Why realtors deserve their commission: A couple of weeks ago, I saw a home that was a perfect investment for my investors. The home was price for almost 50% of the market value. The property was a short sale located in old Elk Grove. I called the agent, but she would didnt pick up. I tried calling her for several days. After several tries, I told my investor to forget about it. It may just be a pocket listing, where the seller may have obtain a buyer already. Towards the end of the week, I gave it one last try. Finally the agent picked up her phone. She told me they have over 50 offers on this property. The highest cash offer was almost $100K above asking price. She told me with this offer, her client does not need to do a short sale. This home can actually be a traditional sale and the seller would actually make some money. I asked her why she didnt price it at market value. Her reply, I didnt know the market was that high in the area. Folks, not to bash on the realtor, but this is a huge mistake on the realtors end. How can you not know the market value of the home when you are practically the profession who has the tool to determine the value. This is what I preach all the time to my seller. You can get an agent to work for you for 1% commission. The biggest question is, will that person have the information to know how to market the property or know the actual value of your home. Placing a number on a house is very easy to do. Understanding how to market, know the value and process of real estate takes time to acquire. If this agent had gone through the entire short sale process, the seller wouldve incur a lot of damage. Luckily there were enough investors and buyers to make the agent realize her mistake. This is why it cost so much to hire a knowledgeable realtor to sell your property.
Posted on: Mon, 04 Nov 2013 21:44:49 +0000
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