"Think you've had no offers? Actually, there've been several." (OSH Notes in RED)

This is a paragraph excerpt from an article noted below.


Legally, the broker you hire to sell your home is obligated to tell you about all offers that come in. In reality, some don't. Perhaps he thinks the offer is insultingly low for you, but more likely, "the broker thinks it's too low for his own purposes. He wants to hold out for a bigger commission," says McNeill. Or else there's an outside broker (or "co-broker") circling your house, and the primary broker is waiting for one of his own clients to make an offer so he can keep the full 6% to himself.

"You must be clear with your broker that you want to be informed of all offers," McNeill says. "Otherwise, you may be leaving him to make decisions that you should be making." Check the listing agreement drawn up when you hire the broker; if the promise to disclose all offers isn't listed explicitly, insist that it be added.

There are lots of shady brokers out there who give a bad name to good Realtors like myself!  I feel for the sellers and/or buyers who have to put up with unethical business practices!  Hopefully you are lucky enough to select an agent who represents your best interests at all times ultimately a true professional you can trust with one of the biggest transactions you will make in your life!  This is why most agents are referred by friends, family, co-workers, neighbors, etc. as they have had positive experiences with their agent.  But you always to interview a few different agents before you make your final decision and don't think you can't fire an agent....cause you can!  If you ever feel like your "LISTING" agent has misrepresented themselves or not made your best interests a priority, you can ask for your property to be withdrawn from the market and ask to be released from your listing agreement by granting you an "UNCONDITIONAL RELEASE".  This will allow you to gather more information about other brokers and allow you to relist your property with a new agent who will hopefully produce the results you expect using decent business practices.

SOURCE: [http://finance.yahoo.com/education/real_estate/article/101456/10_Things_Your_Real_Estate_Broker_Wont_Tell_You via: smartmoney.com]

"My fees are negotiable." (OSH Notes in RED)

This is a paragraph excerpt from an article noted below.


Brokers like to make it sound as if their fees are engraved in stone, but that's rarely the case - especially in a brisk market, when brokers fiercely compete for properties they can unload fast. This past summer one broker in the Midwest says he lowered his fee by a full percentage point because there was so much demand for good properties that he needed leverage. Indeed, says the broker, who asked not to be named, sellers should shop around for broker's fees. He suggests these negotiating tactics: "If somebody's willing to commit to me for selling one place and buying another, I give a discount. If you're in a particularly desirable neighborhood with a house that will bring a lot of traffic" - say, at an open house - "that can be used, because the broker will use the flow of people to get potential customers. And with some [smaller] brokers, all you need to do is ask and they'll lower the commission."

I agree and disagree with the above!  It all depends on the brokers in your market area as well as the agents.  There's many agents that will play with their commission structure in order to secure listings.  There are many brokers, mostly larger brand name companies who are NOT as willing to negotiate their commission structure as to not compromise their value or diminish their reputation.  New construction and other special scenarios are always open for negotiation to include single licensee disclosed dual agency plus an extra sale ("hat trick").  Usually franchise brokers or smaller boutique brokers are willing to give in to cutting their commission lower in order to compete with larger corporate brand name brokers as they are a much smaller share of their markets generally speaking.  There's obviously lots of good reason for that logically speaking.

SOURCE: [http://finance.yahoo.com/education/real_estate/article/101456/10_Things_Your_Real_Estate_Broker_Wont_Tell_You via: smartmoney.com]

"Your open house is really a party for me." (OSH Notes in RED)

This is a paragraph excerpt from an article noted below.

Hire a real estate broker to sell your home and one of the first things he'll likely suggest is hosting an open house, so potential buyers can casually check out your property on a weekend afternoon. While open houses are promoted as a great way of finding a buyer, a National Association of Realtors study found that their success rate is a mere 2%.

No matter. Having an open house serves another important purpose - for the broker. "It gives him a database of clients," says Sean McNeill, an independent real estate broker based in New York City who says that he buyers. "At open houses, you get all kinds of people walking in. Some are [trying] to see how much they should sell their own places for; others just want to get a look at what's out there." All are perfect pickings for a broker looking to increase his roster of buyers and sellers. "Think about it," McNeill says. "The broker is devoting a couple hours of a weekend. He won't do that unless it helps him in a big way."

I agree mostly with the above!  Although they left out another reason for open houses!  There are several instances when Realtors schedule time with their buyers on Sundays since buyers are available and their agents don't need to adhere to showing instructions and/or the seller's stringent home availability.  Also consider buyer's who on their own or working with an agent like to go to open houses at their own leisure with out needing to make an appointment.  I've seen buyers come to an open house at the same property more than once and make an offer several times!

 SOURCE: [http://finance.yahoo.com/education/real_estate/article/101456/10_Things_Your_Real_Estate_Broker_Wont_Tell_You via: smartmoney.com]