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lcnac
LIF Infant
Member since 1/09 162 total posts
Name:
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Re: Settle an argument between my mom (agent) and myself!
Never mix business with family!!!!
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Posted 2/22/09 9:18 PM  |
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Re: Settle an argument between my mom (agent) and myself!
Thanks again everyone! We are working on everything. So far so good. Not great responses from everyone, but at least some.
I don't think I"m explaining it right... probably because it's confusing me. I understand that if the commission is 4% then it's split if someone else brings a buyer. I guess what I'm talking about is that cost and the cost of listing it with a company itself. So the commission would be 4% if sold by one or two agents and then the 4-4.5% that an Real Estate Agency would charge us to list with their company. So, that would be about 8% total loss in fees alone, right? You can't just pick a company you want to list with and then not pay anything except the commission??? You HAVE to pay the listing/advertising fees in addition to the commission. Did I explain that right?  I'm confusing myself. Well, at least this is what my mom told me. Is this correct? Thanks for all your help!
P.S., Do you believe that she still hasn't talked to me since I asked her to have an Open House on Friday? She got all mad at me and hung up and haven't heard from her since. 
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| Posted 2/22/09 10:45 PM |
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Re: Settle an argument between my mom (agent) and myself!
Posted by CaidensMommy
Thanks again everyone! We are working on everything. So far so good. Not great responses from everyone, but at least some.
I don't think I"m explaining it right... probably because it's confusing me. I understand that if the commission is 4% then it's split if someone else brings a buyer. I guess what I'm talking about is that cost and the cost of listing it with a company itself. So the commission would be 4% if sold by one or two agents and then the 4-4.5% that an Real Estate Agency would charge us to list with their company. So, that would be about 8% total loss in fees alone, right? You can't just pick a company you want to list with and then not pay anything except the commission??? You HAVE to pay the listing/advertising fees in addition to the commission. Did I explain that right? I'm confusing myself. Well, at least this is what my mom told me. Is this correct? Thanks for all your help!
P.S., Do you believe that she still hasn't talked to me since I asked her to have an Open House on Friday? She got all mad at me and hung up and haven't heard from her since.
Your mother definitly has misinformed you.
Here is a scenario that might help you better understand.
You hire what ever real estate company you want and you and the broker decide on 4% commission TOTAL. Now the house is on the market for 6 months and you only have a few showings but at the end of your contract (which was 6 months) the house is still not sold YOU WALK AWAY FROM THE AGENT WITHOUT OWING A DIME!
No questions asked! This is was our exact scenario when we sold our first house!
Melissa, I think you should have some other real estate companies come by to pitch you and see how they would market your house and advertise it. I also think you should have a broker's open house which is only for broker's. More exposure that way might help.
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| Posted 2/23/09 8:03 AM |
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Re: Settle an argument between my mom (agent) and myself!
Posted by Seles81
Posted by CaidensMommy
Thanks again everyone! We are working on everything. So far so good. Not great responses from everyone, but at least some.
I don't think I"m explaining it right... probably because it's confusing me. I understand that if the commission is 4% then it's split if someone else brings a buyer. I guess what I'm talking about is that cost and the cost of listing it with a company itself. So the commission would be 4% if sold by one or two agents and then the 4-4.5% that an Real Estate Agency would charge us to list with their company. So, that would be about 8% total loss in fees alone, right? You can't just pick a company you want to list with and then not pay anything except the commission??? You HAVE to pay the listing/advertising fees in addition to the commission. Did I explain that right? I'm confusing myself. Well, at least this is what my mom told me. Is this correct? Thanks for all your help!
P.S., Do you believe that she still hasn't talked to me since I asked her to have an Open House on Friday? She got all mad at me and hung up and haven't heard from her since.
Your mother definitly has misinformed you.
Here is a scenario that might help you better understand.
You hire what ever real estate company you want and you and the broker decide on 4% commission TOTAL. Now the house is on the market for 6 months and you only have a few showings but at the end of your contract (which was 6 months) the house is still not sold YOU WALK AWAY FROM THE AGENT WITHOUT OWING A DIME!
No questions asked! This is was our exact scenario when we sold our first house!
Melissa, I think you should have some other real estate companies come by to pitch you and see how they would market your house and advertise it. I also think you should have a broker's open house which is only for broker's. More exposure that way might help.
Thank you so much! I'm definitely making some phone calls today. I appreciate everyone's help! 
My mom has just been confusing me soooo much!
So.... what you're saying is that when I hire an agent and the commission is 4% total like you said, that includes the buyers side as well when someone puts in an offer? There is not the 4% from my agency + the 3% on the buyers side? Is that included too?
