Lake Greenwood SC Properties

Archive for January, 2010

Every industry has its share of good and bad individuals.  There’s nothing like a recession to help weed out the bad ones.  Real estate is no different, except that there are a lot of part-timers who list a few houses for extra income.  The cream doesn’t always rise to the top, and brokers are no exceptions.

Communication

Communication is critical when you’re trying to buy or sell a home.  Some brokers are lazy, and have assistants do most of the grunt work.  Please realize you may be paying your agent or broker tens of thousands of dollars, and they sometimes leave the details to a barely-minimum wage person.  Don’t risk a sale or loosing the home of your dreams because someone didn’t follow up.  If you’re paying, insist that your broker or agent handle all the details personally, better yet, get it in writing.

Referrals

Many agents or brokers prefer you to work with their buddies, such as their favorite closing attorney, mortgage broker or home inspector.  This is a red flag.  While I’m not suggesting they’re getting referral fees, it’s been reported in the past.  I’d recommend you shop around for your own vendors.

Commissions

They’re no firm rule stating you can’t negotiate a real estate commission.  Agents and brokers don’t like it, but remember, you’re the customer.  Since home sales are down, now’s the perfect time to get a few concessions from your agent or broker.  A 4% commission is reasonable, less if the house is over $500,000.  A three percent commission on a half-million dollar home is still $15,000.  That’s a lot of money for just listing or selling a home.  Insist on a lower commission, or find a broker/agent that will.  There’s plenty out there.

So, when you’re buying or selling a home make sure you’re comfortable with your broker or agent.  Since you’re writing they’re paycheck, let them know you’re calling the shots.  Make them earn their money, not just get a listing and walk away.