Realtors are so greedy. You’re not selling the watch, you’re showing me the watch and you don’t even own it. A flat 3% commission is absurd especially with today’s housing prices and it’s about time we shake things up.
You don't even realize all that Realtors do. And that entire 3% doesn't go to us. This is the misconception the public has. You think we just open doors.
It's such a trap honestly..the realtor's association, your listing agency fees, the insurance, etc. is unfair.. If you only knew the fees for being a realtor monthly, for ever listing you sell, state fees yearly, required continuing education courses, etc....the time you spend on ppl who don't buy and all their preferences, etc. I'm not one but my hubby use to be..it was so expensive especially the first year you are trying to get business..this lawsuit that jump started this is hurting everyone..and at the end of the day the lawyers and NAR walk away making bank
@@Angelinaslifefl - The realtors association is designed to keep the big companies in and everyone else out. The individual realtors aren’t making the real cash, it’s the main office that’s taking bank!
@@luckydawg03 You are so much smarter and well-educated than most Americans, who would not take the time to read the contracts or the competency to understand. Lazy American convinces establishes a well-paid employed realtor.
@@mssha1980no the system should be simplified so a broker is not needed and bring back home title instead of notaries so the owner actually owns the house rather than borrowing it. In America you never own a home if you think you do try not paying property tax for a couple years and watch what happens
He acts like he owns the watch. He doesn’t even work at the store selling the watch, he just walks with you to the store and helps show the watch.. the same watch which is going to cost whatever the seller wants to sell it to me for.
How in the world did we get to a situation where a person without a professional degree (doctor, engineer, etc.) can demand 3% on the sale of a 1 million dollar property which they had no hand in designing or building, just because they show it to a potential buyer?
A commission of 3% on 400K is 12K. And actually, there's not all that much work once the sale gets to the finance company, and then handed over to the broker. Like a cars salesman. Do a little paperwork. Pass inspection. Finance. Title. Close. In one month. Routine work. Buyers don't need a realitor. Sellers do. When I sell I want a NET SHEET. Sell or buy, get a NET SHEET!!! The amount of work involved is minimal. Getting Sales data from the community is on the internet. Financing and title do just about all the work which is paid for separately from sales people. If you got two homes, 750K and 400K why should a Sales Agent get paid same rate 3% when the work is the same as the lower priced home?
Exactly this! The work is exactly the same. Realtors today don’t even have to work that hard anymore anyway, particularly in major markets.. the houses sell themselves. Flat rate fees, you sell a house, you can have a few thousand. There’s absolutely no reason to take home $12k cause you took a few days to show me a house and give my paperwork to a lender.
@@HiThisIsMineIf you are that knowledgeable, you never needed an agent. Just go straight to the listing agent and be prepared to get screwed. Or, did you not realize they work for the seller? 😂 In my state, my loyalty & obedience is to my client and anything you DO or SAY can be used against you in negotiations. I love loose lipped, know-it-all's like yourself. And, you're worried about paying your own agent commission to represent you. If you don't know what to ask for in negotiations you could leave a lot more than $12,000 on the table.
@@mommom3172 I expect no different defense from a Realtor. You simply cannot justify a flat rate 3% commission.. you can’t, no matter how loyal you are. Your loyalty is no different for a $400k house than it is for a $1.5mil house. You know nothing about what I know or how I negotiate or how loose my lips can get. On the other hand, I know EXACTLY what you and every other realtor does.. I have family, friends and clients that are or have been in the business. You aren’t a magician.. especially in a housing market that ends up with all the houses going for over asking price and selling within days of being listed. So you negotiated a price for a house.. you’ll never justify making $12k for some BS sales tactic and reviewing paperwork that a contract attorney could do for $500… although I understand you’re defensive of keeping that ridiculous cut. You don’t own the market, you don’t own the house.. you’re just a tour guide with a license to speak on our behalf. Act like you’re laughing it off.. but I know this new legal twist scares the brown out of you… el oh el!
I agree, the last couple of realtors I kind of worked with just wanted that quick sale. Yes, I have specific conditions in buying my next home. Those were NO HOA/CDD fees, no flood zone, and tried to stay within a specific budget. But apparently that was too much for them and had me looking for the home instead and they would just put my email on an instant search. The only thing needed from them is the access to the mls listing. Going on the general websites such as Zillow don’t show everything that you may want to see such as HOA fees.
You guys pick bad realtors and FYI you will not get a better price!!! If you are selling you would not discount the price. The market makes the price. So now Buyers will be relying on Sellers Agent to be a transaction broker. This will screw most buyers and I am not a realtor.
I thought the same thing. Realtors are a dime a dozen in my city. Plus when I buy the “really nice watch”, they don’t add extra 3% commission just because they took it out of the case for me to try on.
Then those realtors who are "stuck" on a set number will lose out on potential clients when those clients are as they said already pinched financially. And all these agents are going to be competing for a much smaller amount of buyers who can afford the full 3%. Couple things are going to come out of that: 1- less agents and 2- eventually reduced rates
@@saidtheblueknight I agree, we really need to get rid of part time agents and bored housewives, Sellers will make out a a percent or two but it will not help Buyers at all. It will actually cause trouble for Buyers haveing to trust the Seller Realtor to act as a Transaction broker.
