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Started By
Message
re: National Association of Realtors agrees to end 6% commissions
Posted on 3/15/24 at 10:33 am to TejasHorn
Posted on 3/15/24 at 10:33 am to TejasHorn
There shouldn’t be a set standard or rate.
A realtor who is established and provides exceptional service should be able to charge 10% for it. A new realtor looking to get a foot in the door and find customers should be able to charge 2%
A realtor who is established and provides exceptional service should be able to charge 10% for it. A new realtor looking to get a foot in the door and find customers should be able to charge 2%
5
Posted on 3/15/24 at 10:35 am to deltaland
quote:
A realtor who is established and provides exceptional service should be able to charge 10%
Found the realtor
Posted on 3/15/24 at 10:35 am to Tarps99
quote:
Let’s say they switch to a flat rate. 15k per transaction. On a 100k house, that is 15%. On a 200k house, that is 7.5%
Good thing houses aren’t selling for the prices in your made up scenario.
Posted on 3/15/24 at 10:37 am to The Torch
quote:
Put a sign out, post it on social media, drive some people around then hand it off to Title Company
My realtor also did the following things for me as a seller:
Met with anyone who needed access to the house during the workday (septic inspector, FHA inspector, repairmen to remedy requests after various inspections), had good connections to repair people etc (when I called various places either didn’t get a response or slow turnaround, when he called they showed up next day). Was it worth the money? I don’t know. But my realtor made my life easier.
Posted on 3/15/24 at 10:42 am to lsuconnman
quote:Because realtor work is not worth most attorneys' hourly rates, and most attorneys aren't lowering their hourly rates to do realtor work.
I think attorneys can already act as an agent without a realtors license as long as they charge an hourly rate. Honestly, it seems like that is already the better value, yet I’ve never heard anyone that did it. So, there must be a glaring problem with hourly rates.
Posted on 3/15/24 at 10:43 am to deltaland
quote:
A realtor who is established and provides exceptional service should be able to charge 10% for it.
So on an average 300k house, the homeowner is on the bill for 30k not counting potential repairs and closing costs? Are you out of your mind?
Posted on 3/15/24 at 10:44 am to jizzle6609
quote:
This economy is about to be brutal to anyone in real estate. hate to say it but its true.
About to be? shite it's been brutal for over a year now.
Posted on 3/15/24 at 10:44 am to texag7
quote:
Realtors are a scam. Would never use one
Bad realtors make for bad experiences. My first ever realtor was awful and I swore them off, then COVID hit and we needed to sell the house because we were moving and we ended up with a wonderful realtor who helped us in many ways.
I can do paperwork. I can negotiate effectively. I can do everything that a realtor can, but I can't do it when I'm also searching for a new residence, working full time, and also keeping up with my home. I'll gladly pay for a realtor again when the time comes.
Posted on 3/15/24 at 10:47 am to Gravitiger
quote:
Because realtor work is not worth most attorneys' hourly rates, and most attorneys aren't lowering their hourly rates to do realtor work.
They make more than most attorneys hourly rates. It’s a complete joke
Posted on 3/15/24 at 10:47 am to member12
quote:
IDK. If there is that many people looking to sell, they'd have a downward pressure on the pricing right?
You've got it backwards...if rates drop to the 5's all the people waiting on the sideline not wanting to buy because of high rates (6's-7's) will flood the market and bidding wars will ensue again.
Posted on 3/15/24 at 10:53 am to BilbeauTBaggins
(no message)
This post was edited on 4/21/24 at 11:22 am
Posted on 3/15/24 at 10:54 am to Tarps99
It'll more likely be a staggered commission. When I sold my condo about 10 years ago, the realtor agreed to 6% on the 1st $100k and 4% after. Market value was $135k, we sold for $120k.
I thought it was strange the percentages weren't flipped to incentivize her to try to get a higher price, but this is what I envision their commission rates moving to.
I thought it was strange the percentages weren't flipped to incentivize her to try to get a higher price, but this is what I envision their commission rates moving to.
Posted on 3/15/24 at 10:54 am to Spelt it rong
If you look at housing prices, even realtors making 3% were cashing in hard on properties that were worth nearly 30% less than what they were a year prior (this was all during the housing boom). 3% on a $200k home = $6,000. Same house a year later at $260k = $7,800.
