Realtors Don’t Make as Much as You Think!

I am re-running this post because I am in a sour mood today…

I had a buyer (not my client, I am representing the seller) demand a portion of commission yesterday because HE made a mistake in reading the MLS listing. It’s a long story that I won’t go into, but suffice it to say, I had done nothing wrong and had not misrepresented the house in any manner. The only thing that happened was that HE hadn’t accounted for something in his calculations because HE didn’t read the listing properly. So, why he thinks I should have to “kick in” a portion of my SALARY to “share HIS pain”, is beyond me.

In any event, here is a post I wrote sometime ago, but I think bears repeating…

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Realtors Don’t Make as Much as You Think!

(originally posted September 6, 2014)

It’s funny, I’ve been trying to write this post for months and I just couldn’t get it right without sounding angry. It still may sound a bit angry, but this version is waaayyy tamer than some of my prior attempts.

In the few years that I’ve been selling real estate, I have had several clients ask for, hint at and even outright demand a piece of my commission.

I think people feel that a Realtor’s money is “found money” and, as such, the amount we agree upon at the start of a deal can be lowered (at that time or later on in the process) and we, as Realtors, will still have plenty left over. Since it’s “found” money, the amount doesn’t matter…right?!?

For those of you out there nodding your heads in agreement that it is “found money”, how would you like it if your boss told you he/she is going to take $10,000 out of your annual pay because the company feels like using the money for something else? Wouldn’t go over so well, would it?

My commission = My salary

I rest my case.

So, yes, I do bristle when I hear things like…

“My house will sell fast and you won’t have to do much because the house will sell itself, so how about a flat fee instead of a percentage.”

“I can’t really afford that much of a house, but if you chipped in part of your commission, then I can buy it.”

“I need to make a PROFIT on my house, since you have both sides of the transaction, then you will have to chip in from your commission. You’ll still make more than if you only got half.”

Yes, I have had all of the above said to me. Clients telling me why they deserve a piece of my salary.

Also, just to prove why Realtors are worth the money…the  client that offered me the flat fee agreed to pay me a commission because I said I wouldn’t be able take the listing if they didn’t. At the end of their transaction, they told me that they now understood why I was worth every penny. They couldn’t believe how much effort went into selling a house.

How-Much-Do-Agents-Make (1)

Hopefully I did not sound as angry as the whole topic makes me feel :-)

Image: Point2

 

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A fabulous new app called KeyMe

key me logoHopefully this post will help someone in the real estate community…

Recently, I found myself in a situation where, I was in Florida with a house key that my sister-in-law in Massachusetts needed.

We talked about overnighting the key back and forth and had an elaborate delivery scenario all set when my tech-savvy brother-in-law stepped in and mentioned a new app he heard about called KeyMe.

KeyMe is an app that allows the person that has the needed key in their possession to take a photo of it through the app and store it. Then the person who needs the key can go to a hardware store that carries the app technology and have an exact key made from the stored picture. Of course, I am boiling this down a bit, but you get the idea.

Talk about effective technology!

My husband took a picture of the key with the app (at a cost of $10). Then my sister-in-law went to a hardware store in her area that carried the service and she got a regular key made for a couple of dollars. The whole process took us all less than two hours. A key, from Florida to Massachusetts, in less than two hours. More importantly, the key worked the first time she used it!

Absolute genius.

At then end of all the hullabaloo, my husband mentioned that, as a Realtor, I might want to add that app to my phone.

You never know when a client may have to transmit a key from afar. Keys go missing from listing keyboxes all the time.

You can find the KeyMe website here.

I certainly hopes this helps someone the way it helped me!

(Please note, this is NOT a sponsored post. I am just a grateful user who happened upon the app!) 
 
Image: KeyMe

 

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Weekly Home Sales Snapshot – 2/13/15

Sorry, a couple of days late on reporting this…the numbers reflect activity through last Friday, February 13th.