Outrageous commissions!! I have been fortunate enough to essentially sell my previous homes with little help from an agent. Both commissions were 1% or less. No way I’m forking over $30000 of MY money to someone who has barely done any work. I did my own open houses and all they did was list my home on MLS. I brought in the buyers.
Who said we need to pay the buyer's agent 2-3%? If everyone is offering 1%, i doubt youll turn them down. The entitlement is really annoying for a job that requires not a lot of work and requires no professional degree. Crazy.
You can get a buyer agreement online for free, I bough a house and I asked closing company lawyer that I would contract them if they provide one for me .. save me the lawyer fee.. and bought my neighbors house without a realtor.
@@huynguyentoantinwell an agreement is pretty Standard, lawyers can draw one for 500 .. but if you negotiate with closing company they have an in house lawyer you can bake with closing fee
@@Seadawg719 a lawyer is going to draft a document on your behalf. They’re not going to negotiate the best deal on your behalf. Negotiate repairs, look for deficiencies, meat, and collaborate with a variety of vendors. The list goes on and on gor the benefit in utilizing an agent. You can go about doing taxes on your own, doing a divorce on your own, or drafting a trust on your own, but it’s not always the wisest decision.
Some Buyers will just use real estate attorneys to look over their contracts. I think that the attorney’s flat fees will be going up in the near future due to a higher demand. They keep finding more and more ways to squeeze the blue collar/middle class out.
“Mr. Buyer you will pay me 3%” or I go to the houses and hire my own inspector myself. Half the time the buyer agent is sabotaging you and not really fighting the seller agent on price as hard as they could.
think for a second about this. Median price for a house in US is 400,000$ The agent fee is roughly 12,000$ With the scarcity of housing available, can we say that an agent would help sell/buy ONE house per month? That’s a lot of money
@@UncleFjesterSays who. During ye selling craze, I knew someone doing real estate on the side that was closing 2 or 3 per week.Even with sales down, 1 sale each month is NOTHING!
Tell that to the buyers AND sellers who text and call me at all hours of the day & night freaking out. Yes, AI is exactly who they want to speak to in those situations. 😂
@@mommom3172 Federal & State regulatory rules for real estate purchases were a historical idea, but decentralizing the real-estate purchase process establishes the market/employment for realtors. Customers who refuse to read the paperwork they are signing reveal their inept education in reading and thinking critically.
I am a homeowner. I still don’t understand why we need a real estate agent or broker. It’s one of the most costly item when purchasing a house. They don’t do much… besides show houses. 3% commission based on house price is outrageous. Maybe lower than commission rate. nowadays, the online realtor sites are more convenient. Many times they are not in your best interest, instead hire a reputable home inspector before making a purchase.
There is going to be a lot of hungry buyer's agentss. These guys bring absolutely no value to the sale. How much should a potential customer pay a buyer's agent to access the MLS so they can see what houses are available for sale. And, possibly even drive the buyer to the listing? The only real function of the buyer's agent is the MLS access and the access to the locked key box to open the door. If I was a buyer I would not pay any more than $500 for the buyer's agent time. Because, that is what they are really worth. The seller's agents actually do the heavy listing to make sure the house sells including the staging and setting the correct price. 🤔🤔🤔
Hilarious . So showing you possible 20+ homes and walking you through a 30 day transaction with 150+ moving parts and 8-10 other people involved is only worth $500 to you ? After taxes and broker fees that’s working for free . I would wipe my ass with that $500. The sellers agent actually does 1/4 the work 😂😂😂
@@Gomer-lw7rdyou are only able to show the homes because someone contacted the seller to get the key. If I just go to the agent myself, you have no job
@@roguej2 only license holders can show homes so it’s fine . I sell 50+ homes a year by myself , I’m compensated 6% with sellers because I’m valuable and I will continue to do so no matter what happens. 🥸😎 you wouldn’t know what to do with a real estate contract 😂😂😂 even if the consumer could show themselves the home which would never happen , I would still be in business and making the same amount of $ or more
Honestly, I don’t get it. Does it matter if you’re paying 4% to one agent or splitting it between two agents? It’s the same crap. I don’t think the lawsuit is about it being too expensive if that’s the case just cap it at 2% or something.
So now the buyer also has to foot in their agent's commission to get the property? Yeah, this will make it easier to buy homes. The ENTITLEMENT! Just make it a flat fee and throw out the percentage.
Ever heard of off-market listings? In a tight market, how do you go about finding listings that aren't even public yet? I have 5 listings in my pocket going on the market in the next 3 months. I'm already shopping them to my buyers and agents I know in my market. Buyers who want specific neighborhoods for lifestyle, school zones etc are smart to hire an agent who knows the market and the agents conducting business in that market to find out about properties before they are made public. While you may not find value in that, many many do. The people who will suffer with these changes are actually the middle and lower classes. Upper middle class people can afford to pay their agent just like they hire people to clean and care for their children.
The house sells themselves. My agent we sold and bought with didn’t do much on the buying end. Actually anything. I found the community and bought. We had to cancel one contract on a new construction 3 weeks before closing because he didn’t list our house by the contingency deadline. We ended up having to go under another new construction contract. We ended up selling the day the 1st house sold to someone else. We had to rent for another 7 months while rates were going up. We could have saved $800 a month if we would had sold and moved into our first contract.
The buyers agent industry is finished. They will quickly get cut out of the process, especially now that Zillow, Redfin, etc are doing half the job for them.
