I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance, Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Please calculate how much cash you have to pay to the realtors. Then, consider not having an realtor and do it by yourself. If you can sell it with the 5-6% cheaper price, you did not need a listing agent. If you believe more than 6% higher price with an agent, please hire her/him. There are a options you can get listing in MLS by paying $100-$500 per the property.
@@heeyonchapman4924 I enjoyed reading your interesting comment. I would greatly appreciate it if you would please tell me how to get a listing on the MLS by paying for it. Who or which site(s) do I contact?
This isn't a realtor thing, it's a people thing. I'm a realtor, and I'll tell you right now, if you want something done right, do it yourself. Or you can hire me and I'll do it mostly right 😅 A lot of people blame agents for the current market conditions, but they're only a small part. I deal with clients all the time that have done their zillow "research" and cling to inflated valuation on their homes ignoring the 40 other houses within 3 miles that are listed for less and have been sitting for months. Unfortunately for people selling their own home, experience is king. So pay close attention to your local market
Great tips. For the naysayers on this channel, my father was a real estate broker and his biggest concern was making sure a house was a good fit for the buyer, and that the seller got an appropriate sale price for their property. Not everyone in this business is only out for themselves. A lot of people get their licenses but have no idea of the complexity involved. Find an agent who has been in business in your area for decades, not months. Find someone who has deep experience in your market and who understands the challenges. You will not regret it.
@@FM-dk1vp There are many tools available to determine the market price of a house. For amateurs you can even get a rough estimate from online resources like Zillow or Redfin.
Sounds like a little bit of an over reaction depending on the context of that question. Good question to fire back with would have been "Are you a motivated Real Estate agent?" Also, all caps makes it appear as though your yelling, excitable, irrational, etc.
@@MarkG-h2y YES I KNOW EVERYONE THINKS THAT. I HAVE LIMITED VISION FROM INJURES DURING DESERT STORM IN 90’ HOPING TO GET ADDITIONAL EYE SURGERY IN 25 IF I GET APPROVAL. I USE A TECH TO HELP ME SEE BETTER …. FYI-THE REALTOR WAS A GUY WHO APPARENTLY HAD A BAD REPUTATION FOR FAST SELL AND MOVE ON TO THE NEXT! GLAD I CHANGED BEFORE MOVING FORWARD. THE REALTOR I SWITCHED TO WAS AWESOME AND SOLD MY HOME AT A NEW COMPS SALE RECORD IN THE NEIGHBORHOOD. SUCH THAT MY NEIGHBOR APPROACHED HER TO SELL HER HOME AT A RECORD SALE TOO!
Moving is expensive and stressful. The realtors want you to completely makeover your home just to turn it over to someone else, who’s probably going to redo it to suit their taste! Showings are stressful, open houses, we had the worst experience each time we had to sell. Those “ we buy your home as is” is sounding pretty attractive
1) You're not in a hurry to sell 2) Don't tell them what you think the place is worth 3) You're the only agent I'm interviewing 4) What is the listing time frame? (interview at least 3 agents) 5) Is it a good time to sell? 6) "you've been hired" before doing your research
The only issue is if you are in a hurry to sell. They will end up getting you to list at a low price and then getting offers that are low and then not get what the market should be so you can close the deal. Bottom line, do your own research and not rely on the agent 100%.
Frankly I think my house is “worth” about 150K. Local Comps situate it at 340K. All houses are grossly and criminally overvalued. There is NO shortage of inventory. There is a shortage of honesty.
A house isn't worth what YOU think it's worth, a house is worth whatever someone is wiling to pay! That's how the market works, and yes there is a shortage of homes for sale!
@@bettysmith4527 sure. I hope you have that same energy when stores start selling sandwiches for $30 and everything else you need daily goes up by similar proportions. When you ask why that cheese sandwich is worth $30, you can be told that the value is in the eyes of the person willing to pay. Lol!!!!!
@@DybbukDEpstein Well, that is the way it works, but since sandwiches are available EVERYWHERE it is very unlikely that the value of a sandwich will be 30.00, unless their suddenly becomes both a demand for them and a "shortage" of sandwich supplies. Not to mention if I have a sandwich I want to sell, but I need 35.00 to buy a new improved sandwich, then I will have to sell my current sandwich for at least 33.00, you see how that works? If people are however willing to pay that much, it could, and considering loads of stupid people paid 10K over MSRP on cars during COVID....
@@Toni_Snark Are you incapable of engaging in hypotheticals??? Holy cow! Let me sharpen my point a bit for the dullards: YOU CAN RAISE THE PRICE EXORBITANTLY ON LITERALLY ANYTHING AND TELL ANYONE WHO COMPLAINS THAT THE VALUE IS DETERMINED BY THOSE PAYING. If you are OK with that, then get ready to accept that soon, only the rich will be able to eat.
Really-do your homework. Consult a real estate attorney and sell your own home. The real estate attorney can walk you through the selling process. If you are insistent on using a real estate, set a commission price. No real estate agent is worth 6% of your blood, sweat and tears of what you invested in your home.
If you and your partner work full-time, an agent can be a powerful tool in moving the property more quickly. And having a buffer between the seller and the buyer is often a good idea. We have sold multiple properties (both commercial and residential) over the years and have never had a bad experience with a realtor.
@@jimjimgl3 You an an exception and good for you. I still say sell it yourself in the digital age and get help from an Attorney. A lot of people are retired and selling and those that work can do weekend appointments.
Another reason not to divulge your bottom line number is - at least in my area - many agents are also real estate investors. They will come in with your low number. I was also told repeatedly when selling my late sister’s, then my family’s home and then my own condo that the first offer is always the best. Not true. In every case, the first offer was a lowball offer. In one case, the buyer agent gruffly told me “what choice do you have but to take this offer?” I told him I’ll keep it and rent it out if that’s the best, but I think I can do better. And I did get what I listed at. (But not from his buyer.)
Interviewing at least 3 agents or more is very good advice and also applies to hiring a contractor. You WILL be blown away at how different people are, they are NOT all the same by any means.
Indiana Licensed Realtor here. Jen, you've nailed this to perfection and I know plenty of agents near me whose feathers would be mighty ruffled by this information, especially the listing length. My default is 6 months but if a client insists on 3, I salute the captain and follow that cadence appropriately with them. Really it's about open and frequent communication, transparent and full accountability on the part of both parties, and the willingness to treat this as the professional situation it is. Great video educating individuals not familiar with our industry. I enjoyed this. 👏
I wish I had watched this video before hiring my "Buyer's Agent" to represent me as a Seller. He actually told an Escrow Officer that I was his "most difficult client." Had I bothered to actually "interview" him, at least my expectations would have been known up front.
My wife and I have had good agents and bad agents. Our last two agents were great, because we learned how to spot bad agents. Your advice will help a lot of people, who won’t have to learn the hard way like we did.
I appreciate this video but seriously, I have no clue about real estate. Telling us do this not that, say this, not that. I am beyond stressed out and this does not help things at all. I just need to sell my home and I'm sorry but real estate agents should be forced to do their jobs right. I am a nervous wreck right now, trying to sell my mother's home. I have an open house tomorrow and yet people telling me it's a waste of time because the only reason my agent wants to do this is not to help sell the house but find new clients. That pisses me off. I am so tired of real estate people. From now on, I am just gunna hire a lawyer. This is all just too damn much for me to deal with. I hate this whole real estate stuff.
@JaredMerlin hi. I am an agent in Mobile, AL. And I don't do open houses. I don't believe in those. Real Estate lawyer charges upfront. 250 an hour. He can't list your house or show your house.
@@JaredMerlin I know they seem to love that open house thing and you of course cannot be there. It is a way for them to get clients for other homes, pass out their cards etc plus someone can be looking to break in, plus you get all the neighbors that have wanted in your house!!! I had that problem with nosey neighbors and I told the agent NO NEIGHBORS, but the agent let them right in even though they said they were a neighbor!! I fired them of course. I do not allow open houses anymore and no lock boxes and everyone has to be pre approved. Next time I will sell my houses myself with a Real Estate Attorney.
Considering I recently had three seperate agents come to my house to let me know how much it could go on the market for, one of them was 120K below the other two and conveniently forgot to bring comps. I could not believe it, I felt like she was trying to rip me off because she had a client that had a low budget or some other ulterior motive, makes it difficult to trust agents!
I've had several sales jobs myself where I regularly had to deal with real estate people. Three of them were good, decent people. Two of the three owned their own companies and tried to hire me. All other real estate people I dealt with were dishonest, slimely individuals often with severe personality disorders. I avoid them like a plague.
To be honest, homes for the most part sell themselves. Agents really don’t do much in this day and age. 6% commission is a total ripoff, I do hope that the recent court decision will bring commissions down and that buyers agents who do even less are able to be bypassed altogether.
Agents aren't getting 6%, they're getting 3%. The rip off is having the seller pay the buyer's agent's commission, when in reality, two agents hardly ever changes the outcome. The idea is that each agent will represent their client's best interest, but I rarely see a noticeable difference in outcome vs. an agent representing both sides of the deal.
@@kristopherdickson6606 Excuse me, the cost to the seller was 6%, 3% for the selling agent and 3% for the buyers agent and it was non negotiable under the commission structure of the National Association of Realtors if you wanted to use their MLS system. So for every 1 Million of a home sale that's a $60,000 cost to the seller. That's why I call it a TOTAL RIP OFF!
@@kristopherdickson6606 not in washington, we left to colorado. Saved some money this way. This new regulation in washington will most likely slowly filter into other states, hopefully all of them?
