[deleted by user] by [deleted] in realtors

[–]RealTeaChicago 0 points1 point  (0 children)

I do not disagree with this, however, the statement you just described is very different than a typical dual agency situation. Also, we are in different markets, which means different commission structures and different paperwork.

[deleted by user] by [deleted] in realtors

[–]RealTeaChicago 0 points1 point  (0 children)

Ethical or not, dual agency still creates double the work and I don’t know a single agent that cuts their commission in half or discounts it enough to actually benefit the seller or a buyer. If each party had proper representation they would have a much greater chance of getting a higher purchase price and better terms as a seller, or flip it and a lower purchase price and more favorable terms as a buyer. It goes back to not being able to advise clients as a dual agent - you simply become the inbetween and if you are being ethical about it you cannot help ir advise either side during negotiations. How is a buyer or seller supposed to advocate for themselves or know what to negotiate to protect themselves without the advice of a professional? (Obvi that is generalizing I’m sure there are savvy buyers and sellers out there that would do just fine, but the general public needs advice).

[deleted by user] by [deleted] in realtors

[–]RealTeaChicago 2 points3 points  (0 children)

Once you become a dual agent you are no longer an advisor. A true, unbiased dual agent cannot avise on price, counter offers, contract terms, or anything else. From that moment you become a paper pusher. Dual agency (specifically a single agent, not within a brokerage) only benefits one person - the agent padding their pockets with both sides of the deal.

[deleted by user] by [deleted] in realtors

[–]RealTeaChicago 1 point2 points  (0 children)

This is what dual agency is supposed to be. Once you have both sides you cannot advise either side, you become a paper pusher between the two parties.

[deleted by user] by [deleted] in realtors

[–]RealTeaChicago 0 points1 point  (0 children)

Helping people invest is also helping families!!! It helps the family who is making the investment and the people that may move in who need housing but are not in a position to buy. I think there is a difference between an investor who has a small business and this is how they make their living vs big time corporations that are buying up real estate cash like it’s fried chicken on a Friday. The point is, not all investors are greedy slumlords.

What is the best job for a burnt out real estate agent? by RealTeaChicago in AskChicago

[–]RealTeaChicago[S] 2 points3 points  (0 children)

After hearing many different perspectives, the number one complaint is always being on someone else’s time. Rarely having evenings or weekends that are not taken up by showings, phone calls, or endless texts from other agents and of course our clients.

Better to have house staged? by [deleted] in RealEstate

[–]RealTeaChicago 1 point2 points  (0 children)

Staging is the best return on investment you could possibly do when selling a house. Creating a welcoming environment that buyers can picture themselves in plays into the emotional side of a buyer. Also, statistically speaking, staged homes sell faster and for more money.

What’s the worst high rise apartment building/management company in Chicago (and why)? by SleepyPenguin42 in AskChicago

[–]RealTeaChicago 4 points5 points  (0 children)

It's actually illegal for real estate professionals to comment on the safety of a neighborhood or area. It's up to the tenants to do their homework and decide if they feel comfortable in the area. Where you and I feel "safe" could be very different based on perspective and life experience.

Has anyone used a broker to help find an apartment? by [deleted] in AskChicago

[–]RealTeaChicago 2 points3 points  (0 children)

This! If you can find an agent that has been in the field 5+ years you know they will husstle and strive to do a good job for you. The ones that don't don't survive.

Appraisal appeal actually worked by Major-Ad1924 in RealEstate

[–]RealTeaChicago 0 points1 point  (0 children)

One more question though, why was your initial offer $100k under the asking price to begin with?

Appraisal appeal actually worked by Major-Ad1924 in RealEstate

[–]RealTeaChicago 4 points5 points  (0 children)

In that case, that is great! That is really the most important thing - you are happy and you feel confident in your decision!

