Agentsdeal | Select Discounted Realtor in Auction

Agentsdeal solves high agent commission to the seller and high negative equity that a buyer inherits, based on patent pending technology and business methods

Sellers or buyers can choose which service tier they might need, or even choose flexible service tier options if not clear. "Pay for what you get" or "get higher refund if you use less".

Sellers and buyers can choose not only on the basis of a lower commission but also on basis of experience level and quality of agent. Avoid "get what you pay for".

Get lower commissions by driving commission levels to "market" through bidding and yet not lower real estate agent pay-rates by avoiding wasted efforts.

Agents don't have to pay upfront for leads before getting business. Get ready and willing buyers and sellers who know and define what they want.

how it works

1 Input property specification

Buyers and sellers open a detailed specification and Agentsdeal.com estimates expected commission refunds/discounts based on the same. Agents get to know that they have a serious principal. Buyers/sellers further define what level of "services" they want - savvy principals can indeed choose lesser services and get bigger commission discounts/refunds.

2 Invite bids from agents

Buyer and sellers invite bidding either in Private or Auction mode. Only qualified agents (ranked internally by Agentsdeal.com) who meet a certain threshold are allowed to bid.

3 Receive bids to review

Receive a table of bids of commissions, agent experience and service tiers correlated to those bids. A large number of bids ensures that commissions get to a "market rate".

4 Shortlist up to 3 agents

In a successful referral, buyers and sellers can choose to contact up to 3 agents if they want to talk and meet, before selecting a final agent. Buyer's and seller's contact information is protected until they choose to create a successful referral.

5 finalize agent and complete transaction

Buyer and seller select final agent and complete their transaction for purchase or sale.

6 Enter feedback and review

Buyer and seller can continually track the transaction on Agentsdeal.com and can enter reviews to benefit the agents and future buyers/sellers.

mythbusters

Seller pays both buyer's and seller's agent commission so it doesn't matter to the buyer

The truth is that as soon as a buyer buys, he/she gets something which is equivalent to "negative equity" which has to be often recouped with years of price appreciation, making real estate purchase riskier than it needs to be.

High commissions have survived the onslaught of many discount brokerages and solutions and cannot be solved

This is due to the wrongful approach many took and failed. First thing to realize is that real estate agents are needed. "For-sale-by-owner" or working without agent will not work well when principals understand what agents do in detail. The key to reduce commission is to use market dynamics of an auction or bidding to reduce the charge to what is truly a "market" rate than a rate that has floated around for decades. The key is also to incentivize the buyer and seller to do lesser wastage on agent's time with service tier definitions as lower commissions should not hurt agent's hourly pay-rates.

I can do it myself as a buyer or seller if only there were more open houses or I had access to houses

The truth is that you could, but the job you will do is likely going to be worse than someone who does this as a full time job, and mistakes you make could be costly. Agent's job is not just to do showings and open houses. Your risk is firstly in overpaying as a buyer or not getting enough as a seller, by not being to accurately value a property based on lack of access to broad and accurate MLS based comparable properties and detailed market knowledge. Secondly the risk is in neglecting many complexities of transaction including complex disclosures, title and lien reports, environmental reports and surveys, insurance and lender requirements and contract legalese. Lawsuits can be costly and without thorough understanding of contract legalese, is not a risk worth taking. For better understanding of what agents do - read the service tiers which is a partial attempt at defining the services agents perform.

Real estate agents don't do enough to earn that commission

There is some truth that commissions are indeed high; but yet most real estate agents don't earn enough and many go out of business. Buyers not having to pay for anything until they buy, often spend 100's of hours or several months of "free time" of agents and don't decide or know what they want, and sometimes even after that, don't go with the agent. This causes significant "real estate wastage" so that when a transaction actually happens, that wastage is built-in in high commissions of an actual transaction. If all buyers are incentivized that lesser and more carefully they use, the bigger their refund will be and lesser the negative equity, then commissions can be lowered and wastage can be avoided.

Approximate time anticipated to be spent by agent	100-200 hours	50-100 hours	0-50 hours
# of hours to understand buyer needs (in stages)	12+ hours	6-12 hours	<=6 hours
# of hours on other detailed functions	12+ hours	6-12 hours	<=6 hours
# of showings ( ~ 1-2hours/showing)	7+	3-6 hours	2
# of properties comp analysis (1-3 hours/property)	7+	3-6 hours	2
# of offers written; Each offer 2-6 hours	5+	2-4 hours	<=2
# of contract fall-through's, and getting again into contract	>2	<=2	<=1
Closing help after contract signing (see breakdown of this service #7 below)	25+ hours	13 to 24 hours	<=12 hours
Service #7 activites detailed breakdown below
Contingency removal; contractual issues	> 8 hours	4-8 hours	< 4 hours
Conducts final verification of condition	included	included	included
Present at COE, keys hand over and walkthrough	included	included	included
Loan person referral; explaining lending issues	included	included	referral only
Helping order inspections; interpreting inspection reports	included	included	included
Seller disclosures, HOA, disclosures review, contract explanations	included	included	included
Review of all loan docs and presence at signing	included	included	not included
Showings for many reasons (contractors/other) after contract signing	included	1 more showing	not included
Post closing contractor referrals/other issues	included	not included	not included
Post closing maintaining of records	included	included	included
Post closing help in renting property	extent to be discussed	not included	not included

Approximate time anticipated to be spent by agent	100-200 hours	50-100 hours	< 50 hours
# of hours to understand client needs and profile	>4 hours	2-4 hours	< 2 hours
# of hours in analyzing market, providing comps and analysis	>4 hours	2-4 hours	< 2 hours
Agent visual inspection disclosure (AVID) of house	included	included	included
Fixing AVID/inspection issues & upgrading/cleaning	LA supervises	referral only	referral only
Ordering/presence at inspections (owner pays)	present	ordering only	ordering only
Preparing all seller disclosure reports	included	included	included
Ordering HOA Docs if necessary	included	included	included
opening escrow, reviewing title/related reports	included	included	included
Staging a house (owner pays) (for houses > $500K)	present at staging	referral only	referral only
Cleaning and final presentation (owner pays)	present	referral only	referral only
Professional photographs and virtual tours	LA present, LA pays	LA present, owner pays	referral only
All marketing (flyers/FB/open house/ yard sign/lockbox/shoe covers)	included	included	Some items not covered
Arranging broker tours (if list price > ~Median)	included	included	included
# of days of open houses	4-8	4	2
Presence & working with appraiser for valuation	included	included	included
Offer negotiations with agents/multiple offers; getting into contract	included	included	included
Explaining/enforcing contractual timelines with buyer/selling agent	included	included	included
Updates with title and buyer's loan officer where possible to seller	included	included	included
Advising seller on all contract fall-through matters	included	included	included
Price reductions; bringing back to market if fallthrough happens	included	included	included
Fixing issues as needed per buyer in contract	present	referral only	referral only
Property visits other than open houses or initial presentation	2+/week	1/week	1/week
Presence at Final verification of condition	included	included	included
Sign off of final papers at title and turning over keys	included	included	included
Maintaining records and post closing advise	included	included	included
# of other hours in discussions with client	>12 hours	6-12 hours	< 6 hours