It won't change a thing - Seller will still have to pay otherwise Buyer will walk away - the market always finds its own price - Seller has a minimum walk-away price and Buyer has a maximum walk-away price. Within those parameters the price and brokerage will be adjusted. If 3% Buyer Brokerage now mandated is removed with a Seller Concession, Seller will price that 3% with a higher home sale price.
I wont pay nothing to the buyer agent because i choose to represent myself and do all the work like buy sing for open house and spend time waiting to show my house to public and if the buyer chooses an attorney or an agent they are the one who should deal with it not me . I think it is fair enough from my side
@@Nournourhayati409 Buyers don't need an agent, they usually get one because they split the commission. Pretty shady. If buyers really need representation, they can pay for it. It's a different time now. It's as simple as scheduling your own inspection and having the attorney look over the documents. Title company mostly do all the work. Not the buyer's agent.
Changes needs to be made and regulations need to be set for big corporations coming in and buying up all the homes. Nobody’s talking about this but soon enough later on everyone’s gonna have to start renting. No one’s gonna be able to own a home so that is something that y’all should really talk about?
If I sign a buyer agreement to pay my agent 3% and he/she only shows me properties where the seller has agreed to pay 3% to the selling agent, does my agent get two 3% commissions? The new rule/ law can manipulated to scam the public.
This consultant has it completely backwards. Thinks about buying a car, do they add the sales persons commission onto the price of the car, NO, the commission is a percentage of the sale. When someone sells a house, they generally understand that there is a 6% commission that goes to the buyer/seller agent(s), that comes out of the sale price. Also, you can negotiate that percentage when selling a house. If a buyers agent is not willing to take 1.5 or 2% commission, they will just come up with a reason not to show it. Real estate agents have to understand that the reality is they have picked a job that requires evening and weekend work, it is not adding value to their service, it IS their service. Buyers generally have day jobs that allow them to pay for real estate, they have to use their evenings and weekends shopping, so real estate agents have to make themselves available then. If you talk to a real estate agent that disagrees with any of this, that is a huge red flag. DO NOT sign any contract with them and run away fast!
The Lawyers the buyer will have to hire not to get screwed and we all know Lawyers work for free. $400-500 an hour when they even think of you or talk on the phone will add up fast.
I don't think that's the problem. I hate the size of the house compared to the size of the lot or outdoor space. I can't stand it. My parents were builders and developers and they have wooded lots, or a community that was supposed to be wooded lots and that's intentional. Your intentionally trying to leave vegetation for aesthetic purposes so you don't have to plant more. And the people don't give a crap. They want to build the biggest cheapest like 84 lumber square shed home with cheap ugly siding as big as possible. and they want to clear everything and just put grass with their cheap big ugly house. We used to spend time looking at brick sample and trying to not make houses direct copies of each other. and like pick a grape vine grout style to be different or different features. We used to think about where to put the house and the driveway and what trees to keep and then you have to be careful to not hit the trees your trying to keep while building. Now the F-ers the biggest and most equipment they can find and run everything over. then they put white cabinets and grey floors in every house. It doesn't make sense. We used to worry about having tall straight stairs in the foyer because people could fall to their death and die. then KB homes and everyone a straight set of death stairs with extra tall first floor ceilings. We used to think that it could be dangerous for a kid to not have a break in the stairs.
FYI: Before the pandemic you could routinely get 20% off a Rolex. So his “fancy watch” analogy is crap. Also: to the lady who said 3% for the buyers agent 😂 get real. I’m not even paying you 1% of my purchase price. I’ll pay you a. Flat fee of 500-1000k dollars. People. You DO NOT have to pay 6% when you sell your home. It was ALWAYS negotiable but people accepted 6% was the norm because of moron greedy agents like the ones in this video.
Would you go to court without a lawyer? Ask the buyer’s agent to negotiate with the seller for the commission. It’s the way it will get you representation without having to pay out of pocket.
Buying a house just got even more expensive. A buyer now has to come up with the agent commission up front. Lenders will not allow this fee to be rolled into the mortgage, and why would an agent want it to anyway? Do you think they will work for a paycheck to be paid slowly over 30 years? If anything needs to change, its mortgage insurance. If the house never goes into foreclosure before the buyer hits 20% LTV, its essentially theft by the bank.
I think if you want exposure of your home yes. But in actuality you don’t. I think seller and buyer can find an real estate attorney for flat rate to do the paperwork for the sale.
@@user-dw1ls3rp1lAdd real estate agents lie to the liars list as well. We sold my mom’s home last month and her agent was worthless. Only hosted one open house, with very little traffic. Her excuse was the home was priced too high. She gave us the comps for the neighborhood and suggested the original listing price. We were going to dump her as soon as the contract expired, but a neighbor’s cousin wanted to live in that neighborhood, and that’s how our neighbor referred the eventual buyer. The cousin already had been working with an agent, so she also did nothing. What a racket.
@@criscross7362 Everyone thinks everything is about them nowadays. I couldn’t care if poor people stay poor to be totally honest. It’s not a right for everyone to be rich. It’s a modern entitlement problem and I dont care.
@Maybe1Someday just because the issue does not affect you, it does not make it any less important. Perhaps there are millions of individuals working hard to buy their first home, and the new fee, 3%, represents a burden for them. Of course, other individuals want to live beyond their means. On the other hand, this could lead to private equity firms to monopolize the industry and hurt millions of us.