2-13-15

 

Source: Greater Fairfield County CMLS,  HOUSES Sold = Single Family, Multi-Family, Condo/Co-Op

 

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Happy Valentine’s Day!

door heartSource - The Pale Mauve Post

 

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Waaayyyy too busy today…

 

So I only have time for a pretty front door…

 

sara gilbane interiors

You can look at many other pretty front door colors I have featured

herehereherehereherehereherehereherehere,

hereherehereherehereherehereherehereherehereherehere,

herehereherehereherehereherehereherehereherehereherehereherehere

hereherehereherehereherehereherehereherehere & here

Image: Travel for Design/Sara Gilbane Interiors
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How to weatherstrip your front door

I may be a bit late on this, but given the frigid, arctic blast we are expecting, I thought a tutorial on how to weatherstrip a door would be helpful.

I always find the information provided by This Old House to be straightforward and easy to follow. I like videos because I like to see what’s actually going to happen. They also provide written step-by-step instructions right below the video. They are incredibly helpful.

Click on the picture below to start the tutorial.

Stay warm!

 

weatherstrip-door-TOH

 

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I need to rant a bit…

broken-heartI am starting my week with a rant or perhaps, more accurately, an admonishment to my fellow Realtors…

I currently have a listing for a very lovely house.

This past weekend, I spent the better part of Saturday negotiating an offer for this home. By 5pm Saturday evening, we reached an agreement. The seller seemed happy it was over and the buyer felt they got a reasonable deal. All seemed well. Saturday evening, I went out to dinner with my husband and we toasted to what seemed to be a happy ending.

Let’s just say that toast was premature.

Sunday morning I received a phone call from the buyer’s Realtor. He called to tell me the buyer was withdrawing his offer.

What?!?

It seems they did not read my MLS listing thoroughly and they ASSUMED the house was serviced by sewer. I told him that the house was actually serviced by a perfectly fine septic system. He told me that his client would then be rescinding his offer.

Now, the funny thing is this particular buyer is a professional house re-habber.

If you flip houses for a living, wouldn’t you, OF ANYONE, be more adept at understanding what to look for in that MLS listing?

AND, if a septic system is a non-starter for you, wouldn’t THAT be one of the first things you look for in an MLS listing??

Just saying :-(

But, the real reason I am ranting about this, is not because of this one isolated mistake…this happens to be the SECOND time that this has happened to this seller.

This seller goes through a hard negotiation, reaches resolution, thinks she is FINALLY done with the selling process only to have the offer ripped out from beneath her a day or two later. This has happened TWICE.

So, I am hear to say…Realtors…PLEASE…read the MLS listings carefully. The information is all there and it is your job to read it. By not doing so, you can cause A LOT of heartache for sellers.

Consider this rant over…

 

Image: Huffington Post

 

 

 

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Is 2015 The Year to Buy a House?

 

Here’s an interesting interview with Julian Castro, the Housing and Urban Development Secretary…

 

HUD Sec Video

 

Image: CNNMoney

 

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Weekly Home Sales Snapshot – 2/6/15

2-6-15

Source: Greater Fairfield County CMLS,  HOUSES Sold = Single Family, Multi-Family, Condo/Co-Op

 

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I just read an interesting fact about For-Sale-By-Owner sales…

FSBO-ing has dropped from 19% to 9% over the last 20+ years

 

Wow, that’s a significant drop.

I have written about FSBO-ing here and here.

In general, selling a home is not as easy as it looks and I really don’t recommend it to the anyone with little-to-no experience in selling a home. That said, there are those rare cases where it can make sense, but that’s a post for another day.

My reticence in recommending FSBO-ing may seem like a self-preservation tactic since I am, after all, a Realtor, but, there really is more to selling a home than it may look.

Perhaps over the last 20 years For-Sale-by-Owners have found out the same thing!

If you’d like to read the entire article on FSBOs, you can find it here.

 

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