I agree, in my country (France), most agents really don’t do anything … but sometimes you can’t sell/buy a house without them. In my city, you never see ´ for sales’ signs, rarely see any listings online, everything goes though realtors who have their contacts and list of potential clients ( who are mostly investors and wealthy people from outside the city ) … the common people really struggle to buy their first home, because we can’t compete as buyers. Crazy system
I've never had a real estate agent sell a piece of property for the price they tell me to list it out they always 100% come back with a lower offer all the time. Even when I tell them don't bring me an offer below this I'm not going to take it they come back with a lower offer and the first thing they say is I think you ought to take it because they only get paid when I sell. Also I don't think a real estate agent should be able to represent the buyer and the seller You shouldn't be able to do that lawyers can't represent the criminal and the victim, firefighters don't put your house out and then sell you fire insurance, doctors don't save your life and then give you life insurance You see it just doesn't work
Selling a house is not as complicated as buying as house. As a Seller, you might be able to get by on your own, but for sure as a Buyer (like me, in due time) I'd want an agent. The problem is (1) finding a good one, and then (2) figuring out how I'm going to pay their fee. ;-) -- BR
@@billredding2000 Was in mortgage for over 20 years so I know how Realtors are! It's all a money making game... they are there to "help" you as long as you play the game their way and they make money!
They arguably already are obsolete. The primary use used to be connecting buyers with sellers, which can now be done extremely easily by yourself online
Never tell a realtor you’re looking to move in a year. They only want people who are ready now, but honestly it takes at least a year to prep unless you’ve already been keeping up with maintenance, upgrades and have hardly any personal belongings. A GOOD realtor will be happy to help you a year in advance. Lots of suggestions a realtor can give to help you get your home ready to sell.
Also never tell your agent that you have rodents in your attic. Because you’ll have to disclose that to the potential buyers if you do. And you’ll never sell your house. After it sells, if the buyer complains you just say that you never heard anything and had no idea.
@@RJS1974 That is true for the seller but the reason why buyers need to get 2 or 3 home inspections on a property they want to buy and yes have the inspect the attic.
I 100% of the time try to get the maximum price possible for my clients! I love getting record prices. It must be priced right from the start to get more than couple offers! It must be presented with decluttering and deep cleaning. Only the best photos must be displayed to get the maximum amount of traffic to the open house! Only spend money on things that will have a good return on your money. Good agents want positive word of mouth.
Don’t hire a friend who is a real estate agent. Hired a friend of my wife and she ended up trying to represent both us and the buyer. It was horrible. Needless to say that was the end of their friendship
Always ask yourself when you are considering hiring an agent, that’s your friend: “Would I hire this person if they were not my friend?” The decision needs to be based on their experience and credentials.
You're absolutely correct....however, and an agent that knows the local market and the value of what a buyer will pay for those upgrades in that market will be able to make adjustments to the comps.
AWESOME tips and thanks for sharing, Jen! I agree with no more than a 3-month contract. And before interviewing realtors recommended to me, I am considering calling those realtors first and asking them a couple of important questions to see how they answer them. If I get the answers I am looking for, then I would set up a time and date to meet for further questions in person to see if we might be able to work together. I have bought and sold real estate since the late 70's and I have met all kinds of realtors. I could write a book on them called "The Good, The Bad and The Ugly" like the title of the famous Clint Eastwood movie. Anyhow, I will see your other video on disclosures for sellers since that is another VERY important subject to avoid lawsuits with buyers. (At my last home sale in CA., the buyers appreciated me taking the time with being so detailed on disclosures and there were several pages of them since the house was built in 1947.) Take care and keep up your GREAT work here on TH-cam! 😊
I agree and they also soften the images to high defects. I don't care if you're honest or not. I see them all doing that. As far as wide angle or fisheye, I think it's done because you can fit more of the room in a single image. I found her comments. Funny that the agent's doing a lot of work with photographs and drones. Drones is fairly new and I would say the Maybe only 10% do I see with drone shots which really could be figured out with Google satellite images in many cases. Hopefully agents that are using drones are giving the seller an option if they're going to be charged more for it. But if that's just their operating procedure, it doesn't justify that they're putting in a lot of expense to list it. I see plenty of basic images in the majority of listings. I think how lucrative the commission will be dictates, how much work they put into staged photos and drone shots.
Great question - and I'm actually planning a video about that as we speak! The new commission rules go into effect August 15th - I plan to release a video about how to best navigate the rules over the new few weeks. Thanks for watching and commenting!
I had an agent tell me once that they usually do a 2 yr contract !!! We hired another then another. All were not our friend for sure in the deal. They only look out for themselves.
So, in other words if the agent doesn't see huge profits they will avoid you. I thought agents were all about helping clients and going the extra mile no matter what. At least that's how they all market themselves.
why I want to go through an agent if I can buy or sell it without it. when buying an independent inspector we can hire even if no agent involved. Also, we will get loan from the bank or find escrow company ourselves. Why people are selling through an agent have no idea. Just without agent we sellers can sell and buyers buy cheeper. Last house I bought without an agent from seller who had no agent as well. Both of us saved a lots of money and used to remodel the house.
Sold my parents 450K home in the Netherlands for 1.8% commission. And real estate offices were competing for my work. Funny how a truly open market and competition will help the customer. The US rmarket is very un-american and im glad that the courts are finally prying it open.
Thank you. I'm grateful I came across your videos. I look forward to learning more.😊 I messed up big. lol. My plan has become a bit better since I have been learning. Thanks again. 👋🙂
we recently used a realtor at the advisement of my wife's relatives. We only interviewed her and let her sell the 2 estate properties. She was a friend of the relatives. I will say we were extremely blessed, because this realtor was an absolute godsend! We couldn't have asked for a better realtor. Should we have interviewed others? maybe, maybe not. All I'm saying is that to every rule there are exceptions. and it's not always easy to interview multiple realtors. face it, everyone has at least one friend who's a realtor. But it's your property you want to sell, you have the right to choose who represents you. But in our case, it was good advice we used in letting this friend of the extended family to represent us.
Agents need to do what the homeowner has hired them to do, regardless of what “they think they have read between the proverbial lines. If an agent doesn’t sell your house within three months, at the most, re-evaluate your relationship with that agent. Make sure you stipulate that your house will not be shown to anyone who hasn’t been pre-approved for financing for the amount you are asking…prevent showing to LOOKY-LOOS!
@savvyhomeseller Love the blue neon! I've been disappointed with agents who didn't even read a listing to know pros & cons of the property and had no clue where the HVAC unit was. Our first property our agent recommended an inspector. He was lazy and didn't catch seberal things including that all the windows were leaking. Cost us thousands! That being said, we looked at places for 5 months...that agent earned her commission!
You need to keep track on the agents who are most active in your area. You never know when you might want or need to move, So take note of agents who seem to be able to get the best prices, maybe go to open houses and get to know them, it's fun. Know what's going on. Takes a couple of hours once a month, it's not that hard.
Exactly... The agent will say I bring the MLS with Me....But... FSBO/ For Sale By Owner .... Owner's...Can list their own home on the MLS...of Course For A...Fee.
@@firesign4297 The amount of legal and statutory documents required makes it foolhardy to try and sell your own property. You will not get top dollar because buyers of FSBO properties are most likely investors who will submit a lowball offer. Without a listing agent to do the paperwork, who will do it? Buyer's agents typically will not steer clients towards FSBOs because there's no commission in it for them. A seller who attempts to act as the agent has a fool for a client.
I knew several agents did just this, listed it high and had to in several times to get it reduced. When I told the seller the true price they did not believe it and wanted it listed higher and had to fight to get it lower to get the showings or they would get feed back on the showing and the prospective buyer would say its to high.
@jen I agree with almost everything you said except for one thing. @12:36 you said "The Data Is The Data". I disagree with that. I have found that agents doing a CMA do nothing more than pull the "data" from the MLS to substantiate your listing price. BUT...what they DON'T do is dive into the "data" and analyze it. There are "similar" properties and then there are "like-kind" properties. I have found that the majority of comps used were outdated properties, not at all updated inside, homes with 20 year old "builder" materials. Some neighborhoods don't even offer a driveway........YET...Realtors just look at the "data". They don't even drive through these other neighborhoods for a better look at the comps!!! Sellers are smarter than those agents and can usually justify their asking price moreso, by doing their "homework"
Interesting you say that the agent is paying for the advertising, photography etc. In Australia those costs are absolutely the sellers responsibility. The agent organizes them but the bill goes to the seller from the agent.
Siiy question, maybe - should the agent visit the property ahead of scheduling the presentation meeting? Or will they base the sales price only on comparables?
I would like to know this too. We interviewed 3 agents and none of them gave us a price based on our house, it's attributes, location, etc. only comps. We built our house 18 years ago so it's never been on the market, so the agents had ZERO point of reference.
This is a great question. I'd like to answer this on my next Livestream on 7/2 @ 5:30pm ET. Feel free to tune in and join in the chat, or watch the reply afterwards. Thanks for watching!
Had real estate agent who was an unscrupulous, scoundrel person involved in the sale of aunt's estate; house was poor in shape, he took 2 years to get an offer; after 2 years our plan was to demolish the house and keep the land; he magically found a buyer at $23K undervalue; convinced us that the neighborhood was in decline, need to sell the standing house; he acted as both the seller's agent and buyer's agent. Would NEVER accept this again. He was little more than a carpet bagger; sold the property from under us and left. In future, would fire him immediately and report him to local realtor ethics board.
Who decided what the value of the property was ? Why did you stay with the agent for 2 years ? How many agents did you interview and why did you choose the one you stayed with for 2 years ?
@@sarahann530 We initially chose a trusted family friend as realtor. The estate attorney said he needed "a realtor who was a certified appraiser" to handle the sale; conviently, one of his buddies. The value was set at $65K by both our friend and the scoundrel. We had 2 years to close the estate. We were not necessarily eager to sell, only needed guidance what to do. Aunt's lot is next door to our parents' house, so would have made sense to demolish her old house and keep the land. The scoundrel realtor would not hear of it, and argued with me that aunt's property should be sold for the cash offer of $40K and get out of the neighborhood. The estate atty scolded me for arguing with the scoundrel. I thought I was listening to the voice of a seasoned, respected real estate agent; but was uneasy with this choice. Basically, do not trust realtors; sometimes, you know better than "the experts".