@@criscross7362 I dont care. Private equity could count as a monopoly especially if one firm owns the most houses in a city. But mom and pop landlords have been doing this forever. The only thing new is private equity. Maybe they shouldt exist but again I dont care.
Realtor: "Would you be here if it were a freebie?" Reporter: I would for the free advice, just to pass it on to my viewers... .... er... that means you'd do it as part of your job as a reporter... Which is paid... Not a freebie... ;-)
6% is too little . Should be around 8%. Take a high value item to an auction . 15% minimum auction fees. Is a house a high value item ? I believe so … 6% divided amongst 2 agents , after Taxes, time , marketing , and broker splits is around a 1.5% take home every time . A lot of idiots in the comments and wanna be realtors / brokers . If it was so easy why don’t you get your license and do it yourself 99% of you would be guppies swimming in a sea of sharks , completely and absolutely clueless about what to do. I charge 6% to sellers . Sometimes 5%. If you are an agent and can’t negotiate your own income , you suck and should choose a different industry to work in. The only thing that’s changing is we can’t advertise compensation on MLS. In 8 years I haven’t shown one home without a Buyers rep agreement. The desperate agents will be lurking around for a few months but very quickly washed away.
Agents perform a commodified function in a monopoly...they are not artisan craftsmen with precious unique skills....the comparison to high end jewelry is laughable...they are merely bodies with access to a monopoly MLS mandated by culture to physically let you in the door of a house.....real estate attorneys could do the same work, won't collude with other agents and brokers behind closed doors, and will do it for 1/3 of an agent's expected commission for shuffling papers and soothing egos....and lawyers HAVE to protect their clients....agents are primarily liable to their brokers and to keeping transaction volume going by not ruffling other agents...
A lawyer isn’t going to take the time to show a buyer multiple homes for days/weeks months or years. The commission paid is subjective to the time spent for the agent to help buyers look at multiple homes over time that is unknown. A lawyer will not do that for a flat fee. 😊
@@melodygarcia7733 You don't need a buyers agent to look at a home. You can contact the seller's agent of that home directly and set an appointment for them to show you the home.
@@melodygarcia7733 90% of homes are found by buyers themselves online and just need a body to let them in the door. The era of letting people into many homes and showing them around for weeks no longer actually really exists. And if you want that, feel free to go find somebody to chauffeur and babysit you for $15,000.
Some states already have attorney review. They aren't interested in doing half the things you are suggesting. They are also not readily available to speak with. How do I know? I work with real estate attorneys every day.
So you are giving ALL the buying power to Wall Street investors once again. Because who would offer that extra fee? Nobody but the Wall Street investors. So now a buyer is only going to get a house if we pay for the sellers realtor too! Go Wall Street! “They will own nothing, and we will own everything”, and they will just have to get used to it”.
Realtors are so greedy. You’re not selling the watch, you’re showing me the watch and you don’t even own it. A flat 3% commission is absurd especially with today’s housing prices and it’s about time we shake things up.
You don't even realize all that Realtors do. And that entire 3% doesn't go to us. This is the misconception the public has. You think we just open doors.
Exactly! That was a bad analogy
Open MLS, flat rates, virtual tours with open comment section on listings. Should be ebay levels of easy.
It's such a trap honestly..the realtor's association, your listing agency fees, the insurance, etc. is unfair.. If you only knew the fees for being a realtor monthly, for ever listing you sell, state fees yearly, required continuing education courses, etc....the time you spend on ppl who don't buy and all their preferences, etc. I'm not one but my hubby use to be..it was so expensive especially the first year you are trying to get business..this lawsuit that jump started this is hurting everyone..and at the end of the day the lawyers and NAR walk away making bank
@@Angelinaslifefl - The realtors association is designed to keep the big companies in and everyone else out. The individual realtors aren’t making the real cash, it’s the main office that’s taking bank!
I just paid a realtor $500 to.list on mls. Sold myself. Saved 3% sellers agent fee.
My family did this twice. This saved us soooo much money!
@@luckydawg03 You are so much smarter and well-educated than most Americans, who would not take the time to read the contracts or the competency to understand.
Lazy American convinces establishes a well-paid employed realtor.
Makes sense I travel a lot for work so made since to hire a realtor. But in your case definitely would of done the same
House prices are high . Interest rates are high . And on top of that you want me to pay another 3 % ... something has to change.
So the seller should cover your fee?
@@mssha1980no the system should be simplified so a broker is not needed and bring back home title instead of notaries so the owner actually owns the house rather than borrowing it. In America you never own a home if you think you do try not paying property tax for a couple years and watch what happens
That agent made the wrong analogy. If you really want a 5,000$ watch, you go and buy it and it will cost you 5,000$ not 5,000$+3% fee
Most agents lack basic education and common sense.
I was thinking the same thing. Terrible analogy
He acts like he owns the watch. He doesn’t even work at the store selling the watch, he just walks with you to the store and helps show the watch.. the same watch which is going to cost whatever the seller wants to sell it to me for.
How in the world did we get to a situation where a person without a professional degree (doctor, engineer, etc.) can demand 3% on the sale of a 1 million dollar property which they had no hand in designing or building, just because they show it to a potential buyer?
Most realtors in my area are women. We call them car salesmen with lipstick.