I feel like such an idiot! 
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| Posted 2/23/09 8:40 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Settle an argument between my mom (agent) and myself!
Have you had a broker's open house yet? Before hiring your mom, did you have other realtors come in and tell you what they think the price point should be?
I get that it's family, but selling your house is a business decision and I would be getting input from professionals other than just your mother.
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| Posted 2/23/09 8:45 AM |
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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: Settle an argument between my mom (agent) and myself!
I am really hoping that you misunderstood your mother and that she didn't lie to you or not know how this works 
Either way, now you know .. so please call a few agents today .... tell them you are interviewing agents and want them to come by for a consultation.
When interviewing agents, do not forget to ask (and get in writing ...)
What is the commission rate?
Are there any other fees involved in listing with them?
How long is the contract?
How many open houses will they be doing? (I would negotiate one for at least every other weekend for the length of the contract)
What for of media will they be using to market your house? (mls, private websites, fliers, newspapers, etc...)
Get everything is writing and do your research.
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| Posted 2/23/09 9:08 AM |
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Re: Settle an argument between my mom (agent) and myself!
Posted by Kara
Have you had a broker's open house yet? Before hiring your mom, did you have other realtors come in and tell you what they think the price point should be?
I get that it's family, but selling your house is a business decision and I would be getting input from professionals other than just your mother.
What is a Broker's Open House??? We didn't have anyone come to the house. I wish we did. She just kept insisting she would take care of it. 
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| Posted 2/23/09 9:17 AM |
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Re: Settle an argument between my mom (agent) and myself!
Posted by Elbee
I am really hoping that you misunderstood your mother and that she didn't lie to you or not know how this works
Either way, now you know .. so please call a few agents today .... tell them you are interviewing agents and want them to come by for a consultation.
When interviewing agents, do not forget to ask (and get in writing ...)
What is the commission rate?
Are there any other fees involved in listing with them?
How long is the contract?
How many open houses will they be doing? (I would negotiate one for at least every other weekend for the length of the contract)
What for of media will they be using to market your house? (mls, private websites, fliers, newspapers, etc...)
Get everything is writing and do your research.
I hope so too! Now I feel like we could have wasted the past 3 months for nothing!  So much for trusting my mother!
Now, how do I find a good, proactive realtor that knows the area and what they're talking about? I HATE realtors that are pushy. Any suggestions on how to find a good one? Thanks so much!
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| Posted 2/23/09 9:19 AM |
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Re: Settle an argument between my mom (agent) and myself!
Should I only be contacting the "known" companies or should I also contact the no name smaller local companies? Thanks!
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| Posted 2/23/09 9:20 AM |
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S00N2BEAMOM
LIF Toddler
Member since 12/07 390 total posts
Name:
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Re: Settle an argument between my mom (agent) and myself!
Posted by CaidensMommy
So the commission would be 4% if sold by one or two agents and then the 4-4.5% that an Real Estate Agency would charge us to list with their company. So, that would be about 8% total loss in fees alone, right? You can't just pick a company you want to list with and then not pay anything except the commission??? You HAVE to pay the listing/advertising fees in addition to the commission.
I have never heard of paying a commission fee of 4% and then another 4% advertising on top of that. It's usually 4% total and includes everything (commission fee, advertising and buyers agent- if there is one)
I would also make sure that when potetial buyers come to look at the house the agent (whether it's your mom or another agent) get feedback from them. ex. What they didn't like about the house...what it was missing ...was it the price?? So that way you know what the problem is like the show Sell the house when they do the hidden camera walk through.
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| Posted 2/23/09 9:59 AM |
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Re: Settle an argument between my mom (agent) and myself!
Posted by S00N2BEAMOM
Posted by CaidensMommy
So the commission would be 4% if sold by one or two agents and then the 4-4.5% that an Real Estate Agency would charge us to list with their company. So, that would be about 8% total loss in fees alone, right? You can't just pick a company you want to list with and then not pay anything except the commission??? You HAVE to pay the listing/advertising fees in addition to the commission.
I have never heard of paying a commission fee of 4% and then another 4% advertising on top of that. It's usually 4% total and includes everything (commission fee, advertising and buyers agent- if there is one)
I would also make sure that when potetial buyers come to look at the house the agent (whether it's your mom or another agent) get feedback from them. ex. What they didn't like about the house...what it was missing ...was it the price?? So that way you know what the problem is like the show Sell the house when they do the hidden camera walk through.
Thanks!
So far we've received comments from every showing except one, and we're not sure why? My mom contacted them several times with still no answer?