@@sarahann530 We initially had a realtor who was a trusted family friend. The estate atty involved said he legally needed a realtor certified in property evaluations to handle the property; he chose a seasoned realtor, also his friend. The real estate evaluation was same amount provided by the first realtor. We had 2 years to close the estate. I think we had a 2 year contract with the second realtor by virtue of the 2 year estate closure. The second realtor had several showings, but no offers, due to poor condition of the house. After 2 years of efforts, our best option was to demolish the old house and keep the land.
What do you mean $23k under value? Where did you get the idea that the house was worth $23k more? Also it can be hard for traditional buyers to get lending depending on condition of disrepair. My current house, we had to show a roof leak was fixed before they would finance. Luckily the seller allowed us in to do that work because they were selling as is. We also had to agree to get a new roof in however many days after closing
I have a fantastic agent in indiana and they tell me when its a bad market to sell in. They focus on getting the best deal for me and they let me know when that is gping to be more challenging and how they might overcome the challenge.
Even before internet my husband and I would ride around on our own to find neighborhoods and houses we like before getting agent. We moved 4 time in 25 years and enjoyed each move. Real estate are a waste of money especially now with all resources available.
Zillow used an algorithm to determine pricing and doesn't take into account the condition of the property or if any updates have been done (there's no way for it to know).
I agree with much of your information. I do think that anyone referring someone else should disclose in the same breath if they’re getting some payment of any kind from that referral or you risk seeming ingenuine.
Donna, you bring up a GREAT point! I have referred others to my wonderful most recent realtor back in CA. and I NEVER got a stipend from her and did not expect one. All I wanted was for her to say "thank you" for me referring her (which she did) and for her to give more great service to the person I was referring her to. Only ONCE in my life did I have a realtor give me "a referral stipend" after I referred him to some family members but I did not know in advance that he did that for people for referring him to others. When I refer realtors and other business people to others, I have NO ulterior motives, though some people may think that. I tell them up front that all I want in return is that person to give them GREAT service like what I got and that is all I want from this referral. And I have people refer me to others but I would NEVER ask them if they get a stipend or not from the person that they are referring me to since I don't want to make them feel that I think they are being "ingenuine" to me. If I know them well, then I know that they are being up front with me with the referral and NOT trying to hide the fact that they get a stipend or not from the person they referred me to. My aunt referred me to her CFP (Certified Financial Planner) and I would NEVER have asked her if she got a stipend or not from him for referring him to me since that would make her think that I was thinking that she had ulterior motives for the referral which would really hurt her feelings. The final point is that it comes down to trust of the person who is doing the referral.
Hey Jen, can you share more to what Donna is saying? I would love to hear your thoughts on this subject since Donna brings up a great point about referrals and trust.
I agree with you on this - I have a disclosure on my agent referral request form for this reason. Professional referral fees are common throughout the industry - between agents, from relocation companies, websites that collect your information and then 'refer' you to an agent.
At the moment we are putting three properties on the market--one is a live work 7000sq ft building, one is a one bedroom condo and one is a 8000sq ft building. I think most realtors do work we personally would not want to do or have the skill set to do or do not have the contacts to do. And I know most relate to residential sales, but if you sell commercial property an agent can be even more helpful since they do often have an extensive list of past clients / new clients that have very specific needs for purchasing commercial property. And when we showed the live/work space to a commercial agent, he told us that he did not have enough experience with the residential market (which in a way the live/work is) so he referred us to another agent. I think most realtors are pretty straightforward and helpful.
Great video, Jen! Thanks so much for sharing these useful tips! Do you have or do you plan to make a similar video about what to say or not say to your potential buyer's agent to help distinguish the ethical from the unethical? First-time homebuyers especially are highly dependent on their buyer's agent to guide them through what could be a confusing process with lots of potential gotchas -- at least it was for me. Any help for buyers would be greatly appreciated!
A lot. A lot goes into it. Agents actually do work hard and are motivated to work hard for you. It is the only way they get paid and they don't get paid until you get paid. Why do people think they don't do anything for the money?? Beyond me.
Good tips. I just want to comment on the recommendation I've heard so many times before and that is about getting at least 3 agents to interview. Last week, I had an agent at my house to ask questions and get information for my upcoming listing. She was here almost 2 hours and she said she'd get some comp's and let me know what asking price would be appropriate. I haven't heard from her. I contacted another agent and she said the same thing. Haven't heard from her. What's going on?
That's very strange - I would reach out to them. It sounds like they're probably very busy (and need to work on their follow through skills). If you call a new agent, I recommend asking the agent for a specific date you will hear back from them on. Oftentimes agents are researching and working for you in the background, but don't communicate that to you - and they unintentionally send the message to the client that they've been forgotten.
I have a question, but I'm not ready to get involved with an agent, yet. Here are the particulars: 1. I'm 62 and relatively low income but not enough for SNAP, Medicaid, etc. 2. I have no other debts (car paid off, no credit-card or loan debt). 3. I inherited a paid-off house. 4. I have a custodial (inherited IRA) and don't want to drain it. 5. I don't have a lot of savings. 6. I could live in the inherited house for a fair amount of time using my self-employment income and IRA distributions. 7. If I didn't have HOA fees that amount of time would be much greater. 8. I would like to downsize to a non-HOA house bought with cash. Given all of the above, is there a way not to touch the IRA or savings by using the money from selling this house. If so, how, and what order of events would I have to follow to buy a house using cash that would come from the sale of my existing house?
There should be laws for full disclosure of any property faults. Buyers should be able to sue anyone involved in the sale, the inspectors, realtors and owners for any false representation of a property costing over $1000. I didn't know is not an excuse.
I've been well served by 5 agents in several states, would recommend any of these, would do repeat business with any, and was happy to pay commissions (one was a buyer's agent acting for us, so "no commission", but of course all dollars come from the buyer anyway), because I got value from professionals. I did encounter some "strange" agents dealing with open land I inherited in AZ, but the lady who finally sold it, I'd "take home to Mother". 6% (or 10% for open land) sounds like a lot - until you count up expenses like paying two mortgages waiting for a deal because you got the price wrong. Usually, the agent knows the market better than you do, will make suggestions for improvements that cost little but yield much (a few shrubs in the right place can hasten a sale AND add 10K - if that's what's needed). By all means, talk with multiple agents, but if you find a real pro, don't be afraid to go back to the well. And a buyer's agent, a good one, is worth her weight in gold when you're buying, because she has the fiduciary responsibility to the buyer, not the seller.
You said the agent knows the market better than you. Why are people not suggesting getting an appraisal done? I had to allow one in for the buyer when I sold my house, and I had to pay for one when I bought a house, because the Lender demanded one. And I wasn't allowed to see the report. So just get an appraisal.
@annelarrybrunelle3570 My wife and I sold 3 buildings in 10 years using a seasoned Agent. He charged us 4% in all the sales. He worked very hard to protect our interests and to that we are very grateful. He and his firm deserved every penny of those commissions.
Thank you for your honesty with these great tips. I used to be a Realtor and I think what you're doing here by helping the consumer is awesome! God bless you. 🙏🏼
Very good for the sellers, now for the buyers… I’m planning to move from one state to another as I’m getting ready to retire and buy my first home. I interviewed 2 realtors, the second was better so I kept her. However, she recommended a lender who I thought was going to find different financial institutions for my loan, but got to find out she only works for one bank and my mortgage loan is based on this bank only, what is your opinion on that? Another thing, because my budget is very low due to based on retirement, there are not that many houses to choose from so I’m on my second month looking and I’m afraid to hit the 8/17 NAR mark because I don’t know if I would be charged by my realtor. Your opinion is greatly appreciated!
I would talk to a few lenders, just like you interview agents. And the agent may have their preferred lender, but who you use doesn't affect how the agent represents you. On the NAR ruling - stay tuned for a video coming very soon about how to navigate commissions post 8/17.
I've read that the standard 6% commission for the sellers agent will be ending. This makes a lot of sense because selling a $2M house in Northern California is not more work than selling an equivalent $200K house in Central Iowa. Why does the No Cal agent earn $120K while the Iowa agent only earns $12K for the same amount of work? Sure, cost of living in California is higher but it's not 10 times higher.
Cost of living is way higher in cali and if the agent wants to make more money they can move there. I’m assuming most people in Iowa don’t wanna move to cali lol
@@andrewchristie2970 You missed the point which is commissions make no sense. And you also have it backwards - most people in Cali do not want to move to buttf*ck Iowa!
@@savvyhomeseller I have a sister who is trying to sell her ranch up in Tehachapi California. I sent her your video. Hopefully she will heed your sage advice. Thanks again
As a former California real estate agent with eight years in practice, I can tell you the lady speaks the truth. All those documents buyers and sellers must sign are crafted to protect the agents and brokers, who consider buyers and sellers liars. Agents and brokers are deathly afraid of lawsuits, and those documents are crafted to protect them.
Great tips! Question: what is your theory when you contact a number of local agents - and tell them right up front that you are interviewing for a listing agent - why they don't call back. After leaving messages for several agents, only one called back. When I decided to list, there was only 2 houses listed in my area - so it wasn't because they thought it wouldn't sell because of too much competition, right? If they did a drive by first, they'd see a well maintained and recently professionally landscaped yard. So why didn't anyone call back?
Sounds like a lazy agent situation...this is a great question and a topic that really burns me. I'm going to answer your question on my next livestream on Tuesday 7/2 @ 5:30pm ET. Feel free to tune in and join in the chat!
If these agents did not call you back, consider that a blessing in disguise since that tells MUCH about them as LOUSY realtors and NOTHING about YOU! In other words, they are NOT worth doing business with if they cannot at least call you back which is a HUGE red flag about them as realtors and business people.