MLS is a Dues Collecting Union, every idiot in my wealthy town is a realtor.
@@who_wantsit And they all drive BMWs
A commission of 3% on 400K is 12K. And actually, there's not all that much work once the sale gets to the finance company, and then handed over to the broker. Like a cars salesman. Do a little paperwork. Pass inspection. Finance. Title. Close. In one month. Routine work.
Buyers don't need a realitor. Sellers do.
When I sell I want a NET SHEET.
Sell or buy, get a NET SHEET!!!
The amount of work involved is minimal. Getting Sales data from the community is on the internet. Financing and title do just about all the work which is paid for separately from sales people.
If you got two homes, 750K and 400K why should a Sales Agent get paid same rate 3% when the work is the same as the lower priced home?
Exactly this! The work is exactly the same. Realtors today don’t even have to work that hard anymore anyway, particularly in major markets.. the houses sell themselves.
Flat rate fees, you sell a house, you can have a few thousand. There’s absolutely no reason to take home $12k cause you took a few days to show me a house and give my paperwork to a lender.
@@HiThisIsMineIf you are that knowledgeable, you never needed an agent. Just go straight to the listing agent and be prepared to get screwed. Or, did you not realize they work for the seller? 😂 In my state, my loyalty & obedience is to my client and anything you DO or SAY can be used against you in negotiations. I love loose lipped, know-it-all's like yourself. And, you're worried about paying your own agent commission to represent you. If you don't know what to ask for in negotiations you could leave a lot more than $12,000 on the table.
@@mommom3172 I expect no different defense from a Realtor. You simply cannot justify a flat rate 3% commission.. you can’t, no matter how loyal you are. Your loyalty is no different for a $400k house than it is for a $1.5mil house.
You know nothing about what I know or how I negotiate or how loose my lips can get. On the other hand, I know EXACTLY what you and every other realtor does.. I have family, friends and clients that are or have been in the business. You aren’t a magician.. especially in a housing market that ends up with all the houses going for over asking price and selling within days of being listed.
So you negotiated a price for a house.. you’ll never justify making $12k for some BS sales tactic and reviewing paperwork that a contract attorney could do for $500… although I understand you’re defensive of keeping that ridiculous cut.
You don’t own the market, you don’t own the house.. you’re just a tour guide with a license to speak on our behalf. Act like you’re laughing it off.. but I know this new legal twist scares the brown out of you… el oh el!
I've never used a buyer's agent, no reason to pay 3% when I'm finding houses and negotiating with seller myself
Realtor fees are too high.
Tens of thousands of dollars for what ?
I agree, the last couple of realtors I kind of worked with just wanted that quick sale. Yes, I have specific conditions in buying my next home. Those were NO HOA/CDD fees, no flood zone, and tried to stay within a specific budget. But apparently that was too much for them and had me looking for the home instead and they would just put my email on an instant search. The only thing needed from them is the access to the mls listing. Going on the general websites such as Zillow don’t show everything that you may want to see such as HOA fees.
You guys pick bad realtors and FYI you will not get a better price!!! If you are selling you would not discount the price. The market makes the price.
So now Buyers will be relying on Sellers Agent to be a transaction broker.
This will screw most buyers and I am not a realtor.
What about loan fees, they are high today!
Marketing expertise and vetting of potential buyers.
@@sflake02 Shop around.
Real estate agent comparing himself to a really nice watch is hilarious.
I thought the same thing. Realtors are a dime a dozen in my city. Plus when I buy the “really nice watch”, they don’t add extra 3% commission just because they took it out of the case for me to try on.
The entire US system of buying and selling your house is draconian, the system needs a big shake up, not a facelift.
See how she slid in there 3% didn't say the fee is negotiable, and the man basically said you can negotiate but not with him.
Then those realtors who are "stuck" on a set number will lose out on potential clients when those clients are as they said already pinched financially. And all these agents are going to be competing for a much smaller amount of buyers who can afford the full 3%. Couple things are going to come out of that: 1- less agents and 2- eventually reduced rates
@@saidtheblueknight I agree, we really need to get rid of part time agents and bored housewives, Sellers will make out a a percent or two but it will not help Buyers at all. It will actually cause trouble for Buyers haveing to trust the Seller Realtor to act as a Transaction broker.
Outrageous commissions!! I have been fortunate enough to essentially sell my previous homes with little help from an agent. Both commissions were 1% or less. No way I’m forking over $30000 of MY money to someone who has barely done any work. I did my own open houses and all they did was list my home on MLS. I brought in the buyers.
Who said we need to pay the buyer's agent 2-3%? If everyone is offering 1%, i doubt youll turn them down. The entitlement is really annoying for a job that requires not a lot of work and requires no professional degree. Crazy.
Find your house, then find a lawyer that will negotiate for you and write up the contract.
Pay the lawyer's fee . Do you even need an agent .
You can get a buyer agreement online for free, I bough a house and I asked closing company lawyer that I would contract them if they provide one for me .. save me the lawyer fee.. and bought my neighbors house without a realtor.
A lawyer is not going to negotiate a deal and lawyers are crooks
So that lawyer works for free or cheaper than a buyer agent?
