Author Topic: Flat-fee, Redfin, or sellerís agent in Miami, FL?  (Read 823 times)

Sar29

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Flat-fee, Redfin, or sellerís agent in Miami, FL?
« on: February 18, 2019, 02:30:42 PM »
Hello, my husband and I will be listing our home for sale in the next few weeks and are wondering what you think would be best: a flat-fee real estate service, Redfin, or a traditional real estate agent?

Some background: This is our first house, and our first time selling one. The market in our area, Miami, FL, seems to be somewhat slow and Iím hesitant to commit to an agent for 2-3%, unless it truly is the best option.  Weíre planning to move out of town in July if all goes well.  I would be willing to put the work in if we did a flat-fee service, but we may be too inexperienced to try it. 

Does anyone have experience using Redfin in the Miami area (or anywhere for that matter) and would you recommend it or not?  Lastly, what does an real estate agent provide (for their 2-3%) that Redfin does not (for their 1%)?  Thank you!

Jon Bon

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Re: Flat-fee, Redfin, or sellerís agent in Miami, FL?
« Reply #1 on: February 18, 2019, 04:37:22 PM »
Get real pictures taken and find a flat fee agent to get into the MLS. Total cost should be about $700 (200+500)

Selling a house without an agent is probably even easier then buying with one. Just be sure you price is accurately. Paying for an appraisal here might be a good idea. Then you can include that with the paperwork you give to potential buyers justifying your asking price. Or just keep it under your hat.

I put a lock box on my door. Agents will call you and tell you they are bringing by folks at such and such a time. Google the agent if you are worried, then just give them the code. Easy peasy.

Oh and this is pretty much what a 'professional' real estate agent will do for their 3% of your house. Of course be sure to do all the staging things as well and just wait for an offer.

Good luck.

I have done this twice, its pretty easy. But your market might be different.


Sar29

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Re: Flat-fee, Redfin, or sellerís agent in Miami, FL?
« Reply #2 on: February 19, 2019, 07:00:14 AM »
Thank you Jon Bon, I really appreciate your advice.  These are some great tips.  Yeah, I couldn't really find anything else a real estate agent actually does for the seller.  What about writing up a contract?  I figure we'll have to hire a lawyer to handle that part, no?

It seems like it's worth a try, we can always hire an agent if we're having trouble.

Another Reader

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Re: Flat-fee, Redfin, or sellerís agent in Miami, FL?
« Reply #3 on: February 20, 2019, 06:14:51 AM »
I have heard that Redfin wants to move to a model that excludes listing on the MLS and do both ends of the deal themselves.  I would not do business with Redfin if they do that.

If you get the property on the MLS with a flat fee listing, the buyer's agent will bring you the offer on the standard contract form used by that MLS.  You will need to review the offers, reject unacceptable offers, and counter the acceptable offers with any terms you wish to change.  You alone will be responsible for this piece of the transaction if you do not have a seller's agent.  Some common sense applies, don't accept offers from buyers that are not approved for financing, offers contingent on the sale of the buyer's home are risky, the source of the down payment is important, and similar issues.  You might find a discount listing agent that will provide more service for 1 percent, depending on your market and price range.

Jon Bon

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Re: Flat-fee, Redfin, or sellerís agent in Miami, FL?
« Reply #4 on: February 20, 2019, 09:48:08 AM »
@Sar29

So contrary to what the NAR wants you to believe realtors are not infact doctors/lawyers etc people with very specialized training and skill set.

Realtors in my state I think take 40 hours or classes to get their licence so there is very little that they do that you cannot. Sure they might have a ton of experience but the contract aspect is pretty simple.

In my state (yours will be different) the contract is 99% filled in. All you do if fill int he blank spaces for price, address, inspection, type of financing, closing costs etc.  Feel free to have a lawyer look it over but odds are its going to be completely standard fare. Have your flat fee person send you a blank one so you can familiarize yourself with it.

Obviously read and study the whole thing. The only words of caution I would send is that they might try to put in goofy or strange language. So if there is anything manually written more then a sentence or two I might be weary. Odds are your going to get a standard offer because the standard offer makes it easy to compare across offers. That and then realtors dont need to be lawyers to evaluate 100 different types of offers out there.

