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re: National Association of Realtors agrees to end 6% commissions
Posted on 3/15/24 at 11:51 am to baldona
Posted on 3/15/24 at 11:51 am to baldona
quote:bullshite. Don’t equate being a carpenter to a realtor. Carpentry actually requires skill and manual labor. Neither of which applies to a realtor.
You could say this about almost any industry? Why should I pay a contractor 20%+ to build a deck, I can just google building a deck and get it done myself right?
I’ll add that not all realtors suck. Mine cash flowed my new construction out of her pocket to the contractor and charged him interest which offset her only charging me a small fee for her services.
This post was edited on 3/15/24 at 12:09 pm
1
Posted on 3/15/24 at 11:56 am to Westbank111
quote:
Do you know how many deals Realtors “work” that never close?
This problem would be solved by
quote:
Or they could do like most every countries and charge an hourly rate for their services depending on how much you use them.
Maybe that's the problem- the people that actually make the transactions pay for the people that look at houses for 2 years and just never seem to find 'the one', or the person that 'knows' how much their house is worth, despite their realtor telling them it's $50,000 high.
Sounds like America to me
Posted on 3/15/24 at 12:44 pm to deltaland
quote:
A realtor who is established and provides exceptional service should be able to charge 10% for it.
Wtf. Yea sell 2-3 homes and be good for the year.
Is your wife a realtor?
Posted on 3/15/24 at 1:09 pm to LSUGUMBO
quote:
Maybe that's the problem- the people that actually make the transactions pay for the people that look at houses for 2 years and just never seem to find 'the one', or the person that 'knows' how much their house is worth, despite their realtor telling them it's $50,000 high.
Sounds like America to me
Ultimately this will hurt the buyers agents trying to get in to the market and the first time buyers because they won't have representation in the transaction.
The crux of these lawsuits is that they didn't feel like it was fair to force the sellers to pay the buyers agent. Fine, split those up. Now you've got buyer that are disincentivized 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. It's going to be painful for those trying to buy their first home. Trying to save enough to get in to the game and then on top of that paying the agent a fee along with all the closing costs....it's going to be rough.
Side note - everyone bitching about realtors can stfu. 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. Everyone thinks that all they do is open a couple of doors and show the houses. New flash - that's a very small part of what you're paying them to do. The paperwork and negotiations are a TON of work/time.
This post was edited on 3/16/24 at 11:03 am
Posted on 3/15/24 at 1:11 pm to kennypowers
quote:
Side note - everyone bitching about realtors can stfu. 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. Everyone thinks that all they do is open a couple of doors and show the houses. New flash - that's a very small part of what you're paying them to do. The paperwork and negotiations are a TON of work/time.
Found the Realtor
Posted on 3/15/24 at 1:12 pm to kennypowers
quote:And yet, almost every other country has fully functioning real estate markets with much lower transaction costs.
Side note - everyone bitching about realtors can stfu. 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. Everyone thinks that all they do is open a couple of doors and show the houses. New flash - that's a very small part of what you're paying them to do. The paperwork and negotiations are a TON of work/time.
quote:Sweet! New scare tactic talking point!
The crux of these lawsuits is that they didn't feel like it was fair to force the sellers to pay the buyers agent. Fine, split those up. 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. It's going to be painful for those trying to buy their first home. Trying to save enough to get in to the game and then on top of that paying the agent a fee along with all the closing costs....it's going to be rough.
Posted on 3/15/24 at 1:16 pm to BayouBaw84
quote:There's a joke that most realtors are ex nurses and teachers that don't want to work hard.
Teachers and Nurses require education. Realtors are mostly plugs with no formal education and their little certificate.
Posted on 3/15/24 at 1:19 pm to BayouBaw84
quote:
quote:
You could say this about almost any industry? Why should I pay a contractor 20%+ to build a deck, I can just google building a deck and get it done myself right?
bullshite. Don’t equate being a carpenter to a realtor. Carpentry actually requires skill and manual labor. Neither of which applies to a realtor.
I mean, you can find realtors that will try to schmooze the shite out of you and drag their feet by pushing only homes they want to sell. Commission only jobs take some level of skill, but I get it that it's not in the same area of skill as is manual labor.
Truly the higher value homes (7 figure homes) should be reserved for legitimate salespersons who know their homes better than the sellers.
At the end of the day, realtors are very similar to car salesmen. Most are annoying as hell and want to sell you the stuff they want. There are also great ones that are trying to find your dream home within your budget and not try to rip you off. Developing relationships. I think we can all agree that the ones colluding to make the most money off of people are legitimate shitbags and should never be allowed to sell a home again.
Posted on 3/15/24 at 1:19 pm to Deactived
quote:
A realtor who is established and provides exceptional service should be able to charge 10% for it.
So you get 70k on a 700k purchase ot 100k on a million dollar purchase?
Posted on 3/15/24 at 1:21 pm to kennypowers
quote:
The paperwork and negotiations are a TON of work/time.
