Settle an argument between my mom (agent) and myself!

Ok... my mom is a wonderful buyer's agent. She has never had her own listing to sell except our's right now. Well, I'm fighting with her about the house. She basically does nothing to help promote the house in anyway. I do it myself. Well, we just lowered the price a little bit a week ago and had a couple of more showings this week. Everyone seems to love the house, but no buyers. I don't know why? My argument with her is I believe that in this economy the house needs to be priced right and the same if not better than other houses. If we lower the price anymore we will not make any money on the house, but in my opnion, the longer we are here, the more debt we're accumulating. So I just think we should lower it to close to the lowest we can go just to try to make our odds better. She says, no, you don't lower the price unless prospective buyers are complaining about the price. Well, no one has, but obviously somethings up? I don't think it's overpriced at all. There are some houses the same price or more that aren't as nice as our's. But like I said with the economy, things are different. Also, I want her to do an open house. She refuses. She said she won't be there because it's against her wishes. She said open houses here are pointless and a waste of time and she's afraid of people coming in to see the house and then getting robbed. I feel we need to do something. She says that I'm not a realtor I don't know what I'm talking about. Ok, to me, she has never sold her own listing. She's a buyers agent. She's great with that and always has been. She's basing her info on what she's learned in the classes, and what her friend says, etc. She gets mad at me because I say, well did your classes teach you what to do in a bad economy? It's not handled the same way, right? So now, she's mad at me and won't do anything. I really wish at this point I could afford another company because I don't think she's doing it right with the economy. She's not the one who can't afford her bills. She just keeps saying, it's too early, the holidays, etc. I just think we need to be competitive right now with there being so much on the market. We can't afford to just sit in the house month after month. She knows this, but insists I don't know what I'm talking about. She knows all apparantely! Please tell me what you think about how this house should be handled right now? Am I wrong or is she wrong? I told her in NY they do Open Houses all the time, she says not here??? I need some opinions on this. I know some of you still think I shouldn't sell the house, but if you could just base your opinion on the current economic situation. Thanks!

Re: Settle an argument between my mom (agent) and myself!

personally I would be having an open house every singlew weekend until it is sold. Many people do not feel like dealing with realtors and look for open houses (we saw tons every weekend in addition to working with an agent) and many people will drive by and STOP. If you are that hard up to sell it, I personally think it is silly not to do EVERYTHING IN YOUR POWER to try to sell this house ---- flyers in supermarkets, target, drugstores, church bulletins, school boards, etc with open house info.

Re: Settle an argument between my mom (agent) and myself!

the objective of an open house is to increase the showing of the house and to attract buyers. if your mother is not being proactive in helping to promote interest than what exactly is she doing (beside arguing with you)?

in my experience and as many know, it is usually not a good idea to mix business with pleasure. it causes for an awkward situation and usually leads to someone walking away dissatisfied and with ill-feelings.

i would have a heart to heart with your mother and be firm on your goals and objectives. if she is unwilling to accommodate your needs, i really think it is in your best interest to contract another agent.

do you have pics of your home that you can post? perhaps we can offer advice to increase your chances of a sale.

Message edited 2/21/2009 9:11:42 AM.

Re: Settle an argument between my mom (agent) and myself!

This is exactly how I feel! She does not care. I try to talk to her and she cops an attitude and says, ok, that's right you're the agent, you know all!!! She just refuses to work with me. Personally, I just think she's being lazy. Regardless if open houses work in my area or not, we have to try everything. I really wish I can just call another company up and use them, but not being a family member, I just can't afford the fees. There is no way!!!

Are we able to hold our own open house, as stupid as that sounds and all... I am just so done with my mother at this point. She just does not care about my opinion about my own house since I'm not a realtor. It's like she instantly gets insulted whenever I suggest anything. I don't get it.

I wish I knew how to do the paperwork myself. It's probably less stressful doing FSBO.

Re: Settle an argument between my mom (agent) and myself!

