Annette Lawrence , Palm Harbor, FL 727-420-4041, Making FLORIDA Real Estate EZ  (ReMax Realtec Group)

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Rainmaker
4,819,941
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Yes, I know that and it's part of my mission to explain to people why they are better off using a "traditiona" broker to sell their home. 

Jul 11, 2019 07:02 AM
Rainmaker
4,429,334
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

There is No Such As A Free Lunch.  Most rational people understand this.  Some quickly.  Some sooner or later.  Some while sitting in the corner crying "what went wrong?".

Jul 11, 2019 07:08 AM
Ambassador
4,859,434
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I did - I have had sellers ask for the Offer from them and it always amazes me at their ridiculous fees. 

What's worse, they buy low and then they turn around and sell lower as well, impacting the community values. I'm dealing with one of those right now! The closest comp for one of my u/c listings is an open door sale - and we are fighting that with the appraiser. RIDICULOUS!

Jul 11, 2019 07:05 AM
Rainmaker
713,369
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Correct, I've seen about the same amount, described in the contract as a 'service fee'. One recent offer, was 10%, $30,0000 on a $300,000 gross offer, i.e. the net was $270,000. 

Plus repairs or some improvements.

I don't know how they get away with it. "I'm offering you $300,000 for your property" (less $30,000, less repairs/improvements in small print elsewhere in the contract).

Jul 11, 2019 06:55 AM
Rainmaker
509,119
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

Most sellers think they know what they are doing and  they want to believe that they know.  An investor has to assume that there may be major repair before they can put the home back on the market.  Plus, they have to make a profit, too.  In conclusion convenient is costly. 

 

Jul 11, 2019 09:11 AM
Ambassador
3,235,681
Kathleen Daniels, Probate & Trust Estate Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Only the person making the decision to go that route knows ... or perhaps they don't know because it was not fully explained or they might have been some deception taking place. 

Jul 11, 2019 07:45 AM
Ambassador
2,916,899
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

The old adage of "If it sounds too good to be true, you are going to get taken." comes to mind with this scenario Annette.

Jul 11, 2019 07:28 AM
Rainmaker
2,224,255
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I'll go with #3 Annette Lawrence , Palm Harbor, FL 727-420-4041 

Jul 11, 2019 07:17 AM
Ambassador
2,018,036
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

The "Easy Button" isn't cheap!

Jul 11, 2019 06:53 AM
Rainmaker
1,465,237
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Yes.  That's why Open Door is having a hard time.  From a newsletter I receive:

 

According to Bloomberg News:

 

Opendoor, began firing 50 of its roughly 1,300 employees in June, according to people familiar with the matter.

 

And it has asked between 200-300 people in offices across the country to relocate to its Phoenix location.

 

* Note Phoenix is their base of operations - their California offices include, Los Angeles, Sacramento and the Inland Empire.

 

Those employees will have about 6-9 months to decide whether to make the move or leave the company.

 

A spokeswoman for Opendoor said the company was “streamlining operations in our Phoenix office” to improve customer experience as it continues to grow.

 

“Streamlining”? Isn’t that often “corporate speak” for downsizing?

 

There’s also some news for the tech” Opendoor has ended its policy of offering free lunch, according to un-named employees.

 

The company did not comment to Bloomberg on the job cuts.

 

A spokeswoman said Opendoor will provide "subsidized lunches" (not free?) at all of its offices with more than 100 people.

Jul 11, 2019 12:11 PM
Rainmaker
733,279
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

3. they've been hood winked

Jul 11, 2019 08:14 AM
Rainmaker
611,122
Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE

If you are an Agent in California, I strongly recommend you attend The Career Compass (TCC) Real Estate Training Seminar. The last 2 seminars (Sacramento & Pasadena) have featured an Open Door Agent "on stage" debating with the host of "TCC". The insight into Open Door was amazing...plenty of agitated Agents in the room to say the least. The upcoming seminar schedule can be found at http://www.thecareercompass.com/training-seminars/

Jul 11, 2019 07:39 AM
Rainmaker
1,153,733
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

This concept has had many forms since I began listing & selling in '74. The adage always read the fine print has applied every time. None offer something for nothing Annette! 

