6 ms·

I'll try anything to get rid of realtors. They're the worst form of rent seekers, and it requires no real skill or training other than a certificate that I coul

I'll try anything to get rid of realtors. They're the worst form of rent seekers, and it requires no real skill or training other than a certificate that I could purchase with a highschool diploma, taking one class, and passing a multiple choice exam.

greenfish6 2y ago
Yes! rm the middleman
bigstrat2003 2y ago
My realtor was invaluable when I bought a house. He had a lot of valuable guidance on what to look for and what to avoid, as well as advice on how to make our offer stand out in a seller's market. I'm not saying that there aren't realtors who are just parasites, but some do earn their pay. Mine was one such.
- greenfish6 2y ago
  Prior to the Aug 17 settlement, Keller Williams said ~65% of home buyers in the US used the first buyer agent that they met. The quality bar is very low to become a realtor (3 months of online coursework). Realtor reviews are cooked and completely fake online. So it is not a big jump to say that the average realtor experience is poor as they are usually driven by a single advertisement or a single Zillow link for most people. We try to mimic the behavior of the best performing top 1% of realtors and give that experience to all.
  - modoc 2y ago
    Sure but the first real estate agent I met is the one that was most highly recommended by my friends and colleagues, and has stellar online reviews. It wasn't some random person...
- Raffi_Isanians 2y ago
  Some are valuable, some do a good job at making themselves seem valuable to you. Our goal is to take what the valuable agents do and make it even better. There are so many places where an agent can add value (search, credits, getting you the best interest rate, doing all the research for you, etc.).
- the_gorilla 2y ago
  My realtor was worthless. I picked the house, picked the inspector, and then just had to find a realtor in the area who wouldn't bumblefuck it up too badly. He still managed to somehow cost a lot of extra money by moving extremely slowly. I don't need or want a realtor but the system is set up to ensure they continue to exist regardless of if they have any value. The issue is that we don't really have a choice in the matter. In a properly functioning market, you could still have your realtor if you wanted, and I could pretend they don't exist instead of having to help support their lifestyle.
  - greenfish6 2y ago
    Once we can do buy and sell side then we can be the full marketplace and cut out the realtors
complianceowl 2y ago
The biggest contribution my realtor made was good negotiation, but even that cannot be confirmed. Why? Because I never spoke to the sellers directly. For all I know, I was their only offer and they were just holding off to see if anything else would come through. When I sell my current home, the realtor commission would be around $20,000. That's $20,000 cash equity that is taken out of my hands. When I did this simple calculation, that's when beyond the shadow of a doubt, I knew I would not be using a relator -- I don't care how much of a headache it could be. I'm keepin' that $20K.
- bityard 2y ago
  What's your plan for selling? Are you going to have a lawyer handle the legal aspects instead?
  - complianceowl 2y ago
    Definitely. I am going to hire an attorney ($650), property inspector ($500), and title company ($1,200), and that is about it. I've purchased two homes and I'm confident I can handle the paper work involved. I mean, most of the paper work is the attorney's and title company's anyway. The realtor is basically inserting himself in between those companies and then relaying that information to the client. In my case, my realtor was copied on all communications, but that is it. I was the one producing all the documentation, signing agreements, reading reports, following up on inspections, etc. And I had one of the top Keller Williams agents in my state. The guy is known by everyone. I can't make sense of paying someone $20,000 to say, "Let me know if you have any questions about the inspection report"; or to tell me, "I wouldn't buy this. There's moisture in the basement. There's a leak in the ceiling. The patio is not level." etc. I'm knowledgeable enough to see things like this, and if not, my inspector will educate me on it and identify issues.
    - Raffi_Isanians 2y ago
      Reach out to us when you sell. Can automate some of the communications/backend work.
    - 2y ago
bityard 2y ago
Are you speaking from experience in the real estate industry? I'll agree that RE agents ("Realtor" is a trademarked term) are essentially unnecessary for the happy path when a property sale goes smoothly. In that case, they are overpaid secretaries. But the reason RE agents are their own profession is because when a sale starts to wander off the happy path, there can suddenly be a LOT to know, discuss, and do. A good RE agent will be honest with you if the asking price is ridiculous in either direction. They know all the little local details and laws that are easy for a layperson to miss. They'll help you deal with a difficult buyer/seller. They know where the flood plains are. They know about zoning. They know who to call when the weirdest shit pops up. There are few other areas in life where ignoring (or not seeing) non-obvious red flags can ruin a person or family so completely. I have had bad RE agents that were uncooperative paper-pushers who kept dropping the ball, and I have had good RE agents that were worth every single penny they earned. If you want to be mad at something, I suggest looking into the National Association of Realtors. It is essentially the union that all RE agents are a part of, whether they want to be or not. NAR essentially owns the bulk of property listings in the US and heavily gatekeep access to it.
- greenfish6 2y ago
  Yes, if every deal went according to plan, you could just use half an hour of attorney time. For our value add compared to the regular realtor when things go wrong. Our thesis is that because 65% of home buyers use the first realtor they meet, most individuals are getting this "uncooperative paper-pusher who keeps dropping the ball". We can outcompete this average realtor on the quality front. Our end-game plan is to own our own MLS.
- the_gorilla 2y ago
  Thanks for the reminder, I did get surprised by several local laws despite having a realtor familiar with the area. I speak from experience as a buyer who did all the work and indirectly paid a parasite a lot of money to cost me even more money. I need to emphasis that the issue is that I don't have a choice in the matter. In cases where I don't need them, it doesn't matter if they're good or not, they're purely parasitic. I don't want them. They've inserted themselves in the process against my will.

