Ryan Serhant on NAR ruling: Greater transparency is important to bring our industry forward
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- Опубликовано: 20 сен 2024
- Ryan Serhant, Serhant CEO, joins 'Squawk Box' to discuss the recent legal settlement by the National Association of Realtors, what the ruling means for home sellers and realtors going forward, and more.
People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Home prices will rise due to supply and demand. Quality agents' compensation will remain. The poor professionals might have a harder time, especially if they're not skilled at negotiation or bringing value to their clients.
Just the opposite right now.
😮
Still charging the same, just have one more document added to the transaction. Business as usual.
I agree at the end why the guy attacked his guest was just odd and made him look like an ass. What was interesting was Ryan doesn't even know how the heck a buyers agent is going to get paid because he answered with we will see.
I sold a couple of properties in 2020 and I'm waiting for a house crash to happen so I buy cheap. In the meantime, I've been looking at stocks as an alt. Do you have any idea if it's a good time to buy? I hear people say it's a madhouse and a dead cat bounce right now but on the other hand, I still see and read articles of people pulling over $225k by the week in trades, how come?
@Elayne-g5c This sounds great. Is there a way I could connect with your advisor or any other whom you think is very good? I'll appreciate it.
@Elayne-g5c I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Ryan handled this very well….the guy at the end had a bone to pick and was rude. Ryan took the high road. Ryan is a genuine guy.
This was a horrible segment alot of nothing was said lol 😅
6:04 minutes of nothing
Could not agree more. Becky Quick was leading the entire segment as though she speaks for all viewers, and the interviewee is a suit who speaks in pre-scripted, cheesy sales lines.
@@jasonwood3 I noticed that too she literally was answering every question she asked him 10 seconds after she asked it
Yeah i agree and i didn't like the way they tried to attack Serhant. I'm not a big fan of his but it just seem like they had an ax to grind.
Serhant said something really important. "Great service is expensive and bad service costs you a fortune." He's 100% right. If it's a sellers market, a seller will now negotiate the buyer pays more commission to the sale. First time home buyers and VA and federal loan borrowers will end up paying more. High value properties over 20 million in some cases already capped commission fees not to exceed a dollar amount.
The only winners of this ridiculous lawsuit will be the large plaintiff law firms. This will leave veteran buyers, FHA buyers, and most first-time buyers without representation!
BINGO!!! Wealthy elites will be the only people that can afford to buy houses and anyone on this thread that thinks otherwise is crazy… nobody wants to say that out loud but it’s true. These Talking Heads are elite. They have no idea about the first time homebuyer, the VA or the FHA buyer. This is a worthless segment.
You sound ancient. This lawsuit took a step forward to change the system that was rigged. Like the USPS. Now email, FedEx, UPS. An agent getting a flat % days are ending. No agent, flat fee, and AI innovation days are upon us. Getting ready, adapt, or look for new employment. Real estate attorneys already can handle representing the legal side. Get some Zillow and Redfin stock btw if you want to make some more money
Agreed! I've seen so many buyer's agents say online that they will not agree to do anything for a buyer until the buyer signs a commission agreement first that specifies the commission amount or percentage and if the seller is not willing to pay the buyer's agent fee then the buyer is responsible. I have yet to see online where any buyer's agents have said, "Oh sure I will just negotiate down my fees with an inexperienced and financially strapped buyer!" Many have said that they justify their fees because of their experience and if a buyer isn't willing to pay those fees then they aren't the agent for that buyer!
@@pnketialol he/she has a job. Just bc you are cash strapped doesn’t mean that professional should lower their fee. Can’t afford it? Buy it yourself and see how that works out.
@@TuneTuber Which is why they will be replaced with technology and AI.
Prices will not come down. This will hurt FHA and VA buyers as they will have to pay more money out of pocket as commissions cant be finances. Sellers will pocket more cash when they sell their house!
Yup and buyers who can't afford or don't want to use an agent will end up paying more and not have representation
This isn't 20 years ago without the Internet. With AI technology real estate agents will be less needed. Real estate attorneys already handle closings for buyers so no. In many cases agents are not necessary
Get real. You agents running around on YT trying to defend why you need to get paid $2,000 an hour to open a door and stand there looking clueless just shows how out of touch with reality you tend to be. Its over....and you will need an actual skill now to make good money.