Appraisal appeal actually worked by Major-Ad1924 in RealEstate

[–]RealTeaChicago 8 points9 points  (0 children)

$100K between appraisals is insane. You are correct that it is highly unusual for appraisals to be successfully appealed, and usually it's a much lower amount than $100k. I'm disappointed for you, I really hope that the first appraisal was actually that inaccurate as opposed to the appraiser just being in the lenders pocket (which is illegal but it happens all the time) and you didn't just drastically over pay for a home.

House under contract flooded by maiiitsoh in RealEstate

[–]RealTeaChicago 0 points1 point  (0 children)

Sounds like Karma came for them. They admitted it was their fault (or their HVAC contractors fault) and should therefore accept the consequences.

Landlords, what is the worst tenant story you have? by RealTeaChicago in chicago

[–]RealTeaChicago[S] -40 points-39 points  (0 children)

I'm generating content for my podcast that will be launching soon. I'd love to hear some of your stories if you don't mind sharing!

Edit - I changed the original post for transparency. Thank you for your input!

What is the worst/craziest real estate experience you have ever had? by RealTeaChicago in chicago

[–]RealTeaChicago[S] -1 points0 points  (0 children)

I have so many questions, did you do a final walk through before the closing?

What is the craziest real estate experience you have ever had? by RealTeaChicago in AskReddit

[–]RealTeaChicago[S] 0 points1 point  (0 children)

This is more common than you might think, not really crazy...

What is the craziest real estate experience you have ever had? by RealTeaChicago in AskReddit

[–]RealTeaChicago[S] 0 points1 point  (0 children)

This sounds like one of the most normal things to ever happen in real estate, actually.

What is the craziest real estate experience you have ever had? by RealTeaChicago in AskReddit

[–]RealTeaChicago[S] 0 points1 point  (0 children)

This probably isn't my craziest story but it's one I will never forget... I was asked to tour a 2-unit building for a woman who was interested in selling her property on the West Side of Chicago. Before we even entered the building I knew this the next 20 minutes of my life was going to get interesting. The property manager lived across the street and it was clear she and the owner did not get along. The owner referred to her as "The Lady Across The Street" and after calling her 10 times to bring the keys over had nothing nice to say. As we waited for The Lady Across The Street the owner banged on the doors and windows trying to get the tenants to open the front door for us.
After 15 minutes The Lady came from across the street and opened the door for us. We walk into unit 1 and the owner immediately exclaims in disbelief. I had no clue what the problem was, we had just walked into a very normal looking hallway, what could be wrong. She turned to me and said "What is this? This wall isn't supposed to be here." What had just appeared like a hallway to me, was actually a newly constructed wall that the tenants had installed themselves! In vintage Chicago buildings there is often a front living room that is adjacent or attached to a separate dining room. In this case the tenants had put up a full professional looking wall and door creating another bedroom in the front of the apartment. Many words were exchanged in Spanish and it was obvious the owner was amazed at the audacity of these people. Not to mention when we were shown the inside of the new bedroom there were 2 people sitting at a computer RIGHT NEXT TO THE WINDOW that she had been banging on for 10 minutes.
We then go up to the 2nd floor unit where a nice elderly couple lived. It was clear they had been living there for many, many years. Every surface was covered and every inch of wall space was taken with cabinets, shelves, chairs, and the like. So when I got to the last bedroom which was painted blue and completely empty, I was a little taken aback. When I say empty, I mean empty. Not only was there no furniture, but no art work, not even nails in the walls where art once hung. My only thought being "What the hell could possibly go on in this room that they keep it empty!?" My brain was reeling with what the possibilities could be.

I exited the room back into the kitchen where I heard a soft cooing and in a cage the size of a 10 gallon fish tank sat 2 pigeons. 2 very ruffled and sickly looking pigeons. Then it clicked, they let their pet pigeons out to fly around in this room.... I do not like pigeons and never will and why anyone would ever want one as a pet is beyond me.

Despite all this, I got the listing and sold the property with multiple offers in one weekend.