Real Estate Professional forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Want fries with that Realtor?

Notify me of new replies via email
Real Estate Professional | 14 Oct 2015, 08:15 AM Agree 0
Real estate agents should consider more than just their commission when trying to woo clients
  • Scott Simmons | 14 Oct 2015, 12:29 PM Agree 0
    I'm guessing the 8 years I have spent as a "discount" realtor is just a short time and the services I provide tend to be as much or more than most of my "non discount" colleagues. Most do not have 200 or so pages on their web site with 100s of hrs of podcast and 700 plus videos of the local area. The reason I work as a 1% Realtor is a certain segment of the market needs and or wants a deal on commissions and we offer it. We do not offer less service and or less negotiation skills than other agent. Personally I spent a decade running my own business and negotiated over 200 plus wage packages and millions in procurement. To suggest minimum effort is for minimum commission is rather sweeping. Here is the fact on discount Realtor companies like 1%; what they cut out is the big office with the big board room, you know the place the one with all the leased BMW out in the parking lot. After 8 years with 1% I have only been to the office once. They do not provide office space to hang out in and mostly all the 1% agents I know don't have time to hang out they are too busy writing deals and making sales. If we need to talk to our broker and or office staff they are only a text or email away. 1% is a lean model that seems to work well for our clients and our hundreds agents. The role of the Realtor and role of the broker is changing. So many of the buyers and or sellers and doing so much of what used to be done by agent it's not surprising so many want to pay a little less. When was the last time a client walked into a real estate office and said they wanted to buy or sell a home? Now so many spend so much time and energy on line searching they are looking to team up with agents who can work at their pace and not stuck in a 1993 model. FYI I do plan on being in the top 20% of the Victoria Real Estate Board this years.
  • Terry Broker in Toronto | 14 Oct 2015, 12:36 PM Agree 0
    Hey Scott, charge 2% and get into the top 10%. Some work hard some work smart! Life is short.
  • Scott Simmons | 14 Oct 2015, 01:22 PM Agree 0
    If being in the top 10% was based on number of transactions I sure I might be in the top 10% this year but it's not it based on a gross number. I have had only one home over the mil mark this year it was a stunning south facing low bank waterfront and yes I helped my client negotiated and they got it for 1.8mil from a asking of 2.1mil. So Terry charging 2% would not make much of a difference. I really do not care if the board send me another cheap brass sticker to add on to the cheap wall mounted plaque they sent me years ago. Just looked around my office and do not even see it. To me there is nothing worse than the agent who advertises #1 top winning...etc etc.. It's really lame. To me it's really all about making people happy. There is nothing like being there on possession day and seeing a family get their new home. It's really all about putting the client needs first and being there for them and helping them though the process. Helping them find the right home and guiding them away from the wrong homes. To me it's not about the commission and or the money besides my wife gets it all she only give me 100 per week. Dang I need a raise.
  • | 14 Oct 2015, 03:41 PM Agree 0
    Top Ten percent? I am in the top two or three Percent in my board and people often say I do more than the last agent they used. As a One Percent Agent I consistently do more than 50 deals a year. The experience I have from the deals I have done is a great benefit to my clients. Too many people make sweeping judgements that amount paid changes the level of professionalism. I just did a deal with an agent that has been around for over 30 years and the paperwork was terrible. Working for one company or an other does not make you better or worse.
  • Thomas McKay | 14 Oct 2015, 04:45 PM Agree 0
    I'm guessing this has struck a nerve with the discount brokerages. You do get what you pay for and high volume and discounted commissions never translate into better service or more exposure. The 1% agents I've seen are more interested in double-ending and rarely cooperate. Some don't even show up or provide one-day codes as they have dozens of lock boxes cast over a large vicinity.
  • R | 14 Oct 2015, 06:05 PM Agree 0
    The 1% commission chargers consistently get less money for their clients in my market north of Toronto, and I think people get what they deserve. It's no skin off my back for the people who decide to screw themselves out 10's of thousands of dollars. They wouldn't know it anyway as they are truly uninformed.
  • Matt | 14 Oct 2015, 06:23 PM Agree 0
    I do around 40-45 transactions a year, and have a very happy client base. If I charged 1%, in my market, I wouldn't be able to feed my family. If you're in an expensive market (which seems to be the only markets people talk about), and feel you can properly service your clients at that price, than have at 'er. I have yet to work with a "discount" brokerage around here that seems in any way capable, and it always results in more work for me.
  • | 14 Oct 2015, 11:44 PM Agree 0
    Why dont we all agree to disagree.

    I work for 1% as well and I have been head hunted by almost every firm in my area. I love working with this company and I would give the same of myself no matter what I charged or who I worked for. It's not about the company or commission it's about individual standards.

    The argument works both ways. Just yesterday I sent a full price offer to a agent who works for a large well known company. He got mad at me for not giving him a Long irrevocable and making him meet his client at 8pm at night. Boohoo ... He stands to make $10 000 for a one day sale. There are bad/lazy agents in all models.

    I love being the underdog and proving that discount commission does not mean discount services.

    Oh and I make great money. My family is very well provided for;)
  • VJ Krishnan | 15 Oct 2015, 09:37 AM Agree 0
    I never talk about commission with my clients. My objective is how I can serve well and get my client satisfied, well of course their satisfaction is not just the way I serve but how much they save/earn in Dollars. In fact they give me my full commission.
  • VJ Krishnan | 15 Oct 2015, 09:40 AM Agree 0
    Remember guys, you need to keep 50% of your earnings to CRA and the remaining to your brokerage, your marketing and what you are left with from 1%? If you love to do that probably you won't let others to buy your listings!
  • Ken | 20 Oct 2015, 10:13 AM Agree 0
    Sounds like you should have been a social worker
  • Steve | 25 Oct 2015, 03:29 PM Agree 0
    Hmmm reminds me of a saying" Pay peanuts get monkeys"
Post a reply