@@huynguyentoantinwell an agreement is pretty Standard, lawyers can draw one for 500 .. but if you negotiate with closing company they have an in house lawyer you can bake with closing fee
@@Seadawg719 a lawyer is going to draft a document on your behalf. They’re not going to negotiate the best deal on your behalf. Negotiate repairs, look for deficiencies, meat, and collaborate with a variety of vendors. The list goes on and on gor the benefit in utilizing an agent. You can go about doing taxes on your own, doing a divorce on your own, or drafting a trust on your own, but it’s not always the wisest decision.
Black rock bought them all. You will be renting
Some Buyers will just use real estate attorneys to look over their contracts. I think that the attorney’s flat fees will be going up in the near future due to a higher demand. They keep finding more and more ways to squeeze the blue collar/middle class out.
Yep . In the 70’s my parents used an attorney not an agent.
“Mr. Buyer you will pay me 3%” or I go to the houses and hire my own inspector myself. Half the time the buyer agent is sabotaging you and not really fighting the seller agent on price as hard as they could.
think for a second about this. Median price for a house in US is 400,000$ The agent fee is roughly 12,000$ With the scarcity of housing available, can we say that an agent would help sell/buy ONE house per month? That’s a lot of money
Greed! They’re scared
Most realtors don't close on a house a month
@@UncleFjesterSays who. During ye selling craze, I knew someone doing real estate on the side that was closing 2 or 3 per week.Even with sales down, 1 sale each month is NOTHING!
Artificial intelligence would be a better use than a realtor. It's a paper/document shuffle; owners & buyers pay a realtor to explain.
Tell that to the buyers AND sellers who text and call me at all hours of the day & night freaking out. Yes, AI is exactly who they want to speak to in those situations. 😂
@@mommom3172 Federal & State regulatory rules for real estate purchases were a historical idea, but decentralizing the real-estate purchase process establishes the market/employment for realtors. Customers who refuse to read the paperwork they are signing reveal their inept education in reading and thinking critically.
%1 is to much...
PERIOD
I am a homeowner. I still don’t understand why we need a real estate agent or broker. It’s one of the most costly item when purchasing a house. They don’t do much… besides show houses. 3% commission based on house price is outrageous. Maybe lower than commission rate.
nowadays, the online realtor sites are more convenient. Many times they are not in your best interest, instead hire a reputable home inspector before making a purchase.
"Owning a home is a keystone of wealth, both financial affluence and emotional security." - Suze Orman
There is going to be a lot of hungry buyer's agentss. These guys bring absolutely no value to the sale. How much should a potential customer pay a buyer's agent to access the MLS so they can see what houses are available for sale. And, possibly even drive the buyer to the listing? The only real function of the buyer's agent is the MLS access and the access to the locked key box to open the door.
If I was a buyer I would not pay any more than $500 for the buyer's agent time. Because, that is what they are really worth. The seller's agents actually do the heavy listing to make sure the house sells including the staging and setting the correct price.
🤔🤔🤔
Hilarious . So showing you possible 20+ homes and walking you through a 30 day transaction with 150+ moving parts and 8-10 other people involved is only worth $500 to you ? After taxes and broker fees that’s working for free . I would wipe my ass with that $500. The sellers agent actually does 1/4 the work 😂😂😂
@@Gomer-lw7rdyou are only able to show the homes because someone contacted the seller to get the key. If I just go to the agent myself, you have no job
@@roguej2 only license holders can show homes so it’s fine . I sell 50+ homes a year by myself , I’m compensated 6% with sellers because I’m valuable and I will continue to do so no matter what happens. 🥸😎 you wouldn’t know what to do with a real estate contract 😂😂😂 even if the consumer could show themselves the home which would never happen , I would still be in business and making the same amount of $ or more
Honestly, I don’t get it. Does it matter if you’re paying 4% to one agent or splitting it between two agents? It’s the same crap. I don’t think the lawsuit is about it being too expensive if that’s the case just cap it at 2% or something.
Oh in what way does this help buyers?
So now the buyer also has to foot in their agent's commission to get the property? Yeah, this will make it easier to buy homes. The ENTITLEMENT! Just make it a flat fee and throw out the percentage.
In this internet age, what will be the contribution of buyer agent?
Ever heard of off-market listings? In a tight market, how do you go about finding listings that aren't even public yet? I have 5 listings in my pocket going on the market in the next 3 months. I'm already shopping them to my buyers and agents I know in my market. Buyers who want specific neighborhoods for lifestyle, school zones etc are smart to hire an agent who knows the market and the agents conducting business in that market to find out about properties before they are made public. While you may not find value in that, many many do. The people who will suffer with these changes are actually the middle and lower classes. Upper middle class people can afford to pay their agent just like they hire people to clean and care for their children.
Well now we should look at attorney percentages when it comes to how much they get from settlements. I’m sure it’s far beyond 3%.
Buyers don't have to use a buyer's agent. Buyers can be unrepresented if they contact the listing agent directly.
😬Mr. Buyer you're going to pay me the 3%...😂
She was so cringy
My realtor did nothing lol I sent them the homes, and my house sold before even hitting the market.
That guy is wrong. The rule prohibit him reaching out and ask for compensation from seller agent
Same shell game, only reworded to appear different, therefore "it's better"
The house sells themselves. My agent we sold and bought with didn’t do much on the buying end. Actually anything. I found the community and bought. We had to cancel one contract on a new construction 3 weeks before closing because he didn’t list our house by the contingency deadline. We ended up having to go under another new construction contract. We ended up selling the day the 1st house sold to someone else. We had to rent for another 7 months while rates were going up. We could have saved $800 a month if we would had sold and moved into our first contract.
