Ruling Could Save Homebuyers Thousands

Ruling Could Save Homebuyers Thousands

There are 6 comments on the NBC 6 South Florida story from May 28, 2008, titled Ruling Could Save Homebuyers Thousands. In it, NBC 6 South Florida reports that:

The Justice Department gave a boost Tuesday to online real estate brokers -- and potentially their clients -- by forcing new industry policies that give Internet-based agents access to home listings they were ...

Join the discussion below, or Read more at NBC 6 South Florida.

Realtor in Miami

Hialeah, FL

#1 May 28, 2008
I used to have a business in Miami and when similar companies started bidding lower and lower every day, eventually we had to get out of the business. If online brokers think they will offer the same service we offer our clients, they are crazy. Online brokers will even charge a flat fee of $99 to put your listing on the internet. And then what, who sells your property, who will market your property, who will help you during the transaction? This is crazy. The internet is killing the little businesses and this country relies on all small businesses. Cutting the fees doesn't always save you money. Most internet based companies charge a flat fee and that's all they do. In fact most listings I see online end up with a professional. Only a small percentage will sell using an online broker or on their own. For example, I had a listing my client decided to list for $960,000. I had recommended between $780-$855,000 max. I agreed to list because he was a past client and we had agreed to lower after 30 days. After 30 days he decided to keep the original price. After months on the market and multiple offers between $700,000 to the last offer at $850,000 he decided to lower during the last 30 days to $800,000. After the listing expired, he listed on his own using an online broker for $99. The house sold at $745,000 and it took 10 months to sell. He sold $105,000 under what our highest offer was and had to pay all the expenses for 10 months. He sold $215,000 from the price he wanted originally and over $40,000 in expenses during the 10 months. Unfortunately, this is what sellers don't realized from the beginning. I see sellers leaving money on the table by hiring the wrong company and agent.
Frank Johnson

Hudsonville, MI

#2 May 28, 2008
Good comments. I live in Northern Michigan in the Summer and in South Flordia in the winter. I am always looking for ways to save money, but saving a few dollars can sometimes cost thousand of dollars of unintended cost and expenses.
Mr X

United States

#3 Jun 3, 2008
What do you mean by 40K in expenses - can you please explain.

And why did he not accept 850K ? If it was because he thought he might get a higher price and that did not materialise, that can happen with brick-and-mortar realtors too.

In general, online anything saves consumers oodles of money. A few anectodal evidence is not going to convince me otherwise.

“Arlington Heights Top Producer”

Since: Jun 08

Arlington Heights

#4 Jun 3, 2008
Is this really such a bad news for traditional brokers? I do not think so. After all, even under old rules most buyers are able to find the listings on the internet anyways. The new rules will just make it less time-consumable. In the age of Google, RRS and YouTube there is no problem with finding information about homes for sale. There IS a problem with making an intelligent choice between hundreds of listings that potentially match the buyer's criteria. This is where the "old-fashioned" Realtor's role begins. In my opinion, we - real estate agents, should rather work as the consultants for our clients who are virtually dizzied by the sheer number of homes for sale on the market. Instead of controlling the information, we should help them make the intelligent choice based on the information which is otherwise readily available. For more information, about Homes for sale in Chicago suburbs please visit our website at http://www.Homes-ArlingtonHeights.com
Mr X

Tignes, France

#5 Oct 25, 2011
What do you mean by 40K in expenses - can you please explain.

And why did he not accept 850K ? If it was because he thought he might get a higher price and that did not materialise, that can happen with brick-and-mortar realtors too.

Since: May 11

Location hidden

#7 Nov 24, 2011
Homeowners can help the real estate market by providing correct and effective details about property for sell.

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