they were never needed, even prior to the settlement. But now, you actually DO need one if you want a private tour with an agent, unless you plan on representing yourself, which is also available today but people choose not to.
I don't see how this helps buyers in a highly competitive real estate market. As we continue to see multiple offers on attractive homes, buyers could be paying "bananas" to an agent or agents multiple times before they get one of their offers accepted. Obviously the agent wants an accepted offer to get a full commission, but after Aug. 17th the agents are getting paid for their time whether an offer is accepted or not.
It helps no one, not even home sellers because they also have to buy a home eventually. Imagine they sell a 600k condo and buy a 1.2m single family home. They will pay substantially more with the new system, but I don't think they thought it out that far. They would only save in the adverse situation. Also neither myself or anyone I know charges buyers on a per offer basis, whether or not it gets accepted or not. Are you located in Massachusetts? I'm curious if that's what's happening in your market. Happy to chat more.
@@mikeurban this is not a true statement. You can't assume that every seller will become a buyer. I know, I know... you will say in most case. However, when I read your statement, it sounds like the same as we are all going to eventually die which is a true statement
Buyers agents are DEAD, buyers will go directly to Listing Agent - Sellers will list themselves on MLS 2 U and offer 1.5% - You will eat your words and beg buyers to go directly to you IF you are a Listing Agent - prepare for a 2nd job
Buyers could have done that for years upon years. Why do you think they don't do that now? Remember, it was the buyers themselves that wanted buyer agency.
@@thelaunchpadexp No that is not how its been - The seller has always offered the commission - We own over 80 homes in the NYC suburbs and are also agents - The fact is beginning Aug 18 we will only be offering a 1.5% commission to our agents to sell - So all buyers agents will need to get paid by their buyers OR we will raise our price to offset their commission OR and MOST LIKELY all buyers will come directly to us
Crazy. I am looking into getting my real estate license soon to become a realtor. With this new format ( I’m in Illinois) would you recommend me waiting till next year or just begin the process to becoming licensed as soon as possible? Just curious on your opinion.
Honestly great question. I get these questions a lot from newer agents since we have almost 120 in our group throughout a few States. I think for people that are just now getting their licenses that it's a good idea to do it. These changes will affect you less than agents that have been doing business the same way for the last 30 plus years. It'll be a fresh start for you and an opportunity.
I think it is highly competitive they let more agents in than there are houses to sell. It is mostly self employment. I have a relative that is an re agent and they said it costs them money, they have been working two jobs hoping the re market will improve for the past 20 years. They said they dream of the big one but it hasn’t happened.
Would it be cheaper to hire an attorney and a home inspector to check out the home then hiring a real estate agent ....who will charge me a commission of about $15,000?
I'm not sure what an attorney charges, but you hardly get your first offer accepted. If the attorney is writing multiple offers that aren't getting accepted, I don't think they are going to work for free; which can potentially cost you more. My suggestion is to find an agent who is is advocating for you and trying to get their seller to pay their compensation, which what I'm doing and having success with.
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Love this … no need buyer agents needed
they were never needed, even prior to the settlement. But now, you actually DO need one if you want a private tour with an agent, unless you plan on representing yourself, which is also available today but people choose not to.
I don't see how this helps buyers in a highly competitive real estate market. As we continue to see multiple offers on attractive homes, buyers could be paying "bananas" to an agent or agents multiple times before they get one of their offers accepted. Obviously the agent wants an accepted offer to get a full commission, but after Aug. 17th the agents are getting paid for their time whether an offer is accepted or not.
It helps no one, not even home sellers because they also have to buy a home eventually. Imagine they sell a 600k condo and buy a 1.2m single family home. They will pay substantially more with the new system, but I don't think they thought it out that far. They would only save in the adverse situation.
Also neither myself or anyone I know charges buyers on a per offer basis, whether or not it gets accepted or not. Are you located in Massachusetts? I'm curious if that's what's happening in your market. Happy to chat more.
@@mikeurban this is not a true statement. You can't assume that every seller will become a buyer. I know, I know... you will say in most case. However, when I read your statement, it sounds like the same as we are all going to eventually die which is a true statement
@@dungle-x4x You're right, not ever seller buys a home. But 86% of sellers do buy a replacement home, according to national data and statistics.
Buyers agents are DEAD, buyers will go directly to Listing Agent - Sellers will list themselves on MLS 2 U and offer 1.5% - You will eat your words and beg buyers to go directly to you IF you are a Listing Agent - prepare for a 2nd job
Buyers could have done that for years upon years. Why do you think they don't do that now? Remember, it was the buyers themselves that wanted buyer agency.
@@thelaunchpadexp No that is not how its been - The seller has always offered the commission - We own over 80 homes in the NYC suburbs and are also agents - The fact is beginning Aug 18 we will only be offering a 1.5% commission to our agents to sell - So all buyers agents will need to get paid by their buyers OR we will raise our price to offset their commission OR and MOST LIKELY all buyers will come directly to us
The big question is? do I have to pay my real estate agent a commission up front for him/her to work with me?
I don't know what part of the country your in but we don't charge any non refundable up front fees. It's also always negotiable.
Crazy. I am looking into getting my real estate license soon to become a realtor. With this new format ( I’m in Illinois) would you recommend me waiting till next year or just begin the process to becoming licensed as soon as possible? Just curious on your opinion.
Honestly great question. I get these questions a lot from newer agents since we have almost 120 in our group throughout a few States. I think for people that are just now getting their licenses that it's a good idea to do it. These changes will affect you less than agents that have been doing business the same way for the last 30 plus years. It'll be a fresh start for you and an opportunity.
I think it is highly competitive they let more agents in than there are houses to sell. It is mostly self employment. I have a relative that is an re agent and they said it costs them money, they have been working two jobs hoping the re market will improve for the past 20 years. They said they dream of the big one but it hasn’t happened.
@@studentaccount4354 it's costs a ton. it has to be run like a business or it's almost impossible to scale and still provide a high level of service
Would it be cheaper to hire an attorney and a home inspector to check out the home then hiring a real estate agent ....who will charge me a commission of about $15,000?
I'm not sure what an attorney charges, but you hardly get your first offer accepted. If the attorney is writing multiple offers that aren't getting accepted, I don't think they are going to work for free; which can potentially cost you more. My suggestion is to find an agent who is is advocating for you and trying to get their seller to pay their compensation, which what I'm doing and having success with.