Feds probe realtors' 6 percent commissions.

[AntiEverything]

Originally posted by: Spencer278

Originally posted by: classy

Originally posted by: labgeek

Originally posted by: classy

Thats also false. Discount brokers usually work off exclusive contracts.

What part of NOT a DISCOUNT BROKER but FLAT RATE MLS do you not understand?

There is no such thing as a flat rate mls. What part do you not understand that in order to list on the MLS you have to be a broker, who pays a fee. You as a home owner or joe blow can't list on a MLS.

But yet here you are trying to claim RE isn't anti-competivie?[/quote]

Realtors pay yearly dues to be members of their local, state and national association of realtors. Those dues include fees to maintain the MLS. You want free access to their network? Why should they provide that to you. Realtors get together and decide to share their listings with one another, why on earth do you think you have some right to that information?

 

[Scarpozzi]

It depends on the person... Some, IMO, actually earn their money. Others took the course, passed the test, and still don't belong there.

 

[Spencer278]

Originally posted by: AntiEverything

Originally posted by: Spencer278

Originally posted by: classy

Originally posted by: labgeek

Originally posted by: classy

Thats also false. Discount brokers usually work off exclusive contracts.

What part of NOT a DISCOUNT BROKER but FLAT RATE MLS do you not understand?

There is no such thing as a flat rate mls. What part do you not understand that in order to list on the MLS you have to be a broker, who pays a fee. You as a home owner or joe blow can't list on a MLS.

But yet here you are trying to claim RE isn't anti-competivie?

Realtors pay yearly dues to be members of their local, state and national association of realtors. Those dues include fees to maintain the MLS. You want free access to their network? Why should they provide that to you. Realtors get together and decide to share their listings with one another, why on earth do you think you have some right to that information?[/quote]

Competitors getting together to set price or prevent competition is the definition of anti-competitive business practices. The free market gives me the right to know that when I go to two different realtors that they are competing against each other and not working with each other to maximize their gain.

 

[classy]

Originally posted by: labgeek

Originally posted by: classy

Originally posted by: labgeek

Originally posted by: classy

First off your info is seriously in error. It costs significantly more than $500 to list in the MLS.

Garbage! I can do it for $399... There are NUMEROUS Flat Rate MLS services out there that put the info into the very same MLS you use. The house will be on realtor.com and every other one the same as if you did it yourself.

Post the place. Also realtor.com works with MLS. Those homes you are seeing are from a MLS. Post the place that told you they will list your house on any MLS $399. I bet it will be for a week at most. Dude you don't know what your talking about.

Guess again (copy and paste from above)


Edit -

I don't have my links in front of me, but I do remember this sites name from my recent voyage into this arena. http://www.yourigloo.com/

From their FAQ page:
1. What is MLS?
MLS® (Multiple Listing Service) is the most comprehensive computerized database of homes for sale with over 1.5 million listings nationwide. ... This is the same MLS used by a conventional broker who would charge you a full listing commission.

2. What is REALTOR.com and how will my listing be displayed?
The official Internet site for the National Association of Realtors currently with over two million home listings which are provided by 602 participating REALTOR Multiple Listing Services...

3. What if I sell my home myself?
$489 Flat Fee - If you sell your home off of one of our many internet Web sites you will be listed on such as Realtor.com, YourIgloo.com, Homestore.com, etc. you would have only invested a $489 Flat Fee. If a Realtor sells it, you will only have to pay the buyers agent typically 2.5 - 3.5% again depending on your area. You save thousands of dollars in commission!


And BTW, there price in Florida is $399

Edit 2 -
Straight from thier site:
Get all these great benefits for ONE LOW FLAT FEE plus:

FREE Yard Sign with steel stake
FREE Showcase Upgrade on Realtor.com including 6 photos Tell me more
FREE Link directly from Realtor.com listing to your contact information
FREE Comparative Market Analysis on request
6 MONTH listing on local MLS, Realtor.com and Yourigloo.com
RIGHT TO CANCEL at any time for any reason.
Customer Service Representative available 6 days a week, 7 am to 6pm est.

