals can restore dignity, professionalism and cconfidence in our profession.

The fee is is a graduated fee based upon the number of listings you have in a year.  So if you exceed the number of listings from the previous year you get charged more.    But I swear by Realtor.com.  Also if you are a member you do not get charged the $25.00 everytime you post a virtual tour.  You can add lots of photos and can write a 2500 word short story to help capture the buyer's interest. The next upgrade is Featured listing. Great tool to expand the exposure of your listing.  In my market approximately every 6 minutes my featured listing will be on the front page when someone types in my city name without a zip code.   There is a report that you can send to your sellers showing the stats of viewers to their listing.  I send it out every week.  You buy zip codes in your city.  Each zip code is priced differently.  Here is a tip. Buy the lowest priced zip codes.  Every house that is a featured listing is going to make it to the front page every so many minutes when someone types in the city name.  I rotate my listings every two days in 4 zip codes.  When they are featured listings more lookers open up the virtual tours.  If you use circlepix you get a report with the stats that you can send to the sellers.  They love it.  Last year I sold 3 homes just from the Realtor.com listing.  Two were sight unseen to buyer who saw the home for the first time the day before closing.

A lot will depend on your market. In North Florida Kodiaik1's statement would have been true 24 months ago when inventory was low and the Discount Brokers came along stuck a sign in the yard and a brief description in the MLS with 1 photo and the home sold in 14 days or less.  We all discounted commissions.  Most agents had to show 5 homes in half a day.  Now a Buyer's agent shows dozens of homes and dirves the buyer all over God's creation for days.  It is a standard that I fill my gas tank 3 times when I work with a buyer today.In our area Buyer's commissions offered in MLS range from 3% to 5%.  Builders offer 5% to 10%.  An agent can work with a buyer for weeks.  If the agent found your home it is because she did hours of research to findyour home that happened to be a fit with her buyer.  If the showing results in a sale. The Agent will be taking on a liability in working with a FSBO.  If anything goes wrong with the transaction the Agent.  The only professinal in the transaction can loose her livelyhood.  The agent can be borught up before the association and have her license suspended or revoked and then be sued in a civil suit.  There are a lot of steps between the contract and the closing.  The Buyer's Agent will end up taking on added responsibility because there is no listing agent.  Some will,  most wont.  Homeowners don't realize that the commission is split between the Broker and the agent.  Depending upon the price of the home, some agents may  not  be willing to put their license in jeopardy for the reduced amount. 

It depends upon the wording in the contract.  Ask  your agent.  If you are past inspections and there is no problem with your credit, the seller is entitled to your escrow because they lost valuable marketing time off the market and lost potential buyers. Sometimes a seller and the seller's agent may be understanding if you explain your circumstance.  They may release all your escrow.  Discuss with you agent.  Maybe your agent can get them to release half of your escrow if they will not do all of it. Another alternative is to purchase the home using a different type of loan.  FHA is 3%.  There is still some 100% financing available.  Your lender and Agent may help to come up with a solution to accomplish all your goals.

Seems you are going to need the opinions of Long Island Realtors.  Once again, it depends upon your market. List at what you  want  to pay.   Doesn't matter what we think.  If the area Realtors don't call to make the appointments you'll know the answer.  Then you can adjust the % to match your level of motivation to sell.Best of luck.

To 3GirlsVAIf a seller and agent entertain the idea. It has to get past the Broker of record and some verification of the facts will need to be substantiated, proper documents presented and affidavits signed. Too many unethical folks out there willing to compromise their integrity at the expense of the seller. Who, in this market, could loose their home if they lost valuable time on the market or missed another buyer because of "Buyer's Remorse" Some have no shame. no honor.

I am in Jacksonville. I hope Forbes is right about our recovery.  Our inventory of homes has decreased from a 23 month Supply in October to a 17 month suppply in February.  Maybe our employment growth is beginning to burn off some of the inventory.  I am eager to get back to a stable market.  The only flaw I see in the theory is that all those newcomers have homes to sell in other parts of the country. 

SydneyUntil 2007, the last 6 years were boom years.  Every unsuccessful (Bob-o and Bob-ette)  in the country went to class, took a test and BAM! They were a Realtor ready to rake in the gold.  And lets face it, Selling listings that were priced right took 1 day.  Those that were overpriced sold in 30 days max.  Show buyers 6 houses. Bob-o & Bob-ette pursuaded them to pick one or they would all be gone tomorrow. Bob-o & Bob-ette did't have a clue about professionally marketing a property or how to nurture a buyer and build a professional relationship. If a problem arose with the deal, pray that there was a Sydney or a Cathy on the other side of the transaction to keep it all together, and many times there was.  I have always said that being a Realtor is a 9 to 9 job, 7 days a week.   You couldnt' catch Bob-o or Bob-ette with that much dedication.  They were out spending that gold on the good life and all its trimmings.  No wonder the public has no respect for our profession.  The image was that we didn't earn our commissions thanks to Bob-o & Bob-ette. This correction in our market was badly needed so that those that were left in the industry could restore the Public's image of Realtors. Those of us still here always exibited Professionalism, Ethics, Experience, Knowledge and  Genuine caring for our clients.  We saved our commissions and nurtured our past client relationships.  Thats why were still here and Bob-o & Bob-ette bit or is bitting the dust. 

Alpine You must read all the time.  You  have so much data roaming around in your brain.  How do you find the time? 

The Realty Trac listings are the Forclosures and the homes whos owners has had a lis pendens filed (publice notice record filed  by Lender pay up or  face foreclosure)  If you dont' see them here try Trulia.com