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Started By
Message
re: National Association of Realtors agrees to end 6% commissions
Posted on 3/15/24 at 8:03 pm to Dawgfanman
Posted on 3/15/24 at 8:03 pm to Dawgfanman
quote:
Is that what selling agents do?
They do whatever it takes to make the sure the deal closes. When I bought my house the realtor arranged to have some of the repairs taken care of and paid for them out of his commission when were ready to walk b/c previous owner refused to make or pay for obvious repairs.
0
Posted on 3/15/24 at 8:32 pm to Crusty
quote:
I just lost a house because my realtor was out of pocket during the negotiations and someone else came in with a better offer.
Sounds like you did a shitty job hiring one.
Posted on 3/15/24 at 8:35 pm to TejasHorn
So how is this going to work. No more Realtors?? It’s a straight commission and no benefits job.
Posted on 3/15/24 at 8:48 pm to BilbeauTBaggins
quote:
I think that's why people have problems with realtors. 2% on $200k is $4,000. And for what is the realtor doing? Nothing that can't be figured out by an average person who uses google on "how to FSBO".
Google can maybe help you sell or buy a house, but can Google give you a blowjob for a listing? Can Google take a photo of you with a giant key in a title company conference room?
It’s amazing how little people in this thread actually know about being a realtor.
Posted on 3/15/24 at 9:32 pm to ApexHunterNetcode
quote:
Why do you feel $15k is reasonable renumeration to sell a $200k house?
I am not. I just using values as examples.
I guess I should have enumerated it out to a million.
15k closing on a million dollar home would be 1.5%.
I was just trying to illustrate if let’s say realtors treated each transaction equally and collected a fixed rate how it would affect lower priced homes more than more expensive homes. Although, a million dollar home at 6% is crazy for a 60k fee.
Posted on 3/15/24 at 9:34 pm to Dawgfanman
quote:
Houses with higher commission to the buyers agent will almost always sell faster, imo. Agents, largely, don’t care about their clients and will push whatever deal makes them the most money.
i think this is push more people to FSBO
Posted on 3/16/24 at 8:23 am to Crusty
quote:
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 kinda view realtors the way I view sports agents. In theory, an athlete shouldn’t have a ton of issue negotiating their own contract. Just take it to an attorney afterwards to look it over and you should be good. Unfortunately, as I posted earlier, I think lots of people who are super competent want realtors gone but they don’t understand/account for how retarded the average guy is.
Not necessarily trying to carry water for realtors here, I just figure if you don’t need one, don’t hire one. If you want one, do hire one. Seems simple.
I would, however, agree that it would be bull crap if you were somehow legally required to use a realtor.
This post was edited on 3/16/24 at 8:26 am
Posted on 3/16/24 at 8:43 am to Loganville Vols
quote:
So how is this going to work. No more Realtors??
No. Agents will still exist.
Sellers can still, like they always have, offer part of the commission to be paid to a buyer agent. They can also continue to sell by owner, just like they always have been able to. The commission offered just won't be publicly posted on the MLS. That's the big adjustment here.
It also requires buyers sign buyers agency agreements prior to seeing property. Something that has been encouraged in the before but will now become mandatory.
Posted on 3/16/24 at 8:53 am to Dawgfanman
quote:But sellers(unless in unique circumstances) all become buyers. So it doesn’t really matter
If rates drop anywhere into the 5s, there is going to be such a massive sellers market.
This post was edited on 3/16/24 at 8:54 am
Posted on 3/16/24 at 9:02 am to MelGibsonPatriotGif
(no message)
This post was edited on 4/21/24 at 11:18 am
Posted on 3/16/24 at 9:11 am to JiminyCricket
quote:
Not necessarily trying to carry water for realtors here, I just figure if you don’t need one, don’t hire one. If you want one, do hire one. Seems simple.
I think that’s the best part about this ruling. In the past there was realistically no way to avoid using agents if one was involved on the listing side. If you try to call to see a house but don’t have an agent the listing agent will either represent you or they’ll pass it off to someone in their group. There is basically no way to avoid spending the buyers agent fee which is ridiculous. If I like the house and hire an inspector to do a thorough inspection and the lending company performs an appraisal stating that I’m within comparable purchases then why am I paying an agent 2.5% just to essentially fill out a purchase agreement?
Posted on 3/16/24 at 9:56 am to TitleistProV1X
Fundamental change is coming and the end result will be more litigation for home buyers, the MLS disappearing, online websites like Homes.combecoming the new database, real estate agent splits with their brokers moving back in favor of the brokerage, more affiliated companies to offset the financial losses, fewer small/medium sized real estate brokerages, buyer agents who will only charge $500 to $2000 to buyers, screws military vets who need a mortgage using VA loans, pushes more dual agent/agency, and will require wholesale changes to the mortgage/appraisal/and title agencies that are unanticipated.
That said the commission percentages should have been addressed by NAR years ago.
NAR was the largest GOP lobbying association in the US. The Biden administration just took them out.
That said the commission percentages should have been addressed by NAR years ago.
NAR was the largest GOP lobbying association in the US. The Biden administration just took them out.
Posted on 3/16/24 at 10:07 am to MrLSU
(no message)
This post was edited on 4/21/24 at 11:18 am
Posted on 3/16/24 at 10:10 am to TejasHorn
I haven’t really paid attention to this or looked into what it means. But Realtors are melting all over Twitter. This tells me that is a good thing for both buyers and sellers.
Posted on 3/16/24 at 10:18 am to TejasHorn
Hourly rate. No reason this shouldn't happen.
Posted on 3/16/24 at 10:20 am to PhiTiger1764
(no message)
This post was edited on 4/21/24 at 11:18 am
Posted on 3/16/24 at 10:58 am to TitleistProV1X
quote:
If I like the house and hire an inspector to do a thorough inspection and the lending company performs an appraisal stating that I’m within comparable purchases then why am I paying an agent 2.5% just to essentially fill out a purchase agreement?
That was kind of my point from earlier. It seems very simple for a guy like you but it would surprise you have many people can’t perform all of those steps, much less negotiate for themselves. Like I said earlier, if you don’t need a realtor, don’t use one. If you’re a seasoned buyer/seller who knows what to do, you don’t really need one. There are millions of Americans, however, who are absolutely retarded when it comes to any kind of legal/financial process.
Posted on 3/16/24 at 11:01 am to rundmcrun
quote:
Hourly rate. No reason this shouldn't happen.
This sounds good on paper, until you realize it will work like a divorce lawyer. Nickel and diming the shite out of you for every phone call/interaction because it's the only way they can make any money.
Posted on 3/16/24 at 11:07 am to kennypowers
quote:
Nickel and diming the shite out of you for every phone call/interaction because it's the only way they can make any money.
And so you drop their arse and pick up a better one or avoid them altogether. Enough people do this and they will get better. Let the market do it's thing.
Posted on 3/16/24 at 11:14 am to kennypowers
quote:
This sounds good on paper, until you realize it will work like a divorce lawyer. Nickel and diming the shite out of you for every phone call/interaction because it's the only way they can make any money.
How are they going to nickel and dime their way to ~30k on a million dollar transaction? Charge 1000 per hour?
They could nickel and dime the frick out of you and they would STILL come in way below the typical commission.
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