Las Vegas realtors 'worried' after proposed lawsuit settlement
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- Опубликовано: 20 сен 2024
- Experts say the result of a proposed settlement to a lawsuit against the National Association of Realtors will change how people buy and sell homes in southern Nevada.
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.
Buy now, home prices will not go lower. If rates drop, you can refinance.
The government will have no choice but to print more notes and lower interest rates.
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.
Finding financial advisors like Amber Angelyn O'malley who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Houses used to cost $25,000 when this went into effect. A commission of 6% was reasonable since you had to buy newspaper ads and drive many buyers around all day.
Now they just throw it up on a website and expect to get paid $60,000 for a few hours work. Definitely a monopoly.
You lack an understanding. Realtors have to design the internet marketing, counsel the seller on price which is ongoing based upon activity, evaluate and present multiple offers, negotiate repairs, and use every tool they have for the best interests of their clients. In fact the average realtor in the US in 2021 made $54,300, and is about $22,000 less than the median household income in 2021. Almost everybody made more than realtors...school teachers, cab drivers, cocktail waitresses, while realtors are involved in negotiating likely the largest transaction of somebody's life, and of procuring a home that hopefully will generate many wonderful memories.
The monopoly you write of involves licensing and over 100 hours of educational credits, similar to licensing for investments and insurance.
So it isn't quite so simple as what you shared.
@@randylazer2894No way this is true. As someone who has worked both as a cocktail waitress and for the Clark County school district, there’s no way in hell most of those people were making over $76k a year. Especially when houses use to cost $25k as this person referenced, but not even in 2021. Where are you getting your data? I know plenty of teachers and admin who have been working for the school district for decades and are just now approaching that #. Household income is much different than an individuals income. You can’t conflate the two.
EDIT: Only $54k a year? That’s also not true I have realtor friends and family who do very well even as a single income household & not a single one of them has a maters degree, as many teachers or CCSD staff such as myself do. Some have no college degree at all. Even the VP admin at my school is still paying on his student student loans and owes over 6 digits still. And can I just say, $55k a year isn’t a bad living for a single income.
I do understand it’s more work than the commenter suggested but it also depends on the realtor. Why should it not vary depending on if you work hard for your clients or not? It absolutely should! If you think that every realtor does all the things you mentioned, you’re deluding yourself. Some do, some don’t do squat.
@@Dany_Stormborn As an economist, what I cited was true. The Median household income in 2021, per Statista, but adjusted for 2022 dollars was $76,600.
Now, keep in mind that was household income. So I have many clients that I saw their tax returns as teachers and cocktail waitresses, and they were far above the $54,300 averaged by real estate agents. In fact the average teacher salary for CCSD is $64,000.
The reason I cited household income is that 20% of real estate agents make about 80% of the income.
So that means 80% of real estate agents are not doing so well, whereas 80% of cocktail waitresses and school teachers are hopefully doing well.
So per your words no way this is true, I will be polite, and not state that you are wrong, but that I hope you learned something.
I agree with you 100 percent.
@@randylazer2894
_”In the best interest of their clients..”_
Is this why so many agents now try to push dual agency?!? Is it in the best interest of their clients to cause a conflict of interest by representing both the seller and buyer, so they can collect the whole commission?! I don’t think so.
The best investment one can do right now is investing on real estate though stocks are good but ever since I swapped to real estate, I've seen so much difference.
I’m interested I want to move to real estate investment can you help me ?.
Sounds great! please I will appreciate your assistance on how to go about it, who's your coach and how good is your coach?
Thanks for recommending i find her and left her message online
Worked his whole life to buy a house In a market manipulated by thugs.
Market manipulated by political thugs like Biden and the Democrats who spent an additional $5 trillion that gave us 40 year high inflation, for which interest rates were raised by 525 basis points, which caused the average mortgage payment to increase from $1700 in January, 2021, to $3320 at the end of last year. That had people unable to afford to sell their home, as they wanted to, but couldn't afford the payments on the home they would move into. That is what gave us a supply shortage with prices dramatically increased.
This whole country has turned to greed. From car buying, to house buying, rent, groceries, etc.
Bidenomics ~ the traitor has destroyed our country!
When Quid pro quo Joe shut down the pipeline, everything went up. Because we run on oil and gas. When we have to import oil we pay more. Paying more means more shipping costs. I mean, goods don’t magically appear in stores without shipping. Also farmers have to pay more to run their equipment. On and on. So, everything is costing more than before 2020.
FJB!!
It's not greed...it is our government incurring an unnecessary $5 trillion of debt that caused inflation to hit 40 year highs, and that was combated by raising interest rates 525 points, which drove average new mortgage payments from $1700 in 2021, to $3320 at the end of 2023.
@@gasmith7486 This comment shows you have no clue how oil production, distribution and refining work in the US. Take some time to educate yourself and stop letting the media, especially the far-right propaganda machine, tell you how things work.
We can always lower our military budget and STOP giving other Non-American our tax dollars.
They’ll be fine 😊
so true
*Where is the lawsuit against corporate America buying up all the houses and pricing out all middle-class from purchasing!!8*
Wrong. Institutional investors over the course of the last 23 years purchased based upon the year, anywhere from nearly 0% of single family residential homes, to a high of about 2.5%.
Completely agree.. they already bought up apartment complexes, and now they’re buying up the mobile home parks too..They’re disgusting
@@randylazer2894we get it, you are a realtor. Now fuck 0ff
In NORTH DAKOTA ... a CORPORATION is NOT allowed to own a FARM or even a PHARMACY. Sounds like we need the same RULE for HOMES and APARTMENTS nationwide ... limiting ownership to a single person and limited ownership of multiple properties 🤔
@@Variety1985 Absolutely not. First, institutional investors since the year 2000 typically owned between nearly zero percent and 2.5% of single family homes.