Now here is what they are not telling you. I keep trying to tell you no one is going to list your home for $399 on a mls. You call them and ask them these questions. Who represents you at the closing? Do you any protection against frivilous law suits. How much does it costs to have all your paper work processed at the title company? Who is going make sure you have all the necessary papers filed for everything from CO to mold papers? How much does it costs when they have to adjust the price for house on the MLS in case it doesn't sell? That's just a few questions. How much does it costs to find out if I am in a floodzone? Is my home near a dump or recycling dump that needs to be disclosed? Who will help me with that? These are just a few. If you think you'll paint a few a walls and put a for sale sign in the yard and all will be okie dokie, your a fool. You'll be in court giving your house away. Also how much does it costs for an escrow account, don't forget that. You got so many hrs to deposit the money or you could be sued. Hey can I just deposit the money in my account? These are just a few. Without guessing to hard I am sure they will do all this and more for free. LOL, See you in court 🙂

 

[labgeek]

Originally posted by: AntiEverything


You want free access to their network?

Typical real estate agent... $400, $500, whatever = "free" Hmm... bet if I tried to charge one of them $500 and claim it's "free" it would be a different interpretation of free then.

 

[classy]

Originally posted by: labgeek

Originally posted by: classy

There is no such thing as a flat rate mls. What part do you not understand that in order to list on the MLS you have to be a broker, who pays a fee. You as a home owner or joe blow can't list on a MLS.

It's strange that I had a realtor I know tell me about them... And if I type it into google, I get lots of sites that offer it. And there's articles on how to do it. But they don't exist... hmm. yeah thanks for playing...

I can't tell you what to do but it is clear they are scam. They are nothing but a classic discount agency. Dozens upon dozens of them. You should read the website. Perfect example they charge GA residents more money than FLA. Good luck to you.

 

[alent1234]

Originally posted by: Spencer278

Originally posted by: AntiEverything

Originally posted by: Spencer278

Originally posted by: classy

Originally posted by: labgeek

Originally posted by: classy

Thats also false. Discount brokers usually work off exclusive contracts.

What part of NOT a DISCOUNT BROKER but FLAT RATE MLS do you not understand?

There is no such thing as a flat rate mls. What part do you not understand that in order to list on the MLS you have to be a broker, who pays a fee. You as a home owner or joe blow can't list on a MLS.

But yet here you are trying to claim RE isn't anti-competivie?

Realtors pay yearly dues to be members of their local, state and national association of realtors. Those dues include fees to maintain the MLS. You want free access to their network? Why should they provide that to you. Realtors get together and decide to share their listings with one another, why on earth do you think you have some right to that information?

Competitors getting together to set price or prevent competition is the definition of anti-competitive business practices. The free market gives me the right to know that when I go to two different realtors that they are competing against each other and not working with each other to maximize their gain.[/quote]



then go start a business where people list their homes fsbo

realtors pay a lot of money to support their network. why should they let you use it for free?

 

[labgeek]

> Now here is what they are not telling you. I keep trying to tell you no one is going to list your home for $399 on a mls.
They do. You're wrong. Apparently you either can't admit or can't grasp the concept. They are a MLS Listing service. Same MLS as you use. They are a part of the Realtor network. They are not a seller's agent.

>Who represents you at the closing?
Me and my attorney... Edit - which is the same as if I used an agent. Agent does not equal lawyer. Just like $300-500 does not equal free.

> Do you any protection against frivilous law suits.
What protection do you offer? If the buyer's going to sue, he's going to sue...

> How much does it costs to have all your paper work processed at the title company?
Actually a little less. The title company I've used in Louisiana prefers when there's no agents involved, it's easier for them.

> Who is going make sure you have all the necessary papers filed for everything from CO to mold papers?
Again to get through closing, and you should know this, the closing firm is going to make sure everything is in order.

