Jul
22
2008
Part Time/Rookie Real Estate
By Charles TurnerShould real estate agents be required to close a certain number of transactions a year without having to work in conjunction with a Realtor that meets or exceeds that threshold? What would that threshold be?Portland Real Estate Blog
Fascinating. No comments in 24 hours.
I find it interesting that the principle broker system thats in place now is such a joke that we can totally discount it and move on to this scenario.
As a buyer, that system is irrelevant to me. I worked with a team for a while, discovered I trusted the “rookie” more than the principal, and ultimately severed the relationship with the team because I couldn’t reconcile the fact that I trusted one agent but not the other. (I now work with a single agent.)
What I’d really like to see are agents who exclusively represent sellers OR buyers, and buyers agents who don’t have an economic incentive (conscious or unconscious) to work in the interest of the seller and sell properties at higher prices.
I’d hire any broker that would be willing to work for a hourly rate and bill time accordingly.
The works well for a buyer’s agent. The whole profession needs to be rethought.
On a 250,000 5% = $15,000.
At $150/hr = 100 Hrs of time
A buyer’s agent could get a up front retainer of say $2000 and that way will help attract savvy potential purchasers and make money whether or not the sale occurs.
The game will completely change in the next 2-3 years. Those that want to make money will start creating a rational business model that creates stable revenues.
The retainer and by-the-hour (B-T-H)concept is interesting. I’ve said before that I think the seller should figure out payment with the listing agent and the buyer’s agent should work out their payment with the buyer. I don’t think the seller should be determining what the buyer’s agent is worth.
What I’d really like to see are agents who exclusively represent sellers OR buyers. Our team doesn’t do dual agency. We represent either the seller or the buyer, never both.
and buyers agents who don’t have an economic incentive (conscious or unconscious) to work in the interest of the seller and sell properties at higher prices.
The retainer/B-T-H model, or any model where the buyer pays the buyer’s agent, in conjunction with not allowing dual agency would further that cause.
SHADES OF GREEN
Ten most overpaid jobs in the U.S.
Commentary: If only such largesse flowed to all of us
By Chris Pummer, CBS.MarketWatch.com
Look who is in the top ten…
6) Real estate agents selling high-end homes
Why doesn’t someone in Portland organize an RMLS style organization that serves homeowners instead of Realtors. They could provide a central place to list properties, institute a lockbox system, and provide chaperone’s to let people in and out of listings they wanted to see to prevent theft and damage from occuring. Then when a buyer was ready to write an offer, they could sit down and do it with a qualified attorney, instead of having a realtor “fill in the blanks” for them.
I know the next speedbump is figuring out listing prices but lets face it, most agents pull three sold comps, three pendings, three expireds and take a shot. If consumers weren’t stupid enough to allow the RMLS to be the only source of that information then they could easily do the same thing using some simple search filters. Realtors have been handing out half assed legal and accounting advice for decades, to the detriment of every buyer and seller. People need legal and financial advice from people who are qualified to give it to them, and who are libel for that advice. They don’t need more “experienced real estate professionals” giving them wink and a nod explanations of contract clauses as they try to breeze them through earnest money agreements, while scratching out mangled addendum language they have no business writing.