@@TedTlk That's absolutely right, a buyer and seller can go through a real estate attorney to handle the sales agreement and closing. Agents are not required to sell a property. Here is a video with the benefits of selling without an agent involved and tips on how to go about it ruclips.net/video/d0ydYxpBx-c/видео.html
Prices are projected to come down.
the listing commission has always been negotiable as far as I understand it
Yup, everything has been
Just like the commission your car salesman gets when you buy a car hehe
This is true. Nothing changes there. My first property it was 3/3 when I bought. My second property I negotiated 1.5/2.
Yes … amen 🙏🏽 always been negotiable
Both people interviewing ryan were showing clear signs of hostility towards him, and clearly had a bone to pick. Ryan is genuine and kept his cool. this is why he is the best.
5:00 i find it quite ironic that a news broadcaster who reads off a teleprompter for a living is underhandedly calling out Serhant for sounding scripty. What a hypocrite. Buddy had his mind made up before Serhant sat on that chair
They sound a little jealous honestly. She kept talking about not needing a realtor and Serhant was correct. No one is making you use one.
I agree... him trying to explain to this lady, who has no clue or knowledge. She was both ignorant and arrogant.
100%. Thought that too.
lol old ass
If you read the fine print the only major change is that seller's cannot list a buyers commission in MLS listings, except in the notes section. This DOES NOT prevent sellers from still providing buyer's commissions. What this changes is WHERE they can publish this information and in this case, that can be anywhere but in the MLS listing (minus the notes section). This means broker information outside of the MLS just became as important if not more than the MLS itself.
100%
Sellers don't list or offer a buyer's commission. The seller pays the listing agent a commission THAT THEY SPLIT or offer a portion of to a buyers agent that procures a broker. Get your facts straight.
@@the_stixXx Relax buddy. The comment was referring to the seller side or sellers broker. Not the actual home owner. The ruling states you can't show or publish the commission on the MLS where it can be filtered or sorted.
Don't forget, its not just being able to list the commission, on the msl, now the brokers have to sign with their clients a contract about the commission, before they start showing their clients the houses to buy, with I think its only fair because the sellers have to sign a contract with their realtor, this will narrow down to the brokers they have to work harder, to make a deal, or offer for the sellers, now. Not just show their clients the houses, and walk away with 7 thousand or what ever the house is being sold for. So a good knowledgeable broker will survive this change, and the ones only in for the money.will need to go.
@@the_stixXx i have the facts right, im a seller, I know what the heck is going on , you need to get knowledge, on this change.
6% is NOT STANDARD ! Real estate commissions vary a lot depending on state and area you live in, the price point of the home, the condition of the home, the relationship of the agent to the seller, how much money the agents going to have to spend on marketing photos, staging, etc.
Exactly
Hey CNBC, how about getting the full clips up there? You keep cutting them
Pay for cable
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Let’s face it…. In the old days when most homes were valued at under a hundred K the commissions
Were doable. The 5-6% total commission on a 2-3million plus house is now
absurd especially in a hot market when homes are selling fast. Total compensation should be 1-2%.
The average fulltime agent in America made just over $30k in 2023... If you think it's such a money grab I recommend you try it.
exactly the point.
This lawsuit settlement is about as clear as one of our vice president speeches and if anybody thinks it’s gonna save anybody money you’re wrong.
It’s going to cost more. As a seller you’re not dropping the price of your home because the commission is now lower. You still want the same price. Now the buyer has to PAY MORE since they’ll get charged by the Realtor for their services. Home prices are about to get 2-3% more expensive now
100% deals are about to be more sloppy.
@@jaysportsenthusiast7632exactly, but it’s not just 2-3% more for most buyers. If a buyer puts 20% down, they will now need 35% because 3% of the purchase price is 15% of the down payment.
JOE ALWAYS THINKS HE'S SO TUFF
Joe loves only 2 things... the sound of his own voice & watching the value of his crypto_crap_coins fall.
If you're going to assert the commission rates have been fixed to 6% then you're going to have to explain how Realtors in the San Francisco Bay Area have been charging sellers commissions between 3% and 5% as well how homeowners have been selling their homes without real estate agents. That sounds a lot like a free market to me. Also, a "Settlement" doesn't equal a guilty verdict.
The main reason to use a brokerage is for liability purposes. They have all the contracts and disclosures
This is BAD for consumers all around! LESS transparency. MORE steering (now pretty much self-directed by the BUYER, who can't afford to pay their agent), LESS competency in transactions (where the buyers represent THEMSELVES), MORE Veterans unable to afford to buy homes (they are still prohibited from paying commissions), EVEN LESS options for the buyer in an already tight market. This settlement maybe needed to happen to put a stop to the nonsense, but THIS is NOT the right answer! Removing the SELLERS RIGHTS to offer cooperative compensation (which has been negotiable for years) is not creating greater transparency. It's ALREADY a free-market conversation. This is shutting that down and making more of a case-by-case basis than it already was.