The supply went up, demand went up, timeframe between sales shortened. It's fair to say that realtors were trying to sell sell sell these last 2-3 years because the getting was good.
This is why having a realtor is nice. You have someone that will do the work for you. The little things like lawn maintenance, photography, physical showing the house at any hour of the day, all of that can be done by someone other than the seller at any point in time. I think why a lot of people are genuinely pissed with realtors is that some of the "work" they do is sitting behind a computer and waiting for people to be interested in a house that is seen on the internet, which takes very little effort.
The supply went up, demand went up, timeframe between sales shortened. It's fair to say that realtors were trying to sell sell sell these last 2-3 years because the getting was good.
quote:
I can do everything that a realtor can, but I can't do it when I'm also searching for a new residence, working full time, and also keeping up with my home
This is why having a realtor is nice. You have someone that will do the work for you. The little things like lawn maintenance, photography, physical showing the house at any hour of the day, all of that can be done by someone other than the seller at any point in time. I think why a lot of people are genuinely pissed with realtors is that some of the "work" they do is sitting behind a computer and waiting for people to be interested in a house that is seen on the internet, which takes very little effort.
Posted on 3/15/24 at 10:57 am to deltaland
quote:
A realtor who is established and provides exceptional service should be able to charge 10% for it.
Yeah, frick that opinion.
Posted on 3/15/24 at 10:59 am to BilbeauTBaggins
quote:
. I think why a lot of people are genuinely pissed with realtors is that some of the "work" they do is sitting behind a computer and waiting for people to be interested in a house that is seen on the internet, which takes very little effort.
Is that what selling agents do? I’d like to think they are working favors and backroom deals with buyers agents they know (“hey let’s push this house on your buyers, it’s got a good commission and won’t take much work”..”I have a really shite house, if you help me unload it I’ve got your back on the next deal”). At least that’s why I hired my agent, because he knew everyone and seemed like just the right level of sleezeball to move my property fast and at the price I wanted.
Posted on 3/15/24 at 11:02 am to TejasHorn
Always offer a fixed amount
Posted on 3/15/24 at 11:03 am to texag7
quote:Maybe more than their take-home rate, but not more than their billed rate.
They make more than most attorneys hourly rates. It’s a complete joke
This post was edited on 3/15/24 at 11:04 am
Posted on 3/15/24 at 11:06 am to Dawgfanman
Personally I think having a buyer agent is ridiculous. Go online, look for houses, schedule an appointment, see if you like it.
If that matters to you, you should know where your house stands in terms of value. You should know your price and know what you're expecting to pay in closing/fees.
Again, the whole issue we have with the NAR was the fact that they were essentially making it impossible to sell a home without needing a licensed realtor with MLS access and you basically had to play their game with their players.
quote:
I hired my agent, because he knew everyone and seemed like just the right level of sleezeball to move my property fast and at the price I wanted.
If that matters to you, you should know where your house stands in terms of value. You should know your price and know what you're expecting to pay in closing/fees.
Again, the whole issue we have with the NAR was the fact that they were essentially making it impossible to sell a home without needing a licensed realtor with MLS access and you basically had to play their game with their players.
Posted on 3/15/24 at 11:08 am to lsuconnman
quote:
A realtor who is established and provides exceptional service should be able to charge 10% Found the realtor
From an academic perspective this isn’t crazy
Realtor fees are like BMI. They're an inaccurate measuring stick.
Posted on 3/15/24 at 11:14 am to BilbeauTBaggins
quote:
physical showing the house at any hour of the day,
Sure you can go see the house I'm selling- The code is 0350... in my experience buying and selling, the selling agent is not present at the time of showing.
I flip houses on the side with some partners and considered getting my real estate license to save on fees, but ultimately decided against it because our volume wasn't high enough to justify the savings. We only flip 1-2 houses/year. If we get busy enough to have more than 2, then maybe I'll reconsider. I bring 95% of our houses to our realtor's attention, she just does the paperwork, but her 3% on our purchases is generally 3% of under $100K.
As the seller, she pays the photographer and provides great insight on which lenders typically close loans on time, or if it's a shady lender that has a higher probability of the buyer backing out, etc. She gets 3% up to $200k and 2% over $200- it's a big cost, but she earns it more times than not I guess.
This post was edited on 3/15/24 at 11:20 am
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