Then, genius....apartments? A 2 bedroom apartment that is built efficiently in a large complex of several hundred units, might cost $100,000, factoring in land costs.
So who aside from a corporation or incredibly wealthy person is going to come up with $30 million? You wouldn't have apartments that would be built in great quantity for lower costs.
Then your analogy is irrelevant, as a farm has acreage, a barn, and typically crops and animals, which isn't what a home has, aside from some that have acreage and those are typically very expensive or in remote areas, and a pharmacy is not a home.
Next time think before you write, or write about what you know and investigate what you might be thinking of.
Realtor fees are too high
The homes are way overpriced like everything else. Stupid Biden’s plan ~ you are going homeless but he will tell you it’s better than expected.
BS.....not on the largest transaction of one's life. Tell me....was I overpaid when I negotiated a deal that saved my client $100,000? Am I overpaid when I negotiated excellent investment transactions for a client who retired in 2002 from my work, and traveled the world? Am I overpaid from identifying the best investment properties that have brought in 7 figure profits, for making 2.5%-3%.....like one property my client purchased in January 2021 for $439,000, and I renovated that while he put in $50,000, and sold it 18 months later for $682,000. Was my 2.5% over paid?
Will I be overpaid for making 2.5% on a house I sold to my client for $1.15 million in March, 2021, and am renovating it, and will likely clear him after the renovations, more than $1 million, when I have put in hundreds of hours of work for renovations ...without charge?
Are realtor fees too high when in 2021, the average realtor income was $54,300, and the median family income was about $76,800 if I recall....except that about 20% of realtors make 80% of the money. So are all of those realtors making $30,000 and $40,000 per year, overpaid....for working on weekends and at night, and taking calls 7 days a week? Get a clue.
@@randylazer2894heeeeeere we go again…..
@randylazer2894 Yes fees are too high most not all realtors are not doing near the work you say you are doing for their customers those individuals clearly do not deserve 3 +% commissions some do...the bigger problem these lawsuits seek to address is the lack of transparency in the industry as a whole
It sounds like you don't have much to worry about... You are a realtor that is providing real value to your customer. All this means is that your fee won't be financed by the other party, I don't see a moral reason as to why it should be. Your value can still be paid for by the party YOU represent. Seems like that should be the proper way, no? @@randylazer2894
These agents don't have the clarity they need to be on TV. There are too many unknowns still. As an agent for over 20 years and now retiring, I can guarantee that brokerages and the best agents will adapt very well. In fact, they will proably benefit in the long run. I do believe that buyers may find more attractive prices, but they will struggle even more to buy with reasonable representation. It's my opinion that smart sellers will still offer reasonable compensation to buyer's agents. Motivating sales people with money creates more demand and higher prices. That's just the way the game works.
Absolutely I'd suggest all sellers offer buyer compensation... It's only a potential problem otherwise...
Overpriced homes is part of the problem.
He who buys that overpriced home is the problem. Many people have been paying more for homes than they are worth during covid.
It’s overpriced due to the inflated price so the agents get there phat 6% commission. Now that it’s gone , it’ll help lower prices.
I bought my 3 houses in my life and I never used a realtor. I got the financing from banks and used a title company. 90 and the deal was done. anybody that buys or sells a house is losing big bucks and usually the house sells it self if it's priced correctly. back in the seventies almost no one used a realtor. any title company or bank will do it.
Likely you lost many thousands of dollars in negotiations, and missed out on better investments. There is almost never a negotiation that goes by in my 33 years of real estate that I haven't benefited the client much more than the commission I received from the seller. Tell me....did you ever buy a property for $439,000, put $50,000 into it, and sell it for $682,000 17 months later? Ever buy a property for $1.15 million, renovate it so you are into it for $1.5 million, and sell it for $2.75 milliion? Ever buy a bunch of houses for $138,000 or so, and sell them for $325,000, or pay $120,000 to build homes and sell 9 of them from $260,000-$320,000?
After you do that, get back to me on how you maximized your investments. You didn't. You also likely lost out on spending more money for your mortgage and paying a higher rate, and that one really cost you...just guessing. So don't downplay real estate agents when you don't know what is involved. After you have sold a few hundred homes, get back to me.
Randy is losing his mind over this court ruling lol
@@user-zb7tg5hi3t I'm here for it. The gall of some people who think their careers will remain untouched by the vagaries of time.
@@WufflesGhosts Why don't you stop making false proclamations, as I am in the top 1/2 of 1 percent of real estate agents and have thankfully tremendous business, including a home of nearly $3 million that I renovated and will be sold in a few weeks for a 7 figure profit for my client.
So no, I am not going to be undercut, and when you speak of adapting, yeah, I had my very best years, not prior to the internet, but after.
Also you are clueless as there isn't much adaption, as there will likely be a disclosure clause similar to having a seller pay closing costs for VA or conventional financing, that the seller agrees to contribute a certain percentage of closing costs.
That's it.
So next time, when you don't know what you are talking about, and you make false presumptions, don't make demeaning personal remarks.
@@randylazer2894Jesus Christ, Randall get a life I watched this and read a few comments in 3 minutes and you're in over a dozen of em. Seek help, a bar or a light at the end of the tunnel
MLS should open up for everyone !!!
Absolutely not, as realtors qualify buyers to prevent fraud, theft, and even dangerous circumstances that threaten the safety of a family. There are tens of billions of dollars of fraud, even after a transaction is in escrow. I would advise when you don't know, what you don't know, to learn, instead of making statements without thought.
@@randylazer2894will you shush 🤫 no reason to comment on each comment that differs from your own agenda. Nor is there any need to be rude! Just stop. Your comments aren’t going to change anything. You’re just being rude!