Ryan is dancing around the bushes. Like a good real estate agent
His secret to success is he's white and has a TV show because he's white. Then lies to foreign clients about how "great" NYC is as we all watch it becoming the next Detroit. His "diversity" hire make her living off his reputation while complaining about whites. That's it.
Also he missed the big point of the lawsuit is to bar Buyer’s agents from steering clients to properties because they offer the highest buyers commission 😅
@wadej769 that's always going to exist. Right now, instead looking for the commission an agent can look at the price.... if not the price on the MLS it can still say how much a seller will provide as a concession. Arguing against this is like arguing against capitalism. No matter which industry you're in it will always exist. It's your job as a consumer to get an agent who you can trust AND stop trying to avoid paying for great service lol you get what you pay for
For real. The fact that all of this was negotiable, but Americans are too dumb to do it, and had to wait for a lawsuit is all you need to know. This country is so screwed.@@clo-br3oy
@@wadej769 that was NOT the point of the lawsuit.... in the old days maybe that could happen but with zillow and so much access to information, buyers can find the property - and they are not dumb, they do make decisions for themselves
You don’t have to pay commission even right now, but good luck selling your home
cry more
Most buyers would rather deal directly with sellers. Why involve a used car salesman to buy or sell a home?
Probably a realtor including all the likes 😂
@@garrydye2394 What does that mean? The seller will do the crying when buyers agents don't show up to the house with a customer.
@@paranoidhumanoid Why you ask, it's simple. They don't know the process.
You handled this well Ryan ! A true professional!
he is a snake oil salesmen lol
did you see him lowering his commisions before this? also he said btw the lines he aint changing a thing because NYC is not part of this agreement
I’m an Agent and a real estate developer. You can’t sell it by yourself before sites like Zillow hide For Sale By owner from the search. Also buyers agents don’t show homes to buyers unless they know they’re getting 3%. So saying “consumers have always had a choice” it’s complete nonsense
Most realtors will show any listing. 1% 2% or 3%. But the average is 2.5%. So why show a listing to a buyer when there are other comparable listings. If the buyer wants to see it then we have to show it. I send a list of properties then make my selection and they make theirs and we see as many as we can.
@@jesuspazmino6948 I’m not sure how long you’ve been an agent, or if you even are, or if you sell 1 house - but everything u just said is non sense
You’re not an agent or a developer
So what did we learn as a result of this conversation?
Mind you, im a retired Realtor, i owned my own company for more than 30 years.
And you know what, i still dont know what the so called new rule is all about.
Commissions have always been negotiable.
The 6 percent fee most agents charge isnt what the law requires brokers to charge.
And unless you are a member of the Realtors Association, you are not required to cooperate with other real estate agents on your listings.
Yes, Sir. Fighting for what is American and Right. We have to Love and Respect our Great American Freedom and Precious Hard Work.
If u don’t pay 5% now none will show your home. Once they black out the buyer agent commission, they can’t subtly black list your house👍
That argument could have been made before the internet. Nowadays the buyer sees the listing the same millisecond the agent does, so how can the agent hide or blacklist the property?
Why would an agent take the time out to show a property and negotiate with seller agent if there's no compensation involved? buyers can always go see the house on their own and deal with the paperwork and rules themselves.
@@Law19157that would be fine. Just tell your clients that I’m only showing you houses that pay me more. That honest statement has never taken place
This is complete nonsense! I've been a Broker for 16 years and people should get more informed. Its not Standard everything is negotiable.Ugh! This is going to hurt Buyers!
The lawsuit wasn't about ability to negotiate
It will hurt the first time home buyer that decides to go unrepresented. And the VA and FHA buyer who is not allowed to pay buyer’s agent commissions.
Compensation negotiation is always good. Just like attorneys, the good will last and the rest will leave the business. My contractor told me a million times: good work isn't cheap and cheap work isn't good...choose wisely!
Ironically enough the best price fixers are attorneys like the ones who brought this suit. the Morgan and Morgan's of the world all charge approximately 35-40%...isn't this price fixing?
