Real Estate Commission Lawsuit ENDS Real Estate for many Realtors!
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- Опубликовано: 2 авг 2024
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It is absurd! So, can I sue for the cars that I bought in the past because I signed a contract for the price of those cars. The lawyers who took this case are getting their commission on this case, right? They are after our right to earn good money for a great service and hard work that we provide! If we don't do anything then maybe ALL of us Realtors should stop nationally for a few weeks and see what happens to the housing market!
Lawyers wants a piece of this industry in the last 8 years. Behind this lawsuit their the lawyers industry that express in some many ways that the comission of Realtor are unfair in compare of what they earn. And they win... Which is soooo unfair...
That's a great idea, maybe all the agents SHOULD stop for some time and let the free market (or whatever is left of it) come up with alternative, that would be interesting to watch.
Lawyers need to be sued for conspiring to make a lot of money for themselves 😅
Yall were milking people far too long, with the rise of technology there is no need for Realtors 😂
Good Riddance!
Real estate market is a mess. It all needs cleaning up. This is the start.
Anybody still use a travel agent? A new car for truck costs $50,000 up to $100,000, anybody using an agent to buy that commodity? The writing is on the wall for realtors!
Thank god we still have lawyers, right?
As so many other jobs...they are slowly going away.
I've sold both of my last 2 homes completely on my own. No selling agent needed. Paid the buyer's agent 1 5%, which is fair as they were the one who actually brought me the buyer.
when were these transactions made? unless it was in the last year that’s not very impressive or surprising.
Sorry, ,most people don’t read before they sign any document.
Realtors are leeches. Bye Felicia 👋
I wish Jackie Kravitz was a REALTOR here in Michigan. I would Love to work with you , you are the real deal!
I always hated real estate agents especially in NYC
Great Video! Thank you!
The good news is with so much going on in the world nobody is really paying attention to this . Then if you don’t like it ,sell it yourself ! And most agents quit because they’re not making money ! And now, if the buyer has to pay for his own commissions. It’s really going to slow down the selling and buying process which sellers or buyers are not gonna like in the long run.
Totally agree. I highly doubt that people care about this verdict as much as she thinks they do .
This is just another sensationalized news that will be very fast forgotten
Says who? You? Me and a like-minded seller who also avoid middle-men as much as possible had no problem making the deal happen with no con-men involved. All made possible by the Internet and a good local title company
Fewer agents, lower home prices and a bunch of new home depot employees
@@nomadcitizens You so much as say the wrong thing to a potential seller, you will be in court.
@@sceptronable How is it working there?
You are 1000% correct and I love your passion and boldness in speaking the truth. One thing that you did not mention is how this could negatively effect the buyers, especially first time home buyers in the future. I think that's the biggest tragedy of it all. The American dream is becoming a pipe dream and if buyer agent commissions go to Zero, a FTHB will be forced into two awful choices, to pay a buyer's agent themselves or to go without representation. It's absolutely pathetic that these lawsuits are happening but yes unprofessional real estate agents are to blame. And I'm thankful for the opportunity this presents, they will get out of my way and I'll have a chance to shine. Best of luck to you.
Hello Jackie! Thanks for all this information and especially for your motivation! ❤👏🏻👏🏻👏🏻
Makes so much sense 🙌🏽🙌🏽🙌🏽 let’ the real agents thrive and take over!! I don’t ever want to use my resources just to get rich! I’m the agent that wants to be the best ever to make my buyers and sellers happy!! It’s sad how many stories I hear of how they’ didn’t like their agent. Don’t worry the best ones will make them happy! So goodbye weak money hungry agents. Great information 🎉
Are you going to be comfortable asking your buyers to pay your commission? How long before clients figure out they can go right to the seller and don't need an agent? You can do cartwheels for them but in the end, they are not going to want to pay you.
Great job on this video. Excellent information and advice. We need to step up our communication and professionalism. Show our value! Your workspace also looks amazing. Are you in Florida?
got robbed by idiots, in plumbing we call them a beggar with a stick
I basically agree with this but you didn’t mention the brokers role in this. I can tell you for myself at least, the two brokers I worked for only taught me how to complete their forms. They only cared about compliance. I was never taught in a meaningful way about how to sell or the value the agent brings to a buyer or seller. I suspect most agents learn this on their own through trial, error and more experienced agent mentors.
