real estate commission question

socalmd_IHB

New member
We are looking to sell our condo in Jan and are wondering what the current commission rate is. Is it still 6% or is 5% negotiable. Thanks.
 
[quote author="socalmd" date=1259464068]We are looking to sell our condo in Jan and are wondering what the current commission rate is. Is it still 6% or is 5% negotiable. Thanks.</blockquote>
It is whatever you negotiate. The only standard is your standard. If I was selling and the agent I was interviewing would only work on 6%, the interview would be over.
 
[quote author="socalmd" date=1259464068]We are looking to sell our condo in Jan and are wondering what the current commission rate is. Is it still 6% or is 5% negotiable. Thanks.</blockquote>
Everything is negotiable. You can set up a 3% or a 6% total commission. You can also decide how the total commission is split between the listing agent and the buyer agent (it does not have to be 50-50). I would say that since we are in a seller's market in most cities in Orange County, you should use a total commission of 4%. If you and your listing agent come up with a sales price that is at or slightly under comps, the condo should sell very quickly in this market.
 
You'd be amazed how many Agents will draw a "6% or nothing" line in the sand. It's a matter of pride, not common sense for many.





No matter the commission rate, unless you use a IHB board Realtor you'll find that very few free range Realtors will take the time to find out if you can even get financing for your condo before listing. You then have to do the leg work yourself. Here's your list:





1) Is your HOA on the HUD approved condo list? Most lenders can look this up. If your HOA is not on the list, FHA financing is out for the most part.



2) Ask your HOA if more than 50% of the units have "off site mailing addresses". This is a sign that your complex is mostly an apartment building and not a community of owners.



3) During that same conversation as what percentage of dues paying members are more than 30 days late. If more than 15 percent are behind, your buyers financing options are getting slimmer.



Get both questions 2 and 3 in writing from the HOA. If they refuse, go to management. Your an owner, you can get this data upon request, but most management companies tend to be a bit on the lazy side, taking after their Realtor brethren.



With this data you can reasonably expect most able bodied buyers to get financing. Most listing Agents won't take the time to do this, then wonder why all of the buyers can't get their loans together. They shouldn't have taken the offer or the listing to begin with without first knowing buyers can get financed.



My .02c



Soylent Green Is People.
 
[quote author="Soylent Green Is People" date=1259489831]You'd be amazed how many Agents will draw a "6% or nothing" line in the sand. It's a matter of pride, not common sense for many.





No matter the commission rate, unless you use a IHB board Realtor you'll find that very few free range Realtors will take the time to find out if you can even get financing for your condo before listing. You then have to do the leg work yourself. Here's your list:





1) Is your HOA on the HUD approved condo list? Most lenders can look this up. If your HOA is not on the list, FHA financing is out for the most part.



2) Ask your HOA if more than 50% of the units have "off site mailing addresses". This is a sign that your complex is mostly an apartment building and not a community of owners.



3) During that same conversation as what percentage of dues paying members are more than 30 days late. If more than 15 percent are behind, your buyers financing options are getting slimmer.



Get both questions 2 and 3 in writing from the HOA. If they refuse, go to management. Your an owner, you can get this data upon request, but most management companies tend to be a bit on the lazy side, taking after their Realtor brethren.



With this data you can reasonably expect most able bodied buyers to get financing. Most listing Agents won't take the time to do this, then wonder why all of the buyers can't get their loans together. They shouldn't have taken the offer or the listing to begin with without first knowing buyers can get financed.



My .02c



Soylent Green Is People.</blockquote>


the information you listed is pretty darn easy to find if you know where to look. its not rocket science. it amazes me how most realtors are looked so down upon on this board. i must admit however that most are idiots at best who stumble through their transactions.
 
[quote author="sugarspunZ" date=1259496839]

the information you listed is pretty darn easy to find if you know where to look. its not rocket science. it amazes me how most realtors are looked so down upon on this board. i must admit however that most are idiots at best who stumble through their transactions.</blockquote>


That's because most <B>NEED</B> to use the fill in the blank forms. They are not professionals, they are nothing more than a checkout clerk struggling to fill in the blanks on a rebate form.
 
[quote author="sugarspunZ" date=1259496839]



... it amazes me how most realtors are looked so down upon on this board. i must admit however that most are idiots at best who stumble through their transactions.</blockquote>


In your words, you "must admit however that most are idiots at best who stumble through their transactions", so why would it amaze you that most realtors are looked so down upon on this board?
 