@@investmass I think Real Estate Brokers/Agents were made out as scapegoats in the debate regarding this affordability crisis in the real estate market. The attorneys just so happen made a ton of money at the same time! It's unfortunate, but what in this country isn't?
each attorney doesn’t t login to some database amd see all the other attorneys fees
Realtors do. It’s called a cartel
@@JohnGalt-y4s Bad analogy...however wouldn't that make it more transparent??? Do you have any types of Insurance? If you do insurance companies compensate other insurance companies all of the time. I have no idea what they pay each other. It is clear you do not know the real estate business. The way it is done now it is super transparent the fees are published and the public can see the fees, therefore super transparent. The winner in this are the sellers Buyers are going to go underrepresented and there will be issues.
I like that take on all this news..it is a fair statement .........are you a Realtor? Or have you had a positive or negative experience with a Realtor?@@NewTXRealty I am super interested if. you are willing to share ...please and thank you! Stay amazing
I just think it wont change that much, the buyers broker will call the listing agent, and say hey I got a buyer for your house, is your seller willing to pay me a couple points? Yes done deal.
Exactly, this is how off-market and commercial is already done
Unfortunately, I think it’s gonna be a little more complicated than that but I guess we’ll see.
I listened to the entire interview and literally didn’t get any information about what has actually changed.
As they said, you already don’t have to pay, you already can negotiate, you already can choose between cheaper and pricier agents - so what’s the new thing?
Buyers are going to chaff at having to pay a commission and won't want to pay much. Agents won't want the smaller commissions buyers want to offer and those agents will try to move to the listing side where there is a certain commission. Buyers agents will have to create a new business model and implement it, which will be a big mindset change. Buyers agents do the lions share of bringing a transaction to closing too. People who want to buy or sell a home on their own better have the experience, because the consequences of doing it wrong are long-term.
The commissions are not 6%. Commissions is always negotiable.
They're required to be negotiable de jure, but de facto have been largely standardized by the MLS which had effectively set the rate market wide. That's the easiest anti trust lawsuit the government has ever filed cause of how specific the case law in this area has been.
"Using a 'Great' salesperson; 'great' service IS expensive, bad service will cost you a fortune." That's the best quote thus far! I love it. 66,000 left the real estate industry due to the feds interest rate hike from 3% to 8%. We are stabilizing at 6% where the fed now noted two drops this year. I believe they are preparing us for something...at the end, only the real professionals will be left. The real threat are off market property transactions, the buying of selling of real estate without any representation, which is so dangerous. Buyer and seller beware! Now more than ever, you will need to see the service of a real professional, a Realtor. #GotRealEstate
I loved that grill at the end lol
My BS meter is pegged out Ryan, and lights are starting to flash.
My comment from the Josh Flagg segment the other day:
Josh is selling high end homes. There aren't a lot of buyers for those homes. Someone like Josh probably has a book of clients and has relationships with other brokers who have high end clients. So, at the high end a broker may be necessary to find a buyer. In the lower to middle market (let's say up to $2.0MM), broker's are useless. I bought my house 18 years ago. I quickly got rid of my broker because all they did was show me MLS listings which I could do myself. I put a bid in of 2%-3% below ask on a house, representing myself, figuring I have 3% in my pocket with which to negotiate. Selling broker asked why am I bidding below ask. I asked her why the owner and her should get 6% commission when my sides 3% was already built into the asking price. I told her she can have some of the 3% but not to be a pig. Now, it was the selling broker's job to get a deal done. They wanted asking price anyway so I told them to go eff themselves.
It's all from Josh's Nanna.
You have to be a member to access the MLS.
I hate to break it to you. The market has changed in the past 18 years it just changed 3 days ago. Buyers don't have to pay for representation they will have to choose to pay and they will choose to sign a document and agree to pay 3% 1% or a flat fee. People don't work for free, if anyone wants guidance it will cost.
Wow ....thank you for sharing your story Cozyslor......you sound like the consumers that I like working with......you know your options and you know if you want to accept them or reject them....but no matter what you are in the drivers seat. Good for you....any chance you are willing to let me in on the entire debacle? I am super curious to know more....about how the agents/broker handled your transaction. Pleeeeease and thank you......Sending my best :)
He (almost) literally called Ryan a used car salesman at the end.
They need to do a segment on how this affects Zillow, Redfin, Trulia, etc. The ruling makes a fragmented marketplace even more fragmented. It's a huge opportunity for tech companies.
Except all their stocks tanked.
As it should. But those portals aren't going anywhere and they will adapt.@@mommom3172
Joe loves only 2 things... the sound of his own voice & watching the value of his crypto_crap_coins fall!
