Posts Tagged ‘ for-sale-by-owners ’

Just what are “the basics” anyway?

The market is slow in most parts of the country and how to cope with current market conditions is a hot topic at office meetings, online forums and water cooler discussions.

When I talk to experienced agents and ask them how they are handling the current climate, they usually mention going back to “the basics.” I concur, but it occurs to me that anyone who hasn’t been in the real estate business for more than 5 years doesn’t have a clue of what the rest of us are talking about.

I’ll be the first to admit that for many of us, the past few years were a great ride, but one that didn’t require skills beyond how to deal with multiple contract situations. We worked hard but it was an easy kind of hard, if that makes sense. We didn’t need to worry about “the basics.”

We paddled as fast as we could, worked a lot of hours, and for those of us that were able to put good systems in place, we made a lot of money.

I drove past a little house in Groton, CT yesterday. I hadn’t been by that house in years and the memories of my early career brought a smile to my face. That little house was my very first listing in 1977 from a seller who wasn’t a friend or previous acquaintance.

I can thank “the basics” for that listing Continue reading this post

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Posted by: Linda Davis on May 6th, 2008 under Realtor

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MLS Compensation; The Ugly Truth Today

House and Money

“Real estate compensation structures are wrought with problems, which could be effectively eliminated if the MLS-mandated offer of compensation were done away with.

Agent compensation is set by office policies that support a specific company’s fee philosophy and income. But the system doesn’t take into account how it affects consumers’ opinion of value received or how it can clash with other companies’ compensation policies.

These policies also contribute to uneducated agents blacklisting certain properties—either intentionally or unintentionally.

One major contributing factor to the compensation problem is that a buyer’s agent is paid according to the selling agent’s office policy. This totally disregards the buy-side agent’s office policy on compensation, the buyer’s contract with his agent and the seller’s best interests, which are to remove any barriers that may keep potential buyers from seeing their home.

One problematic result of the mandatory unilateral offer of compensation is the belief that the seller and his agent are the ones paying for the buyer agent’s fee. In reality, both the seller and buyer agents’ fees come from the negotiated sale price, and are deducted from the proceeds Continue reading this post

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Posted by: Jeffrey Bastress on October 24th, 2007 under MLS

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