Comments on: Realtor Rebates. Free Money or Expensive Savings? http://blog.franklyrealty.com/2007/02/realtor-rebates-free-money-or-expensive.html Tue, 02 Mar 2010 02:11:05 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: FranklyRealty.com http://blog.franklyrealty.com/2007/02/realtor-rebates-free-money-or-expensive.html/comment-page-2#comment-4270 FranklyRealty.com Fri, 18 Dec 2009 18:23:28 +0000 http://franktempblog.wordpress.com/2007/02/06/realtor-rebates-free-money-or-expensive-savings/#comment-4270 The closing company should know best. Usually all of them, but it changes by each state. The closing company should know best. Usually all of them, but it changes by each state.

]]> By: Lena http://blog.franklyrealty.com/2007/02/realtor-rebates-free-money-or-expensive.html/comment-page-2#comment-4260 Lena Tue, 15 Dec 2009 04:59:13 +0000 http://franktempblog.wordpress.com/2007/02/06/realtor-rebates-free-money-or-expensive-savings/#comment-4260 Dear, Could you please tell me which part of buyer's closing cost can be covered using buyer agent's rebate in California? Thanks in advance! Lena Dear,

Could you please tell me which part of buyer’s closing cost can be covered using buyer agent’s rebate in California?

Thanks in advance!

Lena

]]> By: Barbra http://blog.franklyrealty.com/2007/02/realtor-rebates-free-money-or-expensive.html/comment-page-1#comment-4196 Barbra Sun, 01 Nov 2009 12:23:38 +0000 http://franktempblog.wordpress.com/2007/02/06/realtor-rebates-free-money-or-expensive-savings/#comment-4196 AS A LISTING AGENT I LOVE RABATE "REALTORS!" HERE'S WHY. YOU TEACH THEM HOW TO FILL OUT AND SUBMIT A PROPER OFFER IN A LOCALE THEY ARE OFTEN UNFAMILIAR WITH AND REQUIRE THAT THEY SHOW YOU THEIR BUYER AGENCY AGREEMENT. THEN THE FUN BEGINS. SINCE THEY ARE FOUND ON THE INTERNET, THEY ARE USUALLY FROM ANOTHER PART OF THE STATE, UNFAMILIAR WITH THE MARKET AND HAVEN'T EVEN SEEN THE THE PROPERTY THEY ARE NEGOTIATING ON BECAUSE THE TIME INVOLVED IN DOING A PROPER JOB IS TOO GREAT FOR WHAT THEY'RE MAKING ON THE DEAL. FURTHERMORE, BECAUSE THEY ARE FREQUENTLY INEXPERIENCED, THEIR NEGOTIATING SKILLS ARE POOR AND THEY OFTEN UNWITTINGLY GIVE ME INFORMATION ABOUT THEIR CLIENT THAT IS HELPFUL TO ME. IN ESSENCE, THEY SERVE AS MERE CONDUITS FOR THEIR CLIENTS. THESE FACTORS LEAD TO TWO POSSIBLE RESULTS: 1) THEY MAKE AN OFFER THAT IS RIDICULOUSLY LOW AND IS QUICKLY DISMISSED; 2) THEY MAKE AN OFFER THAT IS HIGHER THAN IT NEEDS TO BE TO SECURE THE PROPERTY AND, AFTER CONSULTING WITH MY CLIENT,I QUICKLY ACCEPT IT OR NEGOIATE THEM EVEN HIGHER! THAT'S WHY I LOVE REBATE "REALTORS." AS A LISTING AGENT I LOVE RABATE “REALTORS!” HERE’S WHY. YOU TEACH THEM HOW TO FILL OUT AND SUBMIT A PROPER OFFER IN A LOCALE THEY ARE OFTEN UNFAMILIAR WITH AND REQUIRE THAT THEY SHOW YOU THEIR BUYER AGENCY AGREEMENT. THEN THE FUN BEGINS. SINCE THEY ARE FOUND ON THE INTERNET, THEY ARE USUALLY FROM ANOTHER PART OF THE STATE, UNFAMILIAR WITH THE MARKET AND HAVEN’T EVEN SEEN THE THE PROPERTY THEY ARE NEGOTIATING ON BECAUSE THE TIME INVOLVED IN DOING A PROPER JOB IS TOO GREAT FOR WHAT THEY’RE MAKING ON THE DEAL. FURTHERMORE, BECAUSE THEY ARE FREQUENTLY INEXPERIENCED, THEIR NEGOTIATING SKILLS ARE POOR AND THEY OFTEN UNWITTINGLY GIVE ME INFORMATION ABOUT THEIR CLIENT THAT IS HELPFUL TO ME. IN ESSENCE, THEY SERVE AS MERE CONDUITS FOR THEIR CLIENTS. THESE FACTORS LEAD TO TWO POSSIBLE RESULTS: 1) THEY MAKE AN OFFER THAT IS RIDICULOUSLY LOW AND IS QUICKLY DISMISSED; 2) THEY MAKE AN OFFER THAT IS HIGHER THAN IT NEEDS TO BE TO SECURE THE PROPERTY AND, AFTER CONSULTING WITH MY CLIENT,I QUICKLY ACCEPT IT OR NEGOIATE THEM EVEN HIGHER!
THAT’S WHY I LOVE REBATE “REALTORS.”