Melissa, Please contact another agent. Selling your house is a business decision. In your situation you need someone who is actively trying to sell your house. I think it would be helpful to get an outside opinion. A sellers agent knows the market, and will help you pick a price. Your mom might get mad but unless she is going to help pay the bills you need to find someone else.

Re: Settle an argument between my mom (agent) and myself!

you have posted your frustrations with your mother as your agent before.

The solution is to get a new agent.

Re: Settle an argument between my mom (agent) and myself!

Re: Settle an argument between my mom (agent) and myself!

Re: Settle an argument between my mom (agent) and myself!

Message edited 2/21/2009 11:38:54 AM.

Re: Settle an argument between my mom (agent) and myself!

Thanks everyone! I feel the same way.

What I'm talking about is that we wouldn't get enough money from selling the house to pay for a non-relative real estate agency and the buyer's side. It's way too much money compared to what my mom's agency is charging us. My mom would only make a few dollars from the sale and she was giving that back to us. I just don't know what we can do? I know what I want to do, but I can't see us being able to?

So what do you guys think about how to deal with the house as far as the economy goes since she says you only lower the price when the buyers say it's too expensive?

Re: Settle an argument between my mom (agent) and myself!

You don't pay the buyers side. If the real estate commision for the sellers agent is 4%, the sellers and buyers agent split that. They each get 2%.

It is not helping you to pay your mom a few dollars if she is not helping you. It is not going to cost you anything to talk to a listing agent. I feel bad for you but I don't know what answers you are looking for. You shoot everything down.

Re: Settle an argument between my mom (agent) and myself!

Re: Settle an argument between my mom (agent) and myself!

Posted by Jackie24

Posted by CaidensMommy

My mom would only make a few dollars from the sale and she was giving that back to us.

That is if she sells it! Which right now isn't looking too promising.

Re: Settle an argument between my mom (agent) and myself!

We have our agent, and she is doing open houses once or twice a month for us. She leaves us the signs and the in between weekends we are doing Open Houses ourselves (this weekend we are doing Sat and Sun) so that we cover every weekend. She advertises all of the open houses on MLS.

We generally get 6-10 people per Open House. Some drive-bys, some who saw it online...The more traffic you get, the better position you are in.

And honestly, I never felt like anyone at the Open House was casing our place to rob it later. That sounds crazy. Everyone does Open Houses.

Message edited 2/21/2009 9:12:47 PM.

Re: Settle an argument between my mom (agent) and myself!

i don't mean to be rude but why ask for advice if you are unwilling or unable to heed the suggestions offered?

since you and your mother cannot agree on a sales approach and you cannot afford to hire another "agent", your only option is to be independently proactive in increasing buyer's interest.

create fliers, advertise in a local paper, tell your friends, neighbors and co-workers. hold open houses (without the aid of your mother), insist that your mother hold an agent open house.

if you need to sell and feel that lowering the price will help speed the process, then DO SO. no one should tell you otherwise. do what YOU feel most comfortable with.

again, i wish you good luck and hope that the suggestions offered does not again fall upon deaf ears.

Message edited 2/22/2009 9:24:10 AM.

Re: Settle an argument between my mom (agent) and myself!

If you have a potential buyer coming with an agent, do you know how much that agent will receive in commissions? I ask this because if it to low, an agent isn't going to show the house when they can potentially get more money on another house with a higher commission payout. Maybe over a bonus to the agent who's client actually buys the house, say $1000.

Now, I understand that you don't want to pay commission to another agent but I would figure out what the difference would be. Not to mention you would gain so much more exposure with a bigger company.

Re: Settle an argument between my mom (agent) and myself!

When we were looking for a houses we spent every weekend going to open houses. The four houses we put offers in to were ones we saw at open houses and then we went back with our real estate agent. You really should be doing open houses!!!

Re: Settle an argument between my mom (agent) and myself!

Re: Settle an argument between my mom (agent) and myself!

You contract with an agency and set the commission at 4%.

If they sell the house through their agency, they get the entire 4%

If some other agent comes in with their buyer, then the comission gets split 2% to the sellers agency and 2% to the buyers agency.

The same goes for if another agent at your moms agency sells the house. Say your mothers co-worker brings the buyer to the table. Your mom has to split her 4% commission with the agent.

