American style realtor

Pixie5740

I just had another thought about this. I'm not entirely sure how the US system works but it seems like you have a Real Estate Agent but they somehow need to be attached to a Real Estate Broker. Aren't most/a lot of Real Estate Agents self-employed/contractors meaning they need to be on top of their game or they won't make any money.

googler

Pixie5740 wrote: »

Aren't most/a lot of (American) Real Estate Agents self-employed/contractors meaning they need to be on top of their game or they won't make any money.

Yes. . . .

Fish&Chips

Btw; the American realtors absolutely do not want the vendors to show their property to prospective purchasers! For at least the first weekend of showing, where there is usually an Open House on a Sunday afternoon, in our area (New Jersey in the New York City metro area) they ask the vendors to go away for the weekend.

The realtors often like to get someone in to 'stage' the property as well (and the vendor pays the fees) and even have asked friends of mine to reprint a newly painted (and it looked gorgeous) sage green bedroom to be a 'neutral' colour. The current trend here is grey walls.

During the week the realtors like the vendor to have a 'locked box' on their front door (it has a special code) for other realtors to bring their clients round for a viewing whilst the vendors are out at work (or if usually at home during the day, to go out whilst the client is viewing). Friends whom have sold find this really stressful, but the realtors do put the pressure on to get the property sold quickly. If a buyer hasn't been found within the first couple of weeks then the realtors expect the vendor to drop the asking price by many thousands of dollars. I have found them to be very 'pushy'.

In general, the 6% commission the vendor usually has to pay is split 50-50 between the vendor's agent and the buyer's agent. They expect to be in total control of the property selling/buying process. To the best of m knowledge, almost all real estate agents are self-employed and have a 'base' at a local realtors office (very unlike UK estate agencies, you certainly don't walk in and ask for the printed leaflets of properties you may be interested in!). Realtors do have to pay for some or all of their own marketing AFAIK.... the big realtors in my town are Coldwell Banker and Weichert. All properties for sale and some for rent are via an agent are listed on the MLS (multiple listing service), either gsmls (Garden State MLS) or njmls (New Jersey MLS).

From time to time there may be a 'For Sale By Owner' lawn sign but these are almost never on the MLS and few realtors will steer their clients towards these houses unless the vendor makes it clear that the buyer's realtor will receive 3% commission.

Our area is considered to be fairly affluent as it is 40 mins by train to Manhatten.....there are so many realtors working locally; many of them are women working part-time around their children's school hours (although they will typically work during the weekends). Some of the realtors are in their late 70s and even in their 80s..... think of the commission they will make on a house costing a million dollars or more, they only need to sell a few during the year and it's a nice income. No wonder they are pushy and want a quick turnover, not a house languishing on the market for weeks and weeks.

Come to think of it, the UK agency 'Foxtons' tried to get into the market here about a decade ago, their realtors were driving around in purple minis. However, they were hated and seen as 'upstarts' by the established realtors here (I think they were undercutting the commission charges) and they didn't last long.....

sparky130a

Fish&Chips wrote: »

Btw; the American realtors absolutely do not want the vendors to show their property to prospective purchasers! For at least the first weekend of showing, where there is usually an Open House on a Sunday afternoon, in our area (New Jersey in the New York City metro area) they ask the vendors to go away for the weekend.

The realtors often like to get someone in to 'stage' the property as well (and the vendor pays the fees) and even have asked friends of mine to reprint a newly painted (and it looked gorgeous) sage green bedroom to be a 'neutral' colour. The current trend here is grey walls.

During the week the realtors like the vendor to have a 'locked box' on their front door (it has a special code) for other realtors to bring their clients round for a viewing whilst the vendors are out at work (or if usually at home during the day, to go out whilst the client is viewing). Friends whom have sold find this really stressful, but the realtors do put the pressure on to get the property sold quickly. If a buyer hasn't been found within the first couple of weeks then the realtors expect the vendor to drop the asking price by many thousands of dollars. I have found them to be very 'pushy'.

In general, the 6% commission the vendor usually has to pay is split 50-50 between the vendor's agent and the buyer's agent. They expect to be in total control of the property selling/buying process. To the best of m knowledge, almost all real estate agents are self-employed and have a 'base' at a local realtors office (very unlike UK estate agencies, you certainly don't walk in and ask for the printed leaflets of properties you may be interested in!). Realtors do have to pay for some or all of their own marketing AFAIK.... the big realtors in my town are Coldwell Banker and Weichert. All properties for sale and some for rent are via an agent are listed on the MLS (multiple listing service), either gsmls (Garden State MLS) or njmls (New Jersey MLS).

From time to time there may be a 'For Sale By Owner' lawn sign but these are almost never on the MLS and few realtors will steer their clients towards these houses unless the vendor makes it clear that the buyer's realtor will receive 3% commission.

Our area is considered to be fairly affluent as it is 40 mins by train to Manhatten.....there are so many realtors working locally; many of them are women working part-time around their children's school hours (although they will typically work during the weekends). Some of the realtors are in their late 70s and even in their 80s..... think of the commission they will make on a house costing a million dollars or more, they only need to sell a few during the year and it's a nice income. No wonder they are pushy and want a quick turnover, not a house languishing on the market for weeks and weeks.

Come to think of it, the UK agency 'Foxtons' tried to get into the market here about a decade ago, their realtors were driving around in purple minis. However, they were hated and seen as 'upstarts' by the established realtors here (I think they were undercutting the commission charges) and they didn't last long.....

Dear lord, so Charlie's mum from two and a half men does exist!

I knew it!

OH, and BTW that takes a special kind of hatred to be in the trade and consider Foxtons as upstarts.

Tyler119

Pixie5740 wrote: »

I just had another thought about this. I'm not entirely sure how the US system works but it seems like you have a Real Estate Agent but they somehow need to be attached to a Real Estate Broker. Aren't most/a lot of Real Estate Agents self-employed/contractors meaning they need to be on top of their game or they won't make any money.

As far as the paperwork was concerned, yes this lady worked for herself, but still had to pay a fair chunk of change to a real estate firm. The sale of contract had the name of that business on it and her name as the agent conducting the sale.

Tyler119

sparky130a wrote: »

Dear lord, so Charlie's mum from two and a half men does exist!

I knew it!

OH, and BTW that takes a special kind of hatred to be in the trade and consider Foxtons as upstarts.

interesting read

https://therealdeal.com/2007/11/15/behind-discounter-foxtons-demise-2/