Not to hijack this too far, but the Realtard community is rightly despised for several reasons:



They are complicite in the reduction of wealth and government intervention in the private market we're seeing now yet claim no part or purpose in it whatsoever. It's galling and unforgivable.



What few professionals that are in the business watch every day as the swelling ranks of amateurs fark up each and every transaction the get their hands on which diminish the community as a whole. Non Realtor partners (escrow/title/lenders) put up with oft threatened blackballing, pay for play schemes, and clear cut conflicted interest whenever there is a dual agency transaction - something that should be banned IMHO -while commission over conscience is the true standard. Realtards claim a code of ethics. Try to find a few who actually practice it.



I am reminded of when Abraham asked God to spare Sodom from destruction by asking "what if I find 100 righteous men in the city, will you spare them? God relented. Abraham, knowing there weren't 100 men, got the number down below 10 in a series of negotiations with the Almighty. I ask the same question: If you can find 100 right minded Realtors, can they be spared? I barely know 10 and I've been in the biz since the late 1980's.



My .02c



Soylent Green Is People.
 
[quote author="Soylent Green Is People" date=1259552555]Not to hijack this too far, but the Realtard community is rightly despised for several reasons:



They are complicite in the reduction of wealth and government intervention in the private market we're seeing now yet claim no part or purpose in it whatsoever. It's galling and unforgivable.



What few professionals that are in the business watch every day as the swelling ranks of amateurs fark up each and every transaction the get their hands on which diminish the community as a whole. Non Realtor partners (escrow/title/lenders) put up with oft threatened blackballing, pay for play schemes, and clear cut conflicted interest whenever there is a dual agency transaction - something that should be banned IMHO -while commission over conscience is the true standard. Realtards claim a code of ethics. Try to find a few who actually practice it.



I am reminded of when Abraham asked God to spare Sodom from destruction by asking "what if I find 100 righteous men in the city, will you spare them? God relented. Abraham, knowing there weren't 100 men, got the number down below 10 in a series of negotiations with the Almighty. I ask the same question: If you can find 100 right minded Realtors, can they be spared? I barely know 10 and I've been in the biz since the late 1980's.



My .02c



Soylent Green Is People.</blockquote>
I know one.
 
[quote author="Soylent Green Is People" date=1259552555]Not to hijack this too far, but the Realtard community is rightly despised for several reasons:



They are complicite in the reduction of wealth and government intervention in the private market we're seeing now yet claim no part or purpose in it whatsoever. It's galling and unforgivable.



What few professionals that are in the business watch every day as the swelling ranks of amateurs fark up each and every transaction the get their hands on which diminish the community as a whole. Non Realtor partners (escrow/title/lenders) put up with oft threatened blackballing, pay for play schemes, and clear cut conflicted interest whenever there is a dual agency transaction - something that should be banned IMHO -while commission over conscience is the true standard. Realtards claim a code of ethics. Try to find a few who actually practice it.



I am reminded of when Abraham asked God to spare Sodom from destruction by asking "what if I find 100 righteous men in the city, will you spare them? God relented. Abraham, knowing there weren't 100 men, got the number down below 10 in a series of negotiations with the Almighty. I ask the same question: If you can find 100 right minded Realtors, can they be spared? I barely know 10 and I've been in the biz since the late 1980's.



My .02c



Soylent Green Is People.</blockquote>


"They are complicite in the reduction of wealth and government intervention in the private market we?re seeing now yet claim no part or purpose in it whatsoever. It?s galling and unforgivable." - Aren't you a Lender?



I'm not saying I disagree but it's not an issue of Realtors, rather society. Mortgage Brokers, Realtors, Lawyers, Car Salesmen, Politicians... It's all the same. To try to say that the average lender is above the average Realtor is just laughable. Very few people, in any aspect of life, have a strong code of ethics these days. Which is why it's always nice to meet another person which such ethics.
 
Man, I am glad that I got out of that biz while I had some form of self-worth! LOL



awgee



Hello and I bet you are loving the run up in gold. Now you can get one of those "little cars" that you like.



enjoy!
 
[quote author="xsocal land merchant" date=1259654680]Man, I am glad that I got out of that biz while I had some form of self-worth! LOL



awgee



Hello and I bet you are loving the run up in gold. Now you can get one of those "little cars" that you like.



enjoy!</blockquote>
Hey, did you see? Barrett - Jackson is coming to So Cal.
 
