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Depends on your market. I'm in Baltimore and houses that go up for sale (at a fair market value) have multiple offers within 72 hours - long before they hit Redfin or Zillow. If you wait until you see it up on Zillow, it likely already has an offer pending. However; if you live in a buyer's market, I can see how your point may be valid, but I wouldn't be comfortable with taking on the legality of everything. Both buyers and sellers can be sneaky, and try to slide uncommon terms into an offer that can ultimately screw the other person.
C1 - get a new realtor! Seriously!!!
It's legit not that much work for 20,000+ in commission
I wonder that too. My realtor is completely useless.
I live in a seller's market too, but things seem to post on redfin and Zillow pretty instantaneously. I tell my realtor about new properties, not the other way around. 😓
When you sell they also do a lot of marketing, arrange all the pics/showings/open houses, make print materials, call their realtor friends, set up the listing, prepare the paperwork, etc. basically you just read and sign things and they do the rest.
Maryland Realtor here, who wants to buy a house?
Until you become an exclusive realtor for higher end homes you spend a lot of time showing homes to people that either a) aren't ready to buy or b) can't really afford to. And it's worse in a market like this when all the good properties sell in days. A sale is basically a payday for all the hard work you did for everyone else.
Don't do much on the home search side besides open the door. Makes life MUCH easier sell-side and with making sure the transaction goes smoothly
You don't. Your closing attorney could draw up an offer contract for you.
Most listings hit Redfin and Zillow within 15 minutes of hitting MLS. The MLS itself is also something one can easily get direct access to as well. For listings that never make it to MLS (like the ones D2 is referring to), they usually are listed in TAN, which is limited to realtors only. Seems like an easy problem to fix if realtors weren't needed to start with, nothing would bypass the MLS and then everything would be public.
We didn't use one to buy our house and negotiated our part of the commission out of the offer. The sellers realtor was pissed and fought with me on it thinking he should get the full 6 percent, but in the end after reviewing the 20 minutes of work he did on my behalf he came around (plus he wanted to move on to be the buyers agent for the couple moving out).
The bank and title company do 95% of the work, I personally can't believe realtors with their fee structure the way it is have survived this long.
I went through 3 realtors. All useless. Finally figured that out and did most the work myself. They just open doors basically. From now on I'd personally use Redfin and get a few bucks back.
I don't buy that Redfin and Zillow get listings nearly simultaneously. When I bought my house, I looked at it 24 hours after it hit MLS and put in an offer the next day, and they already had 5 other offers. When they accepted mine 3 days later, THEN it showed up on Zillow as for sale. Didn't show "offer pending" for a little while after that, either
Realtors don't add value proportional to the commissions they make. I sold my prior home without Realtor help and did not pay buyer side realtor either. The buyer settled them. I used Redfin to find the new home. Even with them I found homes on mls sooner than on Redfin and suggested them to Redfin.
Bought last year and neither of used agents. Paid a lawyer $400 to review a contract. Paid for inspections etc. Paid closing costs at the title company. Saved about $30,000.
You know you can use the Redfin people right? They don't work on commissions like most realtors do. Some are very good. I bought my place that way - she only got paid based on how I rated her, and she was amazing.
Realtors follow a power law for a distribution of their usefulness. A very small number are incredibly useful, the rest are just different levels of useless.