The only place in the WORLD that charges 6%+. A total total rip off. Yes, they need to be paid a fee but 6% is a joke!!!! In the UK it's 1.5-3%. That's much more realistic and fair.
There is no "6% fee". It is negotiable. You, as a seller could say, no, I'll pay 3% or 4%, or whatever you want. Just like interest rates will be different from lender to lender. You have to educate yourself and negotiate most things in life
@@ethanmurray2203, I agree with you I am a realtor in Canada and no one pays 6% or even 5%, all negotiable.
@@ethanmurray2203if it’s negotiable why are they up in arms about their collusion ending? Trash take from a. Real estate agent
@@ethanmurray2203 Real estate agents are unindicted coconspirators in the largest financial crime in U.S. history, for violations of the Sherman & Clayton Acts. This was proven in the court of law, by a jury of your peers. Law classes will be teaching about this historic case/crime, for infinity. It's very unfortunate this corruption has been ongoing for over 80 years.
@@ethanmurray2203 in theory yes but in practice no. If you don’t pay high commission to buyer’s agent, they will just steer their buyer clients elsewhere and you will not get the best price execution for your property- doesn’t matter how good your property is or how good your listing agent is. You even disclose this conflict of interest in your listing agreement.
Now let's do Attorney's
Start with the plantiff's attorney in this lawsuit. Do they deserve $120,000,000 while the plantiff's get a few bucks?
OK, first off the news is not covering this topic correctly the 6% standard isn’t gone and many ages don’t charge that because it’s always been negotiable . it could be decoupled between the buy and selling side. Sellers can choose to operate like more traditional practices as they are now, or leave it up to the buyers agent to figure it out with their client in an offer or being paid directly from Client. It’s definitely confusing but like with all changes people just have to adapt in the industry or selling their house.
What he isn’t telling you is that his brokerage is located in New York one of the few places not affected by this lawsuit 😂
News media has no clue.. reporting for big corp
LOWER realtor commissions. Zero-talent people that FOR THE MOST PART contribute nothing meaningful. They just open the front door
This is going to hurt the economy and unemployment
Well, this will keep buyers from using and abusing realtors. In terms of show me everything and then the last minute they go to somebody else, even when they’re under contract. So muddy on the table for them is good for the realtor. Outside of that everybody was working for the seller in the highest price you had no buyer representation, so it really didn’t matter just like in New York, everybody works for the seller. There is no true buyer representation, unless that changed somewhere in recent years. And I think sellers agents being forced to negotiate their prices improve themselves is a good thing. Half of them never deserved their 3% or their 2%. One percent is fine just like your MLO, right? And yes, a lower priced product probably should have higher commission, so negotiable is the excellent idea. This always is a conversational piece when you’re at times like these.
I can't speak for other agents in other areas, but in California, the seller does not and has NEVER paid the buyers agent commission. The seller agrees to pay the THEIR agent a specific fee for agents services. If their agent finds a buyer, the commission stays the same from the seller. If a buyers agent brings a buyer, the sellers commission stays the same. Nothing changes accept the sellers agent now makes less if a buyers agent brings a buyer. Think of it like a contractor. You hire a contractor to do work on your home. The contractor may or maynot subcontract work on your house in order to get the work done.
AI will replace agents, especially buyer agents, fees for seller will be 1.5% give it time.
Very nice - Great Video and information
So I just watched these reporters try to mock our industry. How would you feel if you wanted to use a benefit you served your life for & couldn’t. 😢 I also feel like the lady cut Ryan off at every chance she could. Anyways, great job Ryan, you were smooth as always & articulated very well despite these haters. Let us decide who we want to be the reporters and give us the 411!!!! Yall would have a fit😂😂😂
Pretends he hasn’t benefited from that 6% and representing both sides, forever.
Its market driven commissions based on the various markets throughout the country. Some markets are marketably higher, some are marketably lower.
Transparency is good but education would be much better for the consumer anyways.
Hello....that is a great comment. Are you a Realtor? Or Consumer?
@@darlenephillips5743 I'm a Realtor
THE GUY IS FULL OF IT.
real estate agents and used car salesmen lol both jokes
In real estate, you make your profit when you buy a home... We need a higher level discussion on what that representation looks like and the value it brings in keeping housing affordable and making sure buyers are well-informed to make that life changing investment in real estate.
There was never a "standard" 6% commission and the fact that he didn't educate her on that is ridiculous.
