“All work and no play makes Jack a very boring boy”; with that famous movie line in mind, I loomed up the Mock “5” and blasted down to Santa Barbara for a two day roadie with my gorgeous co-pilot girlfriend in tow. While exploring, I found a very interesting advertisement in the free-be Santa Barbara Independent. Goodwin & Thyne Properties of Santa Barbara took out a full back page with the headline: 1.5%. G & T’s business model is based on charging a flat 1.5% to represent buyers and sellers. Their motto: Full Service at a Fair Price.
1.5% to represent the Buyer includes:
- Will show all properties on the market
- Considerable Buyer rebates
- Expert contract negotiation
- Full Comparable Market Analysis
- Up to date property profiles and market trends
- Members of 8 Multiple Listing Services (MLS )
- Multiple full-time Attorneys / Brokers on staff
According to G & T’s website here is how their Buyer’s rebate works:
“If a property is being sold For Sale By Owner, the Seller can agree to pay Goodwin & Thyne Properties the 1.5% commission or it can be negotiated into the sales price. When representing a Buyer on a property listed by Goodwin & Thyne Properties, the Buyer pays the Buyer’s agent 1.5% and the Seller pays the Seller’s agent 1.5%. Sellers listing their property with other companies usually pay the Buyer’s agent. Often they offer a cooperating broker commission of more than 1.5%, frequently 2.5 or 3%. Goodwin & Thyne Properties, will rebate any commission over 1.5% back to the Buyer!
Goodwin & Thyne Properties states “we will also show Buyers any property. Some agents might not show the Buyers certain available properties and others may only show the properties that pay them the most money. Goodwin & Thyne Properties’ agents will show any property.”
- For Sale By Owner properties
- Foreclosure Sales
- Goodwin & Thyne Properties listings
- Probate Sales
- Other companies’ listings
- Trust Sales
- Auction Sales
- Or any other property
According to G & T they represent Sellers in the following fashion:
“Goodwin & Thyne Properties only ever charges 1.5% and puts it in writing. If another real estate company represents the Buyer, that agent may expect the Seller to provide compensation. Goodwin & Thyne Properties recommends that Sellers offer a commission to other brokers to encourage their agents to bring interested Buyers. Only if a Seller offering a cooperating commission accepts an offer from another real estate broker could it cost more than 1.5%. However, if a Buyer is not represented by another real estate broker or presents an offer directly through Goodwin & Thyne Properties, then the Seller only pays 1.5% – period. Nothing more!Goodwin & Thyne Properties always represents the Seller’s best interests because no matter which Buyer the Seller ultimately sells to, Goodwin & Thyne Properties will only collect a 1.5% commission. Instead of trying to “double-end the deal” and collect twice the commission, Goodwin & Thyne Properties focuses on the factors that truly affect the Seller: the terms of the offer, Buyer’s qualifications, length of time on the market, and overall cost of the sale.”
With listings ranging from $315,000 to a high of $4,125,000, Goodwin and Thyne’s business model seems to be working in every price range. G & T combines Attorney services, Mortgage services, and their Real Estate brokerage into a one stop shop for their clients. And with more buyers and sellers in the market looking for “value” and “cost effectiveness”, Goodwin and Thyne’s business should thrive in any market conditions.