@@savvyhomeseller Thank you! I do think it may be a 'regional' thing. It took me hours to even find even the handful of agents that I did call. One of the ways that I planned to make my selection was to see who listed in my area with homes similar to mine - and sold relatively quickly. All, and I mean all, that fit that criteria were from agents with offices over an hour away! How do they know the market in my area; how can they answer their buyer's questions about the area!? It was like they just planned to let the house sell itself - and then collect the commission.
I have snd have had dead family members who are in the real estate appraisal business, so I know a lot about how much a home is worth. I hit exactly what everyone said I couldn’t get for my homes in the past. All were over asking value!
I've seen plenty of For Sale By Owner houses that just sat for months. They had lousy photography and were overpriced, and would have sold faster at better prices if the owners hadn't tried to do the marketing themselves.
My experience have been my loan person and title company do all the work and I’ve sold many homes. Going forward I will not pay the crazy commissions any longer.
Better yet, get yourself an ethical agent whom you trust and know is honest. lol this video makes me even more grateful for my agent. And she sold my condo in 4 days for cash above asking price (and it was not underpriced... she just got me three offers in 4 days).
It's true,, I've gone thru 5 agents and ALL were shady, greedy, recommended inspection professionals that screwed me just so they could get the sale, I was first time buyer.. NEVER trust these creeps
Jenn is correct! I assumed my Realtor had a working office phone and that she showed houses on Saturdays. Nope & nope. I was able to break the contract after much difficulty with her Broker.
That's a great question - I would ask yourself "If this person doesn't deliver on their promise, will I be able to tell them my issues or possibly fire them?". Also..."If I didn't know this person, would I hire them anyways (based on their credentials and experience)?" If the answer is no, don't hire them.
I’m putting my house on the market in mid July after the buyer’s agent fee is removed from the MLS. Question I have is how long after you list your house should you consider lowering the price if it hasn’t sold yet?
Do not lower the price at all,they say there are not enough homes on the market for sale.Stand your ground,if it does not sell with in your time, you have the wrong agent working for you.
@@jerryhantz7233I have to disagree. Often I find people overprice their home to “test” the market. They do no research on what prices are based are in their area. Home prices are based on the number of bedrooms, bathrooms, size and condition and upgrades. Two homes on the same street with the same floor plan can vary significantly in price. A real estate agent isn’t a magician. No one can sell an overpriced home. And, once it’s on the market and its reduction, reduction home buyers have lost interest in your home.
Where can the home seller who is not in the real estate field find comparable to make their initial determination? I am not asking about appraisals, but what you referenced as market data of sales data. Could you be specific as to where the layman homeowner can do their own research? I would not know where or how to find such data. Perhaps, could you do a video on how comparable are determined for the industry? Is this data by subscription or available to the general public? Thanks!
Jen will give you the more professional answer than me but what I like to do is to go online and see what homes like mine in my area were listed for, how long were they on the market, and what they finally sold for. This really helps me know more about the current real estate market in my area before I hire the right realtor and we determine as a team what is the BEST price to list my house to get a solid quick sale, sometimes with multiple offers, like at my last house in CA. I see too many realtors who LOVE to overprice homes and then the homes just stay on the market for weeks (and sometimes months!) before the home price is reduced once or more before the home finally sells OR the seller gets too dejected and just takes the home off the market. Price the home right from the beginning for the BEST result! 😎
@grasshopper9449 you can find all the info you want on sites like Redfin and Zillow. There are some good youtube videos on how to do home appraisals out there but the basics are you want to look at homes that have sold in the recent past, in your neighborhood, with a similar size and square footage to your house. Then you need to adjust upwards or downwards for extra bed/bathrooms, larger or smaller lots, new roof, pool, extra garage spots etc. Generally you want to find something that's sole within 1 mile and the past 6 months but depending on your market it may be slower and you have to look further out. Look at what the homes were listed for and what they actually sold for and how long they were on the market. Once you've seen the historical listing's, you can look at what the current market is like. Look for homes in you area (same school district, same bed/bath count, similar state of repair and finish etc) and see what they're listed for - how much is new construction going for in you area etc. Once you've done this research, you will start to get a good idea what the rough ballpark for your house should be.
My realator had comps when he arrived and said this is what you should list it for. They had someone do a quick appraisal before They never asked me anything about price or timing.
Jen, video was good and I agree with your content in general. I just want to add froma TH-cam perspective, telling everyone that the answer to their question will be in a live stream is offputting and doesn't add value. I get that its part of your funnel, but sometimes its better to just type answers to questions and appear helpful vs push people towards a live stream. Good luck with your channel!
The intention is not to push people to the Livestream, nor is it a 'funnel' of any sort. I do it because the answer is typically too long and detailed for a written comment. It also allows me to interact with the person who is asking the question by inviting them to the chat. The purpose of the livestream is to educate, provide value and build a community within this channel. And as a side note, the feedback I typically get from the viewer asking the question is very positive and appreciative. Thanks for watching!
My neighbor just sold a condo for $35k over ask, $620k, in one week. So she earns 4.5% for one week of a few hours . That doesn’t include buyers brokers fee. So ridiculous. I sold a house recently, it went in one day. I paid TOO MUCH in realtors fees.
3 months? No. 30 days, with a sliding scale commission -the longer it takes, the less you make. 3 months on the market suggests, rightly or not, that there’s something wrong and it becomes a pariah -or at the very least generates lowball offers. You’re the professional, so you already have all your animals lined up for the parade. Either you can, or you can’t. Realistically, with the advent of the internet, social media, and Zillow, et al., your profession is a dying breed. Most of the hard work is done by the mortgage company, the title company, and the buyer/seller. The house behind me has gone FSBO, and 3 realtor, meanwhile dropping the asking price by 90k -which hurts all other prospective seller along the way, to include me. 30 DAYS MAX
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance, Long story short, its been 2years now and I’ve gained over a million dollars following guidance from my investment adviser.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
I've sold and bought several houses through the years, realtors are not your friends, they are in it for themselves. The whole 6% model needs to end.
Very true
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Please calculate how much cash you have to pay to the realtors. Then, consider not having an realtor and do it by yourself. If you can sell it with the 5-6% cheaper price, you did not need a listing agent. If you believe more than 6% higher price with an agent, please hire her/him. There are a options you can get listing in MLS by paying $100-$500 per the property.
@@heeyonchapman4924 I enjoyed reading your interesting comment. I would greatly appreciate it if you would please tell me how to get a listing on the MLS by paying for it. Who or which site(s) do I contact?
This isn't a realtor thing, it's a people thing. I'm a realtor, and I'll tell you right now, if you want something done right, do it yourself. Or you can hire me and I'll do it mostly right 😅
A lot of people blame agents for the current market conditions, but they're only a small part. I deal with clients all the time that have done their zillow "research" and cling to inflated valuation on their homes ignoring the 40 other houses within 3 miles that are listed for less and have been sitting for months. Unfortunately for people selling their own home, experience is king. So pay close attention to your local market
Great tips. For the naysayers on this channel, my father was a real estate broker and his biggest concern was making sure a house was a good fit for the buyer, and that the seller got an appropriate sale price for their property. Not everyone in this business is only out for themselves. A lot of people get their licenses but have no idea of the complexity involved. Find an agent who has been in business in your area for decades, not months. Find someone who has deep experience in your market and who understands the challenges. You will not regret it.
Appreciate your comment - thanks for watching!
Hmmm…. and who determined those “appropriate prices” rather than the homeowner’s asking price?
@@FM-dk1vp There are many tools available to determine the market price of a house. For amateurs you can even get a rough estimate from online resources like Zillow or Redfin.
@@FM-dk1vp Lol. Market comps I would hope.
OMG! I WAS ASKED BY A REALTOR IF I WAS A “MOTIVATED SELLER” THATS WHEN I KNEW I HAD THE WRONG AGENT! FIRED!!!
Sounds like a little bit of an over reaction depending on the context of that question. Good question to fire back with would have been "Are you a motivated Real Estate agent?" Also, all caps makes it appear as though your yelling, excitable, irrational, etc.
@@MarkG-h2y YES I KNOW EVERYONE THINKS THAT. I HAVE LIMITED VISION FROM INJURES DURING DESERT STORM IN 90’ HOPING TO GET ADDITIONAL EYE SURGERY IN 25 IF I GET APPROVAL. I USE A TECH TO HELP ME SEE BETTER …. FYI-THE REALTOR WAS A GUY WHO APPARENTLY HAD A BAD REPUTATION FOR FAST SELL AND MOVE ON TO THE NEXT! GLAD I CHANGED BEFORE MOVING FORWARD. THE REALTOR I SWITCHED TO WAS AWESOME AND SOLD MY HOME AT A NEW COMPS SALE RECORD IN THE NEIGHBORHOOD. SUCH THAT MY NEIGHBOR APPROACHED HER TO SELL HER HOME AT A RECORD SALE TOO!
@@MarkG-h2y He did the right thing and in this case, the caps may mean he's proud of his decision, which is understandable.
Moving is expensive and stressful. The realtors want you to completely makeover your home just to turn it over to someone else, who’s probably going to redo it to suit their taste! Showings are stressful, open houses, we had the worst experience each time we had to sell. Those “ we buy your home as is” is sounding pretty attractive
1) You're not in a hurry to sell
2) Don't tell them what you think the place is worth
3) You're the only agent I'm interviewing
4) What is the listing time frame? (interview at least 3 agents)
5) Is it a good time to sell?
6) "you've been hired" before doing your research
good luck
The only issue is if you are in a hurry to sell. They will end up getting you to list at a low price and then getting offers that are low and then not get what the market should be so you can close the deal. Bottom line, do your own research and not rely on the agent 100%.
