National Association of Realtors settles massive lawsuit enraging brokers, agents
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- Опубликовано: 18 мар 2024
- FOX Business' Madison Alworth dissects the massive National Association of Realtors settlement that will eliminate the standard 6% commission for brokers and agents. #foxbusiness #makingmoney
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As a realtor in my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
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thank you for this tip , I must say, Melissa appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, educational background, and qualifications, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
Real Estate people have been gouging people for years. So screw them.
and you know this how? You know nothing about this industry nor what they do.
You are absolutely clueless on this subject
No you are, Greed blinds people.@@weldon9254
It's called common sense. Greedy people are blinded by their greed.@@amaliacoria3063
I agree!
My house is worth $600k. At 6%. I’m paying out $36k to two people who know the paperwork and process. Total rip off.
DIY
Don’t use a realtor they just come in a take money then leave.
Yeah, cant wait to see the lawsuits for the home owners that get busted with not adhering to state and federal laws on selling real property. End up costing them 3x's as much....@bobharder8235
Amazing all of the ignorant comments on this post. There are agents out there doing listings for 3.5%, 4% and 5%. So before you spew your ignorant comments get the facts
Ironic that people making hundreds of thousands off their house whine about paying others to sell it for them.
I had a RE license for 16 years and this is a great move for CONSUMERS, Buyers AND Sellers. This commission fiasco has always been Price Fixing and I'm glad it is getting resolved.
The fact that agents don't like the change is PROOF POSITIVE that this was never in OUR best interests but THEIRS!!!
How many houses you sell a year Einstein?
@@jc51373 I mostly sold pictures of your mom ,not too many buyers but there were enough
6% commissions is outrageous. There is no justification for such a fee, and nobody actually needs a buyers agent
Did you have an issue when you were a buyer and did not have to pay commission to your buyer's agent. You will now.
Cry more@@strangerthingsaresaid7655
People signed a contract. No worse then a bank charging 21% interest on a 30k car the dealer sells for 40. J.M.O though.
@@strangerthingsaresaid7655 Buyers paid a commission anyway. It's included in the purchase price.
I charge 7. 6% is rookie numbers. Don’t throw a fit when layers charge you 33% … No you don’t
They mug you of your equity then drive off in their Mercedes.
Now they need to go after mortgage closing fees
and how about title insurance?
As a seller you shouldn’t have to pay for someone’s buy side representation/realtor as it’s a conflict of interest and unethical. If someone’s too lazy to drive around and look at homes or go on Zillow and look at homes, then they can pay the 2.5% to hire their own realtor… if I ever sell a house again, I will set the commission to 3% max, 0% for buy side. And yes, as of July you will have the power to do this!
It's always been a conflict of interest for a buyer's agent. They should be acting in the buyer's interest to get a lower price, but they get paid more commission when the price is higher. No-one needs a buyer's agent.
All agents push for a sale. The overall price doesn't change their commission a whole lot when consider how much it gets divided. The sale is what matters most. Many, if not most, buyers agents don't even read the documents they dump on the buyer.
An average agent sells a house. A good agent sells someone three houses over 25 years. If the client thinks they were taken for a ride, they won't call you again. A few hundred less on the paycheck so those folks called me again was a good trade.
Anything that shakes up this racket is good.
All this does is make buyers pay the buyers agent instead of sellers - essentially saving corporations billions and requiring buyers to pay another 3% of the purchase price to their agent
6% is the reason I became a realtor. I’m not paying no one to sell my house
Real Estate agents out here thinking that subscribing people to automated email spam of listings in your area somehow justifies a 6% commission. They're scared because they might actually have to figure out how to provide value during the buying and selling process in order to not get replaced by Zillow.
I wish this was in place last year. Every house I was actually interested in, I found myself. My RA just showed me overpriced junk that didn't fit what I told him I wanted. I wound up finding the house I bought myself because he wouldn't promote it.
It sounds like a lot of real estate agents will no longer be in that business.