The shouty timbre of this is very much in line with what I have experienced from listing agents as a buyer who has been trying for a long time. You ask the question of buyers: 'Are they five years old?!?" with such indignance while standing in a waterfront house. No, buyers are not five years old... simply seeing the math that stubbonly high prices + interest rates = paying more than double over 30 years for a house that will need five figures of repairs ."Our reputation is that we drive fancy cars" "people think that real estate agents are overpaid" while standing in a beach house is quite the irony. So I guess the takeaway is flat fees? Straight to title lawyers? "100x your knowledge and your skills" is much needed advice for most of the agents I have encountered.
75% of real estate agents are out of business within their first year. 85% within 5 years. Why are people quitting at those rates if everything is so easy for them? There’s no doubt that home buying has become extremely unaffordable, but the cause is not agents inflating prices. Realtors have no control over price. In most cases we’re trying to help sellers understand price and not over price properties.
Because there is a massive oversupply of people adding little to no value for five figure$. And in some cases (not all) pushing clients to bid higher and higher.
I didn't really like how she expressed herself when she voiced her opinion regarding potential clients. "Are you/they 5 yrs old?" made her come off as a bully who's trying to intimidate people by shaming them. No, they are not 5 yrs old, otherwise they would not be trying to purchase a property. Some people just really have a hard time standing up for themselves and/or protecting their own interests. Also, I can imagine the scenario if when at the signing table, the potential seller who has to pay the commission backs out of the deal. I am sure the realtor who represented the seller will take this very nicely and walk away with a smile on his/her face. That is a very volatile and potentially confrontational situation not everyone is equipped to handle graciously. Not everyone is created equal.
P.S: I'm expressing this very personal opinion with the utmost respect as sometimes we are not aware of how we are coming across when we say something.
Days On Market has trended way up. It's more than a week these days. Yeah at the peak of Irrational Exuberance it was a day or two. Now, at least where I'm at, places are sitting longer and getting price reductions
Realtors have no control over price is absolute garbage and you truly know it. Buyers and sellers are in the dark about your back room conversations but I’m not.
You know exactly what is shared and what takes place to ensure maximum commissions and profits for you and your co-conspirator (buyer agent). Buyer agents aren’t paid based on how far below asking they negotiate so they are also incentivized by higher prices for maximum commissions.
There are incredible agents having their careers destroyed by the snakes in this cesspool - and those agents will tell you they do absolutely influence prices.
Fundamentals are out the window and prices are totally disjointed from reality of incomes. Good luck.
Jackie, you dropped the microphone on this one!!👏Completely agree.
Procured a sale at 1.5 mill. Brokerage commission 2.5%, my split 90% = $33,750 pretax. Nice paycheck right? Backstory - Took approximately 8 mos to earn a commission with these clients. Agent comm $33,750 divided by 8 mos = $4218.75 per month gross. Tax liability is 50% - call it $2109.38. 8mos worth of my expenses (gas, time, etc) reduce amount another 50%. Total monthly income was $1054. That didn’t even cover my monthly gas😕. My point: good professional agents will always earn their commission and demonstrate their worth. Buyers and Sellers need to educate themselves, become more informed of what a real estate agent’s commission actually represents. AND stop watching selling Sunset!!!!
Blame it on the NRA for allowing easy entrance to mediocre people that should have never become agents in the first place. Like someone said in a previous video, the entrance barrier is too accessible and that attracts all kinds of individuals including unscrupulous ones wanting to make a quick buck at the expense of any fool that's either uninformed or willing to be ripped off. I see it in Miami all the time. A bunch of mediocre people (lacking in the intellectual department) wanting to become (or becoming) realtors to get rich quick. For goodness sake, the practice/business model has now spread to the construction industry. Nowadays, everybody and anybody wants to become a contractor and build houses to sell at astronomical prices. It's akin celebrities wanting to be all: singers, actors, designers, perfumers, models, public speakers, mentors, politicians, etc, etc. The mentality is why be just one thing when you can be all?
Thank you very much for this video. I'm a new subscriber! You've broken this situation down more succinctly than I've heard anyone do so thus far. I feel like we're in the twighlight zone. This lawsuit is so frivolous in my opinion, and you are absolutely correct! There's no way those sellers felt they had no other option... you can simply not use that agent or ANY agent to sell your home. In what industry do they not try to maintain a certain standard of pay?? I feel like I'm missing something... but no, this was what the law suit is about, and my mind is blown. I wonder if the plaintiff's attorneys are accepting less than their standard 33% commission on this billion dollar "win"? You are so right, we as agents need to make sure we spell out everything we do, the systems we have that allow for these amazing results for our clients, and the time and energy it takes to get buyers and sellers to the table!
Most of you are over paid and greedy !