Frankly I think my house is “worth” about 150K. Local Comps situate it at 340K. All houses are grossly and criminally overvalued. There is NO shortage of inventory. There is a shortage of honesty.
A house isn't worth what YOU think it's worth, a house is worth whatever someone is wiling to pay! That's how the market works, and yes there is a shortage of homes for sale!
@@bettysmith4527 sure. I hope you have that same energy when stores start selling sandwiches for $30 and everything else you need daily goes up by similar proportions. When you ask why that cheese sandwich is worth $30, you can be told that the value is in the eyes of the person willing to pay. Lol!!!!!
@@DybbukDEpstein Well, that is the way it works, but since sandwiches are available EVERYWHERE it is very unlikely that the value of a sandwich will be 30.00, unless their suddenly becomes both a demand for them and a "shortage" of sandwich supplies. Not to mention if I have a sandwich I want to sell, but I need 35.00 to buy a new improved sandwich, then I will have to sell my current sandwich for at least 33.00, you see how that works? If people are however willing to pay that much, it could, and considering loads of stupid people paid 10K over MSRP on cars during COVID....
@@DybbukDEpstein That’s not a comparable situation. And who is going to go to a store to buy a cheese sandwich? Lol!!!!
@@Toni_Snark Are you incapable of engaging in hypotheticals??? Holy cow! Let me sharpen my point a bit for the dullards: YOU CAN RAISE THE PRICE EXORBITANTLY ON LITERALLY ANYTHING AND TELL ANYONE WHO COMPLAINS THAT THE VALUE IS DETERMINED BY THOSE PAYING. If you are OK with that, then get ready to accept that soon, only the rich will be able to eat.
I outsold all the pros in a six person sales office at 23 years old by servicing the customer.
They had forgotten how to do it.
How did you service your customers ? Were they all men , and you showed pride in your work
Really-do your homework. Consult a real estate attorney and sell your own home. The real estate attorney can walk you through the selling process. If you are insistent on using a real estate, set a commission price. No real estate agent is worth 6% of your blood, sweat and tears of what you invested in your home.
I agree and sometimes you have to pay even more than 6 percent!!
Not a smart idea
If you and your partner work full-time, an agent can be a powerful tool in moving the property more quickly. And having a buffer between the seller and the buyer is often a good idea. We have sold multiple properties (both commercial and residential) over the years and have never had a bad experience with a realtor.
@@LA70S Couldn’t of said better myself
@@jimjimgl3 You an an exception and good for you. I still say sell it yourself in the digital age and get help from an Attorney. A lot of people are retired and selling and those that work can do weekend appointments.
Another reason not to divulge your bottom line number is - at least in my area - many agents are also real estate investors. They will come in with your low number. I was also told repeatedly when selling my late sister’s, then my family’s home and then my own condo that the first offer is always the best. Not true. In every case, the first offer was a lowball offer. In one case, the buyer agent gruffly told me “what choice do you have but to take this offer?” I told him I’ll keep it and rent it out if that’s the best, but I think I can do better. And I did get what I listed at. (But not from his buyer.)
The buyers agents job is to get the best deal for their client not you .
@@sarahann530 lol you think thatd be obvious
Never use a family member or friend to sell your property….. unless they are brilliant in their field.
Interviewing at least 3 agents or more is very good advice and also applies to hiring a contractor. You WILL be blown away at how different people are, they are NOT all the same by any means.
Completely agree!
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Assuming you can even get contractor to come out and even give a bid. Even if they say they will many of them are no shows.
You cannot find 3 contractors to call you back in my area, no way to interview them
@@joycef8443 That's a bummer
Indiana Licensed Realtor here. Jen, you've nailed this to perfection and I know plenty of agents near me whose feathers would be mighty ruffled by this information, especially the listing length. My default is 6 months but if a client insists on 3, I salute the captain and follow that cadence appropriately with them. Really it's about open and frequent communication, transparent and full accountability on the part of both parties, and the willingness to treat this as the professional situation it is. Great video educating individuals not familiar with our industry. I enjoyed this. 👏
I appreciate the feedback - thanks for watching!
I wish I had watched this video before hiring my "Buyer's Agent" to represent me as a Seller. He actually told an Escrow Officer that I was his "most difficult client." Had I bothered to actually "interview" him, at least my expectations would have been known up front.
I 100% agree there needs to be more education in the area of working with a buyer's agent.
My wife and I have had good agents and bad agents. Our last two agents were great, because we learned how to spot bad agents. Your advice will help a lot of people, who won’t have to learn the hard way like we did.
I appreciate the feedback.Thanks for watching!
Depends on the area, where i lived and live now, many houses are sold under 24 hrs
I wish I watched this video two weeks ago. I’ve made at least three of these mistakes within the current process of selling my home.🤦🏽♂️
I appreciate this video but seriously, I have no clue about real estate. Telling us do this not that, say this, not that. I am beyond stressed out and this does not help things at all. I just need to sell my home and I'm sorry but real estate agents should be forced to do their jobs right. I am a nervous wreck right now, trying to sell my mother's home. I have an open house tomorrow and yet people telling me it's a waste of time because the only reason my agent wants to do this is not to help sell the house but find new clients. That pisses me off. I am so tired of real estate people. From now on, I am just gunna hire a lawyer. This is all just too damn much for me to deal with. I hate this whole real estate stuff.
@JaredMerlin hi. I am an agent in Mobile, AL. And I don't do open houses. I don't believe in those. Real Estate lawyer charges upfront. 250 an hour. He can't list your house or show your house.
Just let the Realtor do his/her job. Open houses are good for your house, they bring in buyers, multiple offers, and fast sale.
@@JaredMerlin I know they seem to love that open house thing and you of course cannot be there. It is a way for them to get clients for other homes, pass out their cards etc plus someone can be looking to break in, plus you get all the neighbors that have wanted in your house!!! I had that problem with nosey neighbors and I told the agent NO NEIGHBORS, but the agent let them right in even though they said they were a neighbor!! I fired them of course. I do not allow open houses anymore and no lock boxes and everyone has to be pre approved. Next time I will sell my houses myself with a Real Estate Attorney.
@@JaredMerlin AGREED, 100%.
Considering I recently had three seperate agents come to my house to let me know how much it could go on the market for, one of them was 120K below the other two and conveniently forgot to bring comps. I could not believe it, I felt like she was trying to rip me off because she had a client that had a low budget or some other ulterior motive, makes it difficult to trust agents!
The agent was working for their client and trying find them a good deal . You were a greedy home owner holding out for the most you can get . .
@@sarahann530 agree
I'd like to see a video on selling a house with unpermitted work.
Thanks for the suggestion - I'll add it to the list! Appreciate you watching!
I've had several sales jobs myself where I regularly had to deal with real estate people. Three of them were good, decent people. Two of the three owned their own companies and tried to hire me. All other real estate people I dealt with were dishonest, slimely individuals often with severe personality disorders. I avoid them like a plague.
To be honest, homes for the most part sell themselves. Agents really don’t do much in this day and age. 6% commission is a total ripoff, I do hope that the recent court decision will bring commissions down and that buyers agents who do even less are able to be bypassed altogether.
Agents aren't getting 6%, they're getting 3%. The rip off is having the seller pay the buyer's agent's commission, when in reality, two agents hardly ever changes the outcome. The idea is that each agent will represent their client's best interest, but I rarely see a noticeable difference in outcome vs. an agent representing both sides of the deal.
@@kristopherdickson6606 Excuse me, the cost to the seller was 6%, 3% for the selling agent and 3% for the buyers agent and it was non negotiable under the commission structure of the National Association of Realtors if you wanted to use their MLS system. So for every 1 Million of a home sale that's a $60,000 cost to the seller. That's why I call it a TOTAL RIP OFF!
@@kristopherdickson6606 not in washington, we left to colorado. Saved some money this way. This new regulation in washington will most likely slowly filter into other states, hopefully all of them?
So sell it yourself.
I agree, in my country (France), most agents really don’t do anything … but sometimes you can’t sell/buy a house without them.
In my city, you never see ´ for sales’ signs, rarely see any listings online, everything goes though realtors who have their contacts and list of potential clients ( who are mostly investors and wealthy people from outside the city ) … the common people really struggle to buy their first home, because we can’t compete as buyers. Crazy system
I've never had a real estate agent sell a piece of property for the price they tell me to list it out they always 100% come back with a lower offer all the time. Even when I tell them don't bring me an offer below this I'm not going to take it they come back with a lower offer and the first thing they say is I think you ought to take it because they only get paid when I sell. Also I don't think a real estate agent should be able to represent the buyer and the seller You shouldn't be able to do that lawyers can't represent the criminal and the victim, firefighters don't put your house out and then sell you fire insurance, doctors don't save your life and then give you life insurance You see it just doesn't work
100% agree - the worst thing sellers do is tell multiple agents the lowest price they will accept.
I've bought and sold 8 houses throughout my life. Realtors are a pain in the donkey! I can't wait until the day when they become obsolete!
Selling a house is not as complicated as buying as house. As a Seller, you might be able to get by on your own, but for sure as a Buyer (like me, in due time) I'd want an agent. The problem is (1) finding a good one, and then (2) figuring out how I'm going to pay their fee. ;-)
-- BR
@@billredding2000 Was in mortgage for over 20 years so I know how Realtors are! It's all a money making game... they are there to "help" you as long as you play the game their way and they make money!
They arguably already are obsolete.
The primary use used to be connecting buyers with sellers, which can now be done extremely easily by yourself online
Look at what other homes in your neighborhood recently sold for, adjust for your own square footage, and sell it yourself.
I mean. If you’re willing to read contracts, which takes more patience than any other skill
Never tell a realtor you’re looking to move in a year. They only want people who are ready now, but honestly it takes at least a year to prep unless you’ve already been keeping up with maintenance, upgrades and have hardly any personal belongings. A GOOD realtor will be happy to help you a year in advance. Lots of suggestions a realtor can give to help you get your home ready to sell.