Re: Settle an argument between my mom (agent) and myself!

I really am taking everyone's advice... I've been talking to my DH about this for a couple of weeks now. It's just a hard decision because it will cause BIG problems here between me and my mom and we already have problems! We are going to be calling agents tomorrow and seeing if there is anything we can do. I just can't see us being able to afford both sides with what we owe on the house already? If we have to pay 3% on the buyer's side and x% on the seller's side, that's almost 10K that we can't afford? We need x amount to pay off both mortgages and that leaves us with not even enough to pay off both agents fees? This just su@ks!!!

Re: Settle an argument between my mom (agent) and myself!

Posted by CaidensMommy

I really am taking everyone's advice... I've been talking to my DH about this for a couple of weeks now. It's just a hard decision because it will cause BIG problems here between me and my mom and we already have problems! We are going to be calling agents tomorrow and seeing if there is anything we can do. I just can't see us being able to afford both sides with what we owe on the house already? If we have to pay 3% on the buyer's side and x% on the seller's side, that's almost 10K that we can't afford? We need x amount to pay off both mortgages and that leaves us with not even enough to pay off both agents fees? This just su@ks!!!

Message edited 2/22/2009 1:30:20 PM.

Re: Settle an argument between my mom (agent) and myself!

Posted by Elbee

Posted by CaidensMommy

I really am taking everyone's advice... I've been talking to my DH about this for a couple of weeks now. It's just a hard decision because it will cause BIG problems here between me and my mom and we already have problems! We are going to be calling agents tomorrow and seeing if there is anything we can do. I just can't see us being able to afford both sides with what we owe on the house already? If we have to pay 3% on the buyer's side and x% on the seller's side, that's almost 10K that we can't afford? We need x amount to pay off both mortgages and that leaves us with not even enough to pay off both agents fees? This just su@ks!!!

So what I am hearing is you're putting all your hopes on that your mother will be able to bring a buyer to the table and snatch up that whole commission herself so that she in turn can turn it over to you. Let me ask you this ... as you sit there going more and more into debt, as your mother refuses to do open houses, as you count how many buyers she has actually brought over to see the house .... can you still not see that it's time you grow a set and take charge of this situation. I am sorry but please stop letting people walk all over you ----- go find yourself an agent who will work FOR YOU.

PLease take control and responsibility for your decisons and start making SMART ones.

Message edited 2/22/2009 2:22:00 PM.

Re: Settle an argument between my mom (agent) and myself!

Melissa -

What do you mean, add that onto the buyers side?

If the commission is 4%, it is 4%. PERIOD. If the agent is NOT the same for the buyer and the seller, it is SPLT between the two agents. There is not an addition % tacked on.

Do some research then do the math and find out if what you are paying out through your mother is REALLY THAT much different.



ETA: You really need to NOT be penny wise and pound foolish, KWIM? Over and over again (as told through your posts), you are making decisions that are getting you deeper into debt.

In addition, I hope by now you are in contact with all your debtors and have started to reach agreements on payment plans and interest rates. My brother is is a free-lance graphic designer and after the October fall of the market, he fell onto some hard times. But he's been in constant contact with everyone and he hasn't gotten into any trouble. He calls up a credit card and will say I am sending you X on Wednesday and he does. Companies are dealing with tons of people in your position, more times than not, they work with you.

Message edited 2/22/2009 2:37:56 PM.

Re: Settle an argument between my mom (agent) and myself!

Posted by Elbee

If the commission is 4%, it is 4%. PERIOD. If the agent is NOT the same for the buyer and the seller, it is SPLT between the two agents. There is not an addition % tacked on.

Re: Settle an argument between my mom (agent) and myself!

It can't hurt to talk to another agent. You said other houses are listed for higher amounts. Maybe a realtor thinks you can get more for your house. Talk to them and run the numbers. You don't have to commit to anything. Your mom has to understand that you are in a big mess and you have to do what you have to do to get out of it. You gave her a couple of months to sell the house and it didn't happen. Time to move on.