@@randylazer2894 This is the typical Realtor Mafia statement protecting the middlemen. Real estate agents: Your time is up!
@@randylazer2894
The dangers you mention SHOULD be something WE decide if we want to take on or risk, not you, not any board, not the government.
It’s not as if we can’t educate ourselves on the subject & learn to avoid those risks. You act like realtors are the only people who hold the ability to figure these things out. Guess what, someone taught YOU these things too.
@@The.Hawaiian.Kingdom I would advise you not to make statements of what you lack an understanding of.
So Hawaiian Kingdom....care to take on the risk of not having a seller's real property disclosure form? You might not learn of that one as you would likely think all that you need to sell a house is a contract and an escrow company.
But guess what genius, without that form, you could be sued for tens of thousands of dollars.
How about another form, would you know of a mold disclosure, or think of that if you were selling a relatively new home that was in great shape? Probably not, but in one instance a colony of mold developed after the sale, and the buyer sued the seller for $200,000, and lost because the seller provided a one page mold disclosure.
Do you think you would have a disclosure telling the buyer and seller not to obtain wire transfer information from emails from the escrow company? About $30 billion of fraud occurred from emails that looked like they were sent from the escrow company, and the money wound up in some place like Nigeria.
So no, you wouldn't know what you don't know, but real estate licensees go through more than 100 hours of continuing education.
What you are is a walking law suit, and believe me, having taught hundreds of agents, and having been in real estate since 1991, my words are spot on.
If you want to take a risk, do so with buying a pair of shoes, as that is far less expensive than buying a house, for which one lawsuit of $50,000 and attorneys fees could wipe out a lot of people.
Scams over!! Finally.
No wonder everyone is a realtor.
Yep and have you noticed realtors are usually losers with no skills or education. They prob worked in fast food previously.
The BMW dealership is going to be hurt the most by this. Who’s going to buy all the baby beamers now??
😂
nothings gonna change.. people who have money pay commissions... the only difference is commissions not showing on the MLS... and now realtors have to pay the 400M settlement for what? So some greedy attorneys can get rich... nothing else...
W comment
In order to afford high prices, something has got to give....it isn't going to be from the buyer....
The days are gone where a realtor puts up a sign, fills out some paperwork and gets paid 30k-100k in a week. Now they'll have to negiatioate with the customers, I can see they don't like the transparency. The chickens have come home to roost and the easy money is gone.
You shouldn't comment on what you lack an understanding of. First the average real estate agent in 2021 earned about $54,000 in a year, and not $30,000 to $100,000 in a week. The difficulty with that $54,000 is that 20% of realtors earn 80% of the income. Meaning that a huge percentage of agents earn not enough to make ends meet.
Then prior to the internet, one didn't just put up a sign and fill out some paperwork. I would speak for about 15 minutes to a client, or more, then do exhaustive searches of property, read through the remarks, pick out the best possibilities, speak to the client, spend anywhere from 2-10 hours showing property, draft a contract and other forms, negotiate the contract often with a counter offer, or two, facilitate the paperwork to the mortgage lender, deal with issues for loan approval, facilitate the escrow, ensure the earnest money stipulations and due diligence periods have been met, meet the home inspector, negotiate the repairs, then conduct a walk through, then review the net proceeds, show up at escrow verify that everything is signed and all questions answered, monitor the closing, get the keys and remotes to the client, oh yeah, and then remove the sign.
Then you are clueless as commission has always been negotiable and always will be. The seller can still pay for the buyer's brokerage commission, but if they don't, that reduces the number of buyers and lowers the price of real estate.
Right now to purchase a median priced home of $450,000 with 3.5% down payment and 3% closing costs, the buyer needs about $25,000. That's hard enough to come up with, let alone if the buyer has to pay an additional $11,000 for a buyer's commission that the seller would pay, as $36,000 is harder to come up with than $25,000.
I have been in real estate for 33 years, and am in the top 1/2 of 1 percent of my profession. To be in that grouping, that's likely earning around $250,000 per year, and not the $1.5 million for the low end of the BS that you wrote, at $30,000 per week.
Absolutely correct. When I was in NJ my office paid 50% of the seller side commission to the realtor, after they took out more fees for odds and ends. Like errors and omissions insurance, storage fee for documents etc.
I don’t understand the complaining on here, other than people are getting the media twisting of the facts.
If you are buying a house. I show you the 7 properties you want to see. After I take a few hours to contact seller agents and set up times, you could end up seeing those properties over a 3 day period. As the realtor above said. Then you have the negotiation, paperwork, and holding the hand of most buyers through the process. And guess what! The buyer pays you nothing!!! My time efforts and gas money are paid by the seller. A brokerage can charge whatever % the owner agrees to, to sell their home. So using 6% as example. Seller broker gets 3% and buyers broker gets3%. Then the brokers have a formula for pay their on agents.
So a $10,000 commission sounds like a lot. But then split it in half
$5,000 per side. Then broker takes out their part, which for a newer agent or agent that isn’t in that top% of sales, would be maybe $2,500 before the broker takes out all the other fees so the agent could end up with less than $2,000
At a minimum that sale will take 30 days to complete. Most are about 45 days all depending on cash or financing etc. If the sale doesn’t go through, you get nothing! Which happens often.
I have been a realtor in 3 states for a totally of 20 years. As a professional my time valuable. But working with buyers never guarantees one penny of income.
There is so much people do not know about our business and all the unpaid work we do.
So the haters on here need to get their real estate license and try it for awhile. Oh I forgot the $2,000+ a year we pay to be a realtor. All the fees are crazy.
