General Real Estate Questions
Why have the realtors® I've worked with in the past not disclosed to me that commissions are negotiable? The answer is simple…
…Brokers need to make as much money as possible to pay the existing agents more than half the commission take and then pay huge overhead to maintain appearances. To impress and attract new agents’ brokers need an expensive office, provide telephones, insurance, secretaries, attorneys, workman comp etc. to the agent to attract more and more agents to find buyers and sellers for the Broker.
I am a broker and do not have or want agents to manage, so I give the homeowner the amount of money, that I would normally pay an agent to the homeowner who is selling their home.
Years ago I was a Broker with a large office, big overhead, and many agents. I found the stress bad for my health and I felt charging $50,000 to sell a $1,000,000 just ridiculous. It was only a matter of time before the Federal Government would step in and set up protections for consumers, which they are now doing. I finally concluded that I could make as much money with getting rid of agents and all the overhead and do the work myself.
I am working as hard with customer service as I did when I had a large office and agents, but now only charging a 1% listing fee. With the number of referrals, I am now getting, that I can make as much or more money as I did when I had a large office with many agents and the huge overhead.
What is even more important to me is that I feel better physically. I now have more control of my time which I can now spend with my family and grandchildren as I want.
It is now only a matter of time before the Federal Trade Commission will regulate Real Estate commissions to make them fairer to the clients selling their homes.
Do you want to wait for the legislation to go through or do you want to get you home SOLD NOW while we are still in a very hot real estate market? Correctly priced homes are now selling within three days to a week and often at over the listing price. Ask yourself WHY it is necessary to pay thousands of dollars to work with an “Area Expert” when all the needed information is now available to you on the internet. Why pay $10,000+ more in commissions to get “Free Staging” of your home when you can pay for the staging yourself for about $3,000. Why waste your money if your home can sell within a week in this hot market if you price it right.
What is the MLS?
Multiple Listing Service (MLS®) is the most comprehensive computerized database of homes for sale with over millions of listings nationwide. This database is the source data for most online real estate sites like Zillow.com, Realtor.com, Redfin.com and others. This database is also used by Realtors® to market and promote their own listings and to cooperate with other Realtors®. A large portion of real estate transactions is a result of direct MLS® exposure. By having your home on the MLS®, it will be exposed to thousands of local real estate agents who would otherwise not have known that your property was for sale and would not have shown it. This is the same MLS® used by traditional retail brokers who charge a 5% commission.
How should I price my home?
We will provide you with a FREE Competitive Market Analysis (CMA) that we charge local banks $100 for. Our CMA will give you an accurate indication on what your home will appraise for. This analysis factors in the price range of similar home sales in your area, plus information on current sale conditions. This process will help you choose a price you feel is appropriate for your home.
Questions About One Point Realty
How does your process work?
We work with both buyers and sellers to provide a full range of real estate services. We charge a lower fee for our services, which is different from the traditional 5% of retail real estate brokers. This helps you keep more of your hard-earned equity, while still getting all the real estate services you expect.
We aren’t like traditional retail real estate brokers who spend most of their time managing offices and recruiting new agents. Instead, our streamlined business practices and our focus on customer service, rather than promoting our company to attract new agents, allows our broker to spend more time working with people one-on-one, giving them the highest quality personalized service.
Why do you offer fee-for-service?
We believe that the traditional 5% retail commissions are an outdated practice and not in line with the true cost of performing a real estate transaction. Our goal is to provide a fair price for our services, much like any other professional service that consumers would pay for. What doesn't change are the services we provide. We perform all the same services as the traditional retail real estate companies, if not more.
Do you also represent buyers?
Yes. One Point Realty is a full-service real estate company representing both sellers and buyers. We can help a buyer purchase any home for sale in the market, not just One Point Realty listings. We take the time to learn what our buyers are looking for, and represent their best interests throughout the home purchase process.
Why does your process work so well?
It is simple: we are focused on the true cost of doing business and customer service. Sellers appreciate the fact that we spend our time with customer service instead of spending time recruiting agents.
Are your agents licensed?
Yes. Anthony J. Wiench, has been licensed in California since 1998. His license number is CA BRE #01145903. He is a member of the East Bay and Local Boards as well as the National Association of Realtors®. I also am a member of the board of realtors in Palm Springs.
What advantages does One Point Realty offer compared to a traditional Realtor®?
One Point Realty offers several advantages over traditional real estate companies:
- More Equity for Less Money: You know up front exactly how much it will cost to sell your home. In most cases, our set fee is significantly lower than the amount any other traditional retail real estate company would charge in their commission. This means that you retain more of your equity.
- Better Technology: One Point Realty’s proprietary technology allows you to obtain up-to-date information about your home sale quicker and more efficiently than a traditional listing agent. In fact, with our technology you can be anywhere in the world and learn about the latest activity on your home. We send out updates every morning at 9:00 AM.
- More Experience:The average agent typically handles less than 10 transactions a year. With our broker’s 23 years of real estate experience, you get more in-depth market knowledge, more experience solving problems, and more value whether you’re buying or selling.
How can One Point Realty charge a 1% listing fee for its services?
Years of experience have allowed us to refine the home buying and selling process. Rather than invest in mega offices and create massive overhead, we streamlined our operations with a small team of specialized experts who are paid per job, not hired on salary. Because of this, we have less overhead, and we are more efficient and effective. This allows us to charge what we feel is more representative of the services we provide to our clients.
We pride ourselves on being extremely consumer-oriented and believe that the traditional real estate commission model, with no correlation between the services rendered and the cost of those services, is outdated and unnecessary.
Since your fees are lower, does that mean you have an inexperienced broker?
Not at all! Anthony Wiench is a seasoned business professional. He has been licensed broker for over 23 years and oversees all the activities of One Point Realty daily. With over his 30 years in the real estate business, and in multiple states, he has bought and sold over 1,000 homes.
If your business model is so beneficial to clients, why aren’t other brokers doing it?
That’s a great question. Simply put, what we’re doing is innovative, but as in any industry, particularly one as set-in-its-ways as real estate, change is slow. We feel that we are ahead of the industry by streamlining operations and offering lower commission rates to real estate buyers and sellers. The Justice Department and Federal Trade Commission are now getting involved in stopping the overcharging of real estate commissions. Go to the home page of this website and get the report from the Justice Department and see the work the Federal Trade Commission is doing to make real estate commissions fairer for the public.
Are there any hidden fees that I don’t know about?
No. One Point Realty identifies the commission structure and any additional fees up front. The price you pay is based on the actual professional services rendered.