What does a Good Realtor do for you beyond MLS?

[sns2]

Putting our house up on the market and gonna downsize. Have always used a realtor. Both houses we put up sold on the first day on the market, the first for full last, and our last for above list with multiple offers. Simple. Easy. Painless. Both times we used a realtor. Beyond taking good pictures, and throwing it up on the MLS, I don't know that they did much other than collect their commission cheque. My wife and I studied the comparables and had a realistic figure in mind for the price, which was almost exactly what the realtors suggested.

Today is a tougher market for sure. So my question is what else does a good realtor do to justify their commissions beyond what I have just mentioned?

BTW, my father was a realtor his whole career, so I am not bashing. Just trying to figure out why not to go Comfree or with some other discount brokerage firm that will save my family money.

Thanks in advance for constructive responses.

[buckbrush]

When I was thinking of selling one of my houses to my renters, I talked to a realtor and he told me the main thing is getting all the paperwork together and signed so you could bring it to your lawyer.

He offered to do it for $500. Never did sell to them. Not sure if that was a good deal or not and what else he had mentioned needed done.

[AndrewM]

Something that comes to mind. Do people offer less if they know you don't have a realtor? I know some realtors wouldn't even show your house to a client if they see you don't have a realtor. I always wonder myself that if the house sells the first day, is it because it was priced 100% correct or was it priced too low. My thoughts lean towards too low but usually your best exposure is the first day on the market.

[Jamie]

SNS.. Where about's do you live?
Thats a HUGE consideration.

[The Elkster]

Just going from some commercials here but...A good realtor will tell you if the neighbors might be prone to having large rock concerts or whether a house might have an insane AI driven security system that might put you at risk when you enter the new home**.

**A realtor will not be held liable if it turns out they did not disclose the fact that a large rock concert may be held near your house or if an undisclosed security system runs amuck. Furthermore a realtor will not be held liable for pretty much anything that happens during the sale/purchase of your house.

[ChickakooKookoo]

One thing to consider here with Comfree if you do go that way. When I bought a new house a year ago I was buying through a realtor. The seller was listed with Comfree. I already had a contract in place with our realtor to purchase through him, standard these days from what I understand. The contract stateds he would get his 3.5/1% on the sale price. The sellers Comfree contract stated that they are not paying it.

My realtor sat me down after I told him we wanted that house and explained it to me. He said he needs to get paid one way or another, which I completely understood. If the seller wasn't agreeing to pay his fees, I would have to pay them out of my own pocket. Luckily for me the seller did agree to pay his fees but I can see that being a major turnoff for Comfree for others.

You might still get away without paying sellers fees with Comfree but there's a good chance you'll still be paying the buyers fees.

Good luck either way!

[Jamie]

As for fees. That neighbours house that sold for $1,000 included Fees of $10.

So if you have the exact same house and you choose not to use a Realtor than your house is worth $990.

Realtors fees are a value added scenario. No buyer in the world will pay you for something that isn't there. Or at least they shouldn't. There really is no savings in not using a Realtor. Savings can happen by using a com free set up providing they put it on the MLS.

Your paying for experience and knowledge. You're paying for the 20 years people like myself have spent their lives learning. You're paying for my connections, my knowledge, my experience and my "GUT" feel. You're paying for my expertise in negotiations. And though some of you may feel you can hold up to my skills of being a professional negotiator, there are just as many guys playing beer league hockey that think the could have been a Pro. Fact is, you cant beat me in my skill set. Thats what you are paying for. This is the most valuable thing most will ever own. The largest investment in most peoples lives. Why wouldn't you want the best representation? Know this. When I sell my personal houses, I don't do the deal myself. I get a associate to represent me. That all being said, discounts are available when you buy in Bulk...

[lannie]

Originally Posted by sns2

Putting our house up on the market and gonna downsize. Have always used a realtor. Both houses we put up sold on the first day on the market, the first for full last, and our last for above list with multiple offers. Simple. Easy. Painless. Both times we used a realtor. Beyond taking good pictures, and throwing it up on the MLS, I don't know that they did much other than collect their commission cheque. My wife and I studied the comparables and had a realistic figure in mind for the price, which was almost exactly what the realtors suggested.

Today is a tougher market for sure. So my question is what else does a good realtor do to justify their commissions beyond what I have just mentioned?

