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February 26, 2019

I come from the REO or Real Estate Owned end of the retail market, and when the market crashed in 2008, I began to complete Broker Price Opinion’s or BPO’s as they are known in the real estate world, for Fannie, Freddie, Bank of America, Chase and Wells Fargo.

I completed 100’s maybe even 1000’s of these BPO’s which ended up working into a pretty good source of inventory and became a major part of my Business over the span of five to seven years.

One thing that changed drastically from 2008 to 2013 even into 2014 was how the important information was shared and communicated as the number of foreclosures and short sales rose. As these numbers continued to rise the need for more advanced processes and technologies to keep up with the rate of default was necessary.

As the rates of foreclosures grew and the need for better technology kept increasing the process of listing and selling a home became much more refined and streamlined. The entire process of listing and selling a home became less cumbersome and much less time-consuming.

As default rates grew so did the pool of agents willing and looking for work from these major financial players, and they were willing to cut their prices in order to tap into this seemingly vast resource of listings.

As we progressed through the default or mortgage meltdown era, and as technologies improved the fees for these real estate services began to decrease including the commissions paid to list and sell the increasing number of foreclosed homes.

Before the Meltdown it wasn’t uncommon for a foreclosure specialist to list a home at seven even eight percent.

By the time I listed the last REO property I was assigned I believe I received 1.5 percent to list and sell. Keep in mind that many times reo properties require much more attention than an owner-occupied property.

After all they are vacant and most of the things that owner occupants keep maintained must be kept up, weekly inspections, monthly value updates, repair and maintenance needs, and in some cases full property makeovers which is basically acting as a general contractor. All for 1.5%!

I remember when I first started completing BPO’s for the banks, I was willing to do a drive by for $65 dollars, I also remember complaining when agents started “de-valuing” our trade by accepting the same order for $40.  When in fact I did the same thing to the agents who came before me who were doing them for $95.

Today, agents are getting $30 dollars to complete the same BPO.

I tell you this only to give you perspective so you can see where I am coming from and why I am willing or able to sell the exact same service as an agent who charges 6% and, in many cases, provide a better seller experience.

As the technologies improved so did the process of listing and selling a house making it less time consuming and more efficient. Many of these efficiencies help reduce time and cost.

Unfortunately for home selling consumers many brokers and agents refuse to pass on the savings, leaving you the seller to pay over inflated fees to have a professional help you sell your home.

After the mess the mortgage meltdown created, and markets normalized or shifted and my REO work trickled down to literally crumbs of what it once was I shifted to a more owner-occupied side of sales.

What I realized when I started listing on the owner-occupied retail side of the market is that many of the technologies translated and many of the streamlining benefits could be duplicated over to the retail side from the REO side.

It became clear as I listed more and more homes, I could streamline my business through many of these technologies and channels and in the process pass on the savings to homeowners who are motivated to avoid paying a commission when they sell.

As a Freelance Real Estate Broker and Consultant, I am not tied to the traditions and policies that many outdated real estate firms and brokers are so dependent on.

With this freedom it is my opinion that I can provide you a much better selling experience when you sell your home and save you $1000’s in avoided commission fees paid.

For example, paying a 6% commission on $300,000-dollar home totals $18,000 dollars in real estate fees. When you list using my Premier Flat Fee Listing Service you will save a minimum of $8000 dollars and in many cases up to $17,000 dollars in avoided commissions.

If you would like to save $1000’s when you sell your next home message below and let’s discuss your options.

I come from the REO or Real Estate Owned end of the retail market, and when the market crashed in 2008, I began to complete Broker Price Opinion’s or BPO’s as they are known in the real estate world, for Fannie, Freddie, Bank of America, Chase and Wells Fargo.

I completed 100’s maybe even 1000’s of these BPO’s which ended up working into a pretty good source of inventory and became a major part of my Business over the span of five to seven years.

One thing that changed drastically from 2008 to 2013 even into 2014 was how the important information was shared and communicated as the number of foreclosures and short sales rose. As these numbers continued to rise the need for more advanced processes and technologies to keep up with the rate of default was necessary.

As the rates of foreclosures grew and the need for better technology kept increasing the process of listing and selling a home became much more refined and streamlined. The entire process of listing and selling a home became less cumbersome and much less time consuming.

As default rates grew so did the pool of agents willing and looking for work from these major financial players, and they were willing to cut their prices in order to tap into this seemingly vast resource of listings.

As we progressed through the default or mortgage meltdown era, and as technologies improved the fees for these real estate services began to decrease including the commissions paid to list and sell the increasing number of foreclosed homes.

Before the Meltdown it wasn’t uncommon for a foreclosure specialist to list a home at seven even eight percent.

By the time I listed the last REO property I was assigned I believe I received 1.5 percent to list and sell. Keep in mind that many times reo properties require much more attention than an owner-occupied property.

After all they are vacant and most of the things that owner occupants keep maintained must be kept up, weekly inspections, monthly value updates, repair and maintenance needs, and in some cases full property makeovers which is basically acting as a general contractor. All for 1.5%!

I remember when I first started completing BPO’s for the banks, I was wiling to do a drive by for $65 dollars, I also remember complaining when agents started “de-valuing” our trade by accepting the same order for $40. When in fact I did the same thing to the agents who came before me who were doing them for $95.

Today, agents are getting $30 dollars to complete the same BPO.

I tell you this only to give you perspective so you can see where I am coming from and why I am willing or able to sell the exact same service as an agent who charges 6% and, in many cases, provide a better seller experience.

As the technologies improved so did the process of listing and selling a house making it less time consuming and more efficient. Many of these efficiencies help reduce time and cost.

Unfortunately for home selling consumers many brokers and agents refuse to pass on the savings, leaving you the seller to pay over inflated fees to have a professional help you sell your home.

After the mess the mortgage meltdown created, and markets normalized or shifted and my REO work trickled down to literally crumbs of what it once was I shifted to a more owner-occupied side of sales.

What I realized when I started listing on the owner-occupied retail side of the market is that many of the technologies translated and many of the streamlining benefits could be duplicated over to the retail side from the REO side.

It became clear as I listed more and more homes, I could streamline my business through many of these technologies and channels and in the process pass on the savings to homeowners who are motivated to avoid paying a commission when they sell.

As a Freelance Real Estate Broker and Consultant, I am not tied to the traditions and policies that many outdated real estate firms and brokers are so dependent on.

With this freedom it is my opinion that I can provide you a much better selling experience when you sell your home and save you $1000’s in avoided commission fees paid.

For example, paying a 6% commission on $300,000-dollar home totals $18,000 dollars in real estate fees. When you list using my Premier Flat Fee Listing Service you will save a minimum of $8000 dollars and in many cases up to $17,000 dollars in avoided commissions.

If you would like to save $1000’s when you sell your next home message below and let’s discuss your options.

About the author 

JohnGiammarco

JohnG has been a licensed Real Estate professional for over 20 years in three separate states. He has a master's degree in business and has to many personal real estate transactions to count. With this much experience it's safe to say JohnG knows a thing or two about how to sell a home. He is dedicated to helping homeowners discover the truth about the real estate industry and the COMMISSION LIE, many agents and brokers perpetrate in order to earn an income at your expense.  He says "if your paying a commission to sell your house your paying way to much!"

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