Posted by admin on July 21st, 2006
Sell quickly and save
When selling on your own you should be realistic with your expectations - know your local housing market. Once you have a feel for how homes around you are selling you can develop a selling plan. Over the past year most metro areas have seen an increase in days on market, so as a for sale by owner you need to set goals and timelines. Current market conditions will determine an asking price as well, so you may decide to start at a certain price and keep it there for 15 days, if it does not sell offer a bonus - versus lowering the price - for 15 days, etc.
Flat fee MLS companies and other limited service providers offering services on an a la carte basis will also increase your marketing exposure. While there are no guarantees, over 80 percent of homes are sold through the local MLS. Getting listed in the Multiple Listing Service will provide you marketing exposure through literally hundreds and hundreds of public websites, that you otherwise would be missing out on.
Lastly, don’t be intimidated. Don’t be intimidated by the process, the paperwork, or agents out there that want you as their own clients. You are trying to sell your home at the best price and while retaining the most equity. Good luck!
Posted by admin on July 21st, 2006
New Mexico rescinds anti-competitive rules
Against heavy objection from the Department of Justice in February, New Mexico passed a rule requiring all brokers in the state to accept and present all offers to their clients. This rule effectively prohibits some forms of limited service companies that do only MLS entry. The New Mexico Real Estate Commission has now voted unanimously to rescind the rule. Such rules - that reduce and/or prohibit consumer choice in the real estate transaction - have been strongly opposed by both the Department of Justice and the Federal Trade Commission. The pressure finally seems to be making a difference in the industry. In just one week both the Austin Association and the New Mexico Commission have changed rules designed to eliminate flat fee MLS and other limited service providers. The DOJ cited the lack of consumer complaints against fee-for-service providers in questioning the validity of the minimum service rules. New Mexico has now created a task force to study the issue since it is a national issue.
See Also
Posted by admin on February 27th, 2006
Real estate commission eliminates limited service model
As expected, the real estate commission in New Mexico has effectively eliminated the rights of consumers in that state to purchase real estate services "a la carte". Deeming the citizens of New Mexico just too dull witted to understand and comprehend the the real estate services that they might want to purchase, the N.M Real Estate commission voted to approve a measure banning any real estate brokerage model that doesn’t provide a bundle of services and props up the traditional real estate commission model.
Opposed by the United States Department of Justice as anti-competitive and restricting to consumer choice, the rule change will go into effect in the next 30 days (apparently a real estate emergency is at hand). John R. Read, chief of the Justice Department’s Litigation III section, said, "Our view is consumers should have choices. For example, if you’re a (for-sale-by-owner) and would like to get listed on the MLS, you ought to be able to buy that service without having to buy everything else that goes along with it." Read also said, "We have found no filed complaints regarding fee-for-service brokers."
No longer will New Mexican home owners be able to sell their homes using a flat fee MLS listing service. The new rule requires that anyone who purchases services from a real estate agent also be required to purchase contract negotiation and presentation services and transaction follow-up as well.
See Also
Posted by admin on February 25th, 2006
Residents of NM express concerns over minimum service rules
The New Mexico Real Estate Commissions appears poised to impose new regulations that would limit the ability of consumers in that state to choose the real estate services they want. One choice that would go away with the commissions ruling is the ability for consumers to purchase a listing on the MLS for a flat fee. Commissioner Tom Keesing admitted that, "Sometimes we have to make rules for the benefit of the public that limit us to some degree." Commission President David Steinborn said, "I will vote in favor of the wording as it’s proposed."
In opposition to the commissioners is the United States Justice Department along with informed consumers. Bill Jones with the United States DOJ said, "We want to preserve a maximum amount of choice for consumers." "This is for the benefit of the big boys of real estate," said Las Cruces resident Mel Barlow.
"This rule will take away my right as a consumer to hire, to pay with my money, a real estate licensee to do for me what I want done, as I want it done." Las Cruces resident Randy Gomez said he understands the commission’s concerns, but he still wants to have the choice to work without a real estate agent, yet have access to the MLS. "One of the things that would help me is to market it on the MLS," he said. "I understand what the pitfalls are… if I feel that I’d like to sell the property myself and I’d like to have access to the MLS and I understand by way of disclosure of the person who’s going to put it on MLS for me that it is very limited as to what their liabilities are going to be, and I sign off on that and I’m educated about that, I think I should have the right to do that."
See Also
- Real Estate Commission to Vote on Rules
The New Mexico Real Estate Commission is set to vote today on proposed changes that would set minimum services that licensed real estate agents would have to provide to clients.
Posted by admin on February 20th, 2006
Limited service brokerages under fire again
Another state real estate commission has succumbed, at least temporarily, to pressure from the Department of Justice and Federal Trade Commission’s warnings against the imposition of minimum service regulations for real estate brokers. The effect of such regulations is to limit consumer choice regarding real estate services.
State officials have scheduled a meeting in Las Cruces, N.M. at the real estate brokerage office of David Steinborn, who also just happens to be the president of the New Mexico Real Estate Commission. Local flat fee brokers claim that the meeting is being held some 230 miles away from the real estate commissions office in order to make it difficult for opponents of the measures to attend the meeting.
See Also
Posted by admin on February 17th, 2006
Minimum service legislation shot down
Hooray for Kentucky! Consumers just narrowly missed being subjected to a new law that would have all but eliminated "a la carte" real estate brokerage services in the state when Senate Bill 43 was amended at the last minute.
As has happened in several states around the country, old guard real estate forces in KY have, through their virtual stranglehold on the real estate regulatory body in that state, pushed for legislation aimed at protecting the traditional real estate commission structure. Luckily for home sellers in Kentucky, the U.S. Department of Justice and Federal Trade Commission have been vigilant in their opposition to proposed laws that would mandate that consumers purchase a bundle of real estate services.
Of course, this battle isn’t over and is being replayed in state after state as real estate commissions face downward pressure from new, low-cost alternative business models.
See Also
Posted by admin on February 13th, 2006
Why are you paying 6%?
You save on airline fares. You can buy stocks for just $10. You book hotel rooms, buy books and trade junk from your attic on the Internet. So why are you still paying 6% to sell your home?
According to studies, U.S. home sellers pay about 1.5% more than home sellers in other parts of the industrialized world for the priviledge of having their homes listed by real estate brokers. A listing in the Realtor Multiple Listing Service (MLS) along with a bundle of services from pricing assistance and marketing to contract negotiation and transaction management can take a huge slice out of the home equity pie.
The Internet has brought about a plethora of new business models aimed at reducing the cost to consumers of selling a home. Choosing a discount real estate model is a simple matter of searching the web. Try this experiment: Google "flat fee mls + (your city’s name) " or "discount realtor + (your city’s name)" and you’ll now find hundreds of entries for real estate companies competing for your business by offering lower fees and an "unbundling" of the traditional real estate brokerage offering.
Once a fringe element of the real estate industry, discount real estate has become a part of the mainstream. Discount realtors, flat fee brokers and limited service companies have sprung up all over the country in response to consumers’ clamoring for alternatives to high real estate commissions. The effects have been noticeable. The average commission rate in the U.S. has fallen to about 5%.
So, what are you waiting for? Find a reputable company of