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I didn’t hire your agent … I shouldn’t pay for there fees
Buzzards shouldnt get high commissions
You know this changes nothing, right? Lol they will just negotiate commissions offline
Amazing all of the ignorant comments on this post. There are agents out there doing listings for 3.5%, 4% and 5%. So before you spew your ignorant comments get the facts
Agents are supposed to represent the buyer/seller. What I've found is they primarily do is document dump on buyers/sellers and tend to push the sale. Why?
Answer: because that's when everyone gets paid.
This is great and Fox and Republicans should love this. In a true capitalist society there should be no set commissions for this or anything else. It should all just be negotiated and any price. Let's be real Real Estate agents in today's world don't deserve anywhere close to a 6% percent commission for the time they put or for what they do.
I agree, and I've always negotiated a lower commission when I sell.
Same here@@caucasianafrican1435
Yeah all my standard paperwork states commissions ate negotiable. People just dont negotiate. I always charged 3 or 4% based on the property and always paid 2% to the buyer. In some cases i waived my cut of the commission if the sellers were buying another property and used me as their agent. I could do this as an independent broker.
Amazing all of the ignorant comments on this post. There are agents out there doing listings for 3.5%, 4% and 5%. So before you spew your ignorant comments get the facts
@@cf1885today Must be a Real estate agent. LOL.
Key words “most agents say they already do” Now it will be must do. The ability to grift has always been the problem.
Right and they only “say” they do, there have plenty of news stations that have run news pieces where they lost homes with low broker rates and get little to no traffic but as soon as they raise rates back up to 6% suddenly there are buyers coming out of the woodwork.
NAR IS THE MOST WORTHLESS LOBBY IN DC
Not really. They were the most powerful in the world.
Car Salesmen and Realtors are not needed!
You’ve never had a good car salesman then. A good car salesman such as myself will be there months even years after the sale to help. I make an average of $500/car and I still help people who I haven’t made a dime off of in a year or more. I help them with warranty issues, I help when they get a scratch or door ding, hell I’ve even let them borrow a personal vehicle of mine when there were no rentals. Relators make thousands to sell a home and if you have a problem with it, they’re nowhere to be found.
Do you know how much liability you would take on selling your home by yourself? The contracts and the disclosures that are required to prevent you from getting sued?
@@SC-pe9irIf my real estate agent can handle it, a trained chimpanzee could do it.
@@SC-pe9ir I would think a real estate attorney that would have a fixed rate would be a perfect solution for that. Sure pay a guy $450/hour to do all the contracts and so forth, but it's probably a bargain compared to someone who can literally make a year's salary (for the average joe) just because "they" sold a hot market. I'm not saying realtors shouldn't get paid, but CPAs and other tax professionals don't charge based on a percentage of your income, you would think some "fixed" amount would be more than reasonable to pay for any legal paperwork issues.
@@Mike__B I thought so too but it depends on the state you're in. Here in CA, the dept DRE requires attorneys to have real estate licenses in order to draft real estate contracts. The real estate contracts are actually made by the National Association of Realtors. And unless you are a licensed agent or broker, you won't have access to those specific contracts. Not too many attorneys are willing to draft their own real estate contracts. Also there are so many disclosures and the liability of being a brokerage isn't something that a lot of attorneys actually want to deal with here. Also, there is conducting marketing, open houses, etc. That's why the real estate industry became nuanced. Commissions have always been negotiable. It just depends on what your needs are and finding somebody willing to fulfill those needs. Plenty of independent Brokers out there like me who are able to do custom deals for people.
ALL Realtors have been WAY TOO GREEDY… this NEEDS to happen👍
Real-estate is nothing more than a racket! I am so sick of these leeches pocketing tons for an hours work!!!!
DIY
Everyone here saying sell your own home have no idea what they are talking about and have never done it. For the average person, trying to sell your own home is a nightmare and worth the 3%.
Go after lawyers next. $500 plus per hour and they literally bill you for every minute.
All the people complaining in the comments are part time real estate agents
I smell Blackrock
Why do you say that? You have no clue, right?
100% something fishy here. There is a lot of lying going on by the media on this. Big tell is there is no standard commission. More attacks on American jobs. People are so ignorant they don't see it. Nor understand the problems this is going to cause. NAR messed up and they probably did it on purpose. Someone is behind all this.
