Do Real Estate Agents Lie?
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- Опубликовано: 31 май 2024
- Do Real Estate Agents lie? In this video, Kati gives her true and honest perspective on the residential real estate industry and the real estate agents who work in it. She tells you the truth about why people hate agents and uncovers the realities of what they lie about and what they don't.
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Video discussing the commission lawsuit
⚡️ ➡️ Real Estate Agents Sued for $1.8 Billion • Buyer Agent Commission...
Chapters
00:00 Intro
01:45 Low Barrier to Entry
04:28 High Commissions
09:05 Pressure Tactics
18:46 Hiding Motivations
20:22 Real Estate Agents
21:31 Lack of Education
22:31 Lack of Communication
23:00 Friends and Family
24:16 Part Time Agents
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#realestate #realtors #truth
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I'm a rookie agent and I thank you for your candor. After decades in IT, I was laid off and decided to change careers completely. I've always been fascinated by real estate, but I can't stand the stereotypical salesperson...arrogant, pushy, trying to trap you, etc. But here I am. I believe in the Golden Rule (treat others as you want them to treat you), so I'm looking at channels like yours to get my bearings and make sure I'm on the right path. I chose a small boutique agency (rather than one of the big name "meat markets") for the family atmosphere and a broker who is very hands on in helping his agents gain experience.
Good luck!!! Thanks for watching!
We've had the falsified offer tactic used on us at least 3 times. In each case, we withdrew our offer and suddenly the seller wanted to accept our offer, and in each case, we simply moved on rather than work with a dishonest agent. I suspect this may happen more in some markets than others.
Yes. I definitely think that’s a true statement.
I am a real estate agent in Idaho- and I have SO often wondered about the list agent playing this card...
Lol I'm almost surprised when they DON'T try to pull this maneuver.
As a realtor I agree with everything you’re saying. But I’m also inexperienced and I really think there should be an apprenticeship for 6 months to a year for new agents. I can’t get experience at this rate by myself
Agree. The industry is set up for failure. Thats because there are no salaries. Just commission. I highly suggest you shadow someone. Ask to do tasks for someone at a small hourly rate. Open doors. Write up paperwork etc.
This is why you either work as an assistant to an agent first, or join a team. Just the weekly meetings, discussing the challenges in their transactions, you will learn a LOT. And then do a joint deal with your mentor or team leader, for the first few deals, until you feel comfortable.
good advice. I may have to change brokers to accomplish this. I really don't want to join a team but I would like to assist someone, no one seems interested in taking me on where I am
@@arizonashopper5095
I wish someone in the auto sales industry would make a similar video.
Good idea!!
Several years ago, I told my agent what I wanted for this house/duplex. It was in a very hot location and still is going strong. She told me I wouldn’t get that price. It was not an exorbitant amount. It sold with the first buyer. I later met the buyer with the help of the agent. The house was built in 1924. So the buyer tells me in front of the agent that he would have paid a lot more for the house and my agent talked him out of it. I looked at her and her eyes got huge. I couldn’t believe it. I did not know that was illegal in my state until just now. I felt very violated. I trusted her to sell for me. Very hard to hear this. Not much you can do about it after several years have gone by.
Oh I’m so sorry!!! I hate to hear stories like this!
I flip. Sold a house once to an agent. Agent wanted to move in before close. Sure, no prop, $600/rent for 2 weeks, very fair. Agent say "nah". Week later I stop by the house and the agent had been moving in his stuff. He used the lock box to get the key and make himself at home. I called his broker to report his agent using the lock box to break into the home. Broker literally told me to "F*ck myself." I sent my guys to the house with a truck and removed everything the agent had moved in. Agent still closed and never once mentioned all his missing stuff. Don't want to call the police and report you broke into a house, moved in your crap that's now missing?
Taught me a lesson...no more lock boxes. I don't even post a for sale sign. Saves me money and it's safe and buyers don't care.