BTW, my father was a realtor his whole career, so I am not bashing. Just trying to figure out why not to go Comfree or with some other discount brokerage firm that will save my family money.

Thanks in advance for constructive responses.

I would think with the last two houses you sold that realtor possibly misjudged the price. If a house sells that quick for full list or more it was under valued.
If your not in a rush or don't "need" the money try selling it yourself or try using comfree as you mentioned. I believe the one of the most important aspects of selling a property is accurate assessment of price. My opinion is you always need a lawyer but the realtor is optional depending on circumstances.

[slough shark]

Well we just bought/sold a few months ago, we had it up for 3 months no offers fired the realtor hired a new one a month later and it sold the first day. I honestly can’t say what the difference was other than our first guy was a lazy bastard. The main reason in my opinion to go with a realtor is most everyone who buys a house uses a realtor, realtors will put people through your house IF you use another realtor so they get their full commission , they are far more likely to only show houses where that is the case. It’s a racket and in spite of much of their job being done by an app and they get paid way too much for their job you’re less likely to sell without your house without one.

[bobtodrick]

When we bought our current house in 1998 we had a great realtor. We had looked at 1/2 dozen houses that were all close...but not 'the one'.
Then we found what we were looking for. The price seemed right and we told our realtor to make an offer.
She called back about an hour later and related how the sellor had been offered a job in Texas, had been trying to sell the house for a month and was getting desperate. Our realtor found out that she had a rock bottom price in mind that if the house hadn't sold by a certain date (which happened to be two day later) she was willing to drop the price of the house substantially...at that point she just had to have it gone.
I highly doubt we could have found this info out on our own...and would have paid $20000 more.

[nast70]

A realtor has a huge network of resources and people to source buyers (and sellers) from. Our last house we bought on Comfree. Not the most pleasant of situations, I won't do it again. When we lived in Calgary, we had 1 realtor who found us our first home, sold it a few years later and had our second ready for us when we were. We paid his reduced commissions, being repeat clients and have to say it was super easy and painless. He did everything.
Realtor all the way. The ones with the largest pool of references and resources are the best.

[sns2]

Five year old neighborhood in Edmonton.

Originally Posted by Jamie

SNS.. Where about's do you live?
Thats a HUGE consideration.

Sent from my Pixel 2 using Tapatalk

[Husty]

Originally Posted by sns2

Putting our house up on the market and gonna downsize. Have always used a realtor. Both houses we put up sold on the first day on the market, the first for full last, and our last for above list with multiple offers. Simple. Easy. Painless. Both times we used a realtor. Beyond taking good pictures, and throwing it up on the MLS, I don't know that they did much other than collect their commission cheque. My wife and I studied the comparables and had a realistic figure in mind for the price, which was almost exactly what the realtors suggested.

Today is a tougher market for sure. So my question is what else does a good realtor do to justify their commissions beyond what I have just mentioned?

BTW, my father was a realtor his whole career, so I am not bashing. Just trying to figure out why not to go Comfree or with some other discount brokerage firm that will save my family money.

Thanks in advance for constructive responses.

I bought my house privately and have no regrets doing so, sold it using a realtor.. really hurt eating that commission hit. Was in a rush, needed it sold fast, and was not around to show the place. Realtors make a lot of commission for printing off an offer letter and filling it out, while the lawyer actually completes the important part of the transaction. They do offer an important service, but not worth the cost IMO. I wish more people were okay buying private - the issue is that people do not trust someone who doesn't use a realtor.

[skidderman]

My experience is a realter is a waste of money. Bought & sold property privately & one of the better decisions I've made.

[artie]

If you have a realtor who is a member of the family either close or extended or a good friend you get into a no win situation. If you do not use the above then they are mad at you. If you use them and they do not make the sale for what ever reason you are mad at them. To you it will come down to dollars to them they take it hard. Be careful.

[AndrewM]

Originally Posted by Jamie

As for fees. That neighbours house that sold for $1,000 included Fees of $10.

So if you have the exact same house and you choose not to use a Realtor than your house is worth $990.

Realtors fees are a value added scenario. No buyer in the world will pay you for something that isn't there. Or at least they shouldn't.