You’re forced to sign a contract at 6%, but in this market 95% of buyers find the house on line and all yall do is paperwork..I’ve never met a realtor who could negotiate better than me. It should be a flat rate
You were never NEVER forced to sign anything. If you were, I'd definitely sue@
So many people made money by showing up with a real estate license and selling homes like they were these business gurus …Same with only fans.. well now we will find out just how good of a business minded person you are. The market shifts and you must adapt, use your mind. Can’t wait for the unforeseen crash black swan event that will hit onlyfans (online prostitution). 🎉🎉.
Btw AI is coming for the medical administration and other bs jobs too.
You think Realtors are bad. Wait till all these buyers and sellers have to deal with all lawsuits and lawyers they will be dealing with in the future.
Nothing needed to be said! You articulated my thoughts on this perfectly!
Great video Jackie looking forward to our weekly call today! 🎉
Too many of you are missing the point of the case. It's not primarily about the 2% to 3% buyer agent's commission. And it's not even about what contracts seller's signed --- because under the law, a contract with ILLEGAL clauses cannot be enforced. It's about it being an ANTI-TRUST case in which competitors collude with each other to set the pricing that the consumer pays. No matter how official and sanitized the NAR may set its rules with fancy legalese wording, it is still ILLEGAL. Basically, the NAR, one of the most powerful lobbying groups in the USA, controls who can represent real estate sellers and buyers. Under the NAR lobbying to government years ago, a person is mandated to be Real Estate licensed to represent buyers and/or sellers, thus monopolizing the representation-for-a-commission-fee RE market. And on top of that, the NAR further monopolizes that market by rigging the commissions, setting a minimum commission percentage that agents can charge, and that percentage usually solely falls on the SELLER.
Think about it --- the NAR controls who can LEGALLY earn a commission representing RE buyers and sellers. And also the NAR sets the minimum total commission that sellers have to pay. In addition, the NAR has successfully lobbied some states to make it mandatory that a person has to be RE-licensed to represent the buyers and/or sellers of businesses even IF there is no Real Estate transaction associated with the selling of the business. The NAR has also successfully lobbied at least 1 state (Illinois) in the past 2-4 years to pass a law making it mandatory that one has to be RE licensed to engage in RE Wholesaling/Investing, even though RE Wholesalers do not represent buyers or sellers....RE Wholesalers represent THEMSELVES in those transactions by selling (Assigning) their CONTRACTS or double-closing. The NAR is a corrupt organization. These crooks should be in jail...and also the crooks in government who took BRIBES (aka 'lobbyists money') to pass those laws that the NAR themselves wrote.
Sellers are done getting screwed. Time for a career change.. 🤷♂️
Thanks for this Jackie!
You are so welcome!
Great breakdown of situation.
It is only absurd that realtors expect such high percentage for listing stealing profit from sellers. Housing crisis is made worst by the greed of the industry. It needs to be challenged and it needs to be fixed. So much of especially the listing could be automated to online program that is accessed for a small fee. The buyers agent should be paid as they are the ones that actually do the work. Hourly wage should be used to pay them. The rest is junk fees that should be thrown out.
Everyone gets to choose whether or not to use an agent to buy or sell and how much they are willing to pay for the services.
Took me 6 months to find a home for my client!! Finally went with a new built and builder offered $5,000 BTSA which made the wait worth it. If you break down the 3% of 302k. And divide that by 6 months, i made $1510 a month. My broker took 20%.
Its already hard enough
I think you are right how many times did I work with clients for months that NEVER bought or ended up going with the listing agent behind my back or the sellers will not lower the price so it never sells. I still worked hundreds of hours for NOTHING. I still think this is Zillow's doing they want to take over the Real Estate business, so they need to get rid of us, the agents.
Focus on listings :)
Jackie, GREAT job! This is the first video of yours I've seen. I like your information, how it's presented and your personal style. I would add that the Northwest MLS has been doing it this "new" way for over a year, and they hardly noticed a difference. There is NOTHING to fear here. Be professional in all senses - behavior, knowledge and fiduciary care. Thank you!
My experience is that of the same perception you spoke of many.
They are definitely over paid!
Love your passion. You're bang on!
Thanks!
Hi Jackie a seller asked me to send my resume what do I include in a real estate resume?
I’ve made one for my 9-5 no problem but in my 15 years no one has ever asked me for a resume and it’s not my listing presentation.
I sent that and he replied, send me your resume, what do you suggest?
I'd move on and ignore him. That's ridiculous and passive aggressive
Maybe 6% is a lot, but as long as the agents are getting at least half of that and not the agencies. Im just tired of corporations getting the lion's share of everything. More of an emotional opinion than an objective one, but it is what it is.