Yeah, I hate agents.
That is an amazing story! Wow! Good for you removing the stuff! 🎉
That is a powerful story! Thank you for sharing!
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NEVER agree with the buyer moving in prior to closing. You're at full liability. NEVER agree with seller staying after close. NEVER allow any property or improvements prior to closing. The horror stories of sellers sued for thousands in damages for buyer's property or being forced into expensive eviction cases are numerous.
It isn't closed, till it's closed.
No keys until the funds are at the closing agency. Protect yourself. No one else will.
@@KatiSpaniakFor a referral percentage.
I have never been a fan of real estate agents, But the Listing Agent is the one who should get a small flat fee for Listing and advertising. The listing agents put the property on MLS, and sit on their ass until the buyer agent sells the property..!!!.If there ever was a need for a fixed commision, it should be for Listing Agent.
My daughter bought a house 2 years ago and her agent was not available to answer questions as the house was being built. We had to get answers from the seller's agent. Didn't even see them at closing or get a acknowledgement they completed the sale. The seller's agent even gave them a gift.
We also learned the hard way about agent's reputation. We picked one to sell our house that was popular in our area, or so we thought. We found out that because she was the listing agent, they wouldn't show our house. She never brought one buyer through the doors at all. After her contract ended, we signed with another agent that said our home was overpriced. They were successful at marketing and selling our home.
I’m so sorry. Terrible experience!
This is pretty typical in new construction. I only sell new construction and it’s very rare to see a buyer agent except at prior to contract signing and at closing, when they suddenly reappear for the commission check. We work very closely with our buyers and copy the buyer agents on everything, but they rarely show up to meetings we schedule or respond. By the time we close, we have built our buyers a house and have met with them many times, so they are comfortable approaching us regardless of their agent, so frequently the agent seems to “drift off into the abyss” until closing. 😂
On a side note, another pet peeve of mine is the number of agents and the buyers who ask for the keys before closing, literally it’s a running joke we have and a bet to how long into our final meeting will it be before they ask to get the keys before closing day. 🤦♀️ Professionalism died with technology, apps, cell phones, and the latest generation. It’s made everyone impulsive and a little ADHD.
@ashdav9980 haha, they offered the keys early because my kids were moving halfway across the country in a rental truck. It was hard to find a truck to rent so the seller understood the difficulty. He let them place furniture in the garage before closing. But without the communication with the seller's agent, timing would have been impossible.
Yes, the old “listing agent/not doing anything more” thing. 😑
Sure they did! They took a percentage of your profits, split it with the other agent to work against you, and picked up their paychecks. Geez, what more do people WANT?? LOL
I love your comment about agents not answering their phones. It’s a huge red flag.
Thank you!!
I'm glad you are asking these questions. It's useful to understand what people really think rather than avoid unpleasant topics.
Glad it was helpful! Thanks for watching!
The fact that my realtor was dual wasn't that big a problem. What was a problem was that she would tell me things and later deny having told me. I wish I'd started out with a pad and paper so I could write the stuff down and later pull it out.
So sorry that happened to you!
I hate BAD realtors, but there are many great ones out there too!
Yes! There are!!
I sold 3 of my own houses. 2, got 10% over ask. Also listed them 10% over a real estate agent’s CMA. One wanted me to work for them, the other asked me how I did it and how I got such a high price for it. Saved myself tens of thousands of dollars in commissions. I don’t trust real estate agents, most are useless and don’t do it full time.
How did you do this without a agent, did you just use a real estate lawyer? Any advise would be appreciated, thx
I have also done this. 5 houses but 3 were a long time ago. I think I got fair prices. I believe like me, this person probably used a flat fee MLS listing.
@@markgoodwin183what about the paper works? Documents etc..who did that for you?
Good for You!
Use a flat fee MLS listing service. Explain to buyers if they're represented by an agent that commission will be added to any accepted offer.
