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YOUR BALANCE
Hey KMS! Let's talk commission!
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Replies: 32
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Hey KMS! Let's talk commission!


Mar 4, 2021, 12:58 PM

cause I'm about done with this bull ####

2024 white level memberbadge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

I like your funny words magic man


Re: Hey KMS! Let's talk commission!


Mar 4, 2021, 1:01 PM



2024 white level memberbadge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

I like your funny words magic man


You sure do short circuit pretty easily after


Mar 4, 2021, 1:03 PM

having to vacuum the trailer out for the first time.

badge-donor-05yr.jpgringofhonor-clemsonrulez08.jpg flag link military_tech thumb_downthumb_up

Please forgive me, @IneligibleUser


That was a shampoo. I'm sure your lush hair knows about it***


Mar 4, 2021, 1:06 PM



2024 white level memberbadge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

I like your funny words magic man


Buddy


Mar 4, 2021, 1:18 PM

If you think what you were doing yesterday was shampooing a carpet, I have some news for you

badge-donor-05yr.jpgringofhonor-clemsonrulez08.jpg flag link military_tech thumb_downthumb_up

Please forgive me, @IneligibleUser


Vacuum/ leaf blower. Same difference.***


Mar 4, 2021, 1:07 PM [ in reply to You sure do short circuit pretty easily after ]



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I don't know where you live but we have bidding wars for


Mar 4, 2021, 1:03 PM

most of our properties.

I'm not a realtor, thank God. I just count the commissions as they roll in and handle all business/taxation side of things.

6-5% is standard

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My SIL is a realtor. She's also an idiot


Mar 4, 2021, 1:05 PM

but I've heard from others "in the business" that depending on the market supply is so short realtors are taking 3% commission just to have houses to sell.

2024 white level memberbadge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

I like your funny words magic man


I mean that is not what I'm seeing in this market, but the


Mar 4, 2021, 1:10 PM

average sales price at this office is $4.5 Million sooo I don't work in the "real world"

a 3% commission is split between the listing and the selling agent, so 3% sounds great but it's a little more of the FSBO situation where you aren't encouraging agents to show your property.

Some agents may be willing to cut their commission if the represent you on both sides, if you are using them to both sell your property and find a new one (sounds like thats out for you).

If you want it done right, don't be cheap and go below 5. A decent agent will painlessly sell you above what you could get yourself.

Of course if you truly live in a trailer don't listen to anything I just said.

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Agree 100%....you don't want an agent willing to cut...


Mar 4, 2021, 1:11 PM

commission because they have nothing else to sell.

You want the best realtor that is doing the most business.

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Yeah I'm getting the feeling I'm wasting time here.


Mar 4, 2021, 1:11 PM [ in reply to I mean that is not what I'm seeing in this market, but the ]

had that conversation with the wife last night.

Well they'll TAKE 5-7% OUT of the profit of the house.

Well you can't have a profit if you don't sell the house.


Message was edited by: FBCoachSC®


2024 white level memberbadge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

I like your funny words magic man


If someone is on their own looking at houses that are


Mar 4, 2021, 1:16 PM

FSBO you are dealing with people who a) are looking at creative/non traditional financing office b) too stupid to know that getting an agent helps them c) looking for a deal, assuming that the reason that you are doing a FSBO is because you are upside down or too cheap to spring for an agent

A real estate agent is able to pre qualify buyers, so only brings people willing and able to buy to the negotiating table.

If they are getting you an extra 5% on the sales price it sorta pays for itself...

But you teach econ so I don't need to 'splain that to you.. right?

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I agree with you. But when FIL says "ah you don't need one"


Mar 4, 2021, 1:20 PM

and wife is adamant that we don't need one, sometimes you have to show them that they are wrong.

Luckily we do have a few people coming to look at the house.

Most promising one is the people who were going to look at the house we are about to buy before we swooped in and took it off the market.

I'm guessing if they can afford that house which is priced 12% higher than ours, it shouldn't be a problem.

2024 white level memberbadge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

I like your funny words magic man


Well you've probably already lowered the eventual sales


Mar 4, 2021, 1:26 PM

price of your house by listing it yourself... even if you eventually get a real estate agent involved.

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5-7% of the profit on the house?


Mar 4, 2021, 1:17 PM [ in reply to Yeah I'm getting the feeling I'm wasting time here. ]

Buddy I think you just need to stay put. Not sounding like you are fit to engage in a real estate transaction.

Ain't no arrangement tied to profit.

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I assumed that what he meant was profit = sales price of the


Mar 4, 2021, 1:18 PM

house.

Might have been a giant assumption on my part

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You're right. Mistyped.


Mar 4, 2021, 1:21 PM [ in reply to 5-7% of the profit on the house? ]

Commission would come out of profit. Not be tied to it.

2024 white level memberbadge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

I like your funny words magic man


For what it's worth, KMS advice is solid.


