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10-17-2007 12:07 PM
10-17-2007 12:37 PM
10-17-2007 01:17 PM
You are so right, all the Realtors will start working for free or for food.
Look I just found a broker that is listing your house for free, the new era just started. Stay tuned and enjoy.
With all the discounters it must be a great time to sell your house for free and not pay one penny to Realtors.
I just wonder why I get all the time emails from sellers and builders with increased commission.
I am a CA RE Broker full commission and we are not affiliated with any of the above Discount Brokers. Also we do not know or endorse any one of them.
10-17-2007 03:13 PM
10-18-2007 05:48 AM
10-18-2007 07:58 AM
This happen in the last 3-4 years in mortgage industry. The consumer wanted lower interest rates so from originators to lenders each one reduced interest rates to unsustainable limits. Fraud was committed just to stay in business. Then all the hell broke loose and we have now the subprime mortgage meltdown.
In the last few years if I wanted to compete in the mortgage market, my only chance was to push the envelope. I decided not to touch them, today I sleep during the night.
In Real Estate transactions you have enormous liability and responsibility. If an agent makes 100 transactions/year for $1000 he will not be able to verify every single detail, pay for marketing and all the other expenses. In 1 of this transactions he will make one single mistake that can cost the company $250,000 and the client life savings, do you want to be the one.
6-12 month ago experienced real estate investors used a qualified intermediary 1031 exchange company with very low commissions, most of them executed the transactions without a real estate agent or a discount one. The 1031 intermediary was using the money to make investments. One day out of the blue the company filed for Chapter 11. The real estate investors lost every single penny. Like this was not enough they own now taxes on lost money.
One guy lost 10.8 Mill and he owned IRS few more millions because he lost all his money. Another woman lost 5.1 Mill she owns today few more millions to IRS. All this guys worked like this to save FEW HUNDRED DOLLARS. FEW HUNDRED DOLLARS that is right.
In San Jose it was broker with 250-300 agents today he does not exist anymore. Few lawsuits and today he is out.
This is a story from one of my customers. He bought a house in 1979 from a FSBO for $41,000. The FSBO did not make all the disclosures he saved maybe on the agent, in 1981 the FSBO seller paid damages of $38,000 almost the full value of the house.
My point is: There will always be somebody to discount more. We discount also and sometimes a lot but this depends on the deal, property and client. My concern is always what can go wrong and how can I protect my client since this protects me also, and there are so many things that can go wrong.
For us this year looks it will be much better that previous ones. In 2004-2005 there were commissions of $500 in MLS. Today I do not see less than 2.5%, and this is seller choice keep in mind. The cost of marketing is huge in Real Estate so I think the commissions will continue to climb in the next few years.
10-18-2007 08:33 AM
Foxtons started with 40 employees and 2,000 square feet in New Jersey. Now we have 500 employees, 50,000 square feet in 6 locations, and service the entire tri-state area. In addition, we have saved home sellers over $100,000,000.
We regret to inform you that, due to the recent down turn in the residential real estate market, Foxtons has decided to conduct an orderly liquidation of its business. To accomplish this goal, Foxtons is filing a voluntary chapter 11 bankruptcy proceeding with the United States Bankruptcy Court for the District of New Jersey. You will be receiving information concerning the bankruptcy case over the next few days.
Your property continues to be advertised on Foxtons' website and/or your area's Multiple Listing Service, as it was prior to Foxtons' bankruptcy filing. Moreover, the Foxtons signage at your property, if any, can continue to be displayed pending further notice.
As part or the liquidation of its assets, Foxtons is asking the bankruptcy court to authorize the assumption and assignment of your listing agreement with Foxtons to another broker. The identity of the proposed successor broker has not yet been determined. If the bankruptcy court grants this request, and if a successor broker makes a sufficient bid for Foxtons' listing agreements, then the listing agreement for the sale of your home would be assigned to another real estate broker. With the exception of the identity of the listing broker, all of the terms of your listing agreement with Foxtons would remain the same. We hope to have this assignment process completed within fifteen days. You will receive further information from the bankruptcy court concerning this proposal.
We regret any inconvenience to you caused by this situation and hope to transition your listing agreement to another broker as quickly and smoothly as possible.
Very truly yours,
Vice President of Sales
10-18-2007 10:45 AM
if your house is priced very well and has nice pictures online people will drop by. but i've seen some pretty nice places with pretty good prices that have been available for a looong time. and a lot of open houses i've walked through really feel like i'm the only one that's been there. at the MOST i've seen one other person, which means traffic is about 1 person per 15 minutes in the hottest areas, best photographed, best priced houses.
one thing you could do is walk to another open house in your neighborhood and see if anyone else is going there and what's different about it.
what's your listing #?