Do your due diligence and understand sales contracts before listing. They're boilerplate. Not rocket science. Learn the different loan types and their conditions. This is a very important step. Don't skip it. It could cost you thousands.
Showings can be computer scheduled. Invest in the service if not included in your Flat Fee.
Hire a good photographer.
Run your contracts before an attorney prior to signing.
The majority of buyers find their own listings. And listing agents don't show properties.
Decide if you're willing to allow lock box or if you want to show in person.
Only accept showings from pre qualified buyers.
I think commissions should definitely be negotiated. Seems like 6% is the holy grail. I don't think they're worth it. I have a home worth over 900k and there is no way that I'm going to pay an agent anywhere close to that commission, they just don't deserve it. But then they say, we'll get you that much more, which is just a line they use.
On our high end listings we are out thousands and thousands of dollars up front to market those home properly- Sorry but us agents who have been in this business 30 plus years and have devoted our lives to it and work our butts off to do the absolute best for our clients do deserve whatever it is we neg with our clients. The majority of the time I absolutely make my clients that much more and then some thru my contacts of other high end agents that took a decade or 2 to develop and my marketing. If I sound like I am defending what I do I am because I have spent 34 years working hard for my clients and I am proud of what I do and have hundreds of reviews to prove it and all I hear anymore is negative about agents. 20 plus years ago the industry was so different. The bar of entry should be higher, a new agent should work on a team or with another seasoned agent for a min of 2 years and training needs to be better.
We never pay over 2% for buyer and seller agents
Commissions are split, usually among 4 parties. How would you propose the industry pay a realtor? Just curious.
This is a very good question. I honestly don’t know how it will play out. If the sellers stop paying the buyers agents then the buyers will go straight to the sellers for a dual agency. It will be figured out. But there will be some pain in the meantime
You move a lot?
I see all the time newer agents do a better job then experience agents. if that agent has just that one deal to work on they will try really hard at everything vs the agent that has 10 deals going on...
Great video! I am a flooring and home improvement contractor in metro Atlanta, and a lot what you said runs parallel with the problems in my industry. Honestly, reliability, and integrity matter.
Thank you!
I was an agent for 11 years, and also worked with nonprofits, so I finally decided just to focus on nonprofits. I truly enjoyed my time as an agent and was quite successful. Never ever ever was our price set. Maybe somewhere, but nowhere I worked, which was in Kansas. Going rate as you said, but I had people negotiate down. I also asked more than the going rate sometimes if it was a very low price house that needed a lot of work on my part.
Thanks for your comment!
I have been an agent for 20 yrs, and I agree with everything you said. Sad, but true. Every new agent in the industry should have to partner with a mentor for some time before launching into the deep end. And I completely agree about the CE. It is all pretty useless for training agents to conduct themselves in an ethical, professional, and knowledgeable way.
Completely useless!!! Thx for commenting
Honesty is always the only way to go. One lie destroys your entire reputation. Tell the truth always or don't say anything.
I found that I should not assume property boundaries when I bought this house. Years after I bought this property, I found out that my driveway was one foot onto the neighbor's property. I should have had the property surveyed before I bought it. This was not a big deal, except that my garage is on the end of the house and facing the neighbor's property. It was helpful having that extra foot to get my cars in and out of the garage. I think the builder poured the driveway when the neighboring lot was tree lot, so it didn't seem that important, and maybe the original owner of my house also owned the other lot. I could have not said anything about it, but I gave that foot back to my neighbor when I poured a new driveway. My neighbor did not know about the error.
You probably didn’t need to. That foot likely became yours by adverse possession.
@@DMS20231 , true, but I'm concerned about doing the righteous thing and loving my neighbor as myself.
I have similar driveway situation but kept the fact to myself. I think it's a good point that fence lines or other indicators may give an incorrect impression of lot boundaries.
Some states do require a survey but yes, make sure you have all your bases covered. Thanks for watching!