That will only reduce the offer from the buyer to compensate for their additional cost.
This is dumb how is this helping the sellers by any chance
Why would you even want and extra 3 percent greedy
The buyers agent industry is finished. They will quickly get cut out of the process, especially now that Zillow, Redfin, etc are doing half the job for them.
It won't change a thing - Seller will still have to pay otherwise Buyer will walk away - the market always finds its own price - Seller has a minimum walk-away price and Buyer has a maximum walk-away price. Within those parameters the price and brokerage will be adjusted. If 3% Buyer Brokerage now mandated is removed with a Seller Concession, Seller will price that 3% with a higher home sale price.
I won't pay anything for sure . It's not fair I will pay someone not representing me . They can walk away bye bye and close the door after you leave 😂
Does nothing for the buyer😂😂😂😂😂😂😂😂😂😂😂
Yet many stupids people think this now helps them buy a house more easily
Most sellers will still pay the buyer's commission.
I wont pay nothing to the buyer agent because i choose to represent myself and do all the work like buy sing for open house and spend time waiting to show my house to public and if the buyer chooses an attorney or an agent they are the one who should deal with it not me .
I think it is fair enough from my side
@@Nournourhayati409 Buyers don't need an agent, they usually get one because they split the commission. Pretty shady. If buyers really need representation, they can pay for it. It's a different time now. It's as simple as scheduling your own inspection and having the attorney look over the documents. Title company mostly do all the work. Not the buyer's agent.
Lawyer's fees can be really high for those looking for an avergae home.
Unbelievable, another expense for future homebuyers.
Changes needs to be made and regulations need to be set for big corporations coming in and buying up all the homes. Nobody’s talking about this but soon enough later on everyone’s gonna have to start renting. No one’s gonna be able to own a home so that is something that y’all should really talk about?
If I sign a buyer agreement to pay my agent 3% and he/she only shows me properties where the seller has agreed to pay 3% to the selling agent, does my agent get two 3% commissions? The new rule/ law can manipulated to scam the public.
This consultant has it completely backwards. Thinks about buying a car, do they add the sales persons commission onto the price of the car, NO, the commission is a percentage of the sale. When someone sells a house, they generally understand that there is a 6% commission that goes to the buyer/seller agent(s), that comes out of the sale price. Also, you can negotiate that percentage when selling a house. If a buyers agent is not willing to take 1.5 or 2% commission, they will just come up with a reason not to show it. Real estate agents have to understand that the reality is they have picked a job that requires evening and weekend work, it is not adding value to their service, it IS their service. Buyers generally have day jobs that allow them to pay for real estate, they have to use their evenings and weekends shopping, so real estate agents have to make themselves available then. If you talk to a real estate agent that disagrees with any of this, that is a huge red flag. DO NOT sign any contract with them and run away fast!
Who does this help? Certainly not the middle class
The Lawyers the buyer will have to hire not to get screwed and we all know Lawyers work for free. $400-500 an hour when they even think of you or talk on the phone will add up fast.
I don't think that's the problem. I hate the size of the house compared to the size of the lot or outdoor space. I can't stand it. My parents were builders and developers and they have wooded lots, or a community that was supposed to be wooded lots and that's intentional. Your intentionally trying to leave vegetation for aesthetic purposes so you don't have to plant more. And the people don't give a crap. They want to build the biggest cheapest like 84 lumber square shed home with cheap ugly siding as big as possible. and they want to clear everything and just put grass with their cheap big ugly house. We used to spend time looking at brick sample and trying to not make houses direct copies of each other. and like pick a grape vine grout style to be different or different features. We used to think about where to put the house and the driveway and what trees to keep and then you have to be careful to not hit the trees your trying to keep while building. Now the F-ers the biggest and most equipment they can find and run everything over.
then they put white cabinets and grey floors in every house.
It doesn't make sense. We used to worry about having tall straight stairs in the foyer because people could fall to their death and die. then KB homes and everyone a straight set of death stairs with extra tall first floor ceilings. We used to think that it could be dangerous for a kid to not have a break in the stairs.
Wait. What happened to the sellers commision being divided with buyer agent?
It's going away. That's the point of this segment
.5% is much more reasonable and reflects their inputs-
Or use redfin
For sale by owner. Educate yourself and save $$$.
True
FYI: Before the pandemic you could routinely get 20% off a Rolex. So his “fancy watch” analogy is crap.
Also: to the lady who said 3% for the buyers agent 😂 get real. I’m not even paying you 1% of my purchase price. I’ll pay you a. Flat fee of 500-1000k dollars.
People. You DO NOT have to pay 6% when you sell your home. It was ALWAYS negotiable but people accepted 6% was the norm because of moron greedy agents like the ones in this video.
She’s talking to herself
Real tor! Not real a tor!
A lot of Gobley goop please give me a break
Would you go to court without a lawyer? Ask the buyer’s agent to negotiate with the seller for the commission. It’s the way it will get you representation without having to pay out of pocket.
As an All Cash Wealthy Buyer, I really won't need a realtors representation.
True
But can’t you just use an attorney instead of an agent lol
And the attorney works for free?