Umm- homeowners need the time to prepare though! Realtors are greedy!
Also never tell your agent that you have rodents in your attic. Because you’ll have to disclose that to the potential buyers if you do. And you’ll never sell your house. After it sells, if the buyer complains you just say that you never heard anything and had no idea.
@@RJS1974 That is true for the seller but the reason why buyers need to get 2 or 3 home inspections on a property they want to buy and yes have the inspect the attic.
I 100% of the time try to get the maximum price possible for my clients! I love getting record prices. It must be priced right from the start to get more than couple offers! It must be presented with decluttering and deep cleaning. Only the best photos must be displayed to get the maximum amount of traffic to the open house! Only spend money on things that will have a good return on your money. Good agents want positive word of mouth.
Don’t hire a friend who is a real estate agent. Hired a friend of my wife and she ended up trying to represent both us and the buyer. It was horrible. Needless to say that was the end of their friendship
Always ask yourself when you are considering hiring an agent, that’s your friend: “Would I hire this person if they were not my friend?” The decision needs to be based on their experience and credentials.
don't use the pastor's wife..that ruins any relationship in that circle.
Do not do business with anyone you know!
Agents are not appraisers and general comps don't include upgrades.
You're absolutely correct....however, and an agent that knows the local market and the value of what a buyer will pay for those upgrades in that market will be able to make adjustments to the comps.
@savvyhomeseller That is a big maybe. Unless they took the course on how to do appraisals, many take the path of least resistance.
AWESOME tips and thanks for sharing, Jen! I agree with no more than a 3-month contract. And before interviewing realtors recommended to me, I am considering calling those realtors first and asking them a couple of important questions to see how they answer them. If I get the answers I am looking for, then I would set up a time and date to meet for further questions in person to see if we might be able to work together. I have bought and sold real estate since the late 70's and I have met all kinds of realtors. I could write a book on them called "The Good, The Bad and The Ugly" like the title of the famous Clint Eastwood movie. Anyhow, I will see your other video on disclosures for sellers since that is another VERY important subject to avoid lawsuits with buyers. (At my last home sale in CA., the buyers appreciated me taking the time with being so detailed on disclosures and there were several pages of them since the house was built in 1947.) Take care and keep up your GREAT work here on TH-cam! 😊
Always appreciate you sharing your comments - thank you for watching and supporting my channel! Great idea on the book LOL
Our experience with agents over the years, most were like used car salesman and slimy attorneys. Even had one I thought was a friend screw us over.
@@MGMidget73 I had several agents screw me over too so NEVER AGAIN!!
Why do agents use those wide angle cameras when they photograph a home, this is so deceptive.
Ha ha, I know. Is that fridge 10 feet wide? 😆
Then there's the short bed they stage with to make the bedroom look bigger. 🙄
Those are not the most honest agents. They will also photoshop bright green grass with the rubber stamp tool onto a mud and weed filled yard.
I agree and they also soften the images to high defects. I don't care if you're honest or not. I see them all doing that.
As far as wide angle or fisheye, I think it's done because you can fit more of the room in a single image.
I found her comments. Funny that the agent's doing a lot of work with photographs and drones. Drones is fairly new and I would say the Maybe only 10% do I see with drone shots which really could be figured out with Google satellite images in many cases.
Hopefully agents that are using drones are giving the seller an option if they're going to be charged more for it. But if that's just their operating procedure, it doesn't justify that they're putting in a lot of expense to list it. I see plenty of basic images in the majority of listings.
I think how lucrative the commission will be dictates, how much work they put into staged photos and drone shots.
Love to know what you feel about the new commission law starting in July and advice for sellers navigating those new waters.
Great question - and I'm actually planning a video about that as we speak! The new commission rules go into effect August 15th - I plan to release a video about how to best navigate the rules over the new few weeks. Thanks for watching and commenting!
I had an agent tell me once that they usually do a 2 yr contract !!! We hired another then another. All were not our friend for sure in the deal. They only look out for themselves.
Use a MLS service and sell your own home.
So, in other words if the agent doesn't see huge profits they will avoid you. I thought agents were all about helping clients and going the extra mile no matter what. At least that's how they all market themselves.
And people say homeowners are greedy and not realtors! lol!
why I want to go through an agent if I can buy or sell it without it. when buying an independent inspector we can hire even if no agent involved. Also, we will get loan from the bank or find escrow company ourselves. Why people are selling through an agent have no idea. Just without agent we sellers can sell and buyers buy cheeper. Last house I bought without an agent from seller who had no agent as well. Both of us saved a lots of money and used to remodel the house.
An agent can get you more money for your house negating any savings.
I should be able to tell them anything, they are working FOR ME.
@@Antney946 that’s the fallacy. They are working for the deal, to close the transaction.
@@Antney946 They are working for themselves not you in reality.
Sold my parents 450K home in the Netherlands for 1.8% commission. And real estate offices were competing for my work. Funny how a truly open market and competition will help the customer. The US rmarket is very un-american and im glad that the courts are finally prying it open.
Thank you. I'm grateful I came across your videos. I look forward to learning more.😊
I messed up big. lol. My plan has become a bit better since I have been learning. Thanks again. 👋🙂
30-day listing is more than enough in the digital age.
Is it beneficial to hire an agent who has sold or is selling homes in your immediate neighborhood?
An agent that has knowledge of the area, or that can consult with someone on their team that knows the area, is crucial.
we recently used a realtor at the advisement of my wife's relatives. We only interviewed her and let her sell the 2 estate properties. She was a friend of the relatives. I will say we were extremely blessed, because this realtor was an absolute godsend! We couldn't have asked for a better realtor. Should we have interviewed others? maybe, maybe not. All I'm saying is that to every rule there are exceptions. and it's not always easy to interview multiple realtors. face it, everyone has at least one friend who's a realtor. But it's your property you want to sell, you have the right to choose who represents you. But in our case, it was good advice we used in letting this friend of the extended family to represent us.
Agents need to do what the homeowner has hired them to do, regardless of what “they think they have read between the proverbial lines. If an agent doesn’t sell your house within three months, at the most, re-evaluate your relationship with that agent. Make sure you stipulate that your house will not be shown to anyone who hasn’t been pre-approved for financing for the amount you are asking…prevent showing to LOOKY-LOOS!
Lots of good take aways here. Much appreciated!
Thanks for watching!
@savvyhomeseller
Love the blue neon! I've been disappointed with agents who didn't even read a listing to know pros & cons of the property and had no clue where the HVAC unit was. Our first property our agent recommended an inspector. He was lazy and didn't catch seberal things including that all the windows were leaking. Cost us thousands! That being said, we looked at places for 5 months...that agent earned her commission!
You need to keep track on the agents who are most active in your area. You never know when you might want or need to move, So take note of agents who seem to be able to get the best prices, maybe go to open houses and get to know them, it's fun. Know what's going on. Takes a couple of hours once a month, it's not that hard.
Better yet….sell it yourself. It’s not that difficult. I’ve sold 2 of my own. You don’t need a license to sell your own home
Exactly...
The agent will say I bring the MLS with Me....But... FSBO/
For Sale By Owner ....
Owner's...Can list their own home on the MLS...of Course For A...Fee.
@@firesign4297 The amount of legal and statutory documents required makes it foolhardy to try and sell your own property. You will not get top dollar because buyers of FSBO properties are most likely investors who will submit a lowball offer. Without a listing agent to do the paperwork, who will do it? Buyer's agents typically will not steer clients towards FSBOs because there's no commission in it for them. A seller who attempts to act as the agent has a fool for a client.
I knew several agents did just this, listed it high and had to in several times to get it reduced. When I told the seller the true price they did not believe it and wanted it listed higher and had to fight to get it lower to get the showings or they would get feed back on the showing and the prospective buyer would say its to high.
Thanks for watching!
@jen I agree with almost everything you said except for one thing. @12:36 you said "The Data Is The Data". I disagree with that. I have found that agents doing a CMA do nothing more than pull the "data" from the MLS to substantiate your listing price. BUT...what they DON'T do is dive into the "data" and analyze it. There are "similar" properties and then there are "like-kind" properties. I have found that the majority of comps used were outdated properties, not at all updated inside, homes with 20 year old "builder" materials. Some neighborhoods don't even offer a driveway........YET...Realtors just look at the "data". They don't even drive through these other neighborhoods for a better look at the comps!!! Sellers are smarter than those agents and can usually justify their asking price moreso, by doing their "homework"
I just listed, and I didn't do any of these! Gold star!
Impressed with the linguistic eloquence of your narrative in all your videos. Concise too!
Thanks for watching!
Interesting you say that the agent is paying for the advertising, photography etc. In Australia those costs are absolutely the sellers responsibility. The agent organizes them but the bill goes to the seller from the agent.
Siiy question, maybe - should the agent visit the property ahead of scheduling the presentation meeting? Or will they base the sales price only on comparables?
I would like to know this too. We interviewed 3 agents and none of them gave us a price based on our house, it's attributes, location, etc. only comps. We built our house 18 years ago so it's never been on the market, so the agents had ZERO point of reference.
This is a great question. I'd like to answer this on my next Livestream on 7/2 @ 5:30pm ET. Feel free to tune in and join in the chat, or watch the reply afterwards. Thanks for watching!
Had real estate agent who was an unscrupulous, scoundrel person involved in the sale of aunt's estate; house was poor in shape, he took 2 years to get an offer; after 2 years our plan was to demolish the house and keep the land; he magically found a buyer at $23K undervalue; convinced us that the neighborhood was in decline, need to sell the standing house; he acted as both the seller's agent and buyer's agent. Would NEVER accept this again. He was little more than a carpet bagger; sold the property from under us and left. In future, would fire him immediately and report him to local realtor ethics board.