We were selling a property and the buyer’s agent told us the date for closing. We neared the date and our agent (totally a great agent) kept emailing and phoning to find out when the buyer would be signing. Absolutely no response as we neared the date. Two days before closing date, he finally got an email saying “oh, yea, my client is not moving forward.” This was quite the 😮 from our agent. He had never had that happen. We kept the earnest money (duh) but missed 45 days of having it listed. 😮
Oh my goodness that is crazy frustrating and unprofessional. I am so sorry that happened!
Had similar experience when selling our home years ago. Closing date approaching but no communication from buyer’s agent. Kept asking my agent are we closing. My agent put me off until end of closing day. Buyer’s loan not approved, had to postpone closing. We eventually closed, was the most stressful experience!
It can be very stressful!!@@pamelayeager2083
I don't think they lie so much as they are always out for themselves.
Many are uneducated
I think part of the problem is ordinary people unschooled in the specialized knowledge involved feel forced to blindly trust people who could easily take advantage of them. Personally I feel a lot more downright deceptive practices go on in mortgage lending than real estate.
I agree with you. Real estate agents lie.
Unfortunately many of them do
Agents are negotiators trying to get the deal done. Stick to your guns if you need to as a buyer or seller but realize BOTH agents are trying to find the middle ground so it’s a win win win win. Watch Location location location episodes (a BBC show) to understand a little better how the agents try to close the deal.
It's the dual agency that really bothers me. How can an agent honestly advocate for 2 opposing parties?
I know many agents who do not do dual agency. I also have known many buyers and sellers who don't want me representing both sides and I have respected that. You are not alone!
Thanks for this video! Nice to get some truth for once. Subbed.
Awesome, thank you!
I was just about to relate our one nightmare story about an agent, then realized that it wouldn't be useful to anyone else to read my sorry tale. So I am not going to subject you to the details. Suffice it to say that this one horrible agent taught us some important lessons and gave us an iron backbone for dealing with future agents. We have since had other successful transactions, but that one nightmare agent taught us more than she intended to. I think one of the most helpful bits of advice I can offer is to suggest that you ask as many other people as you can about their experiences of buying and selling homes, learn from their mistakes and misfortunes, as well as picking up good tips about great agents, because there are good and bad stories to be told. Then of course you should listen to helpful videos like this one, and make notes. I now have a long list of questions that we will be asking any potential agents --- I think they might be a little shell-shocked at the end of the interview, but we will have learned a lot about them, and will then hopefully make a good choice when it's time to choose an agent.
For sure. There are great agents out there. You just have to find them! Thx for your comment.
Thank you so much for this video. Do you have a video sharing about a due diligence checklist?
You mean when you go under contract? Or when hiring an agent?
When you represent your buyer and there is not much information on the listing sheet. Thank you!
So Good! Great information! Thank you!
Glad you enjoyed it!
my asociation sucks, i pay them high fees already , their free courses are those that benefit them not the member.
Question about the change in commission ruling. We are selling in May/June but new ruling does not go into effect until July 2024. My husband is concerned we'd pay 6% commission to sell our home in May and then when we buy a home after July 2024 would need to pay a buyer's commission. This could push our commission paid to say 9% to sell and buy. Do you have any insight for us?
Very interesting. You don’t have to pay your buyer commission starting now. You don’t have to wait until July.
I think Dual Agency is going to be outlawed in a lot more places, now that buyers may not be able to pay someone to represent them. Bc I see a lot of potential lawsuits between Buyers & Sellers happening, and between clients and their dual agent.
Tip: If your agent says they want to also represent the buyer on your listing, say no. (They can't do it unless you sign off on it). They aren't allowed to tell you a lot of things they would normally tell you, bc it creates a conflict between their OTHER client. My state allows dual agency but my broker doesn't, bc it's not a good situation for anyone.
It’s terrible. I hate it!!