@@DailyStalkerUpdateright like i would love if whoever left that comment came back and laid out a rational well thought out explanation as to what they meant. Will never happen though.
@@bsgvlog5640 These people leaving one-liners never have a clue.
@@DailyStalkerUpdate lizard people.
This was so poorly described it’s mind numbing.
The host lauds what a great job explaining this.
First commissions are and have always been negotiable.
We have 13 states that already have de-coupled commissions and the percentage of sellers that offer to cooperate with a buyers broker is over 90%
It’s sad when every media outlet cannot coherently explain what is happening.
BTW
The pissed off agents are leaving the business because they are low producers that will not be able the costs associated to do business that is coming.
I expect NAR and MLS dues to multiple 3 to 4 times.
The 6% commission was never written in stone. Its always been negotiable. People have just gone along with it. If the seller wants to tell their realtor theyre only willing to pay 3% theres nothing stopping them now as long as its written into the contract
The problem before was that if you wanted them to list your home you HAD to give them the percentage, or they wouldn't show your home to anyone at all.
@@skyeram "give the the percentage" Huh?
@DailyStalkerUpdate "give them the percentage"
Sorry Officer...
WRONG AGAIN!@@jaoapds
@@jaoapds Not only is the buyer's agent fee not going to be listed in the MLS when this goes into effect, but the buyer's agent's fee will NOT be determined by the seller and will not be paid out of sale proceeds through the MLS. Buyer's agents will now have to get paid directly from their client.
I was a Realtor for over 30 years and retired in 2014. In my professional opinion only about 1/3 of the agents and brokers are GOOD. About 1/3 are GREEDY and DISHONEST while the remaining 1/3 are INCOMPETENT and LAZY. IMHO, this Organization should be RENAMED The National Association of RATTLERS!
Outlaw realtors. I don’t need someone to tell me where the kitchen is or the garage. They are all thieves.
I'm going to disagree, I prefer having a licensed realtor showing the house. People can just start squatting inside your house and using house for non-real estate sale purposes. That being said, I do think agents should be competing to get those commissions down.
Used car sales men never involve a 3rd party in a 2 way Transaction
What are you saying? The salesman IS the third party. The dealership owns the car, not the salesman.
@@DailyStalkerUpdate you don’t get it a third party is a third party and real estate agents the last 25 years have been doing car sales garbage a used car sales men is a unit of the third party
@@luisvilla799 English, please.
@@DailyStalkerUpdate you have to be stupid at this point
I don’t see how this helps anything. It should be a fixed fee and people can add on services if they want. The current structure encourages agents to try to push the price up as much as possible for buyers and sellers while the price of the home is not related to the services provided. Real estate agents should in no way be incentivized for prices to rise as much as possible. They played a big role inhow the real estate feeding frenzy played out in 2021-22.
Paper pushers you don't need.
They hardly even do that. You still have to pay a title company to do the paperwork.
They don't take the pictures...they hire someone to do that. They don't sell your home...the internet does that. They don't write the contract...an attorney already has done that. They don't do a title search....the title company does that. They literally have a monopoly on unlucking your own door and standing there@@cuzr702
A lot of people aren't competent enough or brave enough to buy or sell without an agent holding their hand.
Do it all yourself then. Check back with me.
@@user-dw1ls3rp1l Do what? The title company does the important paperwork. The problem is you’re now allowed to have your property on the sale list without a license. We only have realtors because of laws, not because they are necessary.
This actually sounds like a good thing for the 62 percent that have a home. The agents that take their clients to see many homes in order to find the right one, need to change their business model. The agent wants their client to spend more so they get paid more. Could you imagine buying a car this way. Instead of getting the lowest price, your agent wants you to pay more so that they can maximize their commission like the car salesperson.
Go to an office supply store. For about $40.00, you can get all the paperwork you need to buy or sell a home.
Explain please
@@KK-tt6ui Adams Real Estate Legal Forms Kit. $38.99 at Office Depot.
My agent did no leg work, I found my house & I wanted him to show up & he refused. I ended up having to get things ready for a lawsuit as they trashed my house that I paid 250k for. I finally got them to clean it up. And my agent was a total dbag about it.