Other than that, we had all great showings. They all said the house shows great and they're interested but haven't decided yet, or not ready to put in an offer,etc. Only 1 showing they said we had cracks in the ceiling and the house needed to be painted badly. Well, there were no cracks, but we got the only area in the ceiling that we thought they might be talking about and we had the house stained. So, I have no idea what the problem is? I'm thinking price just because of what I've looked at on the MLS. The price ranges soooo much, and we just can't go as low as some of them. None of the feedbacks said anything about price? They only said good things except that one? I'm at a loss! We took care of what we needed to, but still nothing. I wish people would say if it's the price so at least I would know. For so many great showings, I don't have a clue why?
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| Posted 2/23/09 10:14 AM |
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Re: Settle an argument between my mom (agent) and myself!
Posted by CaidensMommy
Posted by Elbee
I am really hoping that you misunderstood your mother and that she didn't lie to you or not know how this works
Either way, now you know .. so please call a few agents today .... tell them you are interviewing agents and want them to come by for a consultation.
When interviewing agents, do not forget to ask (and get in writing ...)
What is the commission rate?
Are there any other fees involved in listing with them?
How long is the contract?
How many open houses will they be doing? (I would negotiate one for at least every other weekend for the length of the contract)
What for of media will they be using to market your house? (mls, private websites, fliers, newspapers, etc...)
Get everything is writing and do your research.
I hope so too! Now I feel like we could have wasted the past 3 months for nothing! So much for trusting my mother!
Now, how do I find a good, proactive realtor that knows the area and what they're talking about? I HATE realtors that are pushy. Any suggestions on how to find a good one? Thanks so much!
These are all great questions to ask. I would look around your neighborhood and see who has a lot of listings and start with those agents. It is free for them to come by and talk to you. Do not feel pressured to sign anything at that moment. Tell them you have other agents and you want to feel of how other people will market the house and you would like to speak to your DH first. I also would maybe go with a national company like coldwell or prudential. You will pay more commission closer to 6% total but you will get a ton more exposure.
Get a feel for how comfortable you are with them. You will know. The first company we had I thought we meshed but we didn't in hindsight. The REA that sold our house I was very comfortable with.
A broker's open house is usually durning the week and I suggest during their lunch hour so have some pizza their. The agents will be inclined to come because they kill 2 birds with one stone they get to see a listing and have a free lunch. Your REA should buy the pizza I think. Have a comment sheet that is anonymous and let them fill it out and leave it that way you can see what other people think.
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| Posted 2/23/09 11:46 AM |
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Re: Settle an argument between my mom (agent) and myself!
Thanks again everyone!!! I really appreciate it!
I sent out a mass email here at work to the staff and already got 14 Agent recommendations. Now is just picking a few to come to the house! LOL!
Thanks!
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| Posted 2/23/09 2:25 PM |
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ddunne2
LIF Adult
Member since 7/05 4189 total posts
Name:
Doreen
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Re: Settle an argument between my mom (agent) and myself!
You can also use someone like Help U Sell which allows you to do the work of the open houses and showings. We sold our last house with them and chose the services we wanted. For example, I handled open houses and showings. The agency just handled the paperwork for a flat fee. And I only had to pay 2% to the buyers agent. You may want to look into this option if they have offices where you live. It takes some of the time consuming tasks off the realtors hands in exchange for a cheaper fee.
Help U Sell
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| Posted 2/23/09 8:08 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Settle an argument between my mom (agent) and myself!
A Broker's Open House usually happens right after you pick a realtor or it could happen prior to I guess if you were handling the sale for now. It is when all different brokers from other agencies come to the home and see what the house is all about so that they can tell potential buyers about your house. I know that you are in NC and I would definitely speak to people who have sold houses down there (co-workers, neighbors etc) and find out what the norm was when they sold their house. I don't see why open houses wouldn't be common down there.
JMO but it seems your mother isn't working in your best interest. I would definitely not mix business and family. You want someone that can be completely helpful in this situation and it seems that your mother is just not that person.
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| Posted 2/23/09 9:21 PM |
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dawnie
Barb-Never removing this pic!
Member since 11/05 3932 total posts
Name:
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Re: Settle an argument between my mom (agent) and myself!
Do you live in the Raleigh area of NC>
I have a great real estate agent...
http://www.elisadeloach.com/
She was so knowledgable when we were looking.
Hope this helps!
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| Posted 2/24/09 6:35 AM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Settle an argument between my mom (agent) and myself!
Lower it, be done with it. Lower as low as you can go to make enough to be free and clear and walk away.
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| Posted 2/24/09 1:07 PM |
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