@@randylazer2894 Warren Group reports: “49 percent of agents are full-time while 22 percent classify themselves as part-time”. Not sure what the other 29% classify themselves as? So that average $54,000 earnings is spread over a lot of RE agents only classified as “part-time”. Why do you think the $11,000 Buyers Agent fee is easy to come up with from the Seller? Just because they may have a “profit” at the time of the sale? When this current market gets upside down of higher mortgage vs selling price (historically it will happen) , who is going to pay any commissions to the listing or buyer agent when there is no money left over at the closing? That is probably happening right now in the commercial RE market and those agents want 10% commission.
Realtors do VERY LITTLE WORK for the commissions they make off homeowners.
You mean..3% for spending 15 hours showing homes, writing 2 or three contracts, saving the buyer typically more than 3%, as often I have saved buyers $10,000-$25,000 in negotiations. But even more importantly, identifying the very best properties that not only meet the requirements of the buyer, but of closing a home that has great appreciation. That is how I have built wealth for many, many clients over the years, including one who retired in 2002 and traveled the world. You are clueless, and I would encourage you to learn. So when from the properties I identified, negotiated, renovated, and sold, I have made some sellers many hundreds of thousands of dollars, and some more than $2 million.
Tell me....did I do very little work, when I spent 20 hours identifying and showing properties, another 30 hours with the negotiation, home inspection, repairs and closing, and then spent maybe 200-300 hours renovating it, so my client can clear about $1.1 million of profit in 3 years. Is that 350 hours....very little work?
Did I do very little work when I showed 65 homes to one buyer, and for another wrote 12 different 10 page contracts to finally procure a home? Did I do very little work in 1995 when I had 6 days off the entire year?
Lord they make it sound like what they do is rocket science. I bought my house with no realtor or agent. The seller listed it locally, we saw it, made an offer that night and gave a 5K deposit check. Next day I secured an attorney, tittle company, appraising company, surveyor. 30 days later we closed, no issues no mystery. I had been pre-approved for a loan prior to starting the process so I knew how much home I could afford. The seller saved a bunch of money and passed a lot of those saving to us.
Without MLS listing you don't get as many potential buyers.
You are right about the MLS but there are a ton of ways to advertise a home for sale without using the MLS. If I used a traditional realtor to sell my home now it would cost me about 40K in commission. So I can use those $ to offset the price and make my home more attractive. At least to me it’s not worth paying that kind of money to let someone else do the leg work. But I also understand there are a lot of people out there who are incapable or unwilling to put in the extra work and they rather pay someone else to do it.
Get pre-approved, forget the agent, get a lawyer to review transaction after hard negotiation with sellers agent. End of story.
By my code of ethics, I do have to advocate for all to seek legal counsel, but I can share that I taught law at university, and real estate law to many hundreds of agents.
What I have noticed is that attorneys often cost their clients many thousands of dollars, for which I can cite specific transactions. The attorneys aren't licensed real estate agents (typically), and they don't have access for comparable sales or know of the upgrades in comparable properties and how to adjust for that, or of what appreciation over a period of time is, and how to factor that in for the specific area, as appreciation rates vary.
Also per your hard negotiation....I have witnessed attorneys piss off sellers and blow deals, and I have known of several attorneys who violated the law, were ignorant of real estate law, and were in dire trouble with the law.
So try again.
@FilmthepoliceKC Why don't you delineate why I should cry, as I am truly blessed with my career in real estate.
@@randylazer2894 nope, not all attorneys will piss off sellers, and pay the $300 fee to gain access to the MLS, not hard to do. Your arguments are fear-mongering in general, you try again.
@@lour9348 You not only missed the point, but just lied about fear mongering.
Attorneys don't have the ability to evaluate the worth of a property, or to make adjustments for upgrades, nor have they personally been in hundreds or thousands of properties to have a basis of understanding investment potential.
Attorneys also don't necessarily understand dividing lines of appreciation and analysis of land valuations.
So attorneys wouldn't be able to identify the best real estate investments, or recognize for a buyer what a good contract might be.
In fact, I taught real estate law, contract law, torts, and business law at university, and attorneys consult me regarding real estate, while many attorneys have no idea of real estate law.
I can cite court cases where an attorney called for a real estate agent to commit mortgage fraud and to violate laws regarding only licensees can have commissions, and where a Sellers Real Property Disclosure was not issued.
So you don't know what you are talking about, and I have seen attorneys cost people ulitmately $200,000 from gains on appreciation of properties, and one attorney just cost his client per my assessment, about $10,000 for a loan modification that a realtor could have done for free.
So here's the point...an attorney can't negotiate a contract when he or she doesn't have an understanding of the value of the property, from not having the knowledge of being able to make adjustments for upgrades, lot size differential, other premiums, land value, as that is the knowledge a realtor has, and not an attorney.
You can look at MLS, but you won't know what the proper methodology is for evaluating comparable properties, and of assessing costs of renovation and the value that will bring.
@@lour9348 I have never met an attorney with honest ambition... Most are greedy and lazy.. way worse than realtors... This entire "lawsuit" is some scummy attorney group looking for a killing... It's changing NOTHING.... it's a total farce...
Honestly the realtors do not provide a value as high as their fees. Glad new entrants will make it more convenient to buyers
Seems like you guys are on the Realtor’s side with this news piece. So I guess you’re OK with charging 6% on a $400,000 home just to type in a few things and open up a few doors for people? That is not worth $24,000 end of story. Technology and change disrupt everybody’s career and a realtors career is no different.
Yup
you forgot the pictures they take with their cell phone and send to the web site. you can do that your self and put it on craigslist. and always go through a title insurance company.
What do realtors even do that you can't do yourself or have an attorney do for you?