The Realtors in my area are like the mafia. You feel hustled. Homes are so overpriced nothing is moving because everyone wants to make a million dollars off a 400k home they just bought in the last 24 months that’s now a flip. Most homes need a roof and renovation because the snowbirds or investors did nothing to the home. The market market is a total ripoff. The commission realtors make is ridiculous.
You need to try working as a realtor'' You will find out differently'' You need to waste a lot of your time on deals that never go through and you don't get paid'' That's why many drop out'' Or just people wasting your time showing house after house for months for nothing''etc etc
@@californiausa7622 No it's the other way around, there is way too many of you looking for easy money, you need to try working as something else. And what's happening with the market right now will result in that, A LOT more of you will drop out and look for real jobs.
How will this affect the buyers agent?
Most will be flipping burgers or starting Only Fans pages shortly...
So what if the buyers agent checks the box that says transaction agent?
Speak with your broker about agent representation in your state.
@@RealEstateCoach I'm referring to the buyer’s agent commission lawsuit
I have spoken to people (who are in a position to know) that AI is going to phase out agents, loan officers and title companies in the next 5yrs. I hope they are wrong but it seems pretty plausible.
That would be awesome...👏
Because they give us no choice .that's why we pay .alot of buyers don't know the can negotiate
ALOT OF PPL ARE FIRSTTIME SELLERS
Buyer agents work for free. Listing agents work for free until the transaction closes. There are thousands of flat fee brokers and even agents willing to list the home for free to attract buyers. You have a choice of who you hire and you have a choice of doing it on your own for free.
Exactly, those real estate show are not what a real estate transaction is.
The seller knows way too little about the rules of the game and we trust the realtor and feel we have no choice! We are all from different areas of expertise
And this is why a good agent will take the time to go step by step for an hour hour and half to tell you all of the service they provide and go over the contract with you and the commission and how it works. But there’s a lot of homeowners who hire their family members who got their real estate license yesterday just to save a buck or 2 and they wonder why the transaction was not a great experience for them
As a real estate agent for almost 20 years now, I fully agree with you. With about 1.5 million Realtor members of NAR and
at least another 500,000 or more "other" real estate licensees, we are a group of over 2 million in our industry, From what I
see out there that is about 1.2 million too many. Over the next 2 years those guys will drop out of our industry producing
huge opportunities for us who work hard and communicate our value proposition well to the public. The question is: In
what kind of an environment will we do that? If NAR looses over 50 % of its members will they be able to carry on? Will
MLS organisations (mainly funded by membership fees) be around in their current form? Even in a relatively smaller
state like New Jersey we have 12 different MLS's. I think many will disappear and we will see a big concentration
process. Companies like Zillow will have to change their business model. Our industry will look very different by
2025. What do you think ??? Please let me know.
1% flat-fees, the Internet and title companies will gradually change buying and selling properties by removing middle-men
All of us that aren't real estate agents are hoping it looks much different than today. These commissions were nothing short of theft... 👋
From your comment I think you probably never sold or bought a property (with a good Realtor).
Particularly in today's world of people who have less and less hands on knowledge, Realtors are
more important than ever. I ask you: if you are buying a house in the countryside, do you know
how to look for signs that there is a septic tank? If we go into a basement of an older house,
do you know how to look for evidence that there might have been or still is an underground oil
storage tank? If the house you want to buy doesn't have a basement but only a crawl space
do you know what to be careful about? Can you do a quick search on the county tax records to
see if the seller has given you the latest correct tax rate? Are there assessments they haven't
mentioned. You can however find what you think are comparable sales on sites like Zillow, but
I ask you: how many appraiser friends do you have that taught you how to REALLY compare
properties. As a Realtor with more than 20 years, I could go on and on. Please respond and let
me know what you think now. Have a nice weekend
Perfectly stated. Thank you for sharing this perspective.
My pleasure!
Jackie, Thank you so much for posting this and telling truth!! ‼️
Great video! I love the passion!
Thanks!
Real-estate agents are able to execute legal documents (like an attorney) and have an understanding of real estate that an attorney doesn't have (and at a lower fee schedule). Without this legal/real expertise the transfer of Title is thrown into potential chaos (is that the plan?). I wonder if Zillow/Redfin isn't pushing this in an effort to nationalize real-estate in an Amazon like manner or worse yet is an effort to further undermine the American middle class greatest source of wealth? Who started this lawsuit? Lets see the list of 100 of thousands of class action lawsuit supporters? What homeowner thinks lowering their own real estate value is a good idea?