Negotiations take a ton of time? Like actual time?
Posted on 3/15/24 at 1:28 pm to Deactived
quote:
Negotiations take a ton of time? Like actual time?
I was a Realtor for like 3 years back in 2020 and I have bought, built, and sold literally dozens of properties in the past 24 years and the answer is no they do not. It's a few phone calls after the initial offer and once it is all hashed out the offer is amended or a new offer is written based on the verbal agreement and then everyone signs.
Next, it is basically handed off to the title company and mortgage company. Very little for the Realtor to do once the contract is agreed upon.
Outside of showing the houses, the buyers agent has very little actual time invested in a sale and that is the truth. Now, I do remember showing people dozens of houses only to have them go buy a FSBO which was frustrating but it's just the risk you take.
Seller agents have more invested including marketing costs but even that oftentimes does not justify thousands of dollars in commission.
This post was edited on 3/15/24 at 1:30 pm
Posted on 3/15/24 at 1:37 pm to stout
NAR had the monopoly because they developed, managed, and owned the multiple listing service, MLS. The MLS was/is the technology juggernaut that pretty much forced buyers and sellers to Realtors who had access to all the homes for sale and all the sales data on sold properties. Information is king!
Now, the industry is slowly changing. Most of the online listing you see online still comes from the MLS but buyers are no longer solely reliant on Realtors to provide them the inventory selection of available homes. Prepared buyers should do a lot of there search on their own and rely on the Realtors to provide access to the homes and provide other property options the buyer may not have seen or thought about.
Now, the industry is slowly changing. Most of the online listing you see online still comes from the MLS but buyers are no longer solely reliant on Realtors to provide them the inventory selection of available homes. Prepared buyers should do a lot of there search on their own and rely on the Realtors to provide access to the homes and provide other property options the buyer may not have seen or thought about.
Posted on 3/15/24 at 1:51 pm to Big Scrub TX
quote:
And yet, almost every other country has fully functioning real estate markets with much lower transaction costs.
Fully functioning? The problem is that many of you guys have never bought in other countries. The US real estate market is ate up with fat cats that do little and make a lot, but the one thing they do help with for the most part is actually making progress and pushing sales through. It’s over priced I agree.
I have an employee that’s a realtor and he worked with a lady for 3 weeks every weekend driving her around to rural homes. He never closed anything or made any money. 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. If not more, and I never said they were good. I don’t see people spending $1000/ weekend to search for homes with help. But maybe that will force some positive changes?
Posted on 3/15/24 at 1:57 pm to mattz1122
quote:
National Association of Grifters
I feel like realtors have their place. If you're a super competent buyer/seller and can handle the transaction on your own, awesome. Reality though is that a significant portion of the country is slightly north of functioning retardation and could utilize a realtors services for sure.
Posted on 3/15/24 at 1:58 pm to kennypowers
quote:
The paperwork and negotiations are a TON of work/time.
Which they frick up 90% of the time and closing attorneys need to fix it.
Posted on 3/15/24 at 2:00 pm to jizzle6609
quote:
This economy is about to be brutal to anyone in real estate. hate to say it but its true.
This economy is brutal to every US citizen. Thanks Joe
Posted on 3/15/24 at 2:01 pm to OU Guy
quote:
This economy is brutal to every US citizen. Thanks Joe
Didn't you watch the SOTU? The economy is booming and fantastic for all Americans.
Posted on 3/15/24 at 2:35 pm to TejasHorn
I see it going like this
Hey I’ll stick a sign in the yard for 3%
Some other guys like well shite I’ll do it for 2%
Then some retired grandma’s like I just want to make a little spending cash I’ll do it for 1%
Hey I’ll stick a sign in the yard for 3%
Some other guys like well shite I’ll do it for 2%
Then some retired grandma’s like I just want to make a little spending cash I’ll do it for 1%
Posted on 3/15/24 at 2:40 pm to LG2BAMA
Zillow and others suing the shite out of the NAR, this is just the tip of the iceberg. Glad to see this shitty industry disrupted. Realtors are beyond worthless, people find the houses they like online these days and don’t need some dumbass realtor taking 6% with a buyers agent that has zero incentive to negotiate down.
Posted on 3/15/24 at 2:42 pm to kennypowers
quote:
Spending 10-20 hours with a client between showings and working deals isn't uncommon.
10-20 hours. Oh the horror.
$12k 3% commission on a $400k house.
Do you need me to do the math for you to show you how much an hour that is? No realtor is worth $1000/hr, or even $500/hr, or even $250/hr.
quote:
The paperwork and negotiations are a TON of work/time.
Oh no not paperwork!
Those are things that can be done by a monkey. You think you worked hard at negotiating the deal? you were literally just the middle man between the homeowner and the buyer, who could have had that negotiation between each other and it go a whole lot quicker as opposed to having to tell you to tell them and then they tell you to tell me.
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