Lawyers get paid thousands to send a letter! No one complains about their 33 to 40% which is commission because they get that off of whatever the settlement is and offer of your pain and suffering. Everyone always comes for real estate agents and it’s very strange to me they negotiate they protect your earnest money. They know when you should pull out of a contract they organize, the inspections appraisals you name it. They do a lot more than paperwork, so cut it out. No one complains when MSRP is marked up due to car salesman commissions no one complains about lending commissions when they mark up those extra points on your loans people are getting paid for whatever their work is I don’t care if a mechanic only spent an hour on your car if the job is $1000 it’s $1000, no one has set commissions everybody’s price and worth is different.
Well said! Thank you for commenting and approaching this topic with an open mind!
Ours did. In a big way, and was caught out, and not just by us. He doesn't work for that company anymore.
I noticed that this video seems to be a referral funnel. It is yet another thing agents aren't honest about. I'm wondering what you think the best way to approach that conversation with the public could be. When I refer clients out I mention I will receive a fee, but I always want to be more transparent.
Thank you for catching and mentioning that! Not exactly above board and honest to schill for referrals without letting people know you'll be paid for "helping," them. Lol I'm shocked a realtor would be so devious 😂
Thanks for all the great information!! I’ve not had a realtor that was bad. But, I’m getting ready to sell another house, and need to know what to expect, when interviewing realtors in the area.
Glad it was helpful! Let me know if you need help!
very interesting and informative. thank you
Glad you enjoyed it!
I don't think any of those "lies" are really lies. The agent is maybe just over eager or overly optimistic.
Disagree with you regarding agents minimizing problems. Some agents sound like a used car salesperson! I’ve pointed out wood rot & been told that’s nothing, just throw a little paint on it. That’s only one example of many, lol.
Thanks!
You’re welcome!
You are correct about experience of agents, and agents "buying the listing"
Thank you!
Thank you for acknowledging the value of experienced agents and the issue of "buying the listing."
There has always been waaaaay too many pigs feeding at the trough because the commission paid for simply finding one or both of the parties of the transaction is grossly excessive for the talent and effort required. Realtors have repeatedly stated the hardest part of their job is beating other realtors to the trough.
Great information- thanks
Glad it was helpful!
So right!!
You hit the nail right on the head. I am a real estate broker myself and some of us do work very well with our clients but some are just sloppy; you pointed out very accurately all the problems. Your videos are quite informative. Keep up the good work!
I don’t like real estate agents as I always attract the lowsy ones. In any of my properties that I’ve sold, they always sit on the market forever so I really pray that I never have to sell my house. And of course all my friends sell property and it sells promptly.
Thanks for sharing your experience. It's tough when things don't go as planned in real estate.
I have been in this amazing business for 34 years- I still have a deep passion for what I do- It makes me so sad to see videos like this, because honestly back in the day agents were so much more professional. I think part of it is changing times. I have seen agents flood the market every time the market gets good to disappear when there is a shift, but in the meantime they ruin it for those of us who are professional, work hard and put our clients first. I have said for many years the bar for entry should be higher, but then again I go back why is it 25 years ago agents were more professional, they worked hard, they answered the phone, they put their clients first. I also think agents should either join a team or go thru an apprenticeship like an appraiser for the first 2 years. I have seen MANY videos like this on YT, and the agent making the video is different, again makes me sad. I wish some one would make a video maybe even NAR, ( imagine that) showing how hard we work and how little we make if you were to break it down hourly, especially us seasoned agents who end up doing the newer agents job for them on the other side to keep the transaction together.
Thank you so much for your comments Jaqueline. I appreciate you taking the time.
Maybe the video didn’t come out the way I had intended. However I agree with everything that you wrote here. And I actually talked about all of this.
The issue is the inexperienced agents who have taken the professionalism down of this industry. You are obviously one of the amazing agents who is good, strong and professional.