]]> By: Stuart B.Scholer http://blog.franklyrealty.com/2007/02/realtor-rebates-free-money-or-expensive.html/comment-page-1#comment-4165 Stuart B.Scholer Mon, 12 Oct 2009 20:47:36 +0000 http://franktempblog.wordpress.com/2007/02/06/realtor-rebates-free-money-or-expensive-savings/#comment-4165 Interesting article Frank. I appreciate your objectivity (maybe yes and maybe no). Every transaction is different and every agent is different. Statistics will NEVER tell you if a particular agent is ethical and/or competant. I do Rebates for new homes and it works great for me and my clients love it. My clients and the Builder's reps do most of the work. My clients receive 83% of all cash commissions paid to me by the Builder. Minimum 2.5% Rebate! So they expect that they will have to do a lot of the homework. I spend a lot of time on the phone with my clients and tell them what to under many different circumstances or how or where to find the answers to their questions. I see myself and my web-site as a consumer educator. Most of the time my clients know what they want, where they want it and how much they want to pay for it. Sometimes they call me before they have the answers to all those questions and I try and orient them according to the criteria they give me. So here in Texas I don't make a lot of money on my new home rebates but I do get paid fairly for my time. Most of the time I authorize the Title Co to credit my commission towards the Buyer's closing costs. IF there is anything left over then the Buyer gets a check immediately after the transaction funds. At the end of the year EVERYONE gets a 1099 for the full amount of the Rebate no mater how they got it...on paper or paid with a check cause I ain't going to pay the taxes on money paid out of my pocket. The most I have eveer paid out on a rebate was a little over 5% on an inventory home. That worked out very well for the Buyer...all closing costs paid and some cash left over for out of state moving. Making 1/2% I think I don't get in the way of anyone making the best deal possible with a Builder...whatever that may be. So I just say to the consumers....if this fits...then lets work together...if not look for another agent...don't let ME look for you cause then the referral has to pay me a cut of his commission. Consumers have more info, tools, and advatages in real estate than ever before...but you have to do your homework! Interesting article Frank. I appreciate your objectivity (maybe yes and maybe no). Every transaction is different and every agent is different. Statistics will NEVER tell you if a particular agent is ethical and/or competant. I do Rebates for new homes and it works great for me and my clients love it. My clients and the Builder’s reps do most of the work. My clients receive 83% of all cash commissions paid to me by the Builder. Minimum 2.5% Rebate! So they expect that they will have to do a lot of the homework. I spend a lot of time on the phone with my clients and tell them what to under many different circumstances or how or where to find the answers to their questions. I see myself and my web-site as a consumer educator. Most of the time my clients know what they want, where they want it and how much they want to pay for it. Sometimes they call me before they have the answers to all those questions and I try and orient them according to the criteria they give me. So here in Texas I don’t make a lot of money on my new home rebates but I do get paid fairly for my time. Most of the time I authorize the Title Co to credit my commission towards the Buyer’s closing costs. IF there is anything left over then the Buyer gets a check immediately after the transaction funds. At the end of the year EVERYONE gets a 1099 for the full amount of the Rebate no mater how they got it…on paper or paid with a check cause I ain’t going to pay the taxes on money paid out of my pocket. The most I have eveer paid out on a rebate was a little over 5% on an inventory home. That worked out very well for the Buyer…all closing costs paid and some cash left over for out of state moving. Making 1/2% I think I don’t get in the way of anyone making the best deal possible with a Builder…whatever that may be.
So I just say to the consumers….if this fits…then lets work together…if not look for another agent…don’t let ME look for you cause then the referral has to pay me a cut of his commission. Consumers have more info, tools, and advatages in real estate than ever before…but you have to do your homework!

]]> By: Kay Bal http://blog.franklyrealty.com/2007/02/realtor-rebates-free-money-or-expensive.html/comment-page-1#comment-3999 Kay Bal Sun, 19 Jul 2009 23:50:00 +0000 http://franktempblog.wordpress.com/2007/02/06/realtor-rebates-free-money-or-expensive-savings/#comment-3999 Thanks for the article. I like your quote ' i used to rebate but then i got good". I do agree, but sometimes even GOOD agents need to rebate a little and be flexible in their fee structure to creat a win-win situation. Kay Thanks for the article. I like your quote ‘ i used to rebate but then i got good”.

I do agree, but sometimes even GOOD agents need to rebate a little and be flexible in their fee structure to creat a win-win situation.

Kay

]]> By: FranklyRealty.com Trust Me I’m A REALTOR » Relo Companies. Scam or Yes Ma’am. http://blog.franklyrealty.com/2007/02/realtor-rebates-free-money-or-expensive.html/comment-page-1#comment-3390 FranklyRealty.com Trust Me I’m A REALTOR » Relo Companies. Scam or Yes Ma’am. Sun, 31 May 2009 16:30:05 +0000 http://franktempblog.wordpress.com/2007/02/06/realtor-rebates-free-money-or-expensive-savings/#comment-3390 [...] Read: Realtor Rebates. Free Money or Expensive Savings? and more on [...] [...] Read: Realtor Rebates. Free Money or Expensive Savings? and more on [...]