Good luck, let us know how it turns out.


brooklynmoney

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Re: Flat-fee, Redfin, or sellerís agent in Miami, FL?
« Reply #5 on: February 20, 2019, 09:42:03 PM »
I would guess this is different depending on the market. In NYC we all hire lawyers and real estate agents. Real estate is a blood sport here and no one I know is listing their place which is for most people their biggest asset themselves.

uwp

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Re: Flat-fee, Redfin, or sellerís agent in Miami, FL?
« Reply #6 on: February 21, 2019, 11:27:44 AM »
Some background: This is our first house, and our first time selling one. The market in our area, Miami, FL, seems to be somewhat slow and Iím hesitant to commit to an agent for 2-3%, unless it truly is the best option.  Weíre planning to move out of town in July if all goes well.  I would be willing to put the work in if we did a flat-fee service, but we may be too inexperienced to try it. 

I am not an RE agent booster, and am sad that the industry has been slow to lower commissions, but I would vote for an agent in this situation.  To me, a first time seller in a slower market might benefit from an agent's expertise.  I know it isn't rocket science, but I'm sure there is some value in a good agent who knows your area and how to position a home for sale.  I guess the hard part is finding that agent :)

On a 300k home, pricing at 295k vs 305k is more than the difference between a full service agent and doing it yourself.

JoJoP

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Re: Flat-fee, Redfin, or sellerís agent in Miami, FL?
« Reply #7 on: February 22, 2019, 07:04:11 PM »
Plenty of people do "for sale by owners" successfully, but things can also go wrong. 

I'm an agent, and my tip would be to research and then hire a really good, seasoned agent.   That's not necessarily the biggest seller in your area, but someone sharp, resourceful and hardworking. They know the market, the contracts, etc.   They should be able to keep you out of trouble and keep the sale moving along smoothly.    They should be a real asset to your sale.    There's a point in nearly every deal where the going gets tough.  It's helpful to have a 3rd party negotiator working for your interests, explaining alternatives, minimizing your costs, holding costs and expenditures,  and making sure that you're covering your rear.   That's what a good agent should do.

 I think the hardest part is finding the gem that is a good fit for you.  Ask your friends or neighbors if they have a referral or have used one in the past, and what they thought.  Did everything go smoothly?  Read Yelp and Zillow reviews.   Don't be afraid to interview several or more.   It should be a decision that feels good to you.  Negotiate the commission rate.   In my state, the commission paid by the seller is split between the buyers agent/broker and the sellers agent/broker. 


Jon Bon

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Re: Flat-fee, Redfin, or sellerís agent in Miami, FL?
« Reply #8 on: February 22, 2019, 07:49:20 PM »
Plenty of people do "for sale by owners" successfully, but things can also go wrong. 

I'm an agent, and my tip would be to research and then hire a really good, seasoned agent.   That's not necessarily the biggest seller in your area, but someone sharp, resourceful and hardworking. They know the market, the contracts, etc.  They should be able to keep you out of trouble and keep the sale moving along smoothly.    They should be a real asset to your sale. There's a point in nearly every deal where the going gets tough. It's helpful to have a 3rd party negotiator working for your interests, explaining alternatives, minimizing your costs, holding costs and expenditures,  and making sure that you're covering your rear.   That's what a good agent should do.

 I think the hardest part is finding the gem that is a good fit for you.  Ask your friends or neighbors if they have a referral or have used one in the past, and what they thought.  Did everything go smoothly?  Read Yelp and Zillow reviews.   Don't be afraid to interview several or more.   It should be a decision that feels good to you.  Negotiate the commission rate.   In my state, the commission paid by the seller is split between the buyers agent/broker and the sellers agent/broker.


While I am somewhat suspect of a realtor suggesting that someone else use a realtor,  however I think it would be helpful for the OP to see both sides. Why don't you give a few examples of how you kept people out of trouble, and were a real asset to the sale? Especially how you were able to do these things that a regular person could not?




chasesfish

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Re: Flat-fee, Redfin, or sellerís agent in Miami, FL?
« Reply #9 on: February 24, 2019, 05:20:31 PM »
Posting to follow.

I've been debating what to offer the real estate agent who helped me sell the house.  I was thinking 1% plus a % of the net proceeds above a certain number.

CanuckExpat

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Re: Flat-fee, Redfin, or sellerís agent in Miami, FL?
« Reply #10 on: February 24, 2019, 05:35:33 PM »
Redfin would give you a full service agent experience, just take a lower commission correct? They still pay out to the sellers agent
Have you checked with anyone here in your area: http://www.hungryagents.com/ ?