Better to use a lawyer to buy and sell your home on your own.
I have yet to find a real estate agent that can justify making even 1% on the sell price of a property, considering they had zero to do with the property's design and construction. And when I ask agents if an hourly rate of say $100 is fair compensation for their time, no one wants to answer. I'm sorry, but when you consider it only takes 2 to 6 months to obtain a realtor license, and compare that to what it takes to obtain an architect or engineer's license (those that actually had a direct part in the design), earning even 1% is way too much for what they do. Plus, the architect and engineer only get paid once for the project (and carry the liability for 12 years), and the real estate agent can in theory get paid each time the property is sold. Yeah, something is not right here...
Is there a use for real estate agents? Sure. But does what they do justify earning 1-3%, nope. So the solution is simple. Pay the agents a fair hourly rate (when compared to other "trades" involved with the property) and then they can submit their final itemized invoice. This makes way more sense when you realize that it is absurd to pay the same percentage on a 100k home vs a $2 million home. In other words, the agent didn't spend 20X more effort to sell the $2 million house than the $100k house.
Real estate commissions are 100% negotiable. They always have been, and they always will be. You can even find agents who are willing to list a home for free.
Unlike an architects and engineers who spend years earning an education, real estate agents begin their real education once they have a license. Many working for free for weeks, months, or even years in order to gain experience. Hence, 85% of real estate agents leave the business within 5 years.
A real estate agent who is selling a property has to invest their time, money, and effort to sell a property. Investing thousands of dollars into marketing, advertising, events, administrative assistants and the sellers have no need to pay them back if the agent doesn’t bring them an offer that they are willing to accept and the transaction closes.
Luxury homes have a much smaller pool of buyers due to higher price point. Requiring a lot more resources and time to sell.
Ultimately it is only sensible to hire an agent if the seller nets more money than they would selling on their own or with a flat fee broker.
@RealEstateCoach so then you agree that a fair hourly rate is acceptable, correct? You stated, "has to invest their time, money, and effort to sell a property. Investing thousands of dollars into marketing, advertising, events, administrative assistants...". You just described what all other businesses must do. Thus, it makes even more sense to charge for their time and submit an itemized invoice.
So, given all this, what would be a fair (average) hourly rate?
Consumers have choices. Those choices allow them to decide what they want to pay for a given service. If the car you want is too expensive, buy a different car. If the house you want is too expensive, buy a different house. If the service you want is too expensive, get a different service.
A flat fee can be $500 or $50,000. Hourly compensation can be $100 or $1,000. A percentage can be 1% or 7%.
It’s up to the consumer to deem the service they are receiving valuable enough to pay for it. Buyers and sellers have a choice and agents have a choice. Transparency and options are key.
@RealEstateCoach so an hourly rate is definitely the way to go then. However, I think the majority of agents will find that when consumers are given the option to pay agents an hourly rate, they won't make anywhere near 1% on a 500k plus sell. The reason is once the fee is broken down to hourly, the consumer will realize anything above $100 an hour is excessive when compared to other professionals involved in the creation of the property.
@@joeymartinez5515 Fully agree with you
Thank you Jackie! Actually emailed you!!
I agree 100% These people entered into a binding contract! The agents most of us work hard for the commission!This lawsuit should be dismissed immediately upon appeal. Hopefully there was some issue with the process that would be grounds for overturning this verdict!
I'm a realtor i had to spend 4 months to help my client close a deal successfully in an affluent area! Then my commissions were split and have to withheld funds for taxes... You dont make the whole pie...
And you're not supposed to make that pie from one sale. Do agents really think a few sales should feed their families for months? There should be much less agents out there, and the ones remaining should hustle a lot more, taking less percentage from the sale but making more sales. The current model is not working, and that's why this is happening. I believe the market will most likely adjust that way. There is just too many of you out there.
Free100% with your analysis. Unfortunately, it will take decades for this stigma to completely disappear. in the meantime though, the hard-working professional agents will thrive.😎
The reality is that this law suit set a precedent in the court of law n similar cases - so yes regardless of a deal , an atty can cone out later n get a compemsation as same for thr car business , all they have to do is star the process n what r u going to do? Settle instead ... so watch for what is coming ...it has been happening in the car business for the past 7 years already
The market is oversaturated with crooked real estate agents ..Sorry lady but most agents are the equivalent of sleezy car salesman! Think about this lady. Do you want someone you don't talk to calling you, e mailing you, and sending letters to your house! Guess what? most people don't and that's exactly what lots of agents do. Lots of great agents also and they will thrive and pick up the trash as all the sleezies get weeded out !