I think that it’s hard to deny that there are agents who have ruined the reputation of an industry of hard working people who bring a tremendous amount of value to consumers.
Real estate NEWS on CNN today: no more 6% commission can be charged anymore. NAR had commission are negotiable. .there was a settlement of 480 million dollars on antitrust lawsuit. So there's going to be new set of rules on commissions. New set of rules are coming..for no more of charging 6%.
A lot of buyers agents will leave the industry for sure.
Commissions were, and still are negotiable. Currently, It isn't allowed to publish the amounts in the MLS. The lawsuit paid 80 million to the lawyer, and approximately $10-15 for each person in the group law suit.
Many agents are nothing more than ambulance chasers and will tell you that they have a buyer for your home or will be able to sell it very quickly when they actually have no real marketing plan to sell your home. I think at that point you should be able to get out of your contract when an agent does not live up to the promises they made to you when they took the listing..
Unfortunately I agree. Many agent say they have a buyer when they don’t. I allow a cancel at anytime clause in my contract. You definitely should get that in your contract.
I totally disagree with agents overstating interest in their listing. It's VERY easy for the other agent to check the number of upcoming showings in the app. So there's no point in lying! Usually the listing agent just says something vague, bc they can't give away their client's confidential info.
Not every location has that ability to check the app. Assuming you mean showingtime.
Waiting for the Auto Repair Industry Version of this Topic 😄
That would be good!!
My agent was honest and good. Not sure whether that is common or not. She was knowledgeable and got a good deal for me w needed repairs done and a was very helpful. She worked hard to me.
She wanted me to see more homes she wanted me to look at new homes. What she said would happen did happen.
Yep! There are many agents who are very good. You got a good one!!
Exactly. She worked hard for YOU while the seller paid her to work AGAINST them. 😢
I would never use a inexperienced agent. The best agent I worked with was very experienced in our immediate area, she was part of a team with her husband who handled all the paperwork involved. She always answered my many anxious calls, I swear she was a therapist too. They had been in the business for 20 yrs and had hundreds of great reviews 😊
It's a catch 22. At one point your "best" agent was new and inexperienced, but I am sure she was good even then.
The house we wanted was a many multiple bid situation and she went above and beyond to get us the house, I don’t think a inexperienced agent could have dealt with that
Thanks for sharing! Experience matters!
Dual agency should not be allowed. Yep. 🤦🏼♀️
We sold two houses on our own, over asking.
On one knows your house like you-buyers agents come in and rely on us to answer all questions.
I think unless you are out of town looking, no reason in my opinion for a buyers agent.
If the buyers have a good inspector (some are not thorough) , appraisal, survey and good real-estate attorney, they will be fine.
Sometimes. There’s a lot more to the process than you might realize. ruclips.net/video/yRi3TCbckTE/видео.htmlsi=SZSCyEoP0EC0MhV0
My dearest friend is an agent and she is honest all the way! Her clients are loyal.
But I can't stand to think of an agent not being honest, as clients are in a stressful time, trusting them with a huge purchase which will affect their lives in so many ways.
I think most agents take their professional ethics seriously though and I believe unethical ones are the minority. It's not social work, but I think you need to care about people as a baseline for ever getting good at it.
Thank you for sharing your positive experience with your friend's honesty. It's so important in this industry.
What is a reasonable term to grant a Seller's Agent? 3, 6 months?
I don’t take anything less than three months. Mine are usually six months. However my clients can cancel at anytime. Always ask for that in your contract
@@KatiSpaniak Thank you for the favor of your reply.
@@KatiSpaniakWhat is the reason for a contract if the client can cancel? Just wondering.
There are still legal terms that need to be included in a contract. Earnest money. Liability. What the agent will do for you, etc. @@johng4093
Question... if a new agent isn't good enough for family (assuming they are modestly intelligent), why would they be good enough for anyone? The industry has changed so much, I don't know how you could make a living the first year doing it full time. I do enjoy listening to your perspective.