Jul 11, 2019 07:22 AM
Ambassador
6,045,629
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Yes, I did.

Part of the business model, we went through this in detail at a resent workshop at KW.

And we are working to provide an alternative to those who are interested in this route.

Jul 11, 2019 11:59 AM
Rainmaker
5,582,174
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

yes, I'm aware of other costs....and the bottom line is it's a better decision to hire a real estate agent....

Jul 11, 2019 10:45 AM
Rainmaker
988,095
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Door Number THREE Monty!
Hoodwinked!

Jul 11, 2019 09:54 AM
Rainmaker
1,231,736
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Deal I have a deal for you!

Jul 11, 2019 09:40 AM
Rainmaker
2,729,926
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The pick-pocket keeps current on what pockets, where and when type data...Traditional Real Estate practices are so simple and productive. I don't mind adding technology to it but everything else (the core) delivers just fine 

Jul 11, 2019 09:09 AM
Rainmaker
5,771,198
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Annette,

Yes, I knew.  And it is important to do what Nina Hollander .  I bow to her brilliance!

Jul 11, 2019 08:42 AM
Rainmaker
468,960
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

I'll go with "E. All of the Above." I like all of your answers.

Jul 11, 2019 07:15 AM
Rainmaker
874,647
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Not a bargain at all and they can charge whatever the market will bear if it's not regulated.

Jul 11, 2019 09:15 AM
Rainmaker
4,598,851
Richard Weeks
Dallas, TX
REALTOR®, Broker

I did not know that.

Jul 11, 2019 08:22 AM
Rainmaker
1,212,238
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Wholesellers want to make a quick profit.

bandit sign, not dealing with licensed professionals. Many towns do not tolerate posting. 

Jul 11, 2019 07:46 AM
Rainer
374,899
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

After they close and realize #3 they've been hood-winked

Jul 11, 2019 01:51 PM
Rainmaker
7,409,395
Roy Kelley
Retired - Gaithersburg, MD

Home sellers need to be alert.

Jul 11, 2019 01:38 PM
Rainmaker
1,696,198
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Looks like a wolf in sheep's clothing. Sellers will get wise to this, unless, flat out desperate to unload a loser property

Jul 11, 2019 01:36 PM
Rainmaker
3,411,821
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I just had such a case, older owners, a home in need of repair, they needed to sell quick due to health. They chose a buy now company who offered them less than half of what it was worth even at a quick retail sale. Lucky their neighbor stopped it an called me. I am writing my blog today about it. 

Jul 12, 2019 06:35 AM
Rainmaker
4,872,185
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Nobody buys for resale at retail!

Jul 12, 2019 04:04 AM
Rainmaker
1,161,162
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

There always has been and always will be sellers who are ripe for the We Buy Ugly Houses sales pitch. Open Door and other iBuyers will find some desperate sellers to work their magic upon until their deep-pocket venture capital investors realize they have made a mistake and pull their funding.

Jul 11, 2019 08:32 PM
Rainmaker
1,129,771
Doug Dawes
Keller Williams Evolution - 447 Boston Street Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Didn't know that

#3

Jul 12, 2019 07:44 AM
Rainmaker
663,390
Jon Quist
REALTY EXECUTIVES ARIZONA TERRITORY - Tucson, AZ
Tucson's BUYERS ONLY Realtor since 1996

They also seem to price the flipped homes at the high end of the spectrum.

Aug 08, 2019 04:55 PM
Rainmaker
5,639,795
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Yep, what a ripoff! 

Jul 30, 2019 09:30 AM
Ambassador
3,127,733
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

it's never been a bargain, it's sometimes been an out for desperate people in desperate situations.

Jul 12, 2019 03:53 PM