> How much does it costs when they have to adjust the price for house on the MLS in case it doesn't sell?
But I thought they won't list it there??? But to quote them "You can make as many changes as you like to your listing FOR NO ADDITIONAL CHARGE!!!"

> How much does it costs to find out if I am in a floodzone?
And the closing company, and mortgage company saw to that - they did for me when I bought it. You think they're going to take some seller's agent's word for it?

> Is my home near a dump or recycling dump that needs to be disclosed?
Disclosures are fairly standard. In fact the forms sitting on the website for Louisiana... And again the closing company asked for it. Gave them the form and they filled it out. Or are you saying your now researching such things?

> Also how much does it costs for an escrow account, don't forget that. You got so many hrs to deposit the money or you could be sued.
The closing company arranged the escrow of the deposit.

> Without guessing to hard I am sure they will do all this and more for free.
Again with the free... Free = 0. $300,$400,$500 <> free.

 

[labgeek]

Originally posted by: alent1234
then go start a business where people list their homes fsbo

realtors pay a lot of money to support their network. why should they let you use it for free?

Again with the free... I've got a bottle of water here on my desk I'll sell you for free plyus free shipping... Just send me $1000 -$500 (free) for the water and $500 (free) for the shipping.

Obviously the firm (and several others I found) are a part of the network and pay dues. Just because you don't like doesn't mean it doesn't exist.

 

[Amplifier]

Let me step in and settle this whole commission argument right now.

6% is not set in stone!

You can ALWAYS negotiate with your realtor.

As far as discount brokerages, here is how they work.

You pay $400-500 for the broker to list the property on the MLS. Then you leave a 2.5-3% commission for the selling agent.

 

[bsobel]

So how do you get around the contract they've already signed?

I haven't ran into an agent/broker that wouldn't negotiate in order to guarantee the deal would close quickly. They know they will wind up with more work out of the deal, so it's an investment to them.

Bill

 

[TitanDiddly]

Let's hope they do insurance next.

 

[AntiEverything]

Originally posted by: labgeek

Originally posted by: alent1234
then go start a business where people list their homes fsbo

realtors pay a lot of money to support their network. why should they let you use it for free?

Again with the free... I've got a bottle of water here on my desk I'll sell you for free plyus free shipping... Just send me $1000 -$500 (free) for the water and $500 (free) for the shipping.

Obviously the firm (and several others I found) are a part of the network and pay dues. Just because you don't like doesn't mean it doesn't exist.

What are you babbling about water for? We're talking about an information network that realtors in your area work to maintain. If you want to start your own listing service, go for it.

You seem like you want access to the information that realtors put into their network for free. Isn't that right? You feel MLSes are anti-competitive. Quite the opposite. The MLS allows all agents who are members of that MLS to sell any property on the MLS. Before MLS, if you sold your property through an agent, the only people who would even know the property is for sale and would find potential buyers are that agent or possibly others in their office.

 

[AntiEverything]

Originally posted by: Amplifier
Let me step in and settle this whole commission argument right now.

6% is not set in stone!

You can ALWAYS negotiate with your realtor.

That's quite true. I'm not set on 6%. I'll gladly work for 7% or 8% too. 😉

 

[alent1234]

i told my mom that if i sell her place without a realtor i get 10%

 

[jadinolf]

Originally posted by: squeeg22
I would think that a sliding scale would be appropriate. Say, leave it at 6% for lower valued homes with a percentage drop as the selling price raises. After all, there isn't significantly more work to sell a $500,000 home compared to a $150,000 home.

$150,000 @ 6% = $9,000

$250,000 @ 5% = $12,500

$500,000 @ 4% = $20,000

The only problem with this method is that you're forcing the lower income families to carry a larger ratio of comission-to-selling price.

The hardest thing would be finding a $150K home.

 

[lobadobadingdong]

my wife used to be a realtor, you people would be amazed at how hard it actually is. she quite because she was working for free basically, and we simply couldn't afford it anymore. (you don't really make a good living as a realtor until you become a broker, it's very much a pyramid type deal)