110% agree with you
The attorney is going to make hundreds of millions of dollars. All those people who sued NAR and others need to sue the attorney for his fee being too high. If he wants justice so much, why would he get paid 100s of millions of dollars. That’s ridiculous high fee.
You are so right'''
The sellers, generally, don't have a problem. They are aware that they can shop agents. or sell their property without an agent. The problem may be a "class action" attorney who sees an opportunity to collect a lot of money and then seeks enough plaintiffs to file a class action suit. Look at the attorney fees on this suit. How much of the cash ultimately produced as a result of the judgement will go to the attorneys and how much will actually go to each of the "damaged" sellers? Looking at this should reveal where the driving force is.
My earlier comments regarding this lawsuit were not intended to be directed toward any defendant, plaintiff, attorney or any other party involved in this suit. I was expressing my opinion that some class action lawsuits are initiated and driven more by attorneys than plaintiffs seeking retribution.
I agree... Let's up our game "us true pros!" NAR Should have hired you to represent us...
NAR lawyers did not even cross examine the other side. I guess they were very sure of themselves and thought their views were self-explanatory. Yes, they need different lawyers.
@@sylviastevenson3199 maybe the lawyer got paid off??
Why not give the sellers an itemized list of what services you do , the cost of your business from licences, MLS, advertisment ect ect along with time spent , maybe the sellers can them see that your 6% commission really is not that much when distracting the expenses and possibly buyers agent fee. I would start with my list and why my 6% is very fair and reasonable with what will be a quicker sale for more then if selling it by owner. Many sellers just don't know all the money a listing agent may have to put out and think that realtors are getting rich . Educate your sellers to what those expenses are and what your value is
Also they thought they would get sued if they didnt pay now they wanr ro sue monthes later
I love you Jackie. Let’s 10000X
Do you by chance do 1 on 1 coaching or group coaching?
I have a training and coaching program. All my clients have direct access to me.
Nice! I will def look into it. I struggle with making calls. But if I had a coach and a group I feel like I can over come it@@RealEstateCoach
Yes absurd. Doesn’t change anything, it was a shakedown by a group of lawyers. Should we go after injury lawyers that charge 10% or more of your insurance payout?…many charge 30% which is absurd, but you have a choice to select who you want or do it yourself.
Totally agree with you, Jackie, on the frivilous lawsuit. Not to mention that the sellers almost always without fail try to negotiate your commission when you're on a listing appointment. Who are these man and woman baby sellers that are tying up our legal system with this crap? Can't say that I see it as opportunity yet, but I'm still just going to ignore it for the time being as noise and focus on what matters.
I can tell you, they will not pay for a BA. They can barely pay for the property. I recently lost a transaction because the scammer seller and his scammer Broker told the buyer she had to use their Broker "to draw up the paperwork," and they made the buyer pay the broker 1% out of their pocket to draw up that paperwork. The LA, I assure you, will not draw up paperwork for the buyer for free! They tried to sneak in the buyer inheriting a broken septic. The lender I referred her to had to call the LA to inform the buyer wanted the seller to fix the septic or they would back out. My buyers felt bullied and not comfortable to speak for themselves so the loan broker had to do it for them. Sellers should understand the role and value of the buyers agent, but how can they when the LA throws them under the bus for an extra 1% commission to draw up the paperwork! The BA is the one that makes the seller the money by bringing the buyer to table to offer, not the LA. They show the house, answered the buyers questions, and ultimately draw up an offer. They also keep the buyers flowing along to close the transaction. What's going to happen is houses will sit there longer and seller's will make less. The LA will NOT go and show their listing for free. It's going to cause predator sellers to screw the buyer and expose themselves to lawsuits after close of escrow! I bet the attorneys like that! Most LA list, that's what they specialize in, and most BA show buyers properties and assist buyers into making an offer. Personally, I don't like to show properties. I like to list properties. BA has a value and a specific role. I need them to sell my listing!
hahahaha the coping is funny
Very good video I would like to connect with you
The entire system is falling. This is the start of the real-estate shift. Propy will step in soon it is already growing fast. Agents need to get with the new systems or fall behind the wave.
A system where most agents work for free needs to be overhauled?
Would you suggest realtors start charging upfront for all their services?
What systems should they adopt in order to not fall behind this wave? Most people outside of real estate watch reality TV and believe it represents the entire industry.
Most real estate agents spend hours a day coaching, training and improving their skills. Countless hours working for free and thousands of dollars in marketing and advertising with no guarantee that they’ll make any money.