Just another industry fueled by greed, the whole concept of taking a % based on the valuation of the property is insane. They should be paid like lawyer's; billable hours and everything needs to be itemized so people can see the actual time spent. You spend 20 hours working; that's what you get paid for. If you list a $1M house and it sells in 3 days, you get paid for the 3 days of work you did, not whatever % of the $1M.
This is a nothing burger for professional realtors who already have been having these conversations for years
Last house I bought was direct from the seller, best transaction process ever! This saved me at least 15k. You dont need a broker to sell or buy your house; biggest scam in the housing industry!
I don’t disagree that 6% is high. But my mom is a realtor of 40+ years and I grew up watching her work sale after sale. Tons of complex issues would come up with inspections, contracts, negotiations, buyers & sellers that often required her working late into the night. Not to mention all the showings, days spent driving around looking at homes with buyers, staging, holding open houses, taking pictures, making fliers, inputting into the MLS, contract writing, etc. She definitely earned her money. Sometimes trying to cut corners by doing it yourself can be the most expensive mistake you make.
Nonsense, they have been scamming for years. Time they got what they deserved.
Not if you know what you're doing.
You want me to describe my teacher job? I work more than your mom and probably make less
People have no idea how stressful it is to be a realtor. You can go months without a paycheck. No w2, broker fees, advertising obligations, websites… nothing is guaranteed you can spend thousands taking out clients for months and deals just fall through.
@@dosmasdos9542 Yes, describe your teacher job and how you get the Summer off and how you've got the Union bullying governments to make sure you're overpaid. If you can make more elsewhere, then why aren't you doing it?
Uses job that should be replaced by a flat fee to fill out paperwork
2% is more than enough.
500 is more then enough
You will not have anymore agents of this passes they may need to lower the percentage but to cut out a buyer agent you will not have anyone represent buyers anymore
There will still be buyers hiring agents to help them.
@@DailyStalkerUpdate agents will not take a client if they have a possibility of no commission or only a partial of the partial at a much lower rate not fair
@@mikeyncali Huh? Buyers agents routinely take clients to see houses and the buyer doesn't end up buying anything and the agent doesn't get paid.
@@DailyStalkerUpdatethis changed nothing in my opinion. Sellers get to pay 3% instead of 6% to both agents. Buyers, now, ll have to pay 2-3% instead of nothing to their agents. When they sell their house, they ll only have to pay 3% instead of 6%. Back to square one lol😂. This just make it harder to buy a house. Very obvious. When the gov wants to cover some sh4t they created, they ll always create some other sh4t to cover the previous sh4t like lgbtq, border, aid to Ukraine.....especially when the election is coming.😂
@@samduong8889 Who pays the agents is just a matter of how you look at it. It won't be possible to say what effect it's had on home prices because the difference will be only a few percent and the market fluctuates anyway.
There will be a small and unquantifiable difference in home values but there will be a big difference in how buyer's agents get paid and WILL allow buyers to save money in a very quantifiable way if they're not using an agent, since the seller's agent won't be able to claim all of the commission.
Now consider the case that I just described where the buyer is not using an agent. The buyer can save 3% now, where as previously they couldn't save any money. The BUYER therefore was actually paying for their agent.
My question is who gets the benefit of the $ in the suit? Is it refunded to the Sellers? And if so, over how many years/transactions? What if we have sold numerous homes and paid the 6%?
the lawyers of course. The homeowners, will receive pennies...
A home is a liability until you sell when you find out what it is really worth. Until that time money is coming out of your pocket with mortgage payments, property taxes, maintenance, water, repairs, remodels, sewer, etc. if you miss a few payments the bank will take back its asset that your were maintaining for them. Rental properties and stocks are the best assets as money going into your pocket daily not put of your pocket. Terrible inflation has made homes appear more valuable. Credit card companies are even worse with their 25% plus interest rates. I wish I could have yearly gains of25%. Commissions are too high for what homes are selling for anyway.
