Diary Of A Real Estate Rookie

Mitchell, you are right to point out to the questioner the worth of a trade association -- its members adhere to minimal ethical standards, among other things -- but it's not technically true that only MANAR members are REALTORS.

I'm not a MANAR member but I'm an NAR member, and therefore a REALTOR, through my license in another state.

Ali
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Alison Rogers
author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor: http://tinyurl.com/2ag28z - Tue Mar 11 2008, 17:54

1) interview three realtors and ask them what your apartment will sell for. The one who quotes you the lowest price is probably the most honest.

2) discuss upfront what can go wrong. I wrote an article about this in the November issue of Money magazine -- my main point was you need to explore all scenarios, positive and negative, at the beginning. What will you do if your apartment doesn't get foot traffic after three weeks? If it goes into contract and falls out again?

3) You may want a realtor who is experienced in selling your specific building -- if you want to email me at ali [at] dgneary [dot] com with your address, I will tell you who has experience there specifically.

good luck!

ali
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Alison Rogers
author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor: http://tinyurl.com/2ag28z - Wed Mar 5 2008, 09:30

You should ask your friends who they've used and then try to interview more than one person.

You are looking for an agent you feel comfortable with.

Also, any agent you talk to should be able to tell you about what they'll do for you (their services), what their access to apartments is (technical knowledge and Fair Housing), situations in which their loyalty might be split (agency), how they'll handle bumps in the road (the buyer I just put into contract on the Laurel worked with me for two years to find that dream home) and how they'll get paid (commission split, most likely).

Buying real estate is an emotional road to travel, and sometimes not a quick one, and anyone who makes it sound really easy and fun -- like you're going to buy a new TV -- is probably snowing you.

But once you have a couple of conversations with agents who your friends or colleagues like, it will be pretty easy to choose.

Good luck!
Ali
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Alison Rogers
REBNY member and
author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor: http://tinyurl.com/2ag28z - Tue Mar 11 2008, 17:37

There seem to be two issues here: whether 5.5% is the "right" commission, and whether 5.5% was ever discussed.

A lot of the answers on this thread seem to be talking about whether 5.5% is the "right" commission. I don't know your market or your price point (a 5.5% commission on a $4 million home is a different thing from a 5.5% commission on a $400,000 home) so I can't comment on that.

However, let's talk about the issue of whether 5.5% was ever discussed -- from what you've said, the answer is a big "no."

I personally think that's a little weird. I'm a professional, and my services are expensive, and when I'm selling I tell my potential clients just how expensive they are and why.

I do this because 1) my clients are trusting me with a very important part of their financial lives, and I want them to make a decision that they're going to be comfortable with for many, many years and 2) a lot of what we do as agents and negotiators is to talk about money -- and I want to show my client my negotiating style.

Well, you've seen this agent's style -- are you still comfortable with it? It is at the very least cause for a conversation.

Remember, you're paying for this agent's services, you should feel good in your gut about them.

Good luck!

ali
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Alison Rogers
author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor: http://tinyurl.com/2ag28z - Tue Mar 11 2008, 17:15

If you have $1.995 million, I have a 2-bedroom, 2-bath condo in SoHo for you . . . it is a good investment story because our property is at $1,200 a square foot, and the property next door is going up at 150% of that . . .
plus it is an absolutely beautiful pied-a-terre with great light, a fireplace, a chef's kitchen . ..
check out our firm's website for more details.

ali
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Alison Rogers
Licensed Salesperson
DG Neary Reatly
www.dgneary.com - Mon Mar 10 2008, 10:44

It sounds like what is happening is that the seller is trying to make you pay the flip tax as part of your closing, and the bank is applying that against your down payment and saying, hey, you're really only putting down 18% . .. is that what's happening?

The answer is of course that your agent and your attorney have to push back to the seller that this is not a cost of closing that you are prepared to accept . . . both your attorney and your agent should have gone over the costs of closing with you, and told what charges you should expect. If a flip tax was not included in that list, either your side has been remiss or the seller is trying to "sneak" it in.

I can't see your contract so I don't know what it says, but it sounds like it is time to bring everybody back to the negotiating table to work this out.

the co-op board doesn't give a hoot who pays the flip tax, as long as they get paid.

Good luck!

ali

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Alison Rogers
author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor: http://tinyurl.com/2ag28z - Sat Mar 8 2008, 16:46