Ok, to all those who dont believe houses will become more affordable. Lets try a little math equation. If i sell my house and pay a real estate agent $15k less than before and then i take my profits and buy another home. That second home just became $15k more affordable for me. The price doesnt have to be a lower. Im $15k ahead no matter how you look at it. The only people who will lose by lower commissions are the people who sell little white Mercedes suv’s and Designer handbags to overpaid realtors
Buyers will have to
Save for a Downpayment 3 to 5% ~
Closing costs 2%~
Agent $$$
Good luck.
Ryan, you handled the guys comments at the end well he was a complete turd with his comments. I would’ve said he could stand to lose about 6% body mass.
What about the attorneys who charge 40% plus fees as standard? Isn’t that also antitrust? Maybe we should all be suing the lawyers!
Wow…the hosts were absolutely filled with vitriol. Everybody hates agents…and all agents secretly hate each other (and most of their clients). I’m a licensed agent. The model is antiquated and decades overdue for reform. That said, anyone who thinks “it’s over” for agents is just ignorant (although many agents may leave the field over this, and they needed to earlier). There will always be a myriad of pathways to wealth through real estate…the market is simply telling us that the model of the current structure is outdated. Ok, the sharp ones will pivot, and make as much, if not more than before. Home prices will absolutely not come down…that is simple supply and demand, no homeowner is going to pass a few thousand saved on to the buyer (why, out of the goodness of their heart…yeah, I’ve seen a lot of evidence for that in the comments here, and in the interview). At the end of the day, this is much ado about nothing.
The main point of the lawsuit is to eliminate Buyer’s agents steering clients towards the highest commission homes thus creating unfair competition. These analyst folks continue to be clueless
Commissions have ALWAYS BEEN NEGOTIABLE! Look at a listing agreement- there is a blank to be filled in! The seller can offer any amount, no one decides for them. There is a customary range but always negotiable. A professional buyers agent MORE than EARNS THEIR COMMISSION with the services that they provide. Most buyers would be in trouble without the expertise of their agent who negotiates a winning offer and gets them to the closing table. Sellers benefit also because the transaction closes and they can move on. Sellers are making huge profits already- it is buyers who will suffer from this ruling.
Apparently people aren’t aware that this guy is from Million Dollar Listing NY … a reality TV show on Bravo 😂😂😂 Who’s laughing and poking fingers at him now!
When do we get to sue the ambulance chasing lawyers?
Sellers dont need to pay buyers agents. Buyer agents are providing 0 service to the seller in todays market. Fee of 6% is ridiculous, especially considering the broker is taking a larger percentage compared to the actual realtor doing the work.
Get rid of unions too. Why pay more? Cheap out the labor!
Sadly you haven’t been a Buyers agent..you have no information on how hard they work, how they work for free for weeks at times, and how they get dumped sometimes after hours of work for no good reason. You have no clue that I’ve personally saved buyers tens of thousands of dollars and heartache… and saved them from buying the wrong place….but you’re the expert having never done this job. Hiring a skilled agent is one of the best decisions a buyer can make……but keep living in your own world.
@@Broker-in-Maine then make the people you work for aka the buyer pay you..... Not the seller. I dont care how much you work for someone else, it doesnt mean the seller should pay you. I bet you if the buyer had to pay you, you would have far fewer clients to dump you.
Lastly I didnt say a buyer agent had no value, I said the seller aka the person you are not working for should not have to pay you.
Its almost like you lack reading skills and fall back into your feelings about how valuable you are while missing the entire point of my logic.
Neither the buyers agent or the sellers truly represent anyone but THEMSELVES and closing the deal.
And for that you get to pay 6%.
Not true. People need to use discernment when choosing an agent. Not all agents are created equally or are honest. Hopefully this change will weed them out.
So, don't hire one. Go FSBO and find your own buyer. Problem solved! I watch FSBO's and feel bad for them.
Ryan chewed up and spit out those awful CNBC anchors. Good job!
"It's laughable, and with this settlement, they claim they are trying to stop steering!
This guy sounds like a realtor
Ryan is not straight here lol ...
Market "commanded" 6% - this guy gets to say that with almost no pushback?
Meh -
It’ll just be that much harder for first time homebuyers. Bottom line. Also buyer agents need to find new career.
A buyers will never pay an agent out of their pocket
Ryan……defending the greedy realtors. 😂😂😂😂
Sellers are the greediest MF's on the planet. The things they expected buyers to do over the last 4 years like pay top dollar for a shack. And foreign and corporate investors but let's blame Realtors 😂
Wouldn't a Realtor who puts their clients needs first win more referrals than a greedy one?