Hi RoLar_USC. You are correct in that the pot is often calling the kettle black. There are very few people on my side of the transaction who weren't seduced by the dark side, selling Option ARMS, NINJA loans, and other monstrosities during the boom times. Most LO's today have survived very difficult times and I'd say our ranks have been thinned considerably as the lending standards got tighter and tighter.



It's a very good thing that loan slingers are going through a reformation process. Those who stayed clean all along for the most part will remain in the business long term. No such reformation has ever taken place in the Realtor community. Economics have forced many a bad actor out, but there still remains so many out there (and admittedly still too many in our business) that buyers and sellers can't believe anything that comes out of most Agents mouths today. Perhaps all parties will win once the 6 percent or nothing crowd of Realtors gets bounced out of the biz permanently. One can only hope.





By the way, I saw a cardinal and gold Smart Car today. Took a picture of it, but don't know how to post it. I thought only UCLA types bought those weenie mobiles. Guess not.



My .02c



Soylent Green Is People.
 
[quote author="Soylent Green Is People" date=1259658619]Hi RoLar_USC. You are correct in that the pot is often calling the kettle black. There are very few people on my side of the transaction who weren't seduced by the dark side, selling Option ARMS, NINJA loans, and other monstrosities during the boom times. Most LO's today have survived very difficult times and I'd say our ranks have been thinned considerably as the lending standards got tighter and tighter.



It's a very good thing that loan slingers are going through a reformation process. Those who stayed clean all along for the most part will remain in the business long term. No such reformation has ever taken place in the Realtor community. Economics have forced many a bad actor out, but there still remains so many out there (and admittedly still too many in our business) that buyers and sellers can't believe anything that comes out of most Agents mouths today. Perhaps all parties will win once the 6 percent or nothing crowd of Realtors gets bounced out of the biz permanently. One can only hope.





By the way, I saw a cardinal and gold Smart Car today. Took a picture of it, but don't know how to post it. I thought only UCLA types bought those weenie mobiles. Guess not.



My .02c



Soylent Green Is People.</blockquote>


Thems fight'in words.

When we get a Fiat Jolly, we will paint it blue and gold.
 
[quote author="RoLar_USC" date=1259637770][quote author="Soylent Green Is People" date=1259552555]Not to hijack this too far, but the Realtard community is rightly despised for several reasons:



They are complicite in the reduction of wealth and government intervention in the private market we're seeing now yet claim no part or purpose in it whatsoever. It's galling and unforgivable.



What few professionals that are in the business watch every day as the swelling ranks of amateurs fark up each and every transaction the get their hands on which diminish the community as a whole. Non Realtor partners (escrow/title/lenders) put up with oft threatened blackballing, pay for play schemes, and clear cut conflicted interest whenever there is a dual agency transaction - something that should be banned IMHO -while commission over conscience is the true standard. Realtards claim a code of ethics. Try to find a few who actually practice it.



I am reminded of when Abraham asked God to spare Sodom from destruction by asking "what if I find 100 righteous men in the city, will you spare them? God relented. Abraham, knowing there weren't 100 men, got the number down below 10 in a series of negotiations with the Almighty. I ask the same question: If you can find 100 right minded Realtors, can they be spared? I barely know 10 and I've been in the biz since the late 1980's.



My .02c



Soylent Green Is People.</blockquote>


"They are complicite in the reduction of wealth and government intervention in the private market we?re seeing now yet claim no part or purpose in it whatsoever. It?s galling and unforgivable." - Aren't you a Lender?



I'm not saying I disagree but it's not an issue of Realtors, rather society. Mortgage Brokers, Realtors, Lawyers, Car Salesmen, Politicians... It's all the same. To try to say that the average lender is above the average Realtor is just laughable. Very few people, in any aspect of life, have a strong code of ethics these days. Which is why it's always nice to meet another person which such ethics.</blockquote>
RoLar, I can tell you that SGIP is one of the best mortgage agents that I've had the pleasure of running into and my buyers who have worked with him would say the same thing. As he mentioned, the ranks of the mortgage agents has been more thinned out than the ranks of the realtors so as a percentage I would venture to say that there are more good mortgage agents and real estate agents out there.
 
awgee



I saw that BJ is going to have an auction there. I guess there is still some money left in OC. ;-)



You should be sure to attend as it is really incredible as far as the quality and type of cars. Also a great place to "star watch" as lot of personalities attend.



I understand that they do accept GOLD as payment!!



Enjoy!
 
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