I would only ever sign a contract that allowed me as a buyer to cancel the contract for any reason. I've had too many bad agents and it's hard to know that until you are actually working with them and have some experience with them. I wouldn't want to be stuck in contract. I've also always thought agents make way too much money in my area for the amount of work since homes are really expensive. Making over 30K on every single deal is crazy.
Great comment. I agree with being able to terminate the contract if not happy. We have yet to have anybody ask out of a representation with us, but we would grant that to anyone that asks. If you are not happy with an agent, that is grounds to move on in my book. I do think agents should be paid for their value. I can justify making 30K on a home for the value we bring to our client on a 1M+ listing...not sure most can or should. Thank you!
Not sure why you say that the buyer used to pay the fee. The fee came out of my proceeds. Yes the proceeds were the payment from the buyer but in the end, I took less money to the bank by having to pay the 5% rather than the 2.5%
I know, it takes a bit to see it. When you buy a truck from a dealer (Acme Ford,) the sticker price of that truck includes the fee the dealer pays to the manufacturer (Ford Motor Co.) and the fee used to pay their lot salesperson. The manufacturer fee and the lot sales person fee came out of the Acme Ford dealer proceeds, but YOU paid for those fees in the sticker price. We would be foolish to agree with the dealer that those fees came out of "HIS proceeds" at no cost to you...the buyer. Hope that helped. Thanks for the comment.
I have a talented teenage kid in my church who makes them for me. They are client gifts for buying a home with us. For you...come buy me a cup of coffee and I'll give you one.
Not all but the 2 Is real estate agents I have dealt with, They both talked up a great story about advertising and showing with information. What I got was 2 listing agents that put the property on MLS, Never once showed either house themselves, They just relied on the selling agent To give thumbs up thumbs down to The buyer. Later I found they were steered away because I had agreed to a 5% split commission rather than 6. They talk a great story but you find out when you're in The Middle of it The listing agents are just waiting for a free Payday. I will not deal with a real estate agent in the future I will choose to advertise and spend my money effectively higher a real estate attorney for closing And finance myself With a reasonable down payment and interest rate. Real estate companies and banks Just sell a sorry dream Goodbye to both
A rather common and unfortunate story. False expectations and poor communication by real estate agents give every agent a bad name. Frankly, another part of the frustration is consumers not knowing what to expect from their agents or the market. The best solution for you in the future is to find a proven and trustworthy agent who communicates well and explains the process for you, so your expectations are appropriate. As for hiring a real estate attorney...they are not free (twice the price of real estate agents on a cost per hour basis,) hard to find (there are only so many in a given market,) hard to get them to communicate (you will never get a good attorney to answer the phone directly,) and they are a liability when you need things done in a time sensitive manner in a competitive market. If you think people are frustrated with real estate agents, just wait until they try to substitute good agents with good attorneