Options for avoiding high sellers' agent fee in hot neighborhood

[Anonymous]

We recently bought a house that was for sale by owner. Like your it was in a hot area and nothing else was for sale. They had an open house where they sat outside in a corner of the yard. They said our agent and it all was smooth. As a buyer I actually kinda liked it bc the owner showed us around and was telling us about how to work stuff in the basement, etc.

[Anonymous]

Anonymous wrote:Rob Spicer is a discount broker with a few lower cost options...

https://www.spicerrealestate.com/

Seems like a decent deal on the sell side. On the buy side he charges $295 per hour...that's insane.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Rob Spicer is a discount broker with a few lower cost options...

https://www.spicerrealestate.com/

Seems like a decent deal on the sell side. On the buy side he charges $295 per hour...that's insane.

NP but that's not a bad deal. We hired a real estate attorney to help with our contract and that was $1500. Doubt they spent 5 hours on it.

It's ridiculous to need someone to show you around a house as a buyer. I hope in the future there's just open houses and that's it.

[Anonymous]

Anonymous wrote:Yes, their website got hacked and they are working on. You can email them at [e-mail] or cal them 703-581-8605.

Full disclosure: I don't work for them but have used their services once and liked it. My primary driver is that I hate real estate agents and I think they are overrated and ultimately offer no value in today's internet world. Americans have to learn to deal with buyers and sellers directly like in the old days. I want to educate people that there are alternatives to using real estate agents.

What do you do for a living?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes, their website got hacked and they are working on. You can email them at [e-mail] or cal them 703-581-8605.

Full disclosure: I don't work for them but have used their services once and liked it. My primary driver is that I hate real estate agents and I think they are overrated and ultimately offer no value in today's internet world. Americans have to learn to deal with buyers and sellers directly like in the old days. I want to educate people that there are alternatives to using real estate agents.

What do you do for a living?

NP. Who cares? I'm a real estate agent in the DC area and, yes, 3% is way too much.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Rob Spicer is a discount broker with a few lower cost options...

https://www.spicerrealestate.com/

Seems like a decent deal on the sell side. On the buy side he charges $295 per hour...that's insane.

NP but that's not a bad deal. We hired a real estate attorney to help with our contract and that was $1500. Doubt they spent 5 hours on it.

It's ridiculous to need someone to show you around a house as a buyer. I hope in the future there's just open houses and that's it.

+1
I haven't been an owner for very long, but have always felt this way.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes, their website got hacked and they are working on. You can email them at [e-mail] or cal them 703-581-8605.

Full disclosure: I don't work for them but have used their services once and liked it. My primary driver is that I hate real estate agents and I think they are overrated and ultimately offer no value in today's internet world. Americans have to learn to deal with buyers and sellers directly like in the old days. I want to educate people that there are alternatives to using real estate agents.

What do you do for a living?

NP. Who cares? I'm a real estate agent in the DC area and, yes, 3% is way too much.

You sound like an arrogant real estate agent who intrudes into other conversations.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes, their website got hacked and they are working on. You can email them at [e-mail] or cal them 703-581-8605.

Full disclosure: I don't work for them but have used their services once and liked it. My primary driver is that I hate real estate agents and I think they are overrated and ultimately offer no value in today's internet world. Americans have to learn to deal with buyers and sellers directly like in the old days. I want to educate people that there are alternatives to using real estate agents.

What do you do for a living?

NP. Who cares? I'm a real estate agent in the DC area and, yes, 3% is way too much.

You sound like an arrogant real estate agent who intrudes into other conversations.

You sound like a crybaby. It's the internet with anonymous posting. You're not having a conversation with one person.

[Anonymous]

Google goldenkey- they charge per service.. I think listing is $200.. it is an interesting service -read the FAQ part that helped a lot. We will be selling our house and may seriously use this firm

[Anonymous]

Anonymous wrote:Google goldenkey- they charge per service.. I think listing is $200.. it is an interesting service -read the FAQ part that helped a lot. We will be selling our house and may seriously use this firm

OP here. This one is REALLY interesting. I like because it looks like they just source agents from regular brokerages, so it doesn't show up in the MLS as a discount brokerage. It looks like I could get everything I need for about $3000 -- including attending the open house, appraisal, inspection, coordinating any showings (via lockbox), and receiving offers. That seems like very good value to me, because even though I'm okay doing those things myself, my preference is to have someone else do it so it doesn't look like amateur hour. But I don't think it's worth paying someone $13,000 (1%) just for physically being at the house for a few hours here and there.

Has anyone actually used this service?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You're severely limiting your options by not paying a seller's fee. Most buyers still work with an agent. Just offer at least 2% or 2.5% to a buyer's agent. List for a flat fee.

^^ Oh sorry. I'm being stupid. I mean to say limiting your options by not paying a buyer's fee.

Yeah, just list for a flat fee. Take pro pictures. Declutter like crazy.

OP here. As noted above, I plan to offer 2 or 2.5% to buyer's agent.

You need to offer at least 2.5 to buyer agent. You simply won't get any buyers coming by for 2%.

Remember also that a lot of buyers will be on the hook for that extra 50 basis points or 100 basis points as many contracts stipulate 3%.

