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re: National Association of Realtors agrees to end 6% commissions
Posted on 3/15/24 at 3:45 pm to kennypowers
Posted on 3/15/24 at 3:45 pm to kennypowers
(no message)
This post was edited on 4/21/24 at 11:21 am
0
Posted on 3/15/24 at 4:20 pm to TejasHorn
When does this go into effect? I’ve never paid more than 2.5% for buyer’s agent.
Posted on 3/15/24 at 4:34 pm to kennypowers
quote:
Now you've got buyer that are disincentives to have representation in one of the largest financial transactions they will ever undertake because they can't roll their fee in to the price of the home they are buying.
Who says they can’t?
quote:
Realtors don't make shite until something closes. Spending 10-20 hours with a client between showings and working deals isn't uncommon. Now consider that the agent in that scenario does not get paid anything for all that work if the deal falls apart. Risk/reward type job.
So.. basically like every other commissioned sales job under the sun?
Posted on 3/15/24 at 4:43 pm to lostinbr
quote:
there should be two deals - one between the seller and his realtor, and another between the buyer and his realtor.
That will decrease the buying power of your homebuyer who is tight on cash.
Down payment, closing costs, inspections and NOW Realtor commission?
Average Joe home buyer won’t be able to afford a Realtor so now the odds of him getting taken advantage of by the seller/listing agent go way up.
Posted on 3/15/24 at 4:52 pm to TejasHorn
With advancements in AI — I have a hard time seeing realtors even being a thing in the near future.
They essentially only open the door for you to look at the house that you found yourself, and know you are interested in via Zillow/whatever.
Once the paperwork is easily handled by AI — no more need for them.
That’s coming soon enough.
They essentially only open the door for you to look at the house that you found yourself, and know you are interested in via Zillow/whatever.
Once the paperwork is easily handled by AI — no more need for them.
That’s coming soon enough.
Posted on 3/15/24 at 5:10 pm to PGAOLDBawNeVaBroke
quote:
taking 6% with a buyers agent that has zero incentive to negotiate down.
This is my problem with the process now, neither really cares a flip about representing the buyer or seller, they will agree to anything and everything if it gets them to closing so they can move on to the next deal after getting their check
Posted on 3/15/24 at 5:16 pm to Big Scrub TX
quote:
And yet, almost every other country has fully functioning real estate markets with much lower transaction costs.
Every other first world country has also figured out basic socialized healthcare...but here we are.
Posted on 3/15/24 at 5:23 pm to kennypowers
If you want to wait 1+ year for a routine appointment - be my guest.
A lot of what you hear, the romanticizing of socialized medicine…is just that, romanticizing. It’s shite.
We have the absolute best healthcare in the world — most are too stupid or ignorant to understand that.
A lot of what you hear, the romanticizing of socialized medicine…is just that, romanticizing. It’s shite.
We have the absolute best healthcare in the world — most are too stupid or ignorant to understand that.
Posted on 3/15/24 at 5:33 pm to baldona
quote:the average realtor doesn't deserve half of that
I’m not sure the answer, but paying someone hourly is going to be in the $75-100 range to get someone that’s licensed, insured, and driving a vehicle around.
good realtors justifiably make a boatload, but the average one really shouldn't be anywhere near 6 figs, much less $150-200k. it's a low skills, near zero barrier to entry field that's flooded with bums.
This post was edited on 3/15/24 at 5:34 pm
Posted on 3/15/24 at 5:33 pm to TeddyPadillac
quote:
who could have had that negotiation between each other and it go a whole lot quicker
Preach. I just lost a house because my realtor was out of pocket during the negotiations and someone else came in with a better offer. I tried to amend our offer, but she was busy elsewhere and by the time she got my message, the seller had verbally agreed to another offer.
I am not a fan of realtors at all. The idea that they can and are willing to negotiate better than I can/will is absurd.
I buy cars online after my own research. I can buy a house online after my own research too. Realtors bring very, very little to the deal. They bring access, that's it. That's not worth thousands and nor is it worth the chance of missing out on a property because they were at Page's 6th grade JV volleyball game.
Posted on 3/15/24 at 5:41 pm to kennypowers
quote:
Spending 10-20 hours with a client between showings and working deals isn't uncommon.
And if the deal closes that can come out to several thousand per hour. Spare us.
Posted on 3/15/24 at 5:56 pm to JohnnyKilroy
Car salesman gets $200 bucks to sell a 80,000 baw edition 2500 truck but a 100,000 house has a 6% fee split between a broker and two agents. The gravy train of real estate just crashed.
Posted on 3/15/24 at 6:03 pm to Tarps99
quote:
15k per transaction.
On a 100k house, that is 15%.
On a 200k house, that is 7.5%
Why do you feel $15k is reasonable renumeration to sell a $200k house?
Posted on 3/15/24 at 6:05 pm to kennypowers
quote:
Every other first world country
You left off Homogeneous countries that aren’t loaded with Illegal Immigrants like we are. Not an apples to apples comparison for those two reasons alone.
Posted on 3/15/24 at 6:41 pm to lsuconnman
quote:
That doesn’t make sense. NAR always insisted 6% was just customary and never mandatory.
Guess we’ll need to wait for the forthcoming press release that addresses whether buyers agents will intentionally ignore any MLS listings where the seller declines to engage in the customary process
I haven't followed it much, but wasn't the main issue posting the compensation which allowed steering and the requirement to join MLS?
What will end up happening is when sellers don't agree to pay a buyer's broker, the seller's broker can just negotiate the payment with the buyer's broker outside of the deal and call it a referral fee or buyer's brokers are going to have to come up with a fee structure for services rendered.
The first scenario will require cooperative selling agents, which in the long run will be better for their business.
The latter scenario may end with buyers getting charged even if they don't complete a purchase.
Either way the residential agent is going to have to learn a new way of business.
This post was edited on 3/15/24 at 6:42 pm
Posted on 3/15/24 at 6:57 pm to MelGibsonPatriotGif
quote:
That will decrease the buying power of your homebuyer who is tight on cash.
Down payment, closing costs, inspections and NOW Realtor commission?
Average Joe home buyer won’t be able to afford a Realtor so now the odds of him getting taken advantage of by the seller/listing agent go way up.
bullshite.
The homebuyer is already paying the commissions, regardless of the canned realtor talking points. It’s all baked into the market price of the home. The market will adjust to the decreased costs that the seller faces as closing.
The buyers’ agents will actually have to work on behalf of the buyers and demonstrate their value if they want to keep their 2.5-3% commissions. Otherwise the market will drive their rates down anyway.
Posted on 3/15/24 at 7:17 pm to lostinbr
quote:
The market will adjust to the decreased costs that the seller faces as closing.
You think sellers will lower the price because of decreased commission? I don't see that happening.
Posted on 3/15/24 at 7:19 pm to TejasHorn
Should have been broken up with RICO years ago.
Posted on 3/15/24 at 7:31 pm to Dawgfanman
Good. My daughter can buy a house and quit renting.
Posted on 3/15/24 at 7:31 pm to Piebald Panther
quote:
You think sellers will lower the price because of decreased commission? I don't see that happening.
I think the market will adjust just like every other market adjusts to changes in costs. It’s simple economics.
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