Why would i want to pay someone as a buyer who's got the sellers best interest in mind for their own benefit(comission). They get 0 from me, they arent providing me a service, if anything they are working against me. While my buying agent will get 1% and even then it seems generous considering all the tax right offs they get
the guys that built it didnt get that much
And they worked tens of hours. Someone thinks about poor construction workers
time for a new system to put this way of buying homes in the past
It’s always been negotiable. Be careful what you wish for. We have dealt with these 1% brokers for decades. One judge can not change laws in many states. As a matter of fact, these are very and paint a bad picture of the real estate industry
All realtors and brokers do is put them on the internet..they don't deserve 6%. Then they sell it to corporations, lawyers, contractors and brokers for a cheap price and flip them back to the brokers and realtors. It's a scam!
Yes, you are right!
They should get a flat fee for listing since their time does have value. The deal is separate.
A real shake up in the real estate model would be sellers using multiple agents at the same time and the agent that is able to close the deal gets the pre-negotiated commission.
Agents are now unemployed
6% is a standard commission, but can be negotiated higher or lower. It has always been that way. I don’t know what the big hub bubb is.
“Standard commission” is why they got into trouble to begin with……but do go on saying there is a “standard” commission….meaning price fixing on a large scale. 😂😂
I have seen so many agent videos already popping up where buyer agents are commenting they should sue for discrimination if they get a different commission offered by a seller than offered to another buyer agent. It’s like they totally missed the point of the lawsuit that they can’t require a set commission every buyer agent gets, and that doesn’t even address that with all the CEs they have had to sit through related to fair housing…..they somehow came out thinking realtors are a protected class. 😂😂😂😂😂
Man, the comments from agents over this has been fun. The ones declaring they are going to steer buyers away from low commission sellers as a response to this lawsuit where they were faulted over a billion dollars for…..you guessed it…..fixing commissions to a standard and steering buyers away from MLS listed low commissions.
Realtors be like….”OMG, our NAR just got slammed a billion dollar fault for us agents colluding on the MLS listing commission to keep comissions high, and steering buyers away from low commission listings. Well, we will fix them, we will just call the seller ourselves when it’s not posted on MLS, find out and if they aren’t offering commission, and we will steer our buyers somewhere else.” 😂😂😂. It’s like they don’t learn.
I LOVE THAT WE NOW HAVE TAKING HEADS ON ALL MAIN STREET MEDIA CHANNELS TALKING ABOUT SOMETHING THAT THEY KNOW NOTHING ABOUT! MADISON, YOU ARE VERY MISLEADING WITH YOUR EXAMPLES, COMMISSION IS AND ALWAYS WILL BE NEGOTIABLE.
She didn’t explain that very well. At any rate, the agent signed a contract with the broker which explains exactly how commission is split. They don’t go into the relationship without already knowing that. Not understanding how else this would work. The broker has most of the overhead and is certainly entitled to a larger share of the commission. If another office sells the listing, they have to be paid too! That’s why they are in business! A seller can’t hire a real estate firm and expect not to have to pay for it.
I've sold three homes without an agent. It's not that hard. You still use a closing attorney who handles all of the legal stuff and save yourself thousands.
Many of these realtors are crooks…if a house is a great deal, they buy it themselves and flip it
Good sellers shouldn’t have to pay for th buyers agent that simply doesn’t make sense. Negotiating fees and contracts is how business works
back to bottle service and used car sales for all those "Realtors"
It means buyers will have to pay more now outa pocket they will write up new contract for seller or you won't get that home period .
My real estate agent was trash, didn’t even do their job when closing on our first home. Sadly I was not entirely familiar with the process. They aren’t worth the money!
Some are, some aren't. It's the same in any industry. Let's apply that logic elsewhere. Ok so one of your mechanics didn't know what they were doing. So we get rid of them all? They aren't needed now? You make no sense. Most real estate training is all compliance. The rest is up to you. Some people are great some aren't, it's business. Something else to keep in mind is YOU hired this person and bear responsibility as well.
You over the Target!
Hence the backlash
Buyers agents and sellers agents need decoupling. Most are non value added. You only need a lender or cash and title company to buy or sell a house. It’s easy.