Mar 4, 2021, 1:26 PM

Just hire a realtor, find a good one, and pay them.

If you want to have a go at it with no realtor, I'd be real honest with myself when asking these questions:
*Do I really understand what I'm doing?
*Do I have any experience, like at all?
*Is time a constraint or an asset? Meaning....can I wait things out to sell? Do I have as much time as needed to move, etc.
*Are there any financial concerns tied to time? Do I have to sell before I buy? Will I have to potentially have a place to live in between transactions if things don't work out exactly right?
*Do I know what I'm doing when getting the place ready to sell in terms of making it show as well as it can?
*Can I show my own home? Like, how do you show the house when you are in PE class?
*Can I live without feedback? 10 people look, none buy. They won't be honest with you as to why, but they will to a realtor.

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this^^^^^^^and there are so many


Mar 4, 2021, 2:56 PM

legal issues that can arise. I want no part of a legal battle without adequate representation. We almost got into one with this house and man o man, it gets real, really quickly.

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Still not right...


Mar 4, 2021, 2:18 PM [ in reply to You're right. Mistyped. ]

splitting hairs here, but the commission is based on the total selling price of the house.

So if commission is 5% and house sells for $100k, the proceeds from the sale are $95k...then you pay off existing mortgage and what's left is your "profit". But the 5% comes off the top.

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Curious question about the current market - which is harder


Mar 4, 2021, 2:38 PM [ in reply to I mean that is not what I'm seeing in this market, but the ]

to move? A $5 million dollar house or a house with pallet deck and mashed in septic tank. Obviously, at different ends of the housing market spectrum and buyers, but which is it?

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Sounds like the pallet deck house.


Mar 4, 2021, 2:45 PM

If we had any $5 million dollar houses listed right now it would be gone in a day with multiple offers and a back up contract. We have no house or condo listings left, we sold them all... and in a normal year we'd have 60+ listings.


Without giving actual facts and figures... we've sold all of our listings (from $12 M on down).

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Re: Curious question about the current market - which is harder


Mar 4, 2021, 2:51 PM [ in reply to Curious question about the current market - which is harder ]

High end market in the south is bananas. So many yankees trying to get to the coast in SC, GA, etc right now its not even funny.

2024 orange level member flag link military_tech thumb_downthumb_up

Yep. Anyone with any sense in CT, NY, PA, Chicago etc.


Mar 4, 2021, 2:58 PM

is moving here.

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I can’t even count how many NY, NJ and CT tags I see daily***


Mar 4, 2021, 3:39 PM



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3% overall or 3% each, which would put it at 6%?***


Mar 4, 2021, 1:58 PM [ in reply to My SIL is a realtor. She's also an idiot ]



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who needs a realtor when you have


Mar 4, 2021, 1:05 PM

zillow and the rest?

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Exactly!


Mar 4, 2021, 1:08 PM

I've stopped being polite in emails and messages though.

"Will you owner finance and if so how much do you want down?"

-100%

"I'm sorry, I know it says FOR SALE ONLY but would you rent?"

-I'm sorry that you are illiterate

2024 white level memberbadge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

I like your funny words magic man


Look, I got my real-estate license a few years back


Mar 4, 2021, 1:06 PM

for ##### and gigs. I'd even do it for four-fifths commish... because you know what really gets my #### hard? Helping out my friends.

badge-ringofhonor-clemsonsteve02.jpg flag link military_tech thumb_downthumb_up

Why don’t you call this guy and just get it over with already?


Mar 4, 2021, 1:24 PM



2024 orange level memberbadge-donor-15yr.jpgringofhonor-cu85tiger.jpg flag link military_tech thumb_downthumb_up

“Anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that my ignorance is just as good as your knowledge.”
Isaac Asimov


I'd be willing to buy your house for cash.


Mar 4, 2021, 1:28 PM

$100.00 C A S H.

And I mean a crisp new President Benjamin Franklin bill, not a bunch of singles or change. I'll even throw in a truckload of pallets AND 9 or 10 of those sweet plastic kitty litter buckets to sweeten the deal. The kitty litter buckets have all been washed out, too. And if that doesn't do it, I *MIGHT* be willing to throw in your choice of an autographed picture of Coach Tommy Bowden or a tin of Dollar General brand breath mints once owned but never opened by Coach Oliver Purnell.


DO WE HAVE A DEAL?

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Step 1: Is it listed on MLS?***


Mar 4, 2021, 2:45 PM



badge-donor-05yr.jpg flag link military_tech thumb_downthumb_up

Wrong kind of football***


Mar 4, 2021, 2:58 PM



2024 orange level memberbadge-donor-15yr.jpgringofhonor-cu85tiger.jpg flag link military_tech thumb_downthumb_up

“Anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that my ignorance is just as good as your knowledge.”
Isaac Asimov


Replies: 32
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