You mean..3% for spending 15 hours showing homes, or in some cases 30 or more. Of writing 2 or three contracts, saving the buyer typically more than 3%, as often I have saved buyers $10,000-$25,000 in negotiations. But even more importantly, identifying the very best properties that not only meet the requirements of the buyer, but of closing a home that has great appreciation. That is how I have built wealth for many, many clients over the years, including one who retired in 2002 and traveled the world. You are clueless, and I would encourage you to learn.
@@randylazer2894 As @Dany_Stormborn who responded to your incessant posts on other comments said, give it a rest. @themasterrogerdelgado makes a very good and relevant point…and now I’ll add to it. Everything…absolutely EVERYTHING undergoes change and disruption. It’s called progress and evolution. A.I. is a perfect example of this and we’re at the very beginning of all that it will do. Especially to the real estate industry. Deal with it and adapt instead of trying to fight for something that is clearly going extinct.
Next thing you know, you’ll be advocating to bring the cotton gin back. Give me a break. Go use your time more productively, like gaining some new skills before your income runs totally dry. And trust me, no matter how often you get on your soapbox and protest, it will happen. In fact, it already has. You just won’t admit it yet. Or don’t do anything at all to protect yourself from the change in progress. Let’s see where that gets you. It doesn’t matter to me either way.
Buy a house , pay your agent … not theirs … I didn’t hire your agent
we wish it could be so, but its not and they have the regulations in place to make sure.
there is no need for agent, AI can fill up paper work with Zillow i can find a house.
😂
@@WufflesGhosts if i can negotiate for car purchase at dealership i should be able to negotiate for house AI can fill up form for me for $9.99
Can AI get a realtor's license? who do they get the "paperwork" from? Who owns that?
@@SeanD808 there is no reason to get Realtors license. AI will check for mistakes or any other issues for $9.99.
Chat GPT literally has a negotiation model to use right now.
I believe that the seller should paid their agent and the buyer should pay their agent.....it's as simple as that.
My relator had a "tip" option on her iPad when I bought my home and signed closing documents
😂😂😂😂 …. They have no shame!
😁😁😁😁
that's nuts... I have never seen that on Docusign or Authentisign...
Was she moonlighting as a waitress?
This is how it should have been many years ago. The seller pays their agent a fee to sell a house and the buyer pays their agent a fee. Why should one person have to pay two agents? Commissions have always been too high as well. Shelling out $20-25K for someone to upload a listing, show the property a few times, and help sign paperwork is insane. The good thing is agents might actually work harder because of this.
We sold our house in California in 2004 . My realtor did lots of works for us by getting the house ready on the market because we had moved to another state for years.
Our house was sold in one day . So, what job the buyer's realtor did ? Why shoud we pay someone for buying our house?
I Now, its a internet time. Buyers can get all information about the house they like on line. They don't need realtor drive them around to see the houses. Buyer should pay their own realtor .
Hopefully it only affects the greedy realtors.
You mean the greedy realtors who are trying to feed their families, and who give of their time and money to charity.....those greedy realtors?
@@randylazer2894NOT EVERYONE IS YOU! GIVE IT A REST! Also, AA & anger management are both options.
There isn’t any other kind of realtor now days.
@@The.Hawaiian.Kingdom So there are only greedy realtors, right? You mean like the realtor who donated her entire commission for all of her work to the family whose child had cancer?
Do you mean like me....who volunteered my time to renovate homes for disabled minority seniors, and also shelters for women who were victims of domestic violence? Was I being greedy when I cut commissions for many deals by $1500 or more for people who wouldn't have been able to afford a home, after working 50 or more hours for that transaction, while those families later profited by hundreds of thousands of dollars?
I would encourage you to not be characterized by the words of Thomas Sowell, of "Seeking to enjoy a sense of moral superiority out of your ignorance".
Tell me, are realtors greedy for working 60 hours a week, taking calls at night, working on weekends, to make an average in 2021 of $54,600?
Isn't your screen name hypocritically greedy by including the word Kingdom...which infers great property ownership and wealth? Now, go pick up the mic I just dropped!
@The.Hawaiian.Kingdom
So it doesn't look good for all of them, as long as it's better for the buyer.
Getting 3% for opening a door 🤣🤣🤣
You mean..3% for spending 15 hours showing homes, writing 2 or three contracts, saving the buyer typically more than 3%, as often I have saved buyers $10,000-$25,000 in negotiations. But even more importantly, identifying the very best properties that not only meet the requirements of the buyer, but of closing a home that has great appreciation. That is how I have built wealth for many, many clients over the years, including one who retired in 2002 and traveled the world. You are clueless, and I would encourage you to learn.
@@randylazer2894and again… I’m starting to think you’re unhinged honestly
@@randylazer2894 Companies like Redfin can save more and then we don't have to deal with a glorified marketer. Real Estate agents: your time is up!
💤@@randylazer2894
In reality, being a buyers agent has way more work than listing agent, especially if the buyers are first time home buyer.
We have to spent lots of time walk them through the process, keep their emption at bay, search daily to find top choices homes for them that they will like and within their price range.
We also need to drive to every single house to show them, the show process can take from weeks to months.
Once they find the right home, we will spend more time negotiating price, schedule home inspection, appraisal etc. we have to coordinate with seller, title, and all parties for each process to ensure everything goes smoothly.
The time and gas money comes out from our own pocket until we get paid, then we have to share it with out broker, put aside for tax, pay the realtor fees, pay the credit card bill that was spent on gas, phone bills and meals.
After all the fees, what really left is not much, thats why average realtor makes 50k a year.
I want to be able to sell my own house online as I would a car.
Wouldn't someone test drive your car? The MLS is Online...
*It’s not the realtors we need to worry about. It’s the corporations buying up all of the houses.!!!😢*
Corporations only own a small percentage of home sales.