Thanks! So it’s tough as a new agent to get going. I actually think how they will be able to compete is on their rates. Because the industry will be changing in terms of commission. Before every agent charged the same no matter what their experience was. Now I think that new agents will be charging less. And then the consumers will have the chance to decide if they want someone new.
Kati, I really like your content. Lots of great info in this video. I am getting ready to put my house on the market after 22 years of living there. The disturbing thing I’m seeing as I interview potential listing agents, is that they under estimate the value of my house by 10% or so. “Time is money” for them, and their goal of a quick sale and a quick commission is at odds with a seller’s goal of getting a good price. The agents bring me a subset of comps to support their lowball price while leaving out some higher priced recent sales. It bothers me that agents are supposed to work for the seller’s best interests when in fact they are working for their own best interest. I have been doing the legwork of visiting many open houses in my neighborhood so that I can get a better understanding of where my house ranks in desirability & price among comparable properties. I am thinking of offering a greater commission percentage for a greater sales price. Say, 2% for x amount, and 3% for y amount. What do you think?
Thank you so so much for this comment! I HIGHLY suggest you watch this video. The second point in this video is what you are looking for. About pricing. There’s a difference between market and appraised value and this will explain it all to you. ruclips.net/video/yRi3TCbckTE/видео.htmlsi=SZSCyEoP0EC0MhV0
I just sold two houses as an investor using an agent. Both my property manager and my real estate agent wanted me to lowball my list price. Their motivation was clear to me; they wanted a quick sale and commission, just as you mentioned above. Agents just cannot help themselves. They are not looking out for you in this. Sometimes sellers don't know the true value of their price and they set it unrealistically and they are forced to lower it in order to sell. But the situation you described definitely happens alot.
Landlords are no better.
Why?
I made the mistake of going the dual agent route for my first purchase. I figured that since she was getting a fee for being both the buying and selling agent, she was making out pretty good. Boy was I pissed when I read in the contract that she had tacked on an extra $6,000 selling fee without disclosing it to me first. I was up against a deadline and had to sign that day, otherwise I would have refused to sign and made her remove that fee. But I swear I will never use her again nor recommend her.
I am so sorry to hear that. It is important to trust your agent and have a transparent relationship from both parties!
It's important to demand the closing paperwork be made available a minimum of 24 hours prior to closing. And to go over it with a fine tooth comb. And, preferably a real estate attorney.
These kind of last minute fees are way too common an occurrence to blindly trust. The more eyes going over the closing who have YOUR INTERESTS IN MIND the better. An attorney would have saved you $6k for a few hundred dollars. Well worth it.
@@tidycats151 Back then it wasn't customary to get the paperwork ahead of time. Now, I would definitely get a real estate attorney.
What??? The agent is working part-time so you should pay them a ridiculous percentage??? That's a Them problem. Hanging a lock box isn't worth multi thousands.
The problem is Realtors have created a monopoly where they get their cut of every sale in the market. Or, they actively refuse to show property. Luckily the Internet has taken that particular blackmail out of the system. The recent court ruling will even out the playing field.
You need to mention you get a referral percentage of every realtor's commission you refer. 😒
I sell myself and tell buyer's they either get their agent paid or X% off the list price. Their choice.
I've only met ONE agent in 30 years worth their fees.
After my listing agent bought 2 properties I Had found out from under me I decided that my best interests could only be served by me. Best decision Ive ever made.
Yes. Some agents suck
Yes they’re liars
I had a house that I needed to sell when I got married and moved away. I had a friend that had very recently got her real estate license for the reason that her and her husband were deep in debt. I wanted an experienced realtor and I got one. When she found out, she left me the most vile, degrading, yelling and personal attack message. She told me good luck on my recent marriage and started laughing. I am still married and she was divorced within the year. She showed herself to be an evil and disgusting person.