Who decided what the value of the property was ? Why did you stay with the agent for 2 years ? How many agents did you interview and why did you choose the one you stayed with for 2 years ?
@@sarahann530 We initially chose a trusted family friend as realtor. The estate attorney said he needed "a realtor who was a certified appraiser" to handle the sale; conviently, one of his buddies. The value was set at $65K by both our friend and the scoundrel. We had 2 years to close the estate. We were not necessarily eager to sell, only needed guidance what to do. Aunt's lot is next door to our parents' house, so would have made sense to demolish her old house and keep the land. The scoundrel realtor would not hear of it, and argued with me that aunt's property should be sold for the cash offer of $40K and get out of the neighborhood. The estate atty scolded me for arguing with the scoundrel. I thought I was listening to the voice of a seasoned, respected real estate agent; but was uneasy with this choice. Basically, do not trust realtors; sometimes, you know better than "the experts".
@@sarahann530 We initially had a realtor who was a trusted family friend. The estate atty involved said he legally needed a realtor certified in property evaluations to handle the property; he chose a seasoned realtor, also his friend. The real estate evaluation was same amount provided by the first realtor. We had 2 years to close the estate. I think we had a 2 year contract with the second realtor by virtue of the 2 year estate closure. The second realtor had several showings, but no offers, due to poor condition of the house. After 2 years of efforts, our best option was to demolish the old house and keep the land.
@@sarahann530 Replied 3 times with the answers; the replies keep disappearing
What do you mean $23k under value? Where did you get the idea that the house was worth $23k more?
Also it can be hard for traditional buyers to get lending depending on condition of disrepair.
My current house, we had to show a roof leak was fixed before they would finance. Luckily the seller allowed us in to do that work because they were selling as is. We also had to agree to get a new roof in however many days after closing
I have a fantastic agent in indiana and they tell me when its a bad market to sell in.
They focus on getting the best deal for me and they let me know when that is gping to be more challenging and how they might overcome the challenge.
How often are you selling ?
Even before internet my husband and I would ride around on our own to find neighborhoods and houses we like before getting agent. We moved 4 time in 25 years and enjoyed each move. Real estate are a waste of money especially now with all resources available.
Thanks for sharing
Can you explain why Zillow listings are higher in price listings
Zillow used an algorithm to determine pricing and doesn't take into account the condition of the property or if any updates have been done (there's no way for it to know).
I agree with much of your information. I do think that anyone referring someone else should disclose in the same breath if they’re getting some payment of any kind from that referral or you risk seeming ingenuine.
Donna, you bring up a GREAT point! I have referred others to my wonderful most recent realtor back in CA. and I NEVER got a stipend from her and did not expect one. All I wanted was for her to say "thank you" for me referring her (which she did) and for her to give more great service to the person I was referring her to. Only ONCE in my life did I have a realtor give me "a referral stipend" after I referred him to some family members but I did not know in advance that he did that for people for referring him to others. When I refer realtors and other business people to others, I have NO ulterior motives, though some people may think that. I tell them up front that all I want in return is that person to give them GREAT service like what I got and that is all I want from this referral. And I have people refer me to others but I would NEVER ask them if they get a stipend or not from the person that they are referring me to since I don't want to make them feel that I think they are being "ingenuine" to me. If I know them well, then I know that they are being up front with me with the referral and NOT trying to hide the fact that they get a stipend or not from the person they referred me to. My aunt referred me to her CFP (Certified Financial Planner) and I would NEVER have asked her if she got a stipend or not from him for referring him to me since that would make her think that I was thinking that she had ulterior motives for the referral which would really hurt her feelings. The final point is that it comes down to trust of the person who is doing the referral.
Hey Jen, can you share more to what Donna is saying? I would love to hear your thoughts on this subject since Donna brings up a great point about referrals and trust.
I agree with you on this - I have a disclosure on my agent referral request form for this reason. Professional referral fees are common throughout the industry - between agents, from relocation companies, websites that collect your information and then 'refer' you to an agent.
I agree - I'm going to comment on this on my next Livestream on 7/2 @ 5:30pm ET.
At the moment we are putting three properties on the market--one is a live work 7000sq ft building, one is a one bedroom condo and one is a 8000sq ft building. I think most realtors do work we personally would not want to do or have the skill set to do or do not have the contacts to do. And I know most relate to residential sales, but if you sell commercial property an agent can be even more helpful since they do often have an extensive list of past clients / new clients that have very specific needs for purchasing commercial property. And when we showed the live/work space to a commercial agent, he told us that he did not have enough experience with the residential market (which in a way the live/work is) so he referred us to another agent. I think most realtors are pretty straightforward and helpful.
Great video, Jen! Thanks so much for sharing these useful tips! Do you have or do you plan to make a similar video about what to say or not say to your potential buyer's agent to help distinguish the ethical from the unethical? First-time homebuyers especially are highly dependent on their buyer's agent to guide them through what could be a confusing process with lots of potential gotchas -- at least it was for me. Any help for buyers would be greatly appreciated!
Thanks for watching and I appreciate the suggestion! That topic is definitely something I may talk about in the near future.
@@savvyhomeseller Thanks Jen! I'll be very interested to see it.
6% to sell my house 🤦♂️ $60,000 for what . How much work is involved selling a $1,300,000.00 house for 1 million
A lot. A lot goes into it. Agents actually do work hard and are motivated to work hard for you. It is the only way they get paid and they don't get paid until you get paid. Why do people think they don't do anything for the money?? Beyond me.
Good tips. I just want to comment on the recommendation I've heard so many times before and that is about getting at least 3 agents to interview. Last week, I had an agent at my house to ask questions and get information for my upcoming listing. She was here almost 2 hours and she said she'd get some comp's and let me know what asking price would be appropriate. I haven't heard from her. I contacted another agent and she said the same thing. Haven't heard from her. What's going on?
That's very strange - I would reach out to them. It sounds like they're probably very busy (and need to work on their follow through skills). If you call a new agent, I recommend asking the agent for a specific date you will hear back from them on. Oftentimes agents are researching and working for you in the background, but don't communicate that to you - and they unintentionally send the message to the client that they've been forgotten.
I have a question, but I'm not ready to get involved with an agent, yet. Here are the particulars:
1. I'm 62 and relatively low income but not enough for SNAP, Medicaid, etc.
2. I have no other debts (car paid off, no credit-card or loan debt).
3. I inherited a paid-off house.
4. I have a custodial (inherited IRA) and don't want to drain it.
5. I don't have a lot of savings.
6. I could live in the inherited house for a fair amount of time using my self-employment income and IRA distributions.
7. If I didn't have HOA fees that amount of time would be much greater.
8. I would like to downsize to a non-HOA house bought with cash.
Given all of the above, is there a way not to touch the IRA or savings by using the money from selling this house. If so, how, and what order of events would I have to follow to buy a house using cash that would come from the sale of my existing house?
Appreciate your question, but your best bet is to talk to a financial advisor - they would be best suited to guide you. Thanks for watching!
you need a financial planner or CPA not a real estate professional
My experience with 'real estate professionals' is their ego is WAAYYY bigger than their intellect.
I’ve met some of those agents……
There should be laws for full disclosure of any property faults.
Buyers should be able to sue anyone involved in the sale, the inspectors, realtors and owners for any false representation of a property costing over $1000.
I didn't know is not an excuse.
There are, in many jurisdictions.
Laws already exist, at least everywhere where I've lived.
The bottom line is you don't need an agent to sell your house you can put them on the same listings yourself and with a little work you can do it
Thanks for the Tip's, I apply this as an extra for the UK... Keep up the good work.
Thanks for watching!
I've been well served by 5 agents in several states, would recommend any of these, would do repeat business with any, and was happy to pay commissions (one was a buyer's agent acting for us, so "no commission", but of course all dollars come from the buyer anyway), because I got value from professionals. I did encounter some "strange" agents dealing with open land I inherited in AZ, but the lady who finally sold it, I'd "take home to Mother". 6% (or 10% for open land) sounds like a lot - until you count up expenses like paying two mortgages waiting for a deal because you got the price wrong. Usually, the agent knows the market better than you do, will make suggestions for improvements that cost little but yield much (a few shrubs in the right place can hasten a sale AND add 10K - if that's what's needed). By all means, talk with multiple agents, but if you find a real pro, don't be afraid to go back to the well. And a buyer's agent, a good one, is worth her weight in gold when you're buying, because she has the fiduciary responsibility to the buyer, not the seller.
You said the agent knows the market better than you. Why are people not suggesting getting an appraisal done? I had to allow one in for the buyer when I sold my house, and I had to pay for one when I bought a house, because the Lender demanded one. And I wasn't allowed to see the report. So just get an appraisal.
@annelarrybrunelle3570 My wife and I sold 3 buildings in 10 years using a seasoned Agent. He charged us 4% in all the sales. He worked very hard to protect our interests and to that we are very grateful. He and his firm deserved every penny of those commissions.
Thank you for your honesty with these great tips. I used to be a Realtor and I think what you're doing here by helping the consumer is awesome! God bless you. 🙏🏼
Glad it was helpful!
Very good for the sellers, now for the buyers… I’m planning to move from one state to another as I’m getting ready to retire and buy my first home. I interviewed 2 realtors, the second was better so I kept her. However, she recommended a lender who I thought was going to find different financial institutions for my loan, but got to find out she only works for one bank and my mortgage loan is based on this bank only, what is your opinion on that? Another thing, because my budget is very low due to based on retirement, there are not that many houses to choose from so I’m on my second month looking and I’m afraid to hit the 8/17 NAR mark because I don’t know if I would be charged by my realtor. Your opinion is greatly appreciated!
What's stopping you looking for your own financing?
I would talk to a few lenders, just like you interview agents. And the agent may have their preferred lender, but who you use doesn't affect how the agent represents you. On the NAR ruling - stay tuned for a video coming very soon about how to navigate commissions post 8/17.
