Will Moehrl vs NAR end Buyer Agent Commission? 🤯 Who Pays Buyer Agent Fees? 💰🏡👀
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- Опубликовано: 5 сен 2023
- Who Pays Buyer Agent Fees? Will Moehrl vs NAR end Buyer Agent Commission? 🧐
Join Lydia Rowe, a Tipp City, Ohio Realtor®, in a deep dive into the pivotal court case reshaping the real estate landscape. 💼📚 Moehrl V NAR info found: (dsnews.com/news/03-30-2023/co...)
Why are FSBO websites like Houzeo creating content about this case? What's the motivation there? Lydia explores these videos, the origin of the company, and FSBO stats that may surprise you.
Houzeo Bombshell Video: ( • Moehrl v. NAR: The Bom... )
Houzeo Ohio Blog: (www.houzeo.com/blog/how-to-li...)
Houzeo Founder Linked in: ( / amitdhameja )
FSBO stats: (www.realestatewitch.com/fsbo-...)
Houzeo startup: (www.f6s.com/houzeoinc)
Explore the clash over how buyer agent commissions are paid, from the origins of the lawsuit to its potential ramifications. 🕵️♀️ Discover the layers of this debate, uncover the motivations, and consider the impact on agents, buyers, and sellers nationwide. 🤝🏢
Let's foster an informed dialogue about the future of commissions and the evolution of industry norms. Tune in for an enlightening exploration! #BuyerAgentFeesDebate #MoehrlVsNAR #RealEstateTransformations🔔 #realestateinsights
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Lydia Rowe is a Realtor® in Tipp City, Ohio. (Northern Dayton, Ohio) Feel free to reach out to me at lydia@listwithlydia or 937-867-1612 if you are looking at buying or selling in Ohio, or would like a referral for another area.
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Brokerage: NavX Realty
License number: 2022000499
Great info ...tysm!!!
You are so welcome!
Very good video Lydia.
Thanks!
Excellent video. However, I respectfully disagree that an agent has to be a Realtor in order to sell real estate in a practical sense. I’ve been a Realtor for almost 10 years, yet I originally started my career at a non-Realtor firm. That company housed over 500 agents. There was virtually no difference between the way that firm did business versus the Realtor firms I’ve worked for subsequently. As long as you are using the contracts promulgated by your state commission, everything is all good.
Being a Realtor still has its advantages though. Most Realtor boards generally provide excellent resources, although we can have a healthy debate on whether or not those resources are worth the dues we all pay.$$$
Very good points! In my area in Ohio, you don’t “have” to be a Realtor (member of NAR) to sell real estate, at least on paper. But practically speaking since the boards require membership it would be difficult to practice without. Here in order to have MLS access you have to have board membership. So it’s not that I think you have to be a Realtor, although I do believe some kind of ethical accountability is important. Way to easy to take advantage of people’s lack of information/education of the business for one’s own advantage. Lots of opportunities for corruption .
I’m curious, does your area not require membership to the local board for MLS access? Or does your board not require their members to also be members of NAR?
Buyer agents already get paid too much, to open a door, negotiate, and modify a standard contract. Sellers shouldn’t be paying for someone to negotiate against them, if buyers want an agent, they should pay for it themselves. Hopefully buyer agents will now actually have to compete amongst enough other which should drive prices down. The industry is extremely inefficient, and super expensive.
Thanks for your feedback! That is certainly in line with the plaintiff’s opinion. From my experience it is very few and far between when there is a deal that easy, but buyers don’t have to hire an agent if they feel an agent isn’t worth it and sellers pay their listing agents….if the listing agent doesn’t share commission with buyer agents that doesn’t mean it would be cheaper for the seller. It just means the listing agent gets more. I’ve run into those agents. They love it when buyers aren’t represented.
So you want them to go to your agent and you get charged the same? There seems to be more than meets the eye behind your “buyer agents will now actually have to compete” line. As Lydia said, seldom is the job of a buyer agent that easy. More importantly, at the end of the day, it’s your listing agent that determines the commission of the buyer agent. It’s literally baked into the system. They charge you 6% and then pick whatever number they want out of that to offer to a buyer agent for providing a buyer. This case prevailing does nothing for you but potentially harm you as a home seller. Remember, YOU the home seller are offering the product, that being the home, not the buyer. If you want the buyer’s commission to be a separate and specific cost to the buyer and an additional one altogether in the transaction, that will affect the price of your home. If a buyer’s agent runs them $10,000, they will go to a home that outcompetes yours in price or go to your agent to represent them, and you can bet your agent will take advantage of whatever they’re able to charge them as the buyer’s agent and if it’s too high, again you most likely get outcompeted by another home. The only price it’ll bring down is the home you’re selling.
@@rawkaveli163 the corrupt system is set up to extract as much money as possible out of consumers. Listing agents and buyers agents are in kahootz with one another, manipulating us to drive up their pay. No way listing agent fees stay at 6% if buyers agent doesn’t get compensated. Look at the rest of the world.
@listwithlydia is right on the money. As a Realtor, I get a % fee for selling a home (I truly feel I'm worth 6-7% and get it). From that fee, I pay out of pocket costs (photography, staging-if necessary, creative, printing, video, closing gift AND a reciprocal fee to any agents that bring and help secure the sale of my clients' home). I also pay a Brokerage fee to my broker for insurance, access and guidance. Then I pay on going business costs including taxes, marketing, Realtor on-going education (ethics, law, specializations, industry changes). We're coming off a market where Wall Street jumped in full force and was overwhelmingly involved in driving home prices up exponentially around the nation (for the last 7-8 years and more noticeably during and right after COVID - especially in my neck of the woods). My fee is negotiable. From that fee I decide what and how much of my fee is passed along to the buyers' agent. THE SELLER DOES NOT PAY THE BUYERS' AGENT...I DO. I also make a practice of not representing both buyer and seller in a transaction. Why? I've seen a number of times where the buyer would sue the seller and agent for misrepresentation. With such a high purchase...it's easier than one would think. In the few times I have represented both sides, I become a mediator and not an advocate for both sides and I clearly stated it. In addition, I believe both sides lose. Remember, the List agent has a contract with the seller first and has a fiduciary responsibility to them First. Sellers hold all the cards and are responsible for all the decisions - meaning they DO NOT have to accept an offer or counter. Me, it's worth 2-2.5% of MY FEE to pay the buyers' agent, but I hold them accountable. If they fall short in their professional process, demeaner or truthfulness, I will offer them less. They work extremely hard and provide cover for myself and my client...every time!!!!! On the other side, buyers, even those that have purchased properties before, are often less educated on the market. I speak to buyers every day and approximately 80% feel real estate is too expensive and without the credibility and experience of a buyers' agent, will be spinning their wheels and making offers on properties they can't win or afford with very low offers or uneducated offers that will fall apart. Now that the market has somewhat shifted with high interest rates, buyers' agents will be more important than in the past 10 years to get deals done.
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Thanks!
Wow! Thank you this is very educational, and disturbing with regards to this class action lawsuit. It does smell fishy. I agree.
@@susanconnolly4931 right?
Just a money grab by a bunch of lawyers cause former home sellers that paid the commissions (of which they agreed to pay the listing agent) will see pennies in the end.
Yes I suspect it’s more than the lawyers. But definitely doesn’t seem to actually be about home sellers.