]]> By: FranklyRealty.com Trust Me I’m A REALTOR » Grandma Thinks I’m Broke & Finding A Realtor & Wife Online http://blog.franklyrealty.com/2007/02/realtor-rebates-free-money-or-expensive.html/comment-page-1#comment-3369 FranklyRealty.com Trust Me I’m A REALTOR » Grandma Thinks I’m Broke & Finding A Realtor & Wife Online Sun, 31 May 2009 04:29:41 +0000 http://franktempblog.wordpress.com/2007/02/06/realtor-rebates-free-money-or-expensive-savings/#comment-3369 [...] Then she told me she had a bad experience with her former Realtor with her last home. I then asked “Was it a rebate company?” to which she was amazed that I was dead on! (disclaimer: Rebater does not = bad, see my blog where I say “I used to rebate, but then I got good“). [...] [...] Then she told me she had a bad experience with her former Realtor with her last home. I then asked “Was it a rebate company?” to which she was amazed that I was dead on! (disclaimer: Rebater does not = bad, see my blog where I say “I used to rebate, but then I got good“). [...]

]]> By: FranklyRealty.com Trust Me I’m A REALTOR » FranklyCRA: A Comparative REALTOR Analysis. Unleashed. http://blog.franklyrealty.com/2007/02/realtor-rebates-free-money-or-expensive.html/comment-page-1#comment-3365 FranklyRealty.com Trust Me I’m A REALTOR » FranklyCRA: A Comparative REALTOR Analysis. Unleashed. Sun, 31 May 2009 04:26:15 +0000 http://franktempblog.wordpress.com/2007/02/06/realtor-rebates-free-money-or-expensive-savings/#comment-3365 [...] I was rebating at the time see “I used to rebate, but then I got good.” [...] [...] I was rebating at the time see “I used to rebate, but then I got good.” [...]

]]> By: FranklyRealty.com Trust Me I’m A REALTOR » Redfin Increases Fees 50%. “Advantage” Leaves Off Seller Subsidy. Oops. http://blog.franklyrealty.com/2007/02/realtor-rebates-free-money-or-expensive.html/comment-page-1#comment-3360 FranklyRealty.com Trust Me I’m A REALTOR » Redfin Increases Fees 50%. “Advantage” Leaves Off Seller Subsidy. Oops. Sun, 31 May 2009 04:22:11 +0000 http://franktempblog.wordpress.com/2007/02/06/realtor-rebates-free-money-or-expensive-savings/#comment-3360 [...] congratulate them. I have frequently said “I used to rebate, but then I got good.” (see Realtor Rebates also see Redfin Saves $27,000 vs FranklyRealty.com Client Saves $152,000! [...] [...] congratulate them. I have frequently said “I used to rebate, but then I got good.” (see Realtor Rebates also see Redfin Saves $27,000 vs FranklyRealty.com Client Saves $152,000! [...]

]]> By: Broker in Atlanta http://blog.franklyrealty.com/2007/02/realtor-rebates-free-money-or-expensive.html/comment-page-1#comment-1995 Broker in Atlanta Wed, 01 Apr 2009 21:50:00 +0000 http://franktempblog.wordpress.com/2007/02/06/realtor-rebates-free-money-or-expensive-savings/#comment-1995 I totally agree with karel zeman post! I've been saying this for years. The profession is a disgrace...High school education is the only requirement and taking 2 months of online classes/passing a test...what a joke for the biggest financial decision in most people's lives! In my opinion, you should have a law degree, construction engineering degree, etc...This would really help people..to actually be able to answer real questions and advise your clients...But everything now is just filling out "cover your butt" forms. What a joke. I went and got my license 10 years ago so I could represent myself and save money buying and selling my own homes...I'm a broker now..and yes I do give rebates..I can't justify making $20k commission on a house that took 80 hours total work...ludicrous...The buyer do pay the commissions..always..never the seller...it is always considered when the seller is negotiating...I just laugh when buyers agent tell their buyers that they ares paid by the seller..I could go on for hours about this..but gotta go. Again nice post Karel! I totally agree with karel zeman post! I’ve been saying this for years. The profession is a disgrace…High school education is the only requirement and taking 2 months of online classes/passing a test…what a joke for the biggest financial decision in most people’s lives! In my opinion, you should have a law degree, construction engineering degree, etc…This would really help people..to actually be able to answer real questions and advise your clients…But everything now is just filling out “cover your butt” forms. What a joke. I went and got my license 10 years ago so I could represent myself and save money buying and selling my own homes…I’m a broker now..and yes I do give rebates..I can’t justify making $20k commission on a house that took 80 hours total work…ludicrous…The buyer do pay the commissions..always..never the seller…it is always considered when the seller is negotiating…I just laugh when buyers agent tell their buyers that they ares paid by the seller..I could go on for hours about this..but gotta go. Again nice post Karel!

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