If the agent wants to lower the price they did not list the house properly to begin with
I've read that the standard 6% commission for the sellers agent will be ending. This makes a lot of sense because selling a $2M house in Northern California is not more work than selling an equivalent $200K house in Central Iowa. Why does the No Cal agent earn $120K while the Iowa agent only earns $12K for the same amount of work? Sure, cost of living in California is higher but it's not 10 times higher.
Cost of living is way higher in cali and if the agent wants to make more money they can move there. I’m assuming most people in Iowa don’t wanna move to cali lol
@@andrewchristie2970 You missed the point which is commissions make no sense. And you also have it backwards - most people in Cali do not want to move to buttf*ck Iowa!
Excellently stated. Simple and easy to understand. Thank you for sharing your knowledge
Thanks for watching!
@@savvyhomeseller I have a sister who is trying to sell her ranch up in Tehachapi California. I sent her your video. Hopefully she will heed your sage advice. Thanks again
Never answer this question with a number: "So, how much are you looking to get out of your property?"
Your answer: "As much as I can."
Thanks very much, Jen. A lot of clear sound advice that is most helpful. I’m in the UK, but most of what you’ve said applies here equally.
As a former California real estate agent with eight years in practice, I can tell you the lady speaks the truth. All those documents buyers and sellers must sign are crafted to protect the agents and brokers, who consider buyers and sellers liars. Agents and brokers are deathly afraid of lawsuits, and those documents are crafted to protect them.
Great tips! Question: what is your theory when you contact a number of local agents - and tell them right up front that you are interviewing for a listing agent - why they don't call back. After leaving messages for several agents, only one called back. When I decided to list, there was only 2 houses listed in my area - so it wasn't because they thought it wouldn't sell because of too much competition, right? If they did a drive by first, they'd see a well maintained and recently professionally landscaped yard. So why didn't anyone call back?
Sounds like a lazy agent situation...this is a great question and a topic that really burns me. I'm going to answer your question on my next livestream on Tuesday 7/2 @ 5:30pm ET. Feel free to tune in and join in the chat!
If these agents did not call you back, consider that a blessing in disguise since that tells MUCH about them as LOUSY realtors and NOTHING about YOU! In other words, they are NOT worth doing business with if they cannot at least call you back which is a HUGE red flag about them as realtors and business people.
@@savvyhomeseller Thank you! I do think it may be a 'regional' thing. It took me hours to even find even the handful of agents that I did call. One of the ways that I planned to make my selection was to see who listed in my area with homes similar to mine - and sold relatively quickly. All, and I mean all, that fit that criteria were from agents with offices over an hour away! How do they know the market in my area; how can they answer their buyer's questions about the area!? It was like they just planned to let the house sell itself - and then collect the commission.
@@DougCeleste I totally agree!
@@blujeans9462 Thanks for sharing your thoughts and your questions were GREAT ones to ask. I would NEVER hire a realtor who was NOT local!
Realtors are just unnecessary. Have saved tens of thousands selling my properties myself, without any certifications… If I can do it, anyone can.
I have snd have had dead family members who are in the real estate appraisal business, so I know a lot about how much a home is worth. I hit exactly what everyone said I couldn’t get for my homes in the past. All were over asking value!
Thanks for sharing
Beware of " No Name " agents-- out of area agents will promise & list at high prices--They don't have anything to lose.
100% agree!!!
I sold three houses using different realtors who had high sales. Every experience was awful and I had to ban one from the property. Never again.
IMO, do not use a real estate agent. Go through a real estate attorney instead.
@@kellyyork3898 your atty cannot market your property.
You must pay upfront to lawyers. Agents get paid at closing. Lawyers can not do agents job.
I've seen plenty of For Sale By Owner houses that just sat for months. They had lousy photography and were overpriced, and would have sold faster at better prices if the owners hadn't tried to do the marketing themselves.
My experience have been my loan person and title company do all the work and I’ve sold many homes. Going forward I will not pay the crazy commissions any longer.
Better yet, get yourself an ethical agent whom you trust and know is honest. lol this video makes me even more grateful for my agent. And she sold my condo in 4 days for cash above asking price (and it was not underpriced... she just got me three offers in 4 days).
It's true,, I've gone thru 5 agents and ALL were shady, greedy, recommended inspection professionals that screwed me just so they could get the sale, I was first time buyer.. NEVER trust these creeps
Luckily thanks to technology having a middle man to take your equity just to do some paperwork is becoming obsolete.
Jenn is correct! I assumed my Realtor had a working office phone and that she showed houses on Saturdays. Nope & nope. I was able to break the contract after much difficulty with her Broker.
Having several friends who are agents, what’s your opinion on hiring someone you know, or is hiring a stranger best practice?
That's a great question - I would ask yourself "If this person doesn't deliver on their promise, will I be able to tell them my issues or possibly fire them?". Also..."If I didn't know this person, would I hire them anyways (based on their credentials and experience)?" If the answer is no, don't hire them.
I’m putting my house on the market in mid July after the buyer’s agent fee is removed from the MLS. Question I have is how long after you list your house should you consider lowering the price if it hasn’t sold yet?
Sell the house yourself dopey. Save all the commission
That really depends on your local area - but I wouldn't wait more than 2-3 weeks.
Do not lower the price at all,they say there are not enough homes on the market for sale.Stand your ground,if it does not sell with in your time, you have the wrong agent working for you.
@@jerryhantz7233 Overpriced houses do not sell
@@jerryhantz7233I have to disagree. Often I find people overprice their home to “test” the market. They do no research on what prices are based are in their area. Home prices are based on the number of bedrooms, bathrooms, size and condition and upgrades. Two homes on the same street with the same floor plan can vary significantly in price. A real estate agent isn’t a magician. No one can sell an overpriced home. And, once it’s on the market and its reduction, reduction home buyers have lost interest in your home.
To be honest, I've never had a listing agent do anything except put the house out there but they had their hand out for their share when it was sold.
Where can the home seller who is not in the real estate field find comparable to make their initial determination? I am not asking about appraisals, but what you referenced as market data of sales data. Could you be specific as to where the layman homeowner can do their own research? I would not know where or how to find such data. Perhaps, could you do a video on how comparable are determined for the industry? Is this data by subscription or available to the general public? Thanks!
Jen will give you the more professional answer than me but what I like to do is to go online and see what homes like mine in my area were listed for, how long were they on the market, and what they finally sold for. This really helps me know more about the current real estate market in my area before I hire the right realtor and we determine as a team what is the BEST price to list my house to get a solid quick sale, sometimes with multiple offers, like at my last house in CA. I see too many realtors who LOVE to overprice homes and then the homes just stay on the market for weeks (and sometimes months!) before the home price is reduced once or more before the home finally sells OR the seller gets too dejected and just takes the home off the market. Price the home right from the beginning for the BEST result! 😎
@@DougCeleste but WHERE is this information? what search terms or website has that? I have no idea
Thanks for the great question! I'd like to answer you on my upcoming Livestream on Tuesday 7/2 @ 5:30pm ET. Feel free to tune in and join the chat!
@grasshopper9449 you can find all the info you want on sites like Redfin and Zillow. There are some good youtube videos on how to do home appraisals out there but the basics are you want to look at homes that have sold in the recent past, in your neighborhood, with a similar size and square footage to your house. Then you need to adjust upwards or downwards for extra bed/bathrooms, larger or smaller lots, new roof, pool, extra garage spots etc. Generally you want to find something that's sole within 1 mile and the past 6 months but depending on your market it may be slower and you have to look further out. Look at what the homes were listed for and what they actually sold for and how long they were on the market.
Once you've seen the historical listing's, you can look at what the current market is like. Look for homes in you area (same school district, same bed/bath count, similar state of repair and finish etc) and see what they're listed for - how much is new construction going for in you area etc.
Once you've done this research, you will start to get a good idea what the rough ballpark for your house should be.
@grasshopper9449 I have used Zillow and Realtor. Both have option to see sold properties. You can filter by beds/baths etc.
My realator had comps when he arrived and said this is what you should list it for. They had someone do a quick appraisal before They never asked me anything about price or timing.
Excellent, cogent discussion. Thank you
Jen, video was good and I agree with your content in general.
I just want to add froma TH-cam perspective, telling everyone that the answer to their question will be in a live stream is offputting and doesn't add value. I get that its part of your funnel, but sometimes its better to just type answers to questions and appear helpful vs push people towards a live stream. Good luck with your channel!
The intention is not to push people to the Livestream, nor is it a 'funnel' of any sort. I do it because the answer is typically too long and detailed for a written comment. It also allows me to interact with the person who is asking the question by inviting them to the chat. The purpose of the livestream is to educate, provide value and build a community within this channel. And as a side note, the feedback I typically get from the viewer asking the question is very positive and appreciative. Thanks for watching!
Agree that the interactive part is what is unique about livestream, although some content creators don't even use that aspect.
Another excellent video .. keep going
Thanks for your support!
No one needs a real estate agent to sell or buy a house.
My neighbor just sold a condo for $35k over ask, $620k, in one week. So she earns 4.5% for one week of a few hours . That doesn’t include buyers brokers fee. So ridiculous. I sold a house recently, it went in one day. I paid TOO MUCH in realtors fees.
Thanks for sharing
3 months? No.
30 days, with a sliding scale commission -the longer it takes, the less you make.
3 months on the market suggests, rightly or not, that there’s something wrong and it becomes a pariah -or at the very least generates lowball offers.
You’re the professional, so you already have all your animals lined up for the parade. Either you can, or you can’t.
Realistically, with the advent of the internet, social media, and Zillow, et al., your profession is a dying breed. Most of the hard work is done by the mortgage company, the title company, and the buyer/seller.
The house behind me has gone FSBO, and 3 realtor, meanwhile dropping the asking price by 90k -which hurts all other prospective seller along the way, to include me.
30 DAYS MAX