Absolutely true, Congress is getting some big payoffs to sit and do nothing about the buy up of affordable homes. This is global, not just in the USA
In NORTH DAKOTA ... a CORPORATION is NOT allowed to own a FARM or even a PHARMACY. Sounds like we need the same RULE for HOMES and APARTMENTS ... nationwide!!!
It takes less than 1 hr to show a house. If someone is spending 15 hours on one prospect showing houses, that’s at least 15 houses, that’s clueless. Take charge of your client and you will do better, don’t be a professional door opener.
😂 ……💯!
Nothing makes me feel better then watching do nothing realtors crying me a river.
Sorry you live in an apt... Being bitter and jealous is pretty pathetic... Joe Biden bought his last house for 2..2M with CASH... Pelosi is worth over 100M dollars from insider trading..
Good. Found my dream property with no agent. I still had to pay my 3% to the seller's agent to represent me even though they did nothing. Makes no sense. Buyer/seller agents should be voluntary.
We currently are selling house #7 (since 1986) under contract will be 1.5% buyers agent fee. Sold house #6 in 2021 and paid 2%. Both buyers agents wanted more, we refused. I think that is called negotiating? The previous 5 houses listed and sold without any agents. Agents think they are “The Great Negotiators “, well now THEY will have to negotiate for their dinner.
Oh! I forgot to add; Also sold two businesses and 7-8 pieces of land (I forget how many lots got subdivided. So long ago) with no agents.
Just like you can't buy a car, other than Tesla, from a car manufacturer. These dealerships are the biggest crooks next to a lawyer and a realtor.
NAR has made MLS data available for years through their own website and through other 3rd party sites. Buyers agents have disclosed for years in other states (like CO, CA) various commission structures including flat fee services, and have given sellers flexibility. Sellers often do not understand the upfront costs agents absorb, with no guaranteed of recoup. I am not a agent but I worry about a large firm like Zillow entering the market and creating a service that puts agents out of business, and ultimately creates a new monopoly where they control the data and provide "tools" (like Zestimate) that heavily push the market in one direction or the other, with no independent oversight. Buyer's agents have traditionally been that 3rd party that acted in the best interest of the customer.
Buyer's agents work on commission, so they act in the best interests of the seller because of the inherent conflict of interest.
We currently have our house FSBO under contract with a buyers agent. Believe me they are not working in favor of us, the Sellers. Yet, we will paying her commission.We explicitly listed our property with 1.5% buyers fee. She tried to sneak in 2.5% in the emailed contract. Nope was not falling for that. Lost my trust at that point. You would think for a $8000+ commission, she could have driven the 15 miles to explain and get the contract signed? Probably too embarrassed to face us in person to explain why she thought she was worth another $5400. @@benjwgarner
This definitely is part of a bigger plot to make it harder for buyers to get into a home & keep people as renters
This only affects greedy realtors 😂
% based was 🐎 💩 anyway…. It takes the same lazy effort to sell a $200k and $800k house…..it should just be a set fee….
Preach!
Defund the realtors association
Why do i need an agent?
$100.000.
JUST TO OPEN THE DOOR.
AND DO SOME PAPER WORK.
IS CRAZZZZZY.
We use commas not periods in the USA.... that's 100 bucks...
Nothing more disgusting than watching a realtor pull up in a brand new Range Rover or Tesla for doing practically nothing.
Elon Musk is worth way more than he deserves... Joe Biden bough his last house for 2.2M cash.... Imagine that?
Sell your homes yourself, realtors have been ripping customers off. Here she goes, im immigrant. Why didn't you sell homes in your home country?
Go after HOAs too.
You'd have to get the cities or counties to agree to maintain more roads/parks in exchange for nothing. Good luck getting them on board with that.
That 6% commission is parted between themselves. Wouldn't disregard the exploit the agents, builders, and lenders are colluding … plus disproportionate local government taxes that exacerbate hardship to unassuming homeowners.
Awwe realtors can't screw over buyers anymore that's really a shame I'm sad for them
Yeah now the buyers have to pay their agents.... imagine being close to buying a home but you can't do it since you can't pay your agent.. That's why the seller covered it before.. so you could finance the whole thing...
They are trying their best to scare you into pushing to keep the law the same so they can retain their fees
It's a settlement.. not a law change... Nothing changes only the fees won't be on the MLS anymore... sad they can't get this story right...
Those Snappy little Real Estate Agents Can Get A Job in Housekeeping in one of the Hotel's or McDonald's !!!
Did I see you in the McDonalds drive through today? :) so bitter...
Keep voting democrat and keep getting what you’re getting 😂
this has been going on for 100 years under Republican & Democratic policies
The 45 year old boxer should have bought an affordable house when he was 30. The days of affordable housing was good then.
Absolutely a seller should not have to subsidize a financially strapped buyer. Most sellers have 1 house to sell, they need to get their best price during this one opportunity.
That's why you pay the buyer commission... so it's an easy transaction selling for the best price... A financially distressed buyer won't be able to pay for the buyers commission which is gonna be a problem.. but if the seller fronts the money they can finance it all in the loan... Are they going to do that with side agreements for buyer commissions?
I know a lot of good people that are realtors but even they knew that this day would come. They have been ripping people off for too long. It’s especially bad how whenever someone tried to negotiate a lower commission, the other agents would ‘black ball’ that house or client.
I hope the honest realtors thrive and all the creeps find a real job.
Somebody died on the north side every day last week.
It would help is they had some true blue Democrats in Las Vegas/Clark County. The Democrats they have there are DINO's.
They did 99 percent of Vegas voted for Trump.
Good. It's a SLIMY business.
What do you do for a living? Work 7 days a week, trying to find people their dream home, and then negotiate as strong a contract as possible, after spending much time identifying the very beset properties that fit the buyer's needs, and then having them realize hundreds of thousands of dollars of appreciation?
