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If you had the opportunity to ask Realtors how they feel about the state of the industry...
What question or questions would you ask????
 

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I have asked the question. Their info is a lot of distressed properties into 2014. They ALL hate the Service Companies--poor service but they clearly understand when the contractors are making pennies. The Repair side is terrible! The hate putting in CHEAP CRAP carpets on the nicer homes. They hate getting paid 1/3rd of a non-foreclosure property sale. etc etc
 

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I have asked the question. Their info is a lot of distressed properties into 2014. They ALL hate the Service Companies--poor service but they clearly understand when the contractors are making pennies. The Repair side is terrible! The hate putting in CHEAP CRAP carpets on the nicer homes. They hate getting paid 1/3rd of a non-foreclosure property sale. etc etc
This has also been the response I have received when I have talked to them. My biggest problem is that most of the brokers I deal with have gotten so jaded that they simply do not care about the condition of the houses. Of the last 100 houses I have been assigned maybe 20 of them had some sort of work done to them. Even then it is just new carpet and paint and new appliances every now and then.

The carpet is factory seconds when possible. I have one house now with a new beige carpet that has orange spots and streaks in it.

The paint is what my friend who sells it to the painters for foreclosed homes at the local Home Depot calls colored water. It goes for $45 for 5 gallons.

And the appliances are whatever is the rock bottom cheapest that day. My favorite is the white vent over the new black stove and the new ivory dishwasher.

This industry is bad for everyone involved who actually does some sort of work on the property.
 

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This has also been the response I have received when I have talked to them. My biggest problem is that most of the brokers I deal with have gotten so jaded that they simply do not care about the condition of the houses. Of the last 100 houses I have been assigned maybe 20 of them had some sort of work done to them. .





I can hardly fault the realtors for getting jaded, same as the contractors do.

They put up with the same kind of different insanity we all have and after a while it just burns one out.
 
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Yeah commissions are a big one that Realtors have gotten squeezed on just like we have on our pricing. I listed a few REOs for Ocwen and other various places. Commissions were 5-6% then but I have heard now of even less than that.

I would rather be on the contractor side than the Realtor side.
 

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Last I heard Ocwen was in the 2.5 to 3 range now.


And the listing agent "gave back" .5 regardless to Ocwen.
So you take some of the $30,000 absolute _____ holes that she got around here for them at 2.5.
"Give back" .5 this would leave a measly $600 to split between the listing and selling agent.

OH YEAH, they aint gonna work real hard on selling your _______.
 

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Last I heard Ocwen was in the 2.5 to 3 range now.


And the listing agent "gave back" .5 regardless to Ocwen.
So you take some of the $30,000 absolute _____ holes that she got around here for them at 2.5.
"Give back" .5 this would leave a measly $600 to split between the listing and selling agent.

OH YEAH, they aint gonna work real hard on selling your _______.
They USED to also have a $1k minimum to each side of the transaction (listing and selling). Not sureif theystill do. When I said 5-6% before that was split between listing and selling also.
 

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These brokers also have to hold and fund the utilities till sold with no interest or servicing charge... a HUGE expense in the north country
 

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I forgot about that.
 

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I was told by one here doing Fannie Mae that they get about 1.5% and have to pay a "technical support fee" back to Fannie for each property sold. I believe she said it is $125.

And I was told that if they authorize work to be done the amount is deducted from the final selling price before the commissions are calculated.

So basically they are spending money out of their pockets to improve the property so it is easy to see why they do not care about the condition of the property.
 
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