Buying a house just got even more expensive. A buyer now has to come up with the agent commission up front. Lenders will not allow this fee to be rolled into the mortgage, and why would an agent want it to anyway? Do you think they will work for a paycheck to be paid slowly over 30 years? If anything needs to change, its mortgage insurance. If the house never goes into foreclosure before the buyer hits 20% LTV, its essentially theft by the bank.
Realtors are the biggest grifters
Why does the buyer and the seller need an agent? Does the seller really need an agent? Depends on the market.
I think if you want exposure of your home yes. But in actuality you don’t. I think seller and buyer can find an real estate attorney for flat rate to do the paperwork for the sale.
Because buyers lie, sellers lie, lenders lie, and inspectors can lie too. You need a BS filter.
@@positiveb6572it’s so much more than paperwork involved in a transaction
@@user-dw1ls3rp1lAdd real estate agents lie to the liars list as well. We sold my mom’s home last month and her agent was worthless. Only hosted one open house, with very little traffic. Her excuse was the home was priced too high. She gave us the comps for the neighborhood and suggested the original listing price. We were going to dump her as soon as the contract expired, but a neighbor’s cousin wanted to live in that neighborhood, and that’s how our neighbor referred the eventual buyer. The cousin already had been working with an agent, so she also did nothing. What a racket.
@@positiveb6572 no just the title company do all the work and saved you $$$
Most realtors barely graduate HS and most of them come from out bound call centers and car dealerships
If you do hire a realtor get everything they say in writing becareful they lie
This will only stop people from buying a house that cant actually afford the area or house. Not a bad thing
@Maybe1Someday it will also prevent others from building wealth, and it may harm the economy.
@@criscross7362 Everyone thinks everything is about them nowadays. I couldn’t care if poor people stay poor to be totally honest. It’s not a right for everyone to be rich. It’s a modern entitlement problem and I dont care.
@Maybe1Someday just because the issue does not affect you, it does not make it any less important.
Perhaps there are millions of individuals working hard to buy their first home, and the new fee, 3%, represents a burden for them.
Of course, other individuals want to live beyond their means. On the other hand, this could lead to private equity firms to monopolize the industry and hurt millions of us.
@@criscross7362 I dont care. Private equity could count as a monopoly especially if one firm owns the most houses in a city. But mom and pop landlords have been doing this forever. The only thing new is private equity. Maybe they shouldt exist but again I dont care.
@@Maybe1Somedaythis coming from a broke guy is hilarious
Mr buyer will pay you 2 bit!
This is great I no longer have to pay realtor fees!!! I can negotiate a better price!!
Are you a seller?
@@huynguyentoantin I have been both buyer and seller, bought multiple homes
Now realtors have to prove their worth 🎉🎉
Realtor: "Would you be here if it were a freebie?"
Reporter: I would for the free advice, just to pass it on to my viewers...
....
er... that means you'd do it as part of your job as a reporter... Which is paid... Not a freebie... ;-)
just live like 15 century better too much cost😅
6% is too little . Should be around 8%. Take a high value item to an auction . 15% minimum auction fees. Is a house a high value item ? I believe so … 6% divided amongst 2 agents , after Taxes, time , marketing , and broker splits is around a 1.5% take home every time . A lot of idiots in the comments and wanna be realtors / brokers . If it was so easy why don’t you get your license and do it yourself 99% of you would be guppies swimming in a sea of sharks , completely and absolutely clueless about what to do. I charge 6% to sellers . Sometimes 5%. If you are an agent and can’t negotiate your own income , you suck and should choose a different industry to work in. The only thing that’s changing is we can’t advertise compensation on MLS. In 8 years I haven’t shown one home without a Buyers rep agreement. The desperate agents will be lurking around for a few months but very quickly washed away.
Buying homes is a scam. Keep your money, people.
50/50 split
Agents perform a commodified function in a monopoly...they are not artisan craftsmen with precious unique skills....the comparison to high end jewelry is laughable...they are merely bodies with access to a monopoly MLS mandated by culture to physically let you in the door of a house.....real estate attorneys could do the same work, won't collude with other agents and brokers behind closed doors, and will do it for 1/3 of an agent's expected commission for shuffling papers and soothing egos....and lawyers HAVE to protect their clients....agents are primarily liable to their brokers and to keeping transaction volume going by not ruffling other agents...
A lawyer isn’t going to take the time to show a buyer multiple homes for days/weeks months or years. The commission paid is subjective to the time spent for the agent to help buyers look at multiple homes over time that is unknown. A lawyer will not do that for a flat fee. 😊
@@melodygarcia7733 You don't need a buyers agent to look at a home. You can contact the seller's agent of that home directly and set an appointment for them to show you the home.
@@melodygarcia7733 90% of homes are found by buyers themselves online and just need a body to let them in the door. The era of letting people into many homes and showing them around for weeks no longer actually really exists. And if you want that, feel free to go find somebody to chauffeur and babysit you for $15,000.
Some states already have attorney review. They aren't interested in doing half the things you are suggesting. They are also not readily available to speak with. How do I know? I work with real estate attorneys every day.
So you are giving ALL the buying power to Wall Street investors once again. Because who would offer that extra fee?
Nobody but the Wall Street investors.
So now a buyer is only going to get a house if we pay for the sellers realtor too! Go Wall Street!
“They will own nothing, and we will own everything”, and they will just have to get used to it”.
The only ones to blame for all of this is , zilliow , opendoor and the like.
Your days are numbered realtors muahaha! 🦹