Agree 100%! I can't believe this. I am not a real state agent, I am speaking as someone that has purchased, sold and rented my own properties and have always used agents. They are worth it! I lived in NY and wanted to rent my apartment and after a month of seeing strange people come in I decided to hire an agent. That same weekend she found the most amazing couple to rent it. Boom! When I sold it, I had a month due to an extra tax I didn't want to pay and the agent sold it the first day it went on the market. When I went to buy outside the city, it took me one visit to the area to find my house, which I rented later on in the middle of a snow storm while I was moving to Miami with my children. Also, I had two days to see houses in Miami and my agent found me multiple gems which I was so happy about because in two days I had plenty to see. That seams easy because it's fast, but it is not. It requires systems and skill, time and dedication from the agents. I am happy to pay commissions to all my agents because it has save me time and even money when houses are vacant and you can't rent or sell... what a mess, this is so unfair.
@natachaperez thank you, that is very kind of you to say that in our defense. I always say to the haters "ask my husband & kids how much value we bring as agents" they can tell you all about it.
Yes, Lennar,D.R BLDR first handi people Roofers, Carpenters, painters-Electricians will do the hard work but finally- Realtor’s comes and make the big money.
He- ha He- ha
I'll keep tuning in for two reasons!
As a buyer I prefer to use the seller's agent. That is how i have the most freedom to see any home I like and I got my best deals that way and will never go back to hiring an agent to represent me as a buyer. This approach requires some confidence in yourself, you need to be well qualified and ready to go and able to convince the seller's agent to work as a dual agent representing you. Dual representation may not be legal in all states if it is , it really works great.
The listing agents first responsibility is always to the seller not the buyer.
So does this mean the buyers have to pay for there own agent/representation ?
It should have always been that way. Why should the seller pay for both agents? Doesn't make any sense at all. Buyer hires his own agent to service him and represent him, and the seller pays for it? What the hell ? My children don't pay their own bills because they are children. As far as I know, adults are buying real estate, so pay your own bill. Or don't buy a house if you can't afford it.
@@TheOzembuch understood I was trying understand exactly what was happening lol …I’m a loan officer I wonder how this is going to affect our already perfect realtor relationship 😂
@@marshawnjefferson-ug3dz Must be a mess, isn't it? I have another insight into why the seller pays for both agents. They all know it's a very steep fee, just WAY too much money for what is actually being done. So they load it on the back of the one who is getting a big sum, the seller, he'll bit_ch and moan, but signs the paper. This needs to stop.
The seller has always signed a listing agreement with the agree upon commission spelled out with a disclosure that the listing agent will compensate a buyers agent from their comission . There has never been 2 comissions , only one . What bothers me is the fact that lawyers from coast to coast demand 1/3 plus expenses from the proceeds of a lawsuit , isn't that a form of price fixing & how many time do you hear of a lawyer keeping the entire settlement .
Good point'' My attorney I found out later ripped me off on my settlement by keeping most of it''
The conspiracy predicate was the mandatory payment of specific commissions for MLS listing.
So our system is corrupt , broken, or a scam ?
The legal system that allowed this lawsuit to happen, yes.
Im selling and my agent is not working hard enough😊
Your selling agent will be who brings a buyer. Your listing agent is presenting your property for sale. A listing agent has multiple fees to pay to have access to the sources to present your property for sale. The agent who actually sells your house pays these same fees. It is not most common for a listing agent to have a buyer in their pocket to purchase your house.
That should clarify that the agent with the buyer is the actual selling agent.
Get ready for 1 to 1.5% commission 😂🎉
Nothing to get ready for. Some agents are charging 1 to 1.5% commissions and some are even working for free. It’s always been like this…
I completely agree with you!!
We Realtor should sue those lawyers that advise sellers to sues for us trying to earn our comission working hard for it. We should sue them for our loses and damages.
Where did you shoot this video. That view is unreal
Thank you. I live in Miami.
I think buyer's agents can be an asset to new or inexperienced buyers helping them navigate the nuances involved in properly appraising a property, negotiating with a seller and any other legal pitfalls associated with real estate transactions. I certainly appreciated having one over the years. This is an example of lawyers doing what lawyers do.
Do they not realize ...we work for free until and only if home is sold.....😏
What about if a home doesn't sell and we spend 6 months trying to sell and not sold and all our time no pay😏 do sellers keep that in mind ?
Maybe it's time to find a new line of work, where you don't work for free.
Thank you Jackie, I ran into your video and it was informative, easy to follow and I agree on the fact that taking responsibility on presenting our value was and continues to be very important in any profession, more so in one like Real Estate Agent. Thanks 😊
You are so welcome!