I am not sure I agree that the value isn't $1000. If I am selling a $1.50 banana which I get from a distributor for $1 and I go directly to the farmer and get for $0.50, the banana is still worth $1.50. I just get to keep the profit as I did the work.

[AndrewM]

At the end of the day a realtor give their expert recommendation. You chose to listen to their advice or pass on it and make your own decision. If you aren't going to listen to them then there is no point having a realtor. Is having an expert opinion worth around $10,000?

[Sledhead71]

Originally Posted by AndrewM

At the end of the day a realtor give their expert recommendation. You chose to listen to their advice or pass on it and make your own decision. If you aren't going to listen to them then there is no point having a realtor. [U]Is having an expert opinion worth around $10,000[/U]?

Simple answer is Yes.

[Husty]

Originally Posted by bobtodrick

When we bought our current house in 1998 we had a great realtor. We had looked at 1/2 dozen houses that were all close...but not 'the one'.
Then we found what we were looking for. The price seemed right and we told our realtor to make an offer.
She called back about an hour later and related how the sellor had been offered a job in Texas, had been trying to sell the house for a month and was getting desperate. Our realtor found out that she had a rock bottom price in mind that if the house hadn't sold by a certain date (which happened to be two day later) she was willing to drop the price of the house substantially...at that point she just had to have it gone.
I highly doubt we could have found this info out on our own...and would have paid $20000 more.

That happens because the realtors are talking to each other and they both want to make a sale for the commission, screwing over the seller in the process. Would that not pi$$ you off immensely if you were selling in that scenario? Also a breach of the realtors contract to act in your best interests in that case.

[R3illy]

Originally Posted by artie

If you have a realtor who is a member of the family either close or extended or a good friend you get into a no win situation. If you do not use the above then they are mad at you. If you use them and they do not make the sale for what ever reason you are mad at them. To you it will come down to dollars to them they take it hard. Be careful.

never use the friend of a friend whos a realtor and never use the family member who just got into real estate. This is a recipe for disaster.

Sns- If your location is great you seem to have great luck with selling i woildnt hesitate to attempt comfree if thats what your thinking. My concern would relate to how the market is in your neighborhood. Lots of homes in the suburbs are more competitive and not selling as quick. Com free's downside is your house gets bumped to the bottom of the showings for most realtors.

Ive dealt with a lot of realtors. I can say ive had one closing on a property happen specifically because my realtor was friends with another realtor.. they do use their relationships to help push an offer. On the flip side many realtors are distant and not accessible when it comes to a sale. I would have specific instructions for getting feedback for every showing and set expectations on follow up to every showing. Ive dealt with too many realtors who are lazy and drop the ball on the basics.

[badger]

Be aware that a realtor representing a purchaser is working for the seller, not the purchaser. Why? The seller is the one with the contract that pays the commission of the purchaser's realtor. Without being paid by the purchaser, the realtors on both side have zero obligation or contractual responsibility to the purchaser. So not only do realtors face no liability for misrepresentation or errors, the purchaser is completely on their own.

[Talking moose]

Originally Posted by badger

Be aware that a realtor representing a purchaser is working for the seller, not the purchaser. Why? The seller is the one with the contract that pays the commission of the purchaser's realtor. Without being paid by the purchaser, the realtors on both side have zero obligation or contractual responsibility to the purchaser. So not only do realtors face no liability for misrepresentation or errors, the purchaser is completely on their own.

That’s where your lawyer comes into play.

[thumper]

Some realtors are worth it - some aren't. Some just list your home on MLS and do little else but wait for calls - others have a professional photographer take photos - sometimes drone video, work with you in 'staging' your house, promote and attend 'open houses' on your property, and take the time to know the details to really 'sell' your place - insulation , age of furnace, roof, improvements, renovations etc. Ask which of these services your prospective realtor will do - interview them as if for a job interview. You'll be paying them big bucks!

Take a drive around your neighbourhood and make a note of other homes for sale, then go home and see if you can find them online, and how they're represented by the different agencies - you'll quickly narrow it down to who you want showcasing your home and working for you. They make a significant percentage on the sale - especially on the quick sales that you've experienced!