Realtors don't do anyhting
It works in other countries. Commissions are too high here.
Other countries have universal healthcare and other social safety nets that the US doesn't have.
@MrMountain707 Lower commission structures - and even NO commission structures - already work in this country. The problem is that homeowners don't know about the available alternatives. Watch this video on 3 options to reduce or eliminate real estate agent commission and never pay 6% again ruclips.net/video/BYL4Jmd5prg/видео.html
As someone who’s bought and sold in a country without the us system it SUCKS big time. Sure the fees are less but I can negotiate the same fee over here. Over there though the agents are just order takers they don’t do anything extra and are not helpful when finding a house. They do some paperwork and that’s it. Over here I’ll have agents bending over backwards to keep a deal together. Had one broker go paint my house, haul away a bunch of debris and drive an hour to pickup a washer and dryer (that was requested by the buyers) for me while I was out of the country just so the transaction will close. Try getting that kind of service anywhere else but America.
Thank you for that Zach@@zach2733 .....your positivity is greatly appreciated and I am thrilled our industry measured beyond your expectations. Can you share more about where you are from and how Realtors work there? I am curious to hear your story and how different America is compared to other countries (outside Australia) ....thank you ! Thank you!
@@zach2733 accurate. Also, agents overseas do not work weekends while agents in America have to put in long hours all weekend long and have no life if they want to succeed.
So, are you saying to let the home buyers buy a home without representation? Most first time buyers, don’t know what they are doing the stress of buying a home will be a burden on them
ryan’s argument is flawed because he assumes buyer agent is looking out for buyers Best interest. Everybody knows that never happens. Buyer agent is looking out for buyer agent, as in they just want to close the deal and they don’t give a crap what the buyer buys and how much he pays. Anybody who disagrees has no clue and I’ve never worked in the industry or worked with an agent.
your comment is flawed because you assume all buyer agents don't care about the buyer. Like they don't want repeat customers or to become the seller when the buyer then sells, or get the referral.
@@illmagneticagreed. Patience and honesty with your buyers means future business. But unfortunately the real estate industry is full of liars. I hope this new change weeds them out.
Buyer's agents have to present a form swearing undying fiduciary allegiance to their clients. And we often earn great discounts when possible. We have many times negotiated discounts of 20% or more off of the asking price. Other times sales happen over the asking price. Guiding somoen competing with 30 offers is also a skill.
Except that listing agents are now in control. It is no longer a truly free market. The first-time buyer and VA buyer just got screwed!
Please God let these home prices come back down to earth
I like Ryan, but re estate agents get paid way too much
Absolutely not they work hard and they don’t get paid hourly so when they are showing you a home they’re not getting paid for that. They get paid when it’s closed and every person put in an offer and closes on it.
Risk vs reward agents wake up everyday and pay to go to work. They do not have health insurance they do not have retirement they pay double Fica. They take a risk and yes they can make a lot of money but like any risk there can be a reward.
Great song and dance by guest. Bottom line here is the swamp was staved, and will drain someday far in the future.
This “ruling” will hurt buyers. Buyers will quit using representation because they cannot afford it. People will wing it on their own. It’s gonna get seriously ugly.
Grilled him lol
Buyers now have to pay their agent. This increases overall agent fees and screws the average consumer.
Buyers will be less likely to use a broker so sellers and agents win.
THIS IS A SCAM
This just means fewer buyers are liked to use an agent which is going to reduce transaction costs - nobody understands this better than the agents themselves
Quiet shill. Buyers will agree to pay what they think their agent is worth.
don't worry, buyers aren't paying agents. The commission is always usually split 4 ways (seller broker & agent /buyer broker & agent). That commission is what's in question. You the buyer aren't paying anything unless they tell you upfront & you agree. AND if anyone ever tells you that you have to pay a buyers fee to buy a particular house, walk away
"Why did it take so long?" ...Monopoly! Hell with these glorified salesmen.
Do you own a home?
max is 1% for each buyer and agents. look at other countries. we are overpaying
then your realtors will look like the kids at Best Buy. You sell a 250K house for 1%, say it takes you 3 months, you did open houses, printed & shipped mail brochures, spent gas money.. then it sells. Great now you have $2500. half of that goes to the broker and the agent gets $1250. After taxes he walks away with $800. Agent gets $800, owner pockets $245K. No thank you. Do you want your house sold? Do you want quality buyers that are prescreened and can close? pay up.