Is using a 11 page contract and an escrow company, while having had hundreds of hours of continuing education mostly in real estate law....is that slimy?
Am I slimy for volunteering to help renovate the homes of disabled minority seniors? How exactly am I slimy, or how is my business of 33 years slimy?
Next time, think before you choose to share your ignorance online.
Buyer won’t understand the legalities? Bc realtors are lawyers? Door openers be mad 😂
Realtors aren't lawyers, but having taught real estate law at university and to hundreds of agents, and having spent 33 years in real estate, the buyers typically do not understand the legalities that are included in about 11 pages of a contract. By our code of ethics we can't give legal advice, but we can point out what is included in the contract so the buyer can have a proper understanding.
Realtors aren't just door openers ......sometimes 15 hours is spent showing homes, writing 2 or three contracts, saving the buyer typically more than 3%, as often I have saved buyers $10,000-$25,000 in negotiations. But even more importantly, identifying the very best properties that not only meet the requirements of the buyer, but of closing a home that has great appreciation. That is how I have built wealth for many, many clients over the years, including one who retired in 2002 and traveled the world. You are clueless, and I would encourage you to learn.some of which are fairly technical.
@@randylazer2894 By definition you don't provide *any* legal protection. What *real* value do you provide apart from opening doors? Zero. Redfin should render all agents obsolete, or, at the very least, provide some legitimate competition against the realtor mafia. No one needs overpaid glorified middlemen.
@@turkeyssr Randy is in his feelings…. He’s posting the same nonsense over and over!
But we have E&O insurance to cover legal problems in the contract etc. There will end up being a lot more small lawsuits if buyers and sellers do not cover there butts.
@@mimibett Correct, and as you had written, buyers and sellers without an agent, literally don't know what they don't know. Think a FSBO would have an SRPD all filled out and a mold disclosure?
Think a buyer could do something to screw up the return of their earnest money if they didn't want to proceed?
Those questions are addressed to those who you were responding to, while lawsuits with legal fees on both sides might not be so small.
If you can't afford a house in Vegas, look into buying a 1 hour commute.
Next...investigate insurance companies & how much their commission is?
And the shady practices some agents have done to write more biz (sometimes w/o customer's permission)
Don't forget the mortgage broker.. or the title company... I had my ears cleaned by a NP the other day.. charged me 390 dollars... It took 5 minutes...regulate? Charging me the price of an MD but they pay far less for the NP and pocket the difference...
What was the the point here? I can not tell. In fact, I can't tell what this piece was talking about. Normal "reporting" these days.
It was a fat settlement for an attorney group.. they are still going after some big players like Berkshire Hathaway... the only change is commissions are removed from the MLS listing but there will be somewhere else to check the commissions.
Realtors help protect your investment by knowing the laws. After these lawsuits are done, people will no longer use realtors because no one wa ts to pay their fees. This means you won't be protected when you buy that house that the owner just painted over the water damages rather than fixing it.
As for the 6% fees, that gets split between both the buyer and seller, usually at 4/2%. Then those get split between the brokers. Agents usually only make around 1-2%, that's $1k for $100k home. It takes usually a month or longer to show a buyer around to find the right house and another month to close. Agents don't get paid till close. So minimum of 2 months for $1k is not good. Plus there's tons of fees to keep their license active. Unless you work in a really good office, most realtors only make between $30-50k a year if their lucky.
The realtor doesn't protect you in the water damage instance, the home inspection does and the buyer still pays for that out of pocket, not the realtor.
Just hire someone to do a home inspection before purchasing a home. Also, a realtor wouldn't be able to do much even though he/she is familiar with real estate laws. They would just end up recommending a lawyer that they know if it went down that route?
@@Matt-fl8uy but most buyers don't know to get a home inspection done. That's where an agent helps protect you by knowing what is needed and how the laws can help protect the buyers.
Don't forget about all the expenses for gas, leads, advertising and open houses.
$46,014 to be exact (average)
Realtors are high priced used car salesman... a house will sell itself. Its about time....
Wrong. Not without proper marketing that creates a sense of urgency for the buyer, while the real estate agent and not the house itself, negotiates the contract and can often benefit their clients much more than the commission.
I had a car on facebook marketplace... after 4 months I couldn't sell it :)
This is so timely. I just heard a guy telling a RE agent off in a parking lot that Zillow would take his job so he shouldnt be so smug. Its sad but true. Chat GPT has a negotiating model now and anyone can use it and a Title company to buy and sell themselves.
Awe, The overpriced sales people have to go, why should your price go up like 10% because of these? Chislers
Honestly I didn’t even need an agent.
Its sometimes risky to wade thru the regulations and compose contracts to sell your own home.
The scammers will be out in force !
Oh poor baby. You can’t rip people off anymore. Get a real job.
If we can sell our own cars why can’t we sell our own homes?
You have always been able to do that
@@mimibett ...then why doesn't everyone do it?
They will be like spirit airlines . Charge for everything and consumer will pay more then before .
BOTH the seller's and buyer's agents were incentivized to keep prices high. That was ALWAYS a fraud.
It's not that complicated. Buyer's agent is supposed to work for the buyer, but they never did, because they got more money when buyer paid more for the house.
I'm not even so much against the seller paying the buyer's agent, but it has to be a fixed amount, not a percentage of the transaction price.
You think you can take a 400k home and sell it for 2.2M? it's like the house sells for 410k... or 390k etc.. it goes both ways for the commissions...400k is 12k dollars for a 3% commission...A fixed rate brokerage charges like 1.5k for the transaction.. or a big realty company charges 30-50% of the transaction plus fees... so your agent could get less than 5k of that 12k... Should we make a rule for the max commission split rates? Realtors usually work for a big company that does big splits...