This is nonsense. I have bought and sold properties since 2011 and I have negotiated the commission many times. Sometimes 6%, sometime less. And from what I am reading, NOTHING will change! Can someone explain to me how this actually affects the average guy when buying a place?
If you're an agent then you should be explaining to the average guy. Oh yeah. "I'm not a lawyer so I can't give legal advice." Ethics 101. Basically, the average guy now knows that the buyers commission is not a requirement thanks to all the publicity. Previously only the savvy sellers knew. Average guy buyer probably didn't know their agent made more $ by enticing you to overpay, both in commission and likelihood your offer got accepted and the buyer's agent is finally done with you.
Oh please who make 15k to open a door with a lock box most real estate agents show 4 houses per customer that are pre approved,if not they ain't moving,on top of that the great properties they buy with there investors,
key is "normal fee" .. you control what you pay in the contract. duh
Wow, not even explained correctly, mixed up lots of facts, and never a set commission
What do you expect? The media are corporate activists not journalists. The script they read off the teleprompter is carefully designed to mislead and control
There are a lot of agents out there who put themselves first. They will steer their buyers to homes with larger commissions and ignore homes with lower commissions. This is a huge win for the public.
The typical listing agreement requires that a seller agrees to pay a TOTAL commission, often 6%. The listing agent then offers usually half of that commission to the buyer's agent and broker. If the buyer wants to represent themself and doesn't have an agent. Guess what? The listing agent and broker gets to keep the ENTIRE 6% commission. This isn't right.
Also, MLS rules universally REQUIRE a seller to offer a commission to the buyer's agent and brokerage. If the seller refuses, they don't get into the MLS. The MLS system is critical to reaching the market.
Buyer's agents and their brokerages are going to have to figure out how they're going to charge their clients and get paid. It used to be easy because they were paid by escrow, so getting paid was guaranteed. Not any more. This will be interesting.
This isn't universally true. The typical commission is trending towards 4-5% total. Not 6% and if the buyer represents themselves the listing agent doesn't usually get the full 6%. In your area if this is the case then just take your real estate exam get your own license and get some percentage back the test is extremely easy
@@robertomorffi6856 "This isn't universally true. The typical commission is trending towards 4-5% total. Not 6%..."
The full commission varies in different parts of the country. You're splitting hairs and missing the point.
"...and if the buyer represents themselves the listing agent doesn't usually get the full 6%."
You're wrong. READ the actual listing agreement. It usually list a TOTAL commission to BOTH sides and allows the listing agent to offer and to SHARE the total commission with the buyer's agent. If there's no buyer's agent, the total commission isn't shared and the listing agent gets to keep the whole 6% or WHATEVER the total percentage is.
"In your area if this is the case then just take your real estate exam get your own license and get some percentage back the test is extremely easy"
I had a license in CA. It's not going to work that way. If you, as a licensed agent, are buying a home for yourself and you don't have an agent representing you, then you DON'T have an agent, and the listing agent doesn't have to share their commission.
6% is outrageous. 1.5-2% in the UK
I have always hated the 6%, why I have sold all my properties myself.
Actually my shadowless pokemon card collection are worth more than everything combined most individual people own.😂
Nowadays, someone trading up to a bigger home with some existing equity might have a $150k salary, financed 50%, 5x salary multiple on financing, $1.5mil home value, and total commissions would be $90k, 60% the annual salary of the buyer. 6% commissions are too much and play too important a role for quality of service.
My selling agent told me I would get more traffic by listing the the commission rates in the MLS. It worked. It's human nature even if agents don't try to lean towards more money for them. Commissions cost me 10% of the original purchase price 10 years earlier, or 40% of my base annual salary. That was a lot of equity out the door, and the house sold quickly.
Good! Why should i as a buyer pay a fee to buy a house? The seller can eat that fee if he wants, i didn’t hire a realtor
Real estate broker = glorified used car salesman
Zero sympathy for sales people. This is a fantastic win for almost everyone else.
If you're selling, then you want the most glorious salesperson. How many car buyers bring along someone who get paid more the more you get fleeced at the dealership?
The people affected should get the funds!! I paid 6% 3 times!!
Then you are not very smart.
