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Message
National Association Realtors guilty of inflating commissions
Posted on 10/31/23 at 2:11 pm
Posted on 10/31/23 at 2:11 pm
National Association of Realtors found guilty, $1.8 billion in damages
quote:
The National Association of Realtors and the HomeServices of America have been found guilty of colluding to inflate or maintain high commission rates, and have been ordered to pay damages of $1.78 billion
5
Posted on 10/31/23 at 2:12 pm to TrueTiger
Only several decades too late.
I have remained stunned at how sticky the ridiculous 3% and 3% pricing has stayed in force in the internet age.
The several times I've had to list in the past 10 years or so, I would always find a listing agent that would take 1% (1.5% max) and when I would direct the listing agent to write the listing such that the selling agent was only paid 1-2% instead of 3%. They would just tell you straight up: the selling agents will boycott such listings.
frick all of these motherfrickers.
I have remained stunned at how sticky the ridiculous 3% and 3% pricing has stayed in force in the internet age.
The several times I've had to list in the past 10 years or so, I would always find a listing agent that would take 1% (1.5% max) and when I would direct the listing agent to write the listing such that the selling agent was only paid 1-2% instead of 3%. They would just tell you straight up: the selling agents will boycott such listings.
frick all of these motherfrickers.
Posted on 10/31/23 at 2:13 pm to TrueTiger
Nothing really changes
Now Homebuyers will have to pay commish out of pocket
Not sure how thats helping them
Now Homebuyers will have to pay commish out of pocket
Not sure how thats helping them
Posted on 10/31/23 at 2:19 pm to Big Scrub TX
quote:
The several times I've had to list in the past 10 years or so, I would always find a listing agent that would take 1% (1.5% max) and when I would direct the listing agent to write the listing such that the selling agent was only paid 1-2% instead of 3%. They would just tell you straight up: the selling agents will boycott such listings.
You were always free to sell your house, yourself.
But, you don’t get to set the prices of other peoples’ services.
This was a dumb lawsuit that will have the opposite effect and will negatively impact homebuyers and sellers.
But, some lawyer somewhere made bank. And that’s what is important.
Posted on 10/31/23 at 2:19 pm to SDVTiger
quote:
Now Homebuyers will have to pay commish out of pocket
Which will make people much less likely to agree to the %.
Posted on 10/31/23 at 2:21 pm to Big Scrub TX
quote:
They would just tell you straight up: the selling agents will boycott such listings.
As someone who spent time in that industry… some will and some will not. I have seen agents yelling at eachother over those type of listing arrangements, and i’ve seen agents bend over backwards for their clients and show them that listing anyway.
The problem is that the greedy ones cry the loudest, and the squeaky wheels always get the grease.
Posted on 10/31/23 at 2:22 pm to Dizz
quote:
Which will make people much less likely to agree to the %.
Then they won’t be buying a house.
Posted on 10/31/23 at 2:23 pm to Big Scrub TX
quote:
I have remained stunned at how sticky the ridiculous 3% and 3% pricing has stayed in force in the internet age.
Yep. That alone has shown the entire thing is a scam.
Posted on 10/31/23 at 2:23 pm to Chancellor
quote:The listing agent isn't the problem in this construct.
You were always free to sell your house, yourself.
It's the unethical behavior of the selling agents.
quote:nah. It's just institutional inertia by those lacking completely in any kind of ethics.
This was a dumb lawsuit that will have the opposite effect and will negatively impact homebuyers and sellers.
Posted on 10/31/23 at 2:25 pm to TrueTiger
90% of agents are trash. that's the real problem. 17rs as a mortgage lender and I have about 10 agents I know that I consider good agents.
Posted on 10/31/23 at 2:25 pm to LSUnation78
quote:In my experience, agents are, on balance, squeaky in this regard.
As someone who spent time in that industry… some will and some will not. I have seen agents yelling at eachother over those type of listing arrangements, and i’ve seen agents bend over backwards for their clients and show them that listing anyway.
The problem is that the greedy ones cry the loudest, and the squeaky wheels always get the grease.
Posted on 10/31/23 at 2:26 pm to hawkeye007
10?
Must have been a big market you covered.
Must have been a big market you covered.
Posted on 10/31/23 at 2:28 pm to Dizz
quote:
Which will make people much less likely to agree to the %.
Then they will own nothing and like it
Posted on 10/31/23 at 2:37 pm to Chancellor
I’ve known a few decent realtors that will drop a percentage of to 1-1.5 in a second as they get repetitive with builders. Losing 6% in today’s higher price market is truly a phucking. It’s not abnormal to see 800k plus costs on a house just to pay someone 48k to arrange a sale
Posted on 10/31/23 at 2:44 pm to Chancellor
quote:
Then they won’t be buying a house.
Like every other business there will be someone who will take less or negotiate to get the business.
Posted on 10/31/23 at 2:46 pm to Big Scrub TX
quote:
They would just tell you straight up: the selling agents will boycott such listings
frick them all. FSBO is the way to go
Posted on 10/31/23 at 2:56 pm to Dizz
quote:
Like every other business there will be someone who will take less or negotiate to get the business.
As it should be. No one works for free tho
Posted on 10/31/23 at 3:00 pm to Dizz
quote:
Like every other business there will be someone who will take less or negotiate to get the business.
There will be a few who do. And the quality of their service will be commensurate with the low price. Every time. Those will be the agents who aren’t worth a shite, anyway, and are desperate for clients.
2.5% is the going rate. And it will remain so.
Again, the only thing this lawsuit changes is how contracts are written and perhaps how buyers’ agents search the MLS, and (most importantly) the balance of the plaintiff’s lawyer’s checkbook.
Downvote away. Downvotes can’t change it.
This post was edited on 10/31/23 at 3:05 pm
Posted on 10/31/23 at 3:27 pm to Big Scrub TX
quote:
It's the unethical behavior of the selling agents.
Riiight. Because it’s unethical to refuse to work for free.
Posted on 10/31/23 at 3:35 pm to Chancellor
quote:
You were always free to sell your house, yourself.
But, you don’t get to set the prices of other peoples’ services.
This was a dumb lawsuit that will have the opposite effect and will negatively impact homebuyers and sellers.
But, some lawyer somewhere made bank. And that’s what is important.
Have not ever had to use a realtor in my life to buy or sell property. Saved hundreds of thousands in commissions cumulatively.
Besides, it was common sense any listed home is listed 6-8 % higher to cover for the added expense of the realtor.
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