Cancel agents... Go back to selling your house yourself.
I always knew i hated realtors
LOL sorry if you live with your parents...
R.I.P. First time home buyers!
this should have been done years ago realtors ripping people off same with title companies with refinancing charging for a refi...
The average income for a real estate agent is $46,014.
That’s from selling a few homes! Cry me a river
Average house in our area is $500k. Buyers agent charge about 2% = $10,000 and probably keep about $6000- 7500 (rest goes to broker/owner) . So they would have to sell 6-8 homes to get that $46k. Also, that “average is so low because there are sooooo many realtors and only 50% report they are “full time”.
This is all nonsense, realtors are worried about lower commissions now period.
I didn't understand why i had to pay the buyer and sellers agent. Ridiculous. $20,000 for a modest house went to the agents. 6%.
A loan commission can be 10-15k too... we need to get illegal aliens into the mortgage industry!
Because when you bought your home the seller paid for your buyer agent's commission. So when you sold the house it was your turn.
the main issue to me is the 6% .
This piece confused me other than informing me that things are going to change.
Technology makes it hard to justify the traditional commission. People do their own research, look at photos, drive by and the buyers agent confirms the research and helps with paperwork. Should be fee based and much less than 3%.
Sellers should be able to list their own property and the agent can help with the paperwork for a fee.
New trades to support the seller and buyer will emerge. For example, photographers, inspectors, designers, and more.
Realtors, like, they have in the past, will adapt.
Tell me....was I overpaid when I negotiated a deal that saved my client $100,000? Am I overpaid when I negotiated excellent investment transactions for a client who retired in 2002 from work, and traveled the world? Am I overpaid from identifying the best investment properties that have brought in 7 figure profits, for making 2.5%-3%.....like one property my client purchased in January 2021 for $439,000, and I renovated that while he put in $50,000, and sold it 18 months later for $682,000. Was my 2.5% over paid? Am I overpaid for making a client a projected $1.1 million return in 3 years while I worked about 300 hours..is that 2.5% over paid?
@@randylazer2894 I did not intend to imply "you" were overpaid on those deals. However, I have never met an agent that did a renovation for me. I would also be curious if your clients say you were worth the compensation. If you add value, then your clients will continue to pay you what they feel you are worth. I guess it is about the consumer, not you.
@@Mike89138 At least you engaged in civil dialogue. Many realtors work incredibly hard for their clients, which includes sometimes cleaning properties, working on weekends for open houses, working at night, facilitating with lenders what is required to have the loan closed, sometimes firing a mortgage lender and finding one that can get the job done, working with escrow to protect their clients when there are issues with the property in violation of the contract to have funds withheld, and literally a bijillion other things.
As far as my clients per your question that I was worth the compensation. Well, one client who I sold a house to 20 years ago called me, and I saved him $100,000 on his luxury home from what he offered, which was $600,000 under list. So coming back to me after 20 years, and I have many stories like that, sometimes 10 years.
I have sold homes not only to original clients, but their children. The investments I have identified have set up dozens and dozens of families for life.
So I hope that answers your question.
Some of the younger realtors hustle and really earn it. Some of the established ones are too comfortable. Making 50k for 20 hours of work just because you play golf with the right guy or whatever...it's getting out of hand.
How about write some garbage book that few people buy but your publisher takes a loss.... and you get to buy your next home for 2.2M dollars CASH.. That's Joe Biden...
If i was a realtor i would be pissed. Easy money is gone for the buyers agent. As a buyer i am super happy
LOL try to get someone to work for you with no commission... Otherwise GL!
In las Vegas that's the way love goes that's the way love goes.
Fake news
Realtors are a dirty business.
Even the Rich cry lol
Vegas realtors are incredibly greedy
AMERICAN DREAM OR AMERICAN NIGHTMARE!!!!!!!!!!!!!!!!!
Make dual agency (representing both the seller & the buyer, in order to collect the full commission of the sale) illegal, it creates an unfair conflict of interest wherein the realtor puts their greed above their clients interests, because if representing both the seller and the buyer, they can’t and won’t fight to get the highest price for the seller and the lowest price for the buyer… it incentivizes getting the highest price possible, benefitting the seller only, because the realtors commission is based on the selling price.
Agreed. The buyer’s agent can still get paid in “concessions” by seller or the buyer will have to pay for his/her buyer agent. This only hurts first time buyers. You could almost say that they want it to be harder to buy a home and keep us all renters.
@@Cdub0619 The seller can still offer a commission.. it's just off the MLS... If I were selling a property I'd have the owners offer a buyers commission since it makes things way easier...
The only constant in life is change. I believe the 6% rate should have been abolished decades ago.
Even decades ago they had no 6% rate... It was always negotiable...
They really make to much money
good !!!!
Good Realtors been taking advantage of buyers & sellers both parties.
Realestate ripoffs
SAY BYE BYE TO HALF YOUR INCOME
Stop buying houses
Hahahahahahah..... all that yreed caught up with you
It’s about to get cut throat competitive for those realtors who will want to hustle for their money now
So true. When I was in business I was taught it was always better to make some money, than NO money. Let games begin. The younger agents will be cutting throats to get any commission.
Why don't you sue the person who guaranteed a huge return on your property investment instead of the people who make money off of selling and mortgaging your home? When did American guarantee the right for everyone to own their own home? I don't understand the premise of this story. Buyers and sellers are always at risk. Even mortgage companies are at risk--this is the 1st time I've ever heard that realtors and real estate brokers shouldn't be allowed to make profits because it's unfair.
@@WufflesGhosts That's absurd... NAR doesn't tell anyone what to charge.. There is no real change here... they just moved the commissions off the mls... all for 400M settlement.. absurd!
Middle man gone that’s that
This is welcome news.