Agents make way,way too much money for what they do. Divide out the commission by a normal 9-to-5 job and what we make hourly. It take us months of work to make what one commission.They don’t even need a college degree for those large commissions.
Right but most agents are only selling one to three houses a year. Can’t really live on that
I disagree. Most people working a 9 to 5 job get benefits from their employer (Medical with dental and vision coverage, 401K or 403b with a % of company matching, PTO/ vacation and sick leave, family leave time). Realtors have to cover their own medical/ dental/ vision costs, no 401k or 403b, no paid time off/ vacation pay, no sick leave pay, and no paid family leave.
@@cmf6081 in corporate America salary is based on education, work experience and skill set. The fees for medical, pto,401k
etc should not be on the backs of the home sellers . It’s like saying car sales people don’t get medical, 401k etc so they can charge you and me more for the car
You really need to understand how a commission works before making a comment.
Once again why should the commissions be exorbitant because the realtor isn't making lots of deals??? Part time work pays part time wages. That's false logic. It isn't the seller's responsibility to subsidize a part time realtor.
That's like saying a fast food worker should be paid for 40 hours weekly even if they only work 20 because no one can live off 20 hours pay.
Part time work isn't expected to be a living wage. At least not in any other industry.
6% commission is absolutely absurd. I’d have to pay nearly $30k to sell my house. Absolutely insane home equity theft.
All you need to sell your house is some advertising and a title company. The title company does all the real work outside of advertising.
So how do you advertise? How do you know the correct price? I agree that some people can sell their home themselves. But a lot more will go into it than most likely what you think. Take a look at this video if you are thinking about selling yourself. ruclips.net/video/yRi3TCbckTE/видео.htmlsi=SZSCyEoP0EC0MhV0
@@KatiSpaniak Lots of people do it, and thieves, I mean realtors, tell them "it's so much harder than you think." A real estate attorney is what you need. Not a theif.
I may have to sell my house soon due to my partners death. Big problem I have is cats. I've been feeding 3 outside for 9 years. Can't take them with me. How do I handle it? Will my agent guide me?
The sad truth is that the majority of new buyers of your home will not want the kitties around. I assume you have neighbors like mine? They wouldn't take over the feeding after you've moved away?
So sorry for your loss. I definitely think that you talk to your agent about it. You should probably tell the buyers about the cats. You sure you can’t take them with you?? :)
Let your agent know that the cats will need to be lovingly re- homed. I had a buyer client who adopted the home sellers 3 cats, and everyone was happy at closing!
Yes, I do think they are liars. They also tend to be really high- maintenance, demanding diners who leave really $hitty tips in general.
Well. We tip really well…
We had a place we wanted to sell. A realtor showed up after we tried selling it ourselves. We talked with her, she was all about showing us a chart of open houses and what all she was going to do (this was about 1999) and we went with her after she assured us she’d do these things and wouldn’t flake out. I thought my husband was a bit rude asking her if this was a side hustle or if she took the job seriously. Imagine our SURPRISE showing up to an open house where a stranger was showing the house. We looked through the house, looking for our agent. The stranger asked if we liked what we saw. Said “yes.” Then she asked if we wanted to buy. We told her we were the owner and where was our agent. “Oh, she quit and I have the listing.” WTF? We let the listing run out and sold it ourselves. Holy cow!
That is crazy, oh my goodness! I have never heard of that happening but unfortunately, it does not come as a surprise. Thanks for watching!
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As of Feb 2024, the avg real estate agent makes $45K a year. So anyone who thinks we are overpaid is crazy!
I tracked the number of hours I spent on my last transaction, and it worked out to less than $20/hr. Which, BTW, is what my 18 yr old son makes. 🙄
Yep! Many agents have to have another full time job to live comfortably.
You came from the situation your talking bout, stop bashing new agents. Their not getting as many because you tell people hire only the best agents, which is part of the problem.
Point made.
So Good! Great information! Thank you!
Thank you!!!