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  #1  
Old 03-07-2008, 01:36 AM
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BACKBAYJ BACKBAYJ is offline
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Default Real Estate Info That May Help You Or A Family Member

Things you may not know. That Real estate agents don't tell you

#1 You can list your house for a small flat fee (around $300) This is a listing only agreement. You will be listed on MLS and their affiliated websites (great for for sale by owners). Real Estate Agents will only get paid on the $300. (So they don't tell you).If you do this type of listing you can still offer a buyers agent commission. Usually 2.5% rather than 5, 6 or 7% to list it. And Agents with buyers will approach you. Because they will still get paid.

#2 You can do an Exclusive Agency listing. This means if the Real Estate Agent finds a buyer you pay them the amount agreed upon. Usually 5-7%. But if you find your own buyer you pay them nothing. (they will not mention this type of listing to you as an option).

#3 If you are a buyer and buy a home. It is legal for your agent to split their commission with you if it is in writing. The average commission to the buyers agent is 2.5% of the purchase price. This means 1.25% in your pocket. 200,000 purchase = 5000 commission= 2500 back to the buyer. (busy agents will do this) .

#4 Open Listing = You can hire as many agents as you possibly can to sell your home and only pay a fee to the one that comes through with a buyer. (they hate competition and won't tell you about this) Great for you.

#5 You don't have to be licensed to send Real Estate Agent a referral and recieve a commission. If you ever referred a buyer or seller to an agent they could have paid you a referral fee.

#6 Things to keep in mind. Everything is negotiable(commission and type of listing). If you are buying you don't pay a real estate fee. But you may recieve one if you have the right agent.

#6 EXCLUSIVE RIGHT TO SELL= this is the contract that 99% of people sign to sell their house. This means you pay a commission usually 5-7% to your agent. Even if you find your own buyer.(if your friend buys your house and you dont pay the agent they can sue you) This is the most attractive agreement to the agent. And therefore the only one they wll usually offer you.

If anyone on this thread is a real estate agent you may be pissed off but too bad. Alot of agents look down on this kind of truth. But who cares. Not me

I'm going off MA law. But It's pretty much common.
I hope this post will help someone in the future. And if something seems unclear just respond to the thread. And any in depth questions can pm me.
To let everyone know I am licensed to practice real estate but focus on fha and fannie mae mortgages. I only wrote this because it blows my mind the $ people blow to sell their home without knowing their options.
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  #2  
Old 03-07-2008, 11:09 AM
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Sudsy Sudsy is offline
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Default Re: Real Estate Info That May Help You Or A Family Member

It's different in NJ

If you receive a commission of any kind you MUST be licensed - period
#3 and #5 can land you in some very hot water.
The rest of it is the same.

Most listing brokers do NOTHING MORE then get the listing and put it into multiple. If you want more, for example, newspaper ads and mailings you must get it in writing as part of the exclusive that these things will be done. Make sure it's in detail, when, where and how often.
Personally I think the best option is to get it into multiple as cheaply as possible (see #1) and offer an extra 1/2 % to the selling broker. Incentive is a beautiful thing!

Also, something to consider, it doesn't matter who writes the commission check, the reality is that the buyer is always paying the commission - the fee is worked in as part of the price. Remember that when you're negotiating.

FWIW, I'm a NJ broker and own a real estate co. - strictly Industrial/Commercial/Office in the central part of the state.
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