OK, so I spent almost the whole day at work today. This makes the 30 days, 30 posts things difficult, because I am most certain that you don’t really care about the day to day of my job. But, as I previously mentioned, 30 days means plenty of inanity, so, that’s what you get.
People at work today were treated to a rarity today… they got to hear me through the walls as I was ranting… I spent the afternoon with Mike (my partner) and our realtor. I am certain that I will offend someone (probably a realtor) with this post, but I simply don’t get the fees that a realtor is paid.
Thus far, we’ve spent the following time with our realtor (who comes highly recommended)
- We did a primary interview
- We negotiated our contract
- He came and visited for less than an hour
- He sent us a list of what I believe was every available property in our defined area
- We picked a few things that were of interest
- Today, he drove us around to those places for about 3 hours
At the end of the day, I indicated that I thought he now had a better sense of what we were after and that he could go find the right place for us. From my perspective, that was today’s purpose… to give him enough info that he could dig up a gem. His response,
“Well, that’s pretty much everything that’s out there.”
Seriously. If I’m generous, that means he’s put in, oh, about 6 hours toward this project. The standard, or colluded, rate for a realtor (just the buyer’s) is 3% (or more). Depending on the office we buy/lease, that will be a minimum of $10,000 for the realtor. $10,000+ for maybe 15 hours of work.
I’m all for getting as much as you can for doing as little as you can. In a sense, that’s what we do well at work. We’ve built an excellent set of products and we implement and service them, and we charge a lot to do so. But if a potential client wants to, they can find a lower priced provider or they can even choose to do the stuff themselves. They have options. All of the tools that are available to us are also available to them.
We want to buy/lease some property. I would love to search the database of available properties myself. But those tools are kept amongst the colluders. They hoard the information and use that to extort the buyers and the sellers.
I am aware that the market is moving in the right direction. Zillow, Google, and others are opening this information up, particularly in the residential arena. That’s good. I also know there are exceptions… Jenn’s brother Brian worked with Brian Copeland to very positive effect in his coming move to Nashville. Copeland knew things Brian and I didn’t. He had expertise in a certain part of Nashville and shared it effectively.
In total, though, I think the realty system, with its lack of transparency and openness, isn’t far from done. At the first moment that I believe I can get away with purchasing a piece of property without a realtor, I will be all over it.
So, I’m sure you’re now all thrilled that I’m posting 30 times in 30 days. These bits of uninvited brilliance will undoubtedly have you coming back for more (sarcasm)!
5 or 30