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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

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.
  - the_gorilla 2y ago
    I've heard people say realtors can point out issues like a leak in the ceiling, like you mentioned, but they're not inspectors and the good ones are quick to admit that they're just offering their untrained opinion. That's good, but I don't know if it's worth $10,000 when for $400 a bonded inspector will look at everything, crawl around in the spider zone, take pictures, and give me specific advice.
  - bityard 2y ago
    Interesting. I wish there were more resources for this stuff. Even though I have a good agent and will continue to use her, I'm always interested in how to DIY things, even big things like real estate. I'm curious why you're paying for an inspector, though? Wouldn't the buyer want to hire their own inspector? Are you just looking for issues that the buyer might complain about? (My experience is that an inspector will _always_ find things that the buyer can use to negotiate the price down.) I was under the impression that the title company was also chosen by the buyer (or their agent). Although they generally expect the seller to pay for, well, almost everything. If the buyer is using an agent, I assume you're not paying the buying agent's 3%, right? I wonder if that would dissuade some buyers.
Raffi_Isanians 2y ago
This is one of the main reasons we started this company: transparency. With our service, you'll soon be able to see all communications and texts with the seller and listing agent. I've been in your shoes (before I got my license). I always had doubts about what my agent was actually saying on my behalf, and what they were telling me about the seller's position. It often felt like the listing agent would magically respond only after I followed up. That's why we're committed to giving you direct insight into the negotiation process, so you're not left guessing about what's really happening behind the scenes.
hash872 2y ago
>the realtor commission would be around $20,000. That's $20,000 cash equity that is taken out of my hands Not to defend the current real estate industry too much, but if the sellers were not paying $20k for a buyer's agent, the price of the home would likely just be $20k higher. That's an extra $20k that the sellers would get to keep. If they kept the price the same with or without an agent, that would seem to be some pretty irrational behavior. They'd be giving up $20,000 for no reason! A rational seller is selling for as much as the market will bear, and are only paying transaction costs that they absolutely have to. Again not defending the current system at all- the sellers are the ones who who are paying too much in this case
linsomniac 2y ago
>I'm keepin' that $20K. Just curious, how are you going to advertise your property to real estate agents and consumers in your area?
- the_gorilla 2y ago
  This seems like a rhetorical question, because it's as simple as a buyer going to something like Zillow and clicking through houses. Realtors are on their way out.
  - linsomniac 2y ago
    How does the house get on Zillow? Typically, they get that from the MLS. The way you get a property into the MLS is via Realtor. Without a Realtor, you don't get into the MLS. I can't even get my house into the MLS without using a Realtor, and I'm currently logged into the MLS database server running updates. ;-)

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.
- the_gorilla 2y ago
  I've heard people say realtors can point out issues like a leak in the ceiling, like you mentioned, but they're not inspectors and the good ones are quick to admit that they're just offering their untrained opinion. That's good, but I don't know if it's worth $10,000 when for $400 a bonded inspector will look at everything, crawl around in the spider zone, take pictures, and give me specific advice.
- bityard 2y ago
  Interesting. I wish there were more resources for this stuff. Even though I have a good agent and will continue to use her, I'm always interested in how to DIY things, even big things like real estate. I'm curious why you're paying for an inspector, though? Wouldn't the buyer want to hire their own inspector? Are you just looking for issues that the buyer might complain about? (My experience is that an inspector will _always_ find things that the buyer can use to negotiate the price down.) I was under the impression that the title company was also chosen by the buyer (or their agent). Although they generally expect the seller to pay for, well, almost everything. If the buyer is using an agent, I assume you're not paying the buying agent's 3%, right? I wonder if that would dissuade some buyers.

Raffi_Isanians 2y ago

This is one of the main reasons we started this company: transparency. With our service, you'll soon be able to see all communications and texts with the seller and listing agent. I've been in your shoes (before I got my license). I always had doubts about what my agent was actually saying on my behalf, and what they were telling me about the seller's position. It often felt like the listing agent would magically respond only after I followed up. That's why we're committed to giving you direct insight into the negotiation process, so you're not left guessing about what's really happening behind the scenes.

hash872 2y ago

>the realtor commission would be around $20,000. That's $20,000 cash equity that is taken out of my hands Not to defend the current real estate industry too much, but if the sellers were not paying $20k for a buyer's agent, the price of the home would likely just be $20k higher. That's an extra $20k that the sellers would get to keep. If they kept the price the same with or without an agent, that would seem to be some pretty irrational behavior. They'd be giving up $20,000 for no reason! A rational seller is selling for as much as the market will bear, and are only paying transaction costs that they absolutely have to. Again not defending the current system at all- the sellers are the ones who who are paying too much in this case

linsomniac 2y ago

>I'm keepin' that $20K. Just curious, how are you going to advertise your property to real estate agents and consumers in your area?

the_gorilla 2y ago
This seems like a rhetorical question, because it's as simple as a buyer going to something like Zillow and clicking through houses. Realtors are on their way out.
- linsomniac 2y ago
  How does the house get on Zillow? Typically, they get that from the MLS. The way you get a property into the MLS is via Realtor. Without a Realtor, you don't get into the MLS. I can't even get my house into the MLS without using a Realtor, and I'm currently logged into the MLS database server running updates. ;-)