With 2.5% becoming more common, I think the 50 basis points is less an issue. But not sure many buyer agents would forego 100 basis points.

FWIW, most FSBOs end up getting less money for their homes than had they listed with a full-service agent who markets the property properly, even net of commission.

No, I'm not an agent.

[Anonymous]

Since you are a lawyer, I bet you are professional and dispassionate.

Most FSBO folks are not. They let emotions get involved in the transaction.

That's a good reason to use agency.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You're severely limiting your options by not paying a seller's fee. Most buyers still work with an agent. Just offer at least 2% or 2.5% to a buyer's agent. List for a flat fee.

^^ Oh sorry. I'm being stupid. I mean to say limiting your options by not paying a buyer's fee.

Yeah, just list for a flat fee. Take pro pictures. Declutter like crazy.

OP here. As noted above, I plan to offer 2 or 2.5% to buyer's agent.

You need to offer at least 2.5 to buyer agent. You simply won't get any buyers coming by for 2%.

Remember also that a lot of buyers will be on the hook for that extra 50 basis points or 100 basis points as many contracts stipulate 3%.

With 2.5% becoming more common, I think the 50 basis points is less an issue. But not sure many buyer agents would forego 100 basis points.

FWIW, most FSBOs end up getting less money for their homes than had they listed with a full-service agent who markets the property properly, even net of commission.

No, I'm not an agent.

Yeah, you're an agent.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You're severely limiting your options by not paying a seller's fee. Most buyers still work with an agent. Just offer at least 2% or 2.5% to a buyer's agent. List for a flat fee.

^^ Oh sorry. I'm being stupid. I mean to say limiting your options by not paying a buyer's fee.

Yeah, just list for a flat fee. Take pro pictures. Declutter like crazy.

OP here. As noted above, I plan to offer 2 or 2.5% to buyer's agent.

You need to offer at least 2.5 to buyer agent. You simply won't get any buyers coming by for 2%.

Remember also that a lot of buyers will be on the hook for that extra 50 basis points or 100 basis points as many contracts stipulate 3%.

With 2.5% becoming more common, I think the 50 basis points is less an issue. But not sure many buyer agents would forego 100 basis points.

FWIW, most FSBOs end up getting less money for their homes than had they listed with a full-service agent who markets the property properly, even net of commission.

No, I'm not an agent.

I've never met a buyer that signed a contract with a buyer's agent. So they're not on the hook. And in the super hot areas of DC where the buyers are going to be in their 30s and 40s and type A and have been looking for 1-2 years because there is no inventory, do you think they are waiting for realtors to send them suggested houses to visit that weekend? No, the buyers are all checking Zillow or redfin every morning and sending their agents a ping 20 minutes after the house is listed that they want to go see it. The agent could I guess say 'no', but the agent will get fired pretty quick if they do that. So once the buyers come see the house, do you think the agent is going to dissuade them from putting in an offer, when that means another 6-12 months of househunting for these buyers? or will the agent forgo the $6500 commission just to get these buyers out the door? I'm guessing the latter.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You're severely limiting your options by not paying a seller's fee. Most buyers still work with an agent. Just offer at least 2% or 2.5% to a buyer's agent. List for a flat fee.

^^ Oh sorry. I'm being stupid. I mean to say limiting your options by not paying a buyer's fee.

Yeah, just list for a flat fee. Take pro pictures. Declutter like crazy.

OP here. As noted above, I plan to offer 2 or 2.5% to buyer's agent.

You need to offer at least 2.5 to buyer agent. You simply won't get any buyers coming by for 2%.

Remember also that a lot of buyers will be on the hook for that extra 50 basis points or 100 basis points as many contracts stipulate 3%.

With 2.5% becoming more common, I think the 50 basis points is less an issue. But not sure many buyer agents would forego 100 basis points.

FWIW, most FSBOs end up getting less money for their homes than had they listed with a full-service agent who markets the property properly, even net of commission.

No, I'm not an agent.

I've never met a buyer that signed a contract with a buyer's agent. So they're not on the hook. And in the super hot areas of DC where the buyers are going to be in their 30s and 40s and type A and have been looking for 1-2 years because there is no inventory, do you think they are waiting for realtors to send them suggested houses to visit that weekend? No, the buyers are all checking Zillow or redfin every morning and sending their agents a ping 20 minutes after the house is listed that they want to go see it. The agent could I guess say 'no', but the agent will get fired pretty quick if they do that. So once the buyers come see the house, do you think the agent is going to dissuade them from putting in an offer, when that means another 6-12 months of househunting for these buyers? or will the agent forgo the $6500 commission just to get these buyers out the door? I'm guessing the latter.

Interesting. I'd suspect plenty do. We had a long and foster agent try and get us to sign with her. Of course her contract required us to pay up if the seller was offering less than 3 percent commission. However, we are savy buyers and knew to not go for this. The same agent also told us the service was "free" for buyers but required a $350 admin fee. So not free. They lied. I can imagine there are a lot of people out there who may not have noticed the clause. For some reason people seem to act like sheep and think they need a buyer's agent.