Exposing Commission Rates

Historically, buyer-agents haven’t really had to demonstrate their true value – most buyers just grab somebody they like.  But now the buyer-agent compensation is going to be revealed in Washington, starting tomorrow – and it is inevitable that it will happen everywhere.  Buyers making smarter decisions about who represents them is a great idea – hopefully they won’t select their realtor purely based on their rate! P.S. This is buyer-side only. I’m not sure the listing-agent rate will ever be public.

Hat tip to SM for sending this in:

Link to Full Article

An excerpt:

Starting immediately, the new rules will make it easier for homebuyers to figure out if their agent is only showing them houses offering a high buyer’s commission, said Greg Gans, a broker at Hardy Realty in Seattle who describes himself as “almost exclusively” a buyer’s agent.

“I know plenty of agents who see a 1% commission, and they’ll show the house, but they’ll say, ‘Oh, this is a problem, and you’re going to have to spend this amount of money on the kitchen,’” Gans said. “Brokers think of crafty ways to steer people away from homes where they’re not going to get the full commission. Or brokers may not put together the most competitive offer” on homes offering low commission.

In the long term, though, the change could lead to a system where buyers and sellers each compensate their own agent, said Windermere broker Russ Cofano, instead of funneling commission through the seller’s agent. That could make it less expensive to sell a home.

PQ Bidding War!

Let’s review what it takes to create a solid bidding war.

  1. Maintain and improve your home constantly over the years.
  2. Install a master bathroom like this!

3. List with Jim the Realtor for an attractive price, do $3,200 of staging, and take off for the weekend!

I inputted the listing at 8:30am on Saturday morning with professional photos, and got immediate results – over 100 people came to open house the same day.

Sunday’s open house had nearly as many people, and those who didn’t attend could watch my walk-around tour on video: https://youtu.be/LCEDYc4rkaQ

We’ve received EIGHT WRITTEN OFFERS (seven over list price), and going for more.  Three showings set up for today, and Donna and I are fielding questions and encouraging higher bids all day long!

To ensure top dollar, we treat everyone fairly and give them every opportunity to bid up the price. The highest offer so far is $890,000, and others have said they are going higher so we raised the list price from $869,000 to $899,000 on the MLS for added exposure on the realtor hotsheet. I mentioned that we have eight offers too.

Want this kind of attention when selling your home? Hire Jim the Realtor!

Inventory Watch

The end-of-summer market feels similar to last year, with just a few more pendings over the last five weeks. In spite of the high prices, people don’t seem interested in selling much though.

There was a 13% drop in new listings, year-over-year:

NSDCC Last Five Weeks:

New Listings
New Pendings

When is the best time to sell? When there is little or no competition, and rates are in the 3s!


Manny’s House

MLB star Manny Machado has swung for the fences in the Sunshine State, shelling out $11.3 million for a waterfront mansion in Coral Gables, Fla.

It’s a massive sum, but only about half of the estate’s original asking price of $22 million, records show.

The four-time All-Star is putting his new contract to good use. After a season with the Dodgers, Machado inked a 10-year deal with the Padres earlier this year worth $300 million. At the time, it was the largest free-agent contract in the history of North American sports.

Claiming an acre in the gated community of Tahiti Beach, the property overlooks Biscayne Bay with 121 feet of water frontage. The 8,300-square-foot home sits at the end of a spacious front lawn framed by palm trees.

Link to LATimes

Now it’s for rent for $30,000 per month:

Link to Zillow

Working the PQ

I had 100+ people attend the open house today, which is a great response.

One of the attendees asked how I did it, and I said that I’ve been here before. When the market gets soft, you have to have both a good-looking property AND an attractive price.

Most of the houses you see for sale has one or the other. This property has both.

When buyers see an attractive listing online, they come running. I literally inputted this listing onto the MLS about 8:30 this morning. At noon we had three couples waiting.

There’s nothing wrong with the market – it’s fine! What’s wrong is your price or condition.

Baja Carmel Valley

Are you looking for a quiet and private culdesac home with white kitchen and new master bath?

Then check out my new listing in RP! This 4br/3ba, 2,394sf house is 900ft above sea level and gets gentle breezes daily!  Open floor plan, 3 full bathrooms, low-maintenance yard, central air conditioning and whole-house fans. The house and yard are great…..but wait until you see the dazzling new master bath! Great curb appeal too – with putting green in front yard!

13973 Mennonite Point, San Diego 92129


Open 12-3pm Sat & Sun September 28 & 29.

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