@@nickvin7447 Suck a D
So who gets the money? Lawyers off the back of people who have paid millions in BS commission?
Why is this chick shouting?
Good luck buying a house now....passing it to the lowest buck. People complaining commisions were to high cant afford a house in the first place. I bought a house, paid the commission, i didnt care what it was. As long as it was a good house
Buyers weren't complaining whether they could afford to or not since they weren't paying the commission.
The buyer gets screwed over no matter how they slice it.
...it's about time...one less racket we have to deal with...
Only %60 percent of Americans own homes when every American dreams about buying a house. Crazy.
House industry will stay..Greedy real estate agents now have to find some other profession.
This sounds like our health care industry! 🤔
Million dollar houses are 1-2% fee. 6% is for poor people house. 🤷♂️. Not even worth the trouble at 6%
Mad realtor alert.
6 percent of 600k house is like 36k just for one agent to look at a house and the other to make a listing and post 20 photos with 9 of them being plants, wall corners, and a couch pillow. While spelling things wrong in the description. Also telling their clients it’s the standard rate.
Median home prices in coastal California is over a million. How many agents are settling for 1-2%?
put a sign out front, send it to the websites and get $30,000 lol. netflix is gonna have to find a new racket to make shows about 😢
The numbers don't seem nearly correct.
It's still a net loss for society. Here's why: the bar for first-time buyers is now even higher, because they will have to pay commissions themselves, and that's CASH. The bank won't finance it. Secondly, although some agents are cigar chomping millionaires, most are not. They are just out there making ends meet. Third, it hurts sellers because buyer's agents bring buyers that are for real and can perform on a contract. Would you want a hundred looky-loos parading through your house? Or some clown making a lofty offer just to waste your time?
Perfect timing as the next ten years will bring a steady flow home sales/2nd home rentals from those who enherited from boomer generation and those before.
The value of representation is determined by your experience and knowledge of current laws and the specific meaning of the terms in the state, knowledge of the market (valuation, mortgage funding options, & use restrictions) and your ability to negotiate. Most buyers have little to know experience or knowledge of these, but some do.
A mortgage lender works not for the buyer/borrower, but for the bank/loan investor, so they aren’t advisors, but sales people like the agent/broker, but representing a 3rd party.
Even though I’ve been licensed for two decades, (I no longer practice), I hired an agent to represent me in another state. What you know from your last transaction might not apply.
Representation should be separate from commission structure and should be collectible regardless of whether the client buys something or not. Typically, ~10% of prospects buy/sell. It’s more equitable for clients if they all pay versus having the agents only collect from the few that complete a transaction.
I would never give 6% of my homes value to someone. My last two homes I sold by myself. 6% commission is the biggest case of price fixing ever.
The rate was never fixed. It was a suggestion, and I've done deals with commissions from $500 on up to 7.2% It's all in what you negotiate with the seller, and how much work it will take to sell the property. We need agents because buyers lie, and sellers lie. They need kept honest and the heads out of the clouds.
And you probable sold it for far less and end up losing more money.
Actually made good money@@cf1885today
@cf1885today How could it be less? You take the best offer just like you do when you have an agent. You just need to get the software that fills and creates the docusign documents and do it yourself.
@@foxtrotwolf6081Greater exposure with Realtors! More qualified buyers. Do you know how much crazy trash shows up when people try to sell their own home.
This changes nothing and yall are clueless. Commissions will work just as usual, yall are just now understanding this because it’s in the news. This is how real estate always worked 🤣🤣🤣 sellers will still be charged 6% 7% 8% or whatever the agent charges.
Who is that stunning beauty? and I'm not talking about Charles Payne this time
Where is my check? Lol
I want a lawyer handling my affairs.
How about the real estate brokers in my region, we have them all of a sudden adding 10x1,000 to home prices, a trailer sold for 200k another small lot sold to first time home buyers for 400k, it’s a scam and young first time home buyers are being duped like crazy in my part of rural West Virginia, the local broker just moved from he city and started adding cost to the homes with no appraisals even close and the bank is going along with it
im selling my house this week can I get a commission refund?
Home buying is massively complicated bs.
When the buying and selling agent is the same, there’s no pity for me.