If you have a unique property and are not in a rush - pay for an appraisal independent of any realtor. Then have a realtor list it for significantly above that value - and watch how much effort he/she puts into selling it. Often there's someone who's looking for exactly what you're offering and willing to pay the premium to get it. If it doesn't move in 4-6 weeks, then drop the price to closer to the appraised value. Good luck!

[Unclebud]

Well I haven’t had much luck with Realtors. sold my primary residence about 3 years ago as I was building a new home. First off they appraised my house very high and I gave them the listing. Within the first week they told me they had a offer but it was 60k less, so I passed. This cat and mouse game went on for 3 months and I watched homes in my area plummet. Needless to say I sold for 80k less than listing as I needed to get out. My second go around was a year ago trying to sell a rental property. Tried a different realtor, and low and behold after 2 weeks he wants me to drop price 50k. After a heated debate with this guy I fired him on the spot and threatened legal action if he didn’t release me from the contract. He did and that was my last time I will use a realtor!! Waited 6 months and sold home on kijiji for 10 k off list price. Best of luck to you!!

[omega50]

Our realtor when I bought in Turner Valley left us a house warming gift of a bottle of cheap bubbly in the fridge wrapped in a ribbon.
That was almost the full extent of the value he provided.
Driving around house hunting in rural Alberta burnt some fuel, he suggested we meet close to his house and take our vehicle.lol

[Jamie]

Originally Posted by AndrewM

I am not sure I agree that the value isn't $1000. If I am selling a $1.50 banana which I get from a distributor for $1 and I go directly to the farmer and get for $0.50, the banana is still worth $1.50. I just get to keep the profit as I did the work.

At most, you did half the work. The sellers will look at it like you did none of the work though. Your banana analogy doesn't work. You have to add Value, not get a good deal.

This will make it work

You have one banana for sale at $1.50 and you dipped it in chocolate
Your other banana is just plain and your still asking $1.50

Do you think your really going to sell the second Banana if everyone knows what the first Banana sold for?

[Jamie]

Originally Posted by badger

Be aware that a realtor representing a purchaser is working for the seller, not the purchaser. Why? The seller is the one with the contract that pays the commission of the purchaser's realtor. Without being paid by the purchaser, the realtors on both side have zero obligation or contractual responsibility to the purchaser. So not only do realtors face no liability for misrepresentation or errors, the purchaser is completely on their own.

This is a good reason why to use a Realtor. This advice is 100% dead wrong.

We owe our duty to those that employ us.
When I have a buyer, I work 100% for that Buyer
When I have a seller, I work 100% for that Seller.

Sorry Badger, you're exactly wrong here.

Jamie

[Jamie]

Originally Posted by Husty

That happens because the realtors are talking to each other and they both want to make a sale for the commission, screwing over the seller in the process. Would that not pi$$ you off immensely if you were selling in that scenario? Also a breach of the realtors contract to act in your best interests in that case.

Seller could very well have given permission for that information to be shared.
If he didn't, then you are right. Impossible to know here.

I say NOTHING unless my guy knows what and why we are doing it and is in agreement. Lots of Realtors just keep talking and the other side clients let the cat out of the bag, or the neighbour does. A good Realtor is always aware....

[Jamie]

Originally Posted by sns2

Five year old neighborhood in Edmonton.

Sent from my Pixel 2 using Tapatalk

You have 3500 hundred Realtors up there working to sell your house.
Use a Realtor and get the job done. You know how to handle this. It sounds like you grew up watching it.

Going FSBO in this market could be a long wait and you gain nothing or very little out of it.

If you decide to go with a discount place, make sure the other side is getting paid and make sure your guy is doing something for paper work.

Good luck, listing and living in a house isn't easy.

[HeavyD111]

I guess its like a mechanic or doctor or anyone that provides a service...a bad one doesnt really help anything while a realtor can make your life much easier.

I had one talk me out of a house I LOVED over 7k. It was everything we wanted but she said we were going to overpay. In hindsight it was a pretty good deal. My choice in the end, but I still am not happy I agreed to her persistance “not” to buy and miss owning that house every day.

On the other hand a very experienced realtor sold a house I needed gone in a hurry and really helped me out of a bad situation. She got a nice chocolate basket for xmas, really deserved her commission!

I would guess is you live in a place where real estate is still hot then it could be sold privately depending on demand as I have known people to go this route with success. Maybe try and if it doesnt pan out can always use a realtor later??