Not true. Its negotiable. All depends on the level of service the client needs. I’ve paid 0, 3.5% and 6 percent.
rgen do some homework that media will not report is in the UK and around the world yes 1.5-3% is correct but do you realize there is only one agent on the transaction? Therefore, the compensation is the same. Dig a little deeper all of the countries like the UK, Australia etc want to do it the way we do it and not because of the money but because they see how Buyer agency is a great thing for both sellers and Buyers. The NAR settlement has basically set Buyer Agency back 30 years and the worst part about it is it will hurt the first time home buyers, FHA Buyers and VA buyers the most.
At that price sellers will have to foot the bill for all marketing costs involved
Ever been to a shady car dealership where everyone is obese with food stains on their shirt and smells like cigarettes? That’s the type agent you’ll be getting for 1%. On a 500k house that’s 5k. after broker split. Marketing, and taxes that agents walking away with MAYBE 800-900 bucks. I understand you cheapskates are a little on the wild side but for me I wouldn’t want the largest transaction of my entire life being handled by someone making 800 bucks (if it sells or if you buy) over the course of 3-6 months LOL.
Joe coming out of nowhere throwing haymakers
Replace Realtor with Attorney. Like Divorce Attorney- Hell you cant 2 dam people who lived together with children and assets to agree on anything. So guess who gets all the money. (The Attorney) Most of the people cant even handle their own checkbook, much less a 300,000 purchase. No you do not need a realtor, but its funny how when For Sale by owner sellers waste 4 months trying to save 3-5% of purchase price by reducing the price of their home over that time frame, because they cannot reach the buyers, that what realtors have access to buyers. How in the hell is a seller gonna show their home in the middle of the day when at work, leave work for a tire kicker. Realtors waste more time shaking trees and vetting buyers so Sellers dont have too. Multi[ple offers will be a thing again in a sellers market, No way a seller will handle that with out incident. Don't worry, its a big deal now til all of the lawsuits happen when a seller doesnt disclose previous damage or imperfections, etc. The Attorneys will win again. By the way , 33.3 % cut for the attorneys on this one, noone is talking about that. This to shall pass and a shift on how business will down but the results will be the same, thats all it really is.
Honestly what value realtors bring?
The new fast food of selling your home
If you don't see value in using a Realtor, don't use one. You didn't have to before this settlement and you don't have to now.
@@jerrybuffington6473 They're worthless! If you "need" to use one so are YOU! LOL
Here’s the what they do - they misrepresent to all buyers - it’s free representation for the buyers and by doing so they block 80% of the buyers out there. If you don’t work with an agent you will not have access to the 80% of the most “emotional” buyers - the kind of buyer you want for good price execution.
Putting your home in front of the most amount of qualified buyers will get you your highest price. That's one of many things agents do. A good agent will also do much more like negotiating price and repairs to name a couple
Clear as mud…just how the lawyers like it
CNBC dude at the end was a complete moron - missed the whole point - he just wanted to grand stand on something he knows very little about... I would like some transparency about HIS compensation LOL!!
He's done that to other real estate guests also, but this time he was afraid of Ryan bc Ryan has gravitas
You nailed it.
Great work lady :)
Did they do blockbusting?
Open MLS for everyone for greater transparency !!!!
The MLS is not free. Realtors pay fees to have access
If you can’t see the commission then how transparent is it?
Is it all in Zillow anyways?
It's privately owned and I hope NAR stops giving up our IDX feeds to big tech like Zillow & Redfin. It's OUR data!
@@robgifford4293Our MLS's give Zillow access to our data feed. They should shut them off. It belongs to us as members & Zillow has no clue what they are doing besides selling site visitors information back to agents. They got into buying & selling with Zillow Offers & quickly exited.
It will all settle out in 10 or 20 years. The free market formed what we are leaving. The future is anything but free market but we can all agree its going to be very profitable for someone.
None of this will take effect until this Summer yet the verbiage on sites like Realtor and Zillow has already changed. I'm confused here.
Missed the whole point of the lawsuit. Seller was paying buyer fees, which makes no sense.
Wrong
@@the_stixXx In most home sales, the seller uses a chunk of the final sale price to pay out the agents on both sides of the transaction.
It's a marketing incentive! Like paying money for professional photos. You're paying for people to drag their clients into your outdated overpriced house.
Wrong
It's more like paying for something that you may or may not need with virtually no way to negotiate the cost.
That guy I remember artificially inflated so many houses and bragged about it and lied on disclosures how he has not been sued is crazy
That's not true at all... 😆