Change in how real estate agents get paid commission raises questions about industry impacts
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- Опубликовано: 2 июн 2024
- Kenny Choi reports on a class action lawsuit settlement involving the National Association of Realtors and how it could affect the industry.
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If you think this litigation will reduce home prices I have a beautiful art deco bridge to sell you. How do you like international orange?
The only thing that really is changing is not showing the commission on the MLS (Multiple Listing Service).
Just because the NAR settled ONE lawsuit, doesn't mean that price covers the other dozen or so lawsuits out there.
Majority of agents offer almost no value and should be a lower flat fee and not based on a percentage.
There are full service brokerages with full service agents where the Seller saves money and there are discount brokerages where the Seller pays more out of pocket.
It's up to the Seller to choose.
Listing agents are normally lazy. Selling agents got a lot more work to do and worry about, so this is good.
Listing Agents aren't lazy. They do as much work as a Buyer Agent.
Perhaps in some cases, but it is extremely hard to find a good one. There are way too many pretenders.
@@GruneD very true! It's all about continual training, commitment to client care, and being a team player.
It's the 90/10 Rule... 90% of problems are caused by the 10%.
I can honestly say I'm one of the good ones. I have the integrity to make sure my clients are satisfied. I've also helped other agents in my office with difficult sellers, and shown homes for other agents.
@@JenniferBristol as it should be to earn your commission. I’m not an agent but have owned several properties here in SoCal. Interviewing agents to take on some of my properties is the worst part when I’ve decided to sell a home. Specially in counties where I don’t have any contacts.
@@GruneD I hear you. If you know of someone or have an agent where you're at that you trust, you can always ask them to assist you with finding one where the properties are located, which they can to save you the headache of searching for another good agent, because we network.
Wouldnt it just make sense for the sellers agent to also be the buyers agent as well at this point? That way theres less people to deal with.
Crazy.
If you're worried about being able to show your worth to someone going forward, maybe it's because you didn't have any to begin with and now you're actually forced to have some in order to get a commission.
The bottom line the does not sell what they say!! 400k house - $30,000 all those fees so the real selling price for the home owner is 370 k. Just common sense and the bottom line. The working class this can have a big impact not the wealthy ( they don't care )
There are other closing costs involved besides the commission split, and the mortgage loan to pay off. That's why we have a Net Sheet to show the Seller what they actually walk away with from their home sale. The Next is different from market value (what it sells for). The Market Value is what is used by appraisers and other agents for determining price of other similar homes.
That $400k home, is still worth $400k, since that's what someone was willing to pay for it (cash or loan).