greenfish6 2y ago

Yes! rm the middleman

bigstrat2003 2y ago

My realtor was invaluable when I bought a house. He had a lot of valuable guidance on what to look for and what to avoid, as well as advice on how to make our offer stand out in a seller's market. I'm not saying that there aren't realtors who are just parasites, but some do earn their pay. Mine was one such.

greenfish6 2y ago
Prior to the Aug 17 settlement, Keller Williams said ~65% of home buyers in the US used the first buyer agent that they met. The quality bar is very low to become a realtor (3 months of online coursework). Realtor reviews are cooked and completely fake online. So it is not a big jump to say that the average realtor experience is poor as they are usually driven by a single advertisement or a single Zillow link for most people. We try to mimic the behavior of the best performing top 1% of realtors and give that experience to all.
- modoc 2y ago
  Sure but the first real estate agent I met is the one that was most highly recommended by my friends and colleagues, and has stellar online reviews. It wasn't some random person...
Raffi_Isanians 2y ago
Some are valuable, some do a good job at making themselves seem valuable to you. Our goal is to take what the valuable agents do and make it even better. There are so many places where an agent can add value (search, credits, getting you the best interest rate, doing all the research for you, etc.).
the_gorilla 2y ago
My realtor was worthless. I picked the house, picked the inspector, and then just had to find a realtor in the area who wouldn't bumblefuck it up too badly. He still managed to somehow cost a lot of extra money by moving extremely slowly. I don't need or want a realtor but the system is set up to ensure they continue to exist regardless of if they have any value. The issue is that we don't really have a choice in the matter. In a properly functioning market, you could still have your realtor if you wanted, and I could pretend they don't exist instead of having to help support their lifestyle.
- greenfish6 2y ago
  Once we can do buy and sell side then we can be the full marketplace and cut out the realtors

complianceowl 2y ago

The biggest contribution my realtor made was good negotiation, but even that cannot be confirmed. Why? Because I never spoke to the sellers directly. For all I know, I was their only offer and they were just holding off to see if anything else would come through. When I sell my current home, the realtor commission would be around $20,000. That's $20,000 cash equity that is taken out of my hands. When I did this simple calculation, that's when beyond the shadow of a doubt, I knew I would not be using a relator -- I don't care how much of a headache it could be. I'm keepin' that $20K.

bityard 2y ago
What's your plan for selling? Are you going to have a lawyer handle the legal aspects instead?
- complianceowl 2y ago
  Definitely. I am going to hire an attorney ($650), property inspector ($500), and title company ($1,200), and that is about it. I've purchased two homes and I'm confident I can handle the paper work involved. I mean, most of the paper work is the attorney's and title company's anyway. The realtor is basically inserting himself in between those companies and then relaying that information to the client. In my case, my realtor was copied on all communications, but that is it. I was the one producing all the documentation, signing agreements, reading reports, following up on inspections, etc. And I had one of the top Keller Williams agents in my state. The guy is known by everyone. I can't make sense of paying someone $20,000 to say, "Let me know if you have any questions about the inspection report"; or to tell me, "I wouldn't buy this. There's moisture in the basement. There's a leak in the ceiling. The patio is not level." etc. I'm knowledgeable enough to see things like this, and if not, my inspector will educate me on it and identify issues.
  - Raffi_Isanians 2y ago
    Reach out to us when you sell. Can automate some of the communications/backend work.
  - 2y ago

bityard 2y ago

Are you speaking from experience in the real estate industry? I'll agree that RE agents ("Realtor" is a trademarked term) are essentially unnecessary for the happy path when a property sale goes smoothly. In that case, they are overpaid secretaries. But the reason RE agents are their own profession is because when a sale starts to wander off the happy path, there can suddenly be a LOT to know, discuss, and do. A good RE agent will be honest with you if the asking price is ridiculous in either direction. They know all the little local details and laws that are easy for a layperson to miss. They'll help you deal with a difficult buyer/seller. They know where the flood plains are. They know about zoning. They know who to call when the weirdest shit pops up. There are few other areas in life where ignoring (or not seeing) non-obvious red flags can ruin a person or family so completely. I have had bad RE agents that were uncooperative paper-pushers who kept dropping the ball, and I have had good RE agents that were worth every single penny they earned. If you want to be mad at something, I suggest looking into the National Association of Realtors. It is essentially the union that all RE agents are a part of, whether they want to be or not. NAR essentially owns the bulk of property listings in the US and heavily gatekeep access to it.

greenfish6 2y ago
Yes, if every deal went according to plan, you could just use half an hour of attorney time. For our value add compared to the regular realtor when things go wrong. Our thesis is that because 65% of home buyers use the first realtor they meet, most individuals are getting this "uncooperative paper-pusher who keeps dropping the ball". We can outcompete this average realtor on the quality front. Our end-game plan is to own our own MLS.
the_gorilla 2y ago
Thanks for the reminder, I did get surprised by several local laws despite having a realtor familiar with the area. I speak from experience as a buyer who did all the work and indirectly paid a parasite a lot of money to cost me even more money. I need to emphasis that the issue is that I don't have a choice in the matter. In cases where I don't need them, it doesn't matter if they're good or not, they're purely parasitic. I don't want them. They've inserted themselves in the process against my will.