This ruling isn’t preventing a buyer from using an agent, only prevents being forced to use one.
Buyers and sellers were never forced to use an agent.
Don't let the front door hit you on the way out... 👋
Seller paid buyer agent fees are literally a junk fee, forcing consumers to pay for something they wouldn’t pay for if they had the choice. The Biden administration is coming after these junk fees that reach deep into consumer pockets. No one is saying agents shouldn’t get paid, but it should based on the actual service performed. Not all consumers work with a realtor for a year, and those that do use a realtors services more should pay more. There should be fees for each specific service. Per viewing, per contract written, per negotiation. Agents deserve to be paid, but they don’t deserve windfalls.
Hey, why don’t you just negotiate at the time of listing to only pay your listing agent? Then comeback when that listing expires and learn why there needs to be funds for a procuring broker.
Think of the commission like this - 2-3% is marketing costs. Other 2-3% is realtors knowledge, experience, expertise, and time.
@@Andrekruse or the buyer can pay for their representation…
Uneducated
I’m studying for my license
Why? So you can be 1600000th in line and complain they don't make enough money while collecting those ridiculous percentages once in a while? I'd channel my energy into a different field of work. Real estate agents will be soon a thing of the past.
J'aime
The real reason why so many fail is because is so easy to become one. What other profession you know that you can take a stupid online course (it took me 4 days to take online, and 2 days to study for a total of 6 days) to become a “professional”? Literally you can become a agent in 1-2 weeks and the course cost 50 dollars on Groupon. No other profession is this easy to become one. High school diploma and 100 dollars and that’s all you need. Thousands of people become agents and thousands fail for this reason, the majority of them are low caliber people.
Thanks for sharing your opinion.
Not in Texas! We are required to take 6 courses, a total of over 240 hours and you have to spend a certain length of time in each one; the cost is several hundred dollars, not 50. Then you have a background check, fingerprinting, application fee, MLS fees, board dues, etc so it ends up being well over 1500.00 just to get started. You must not know that each state has different requirements so you're making a statement that isn't correct for everyone.
@@marilynnewland2838 actually is 180 and the cost depends on the school. Still, what other “profesional” you know it takes 2-3 weeks to become one?
A real estate license is the minimum requirement in order to be an agent.
There are millions of successful business owners all of the world with no license and no education.
Everyone gets to choose who they want to do business with.
@@RealEstateCoach I’m not talking about business owners. I’m talking about professionals. Which is a big difference, you can be an owner of a business and not be a professional.
I was a finance director in the car business for 20 years. Standard practice was to get the client to use the dealerships financing because we (MADE POINTS) on the backend. Meaning we made additional ($$) that the consumer knew nothing about! Its called RESERVE. Its still happing to this day! Finance departments are the money centers for car dealerships. Rule number #1, before you buy a car is get pre approved before you even walk on to a car lot.
I agree with everything you just said! I have been an realtor for over 25 years! I let the sellers know that there are agents that will take less commission. They end up choosing me after the 1% agents fail! It is our fault if they do not get all the information on what exactly we do. The stress alone to close escrows when you have a first time agent is insane. You do double the work and the new inexperienced agents get the same commission. It is not an easy job! We are on call 24-7 ! We put our clients first! We still learn every escrow new things. Experience is priceless! So many times the sellers get a cheap agent and come to me to fix their escrow. It’s definitely an amazing job to sell a home and have a buyer move into their dream home! We are not in this job for the money! We are in this job to help people!!!!!
This issue is it show most Realtors they get be careful any body can blaming to realtors
Why can NAR comment on that?!!!’
You got some luxurious views in your background. That cost money
Right! Claiming agents aren’t rolling in it, while sitting in a beautiful home.
I’m glad you like it, so do I. I’ve also worked my ass off for 30 years to be able to buy it.
I think real estate agents need to quit being freeloaders
sellers are forced to pay a set percentage. A flat fee is more fair Same amount of work pays 3500 to hundreds of thousands Sounds like a scam to me
No, sellers are not forced to do anything! Commissions are negotiable. Always have been.
@@sunshine12038 buyer agent commissions are not truly negotiable, buyers would never pay 2.5 - 3 % on their own. I would pay 1% max for a door opener. It is a scam, and the jurors realized it for what it is. A scam on the American public run by a cartel.
Sellers have never been forced to pay for commission.
"Bread gained by deceit is sweet to a man, but afterward his mouth will be full of gravel."
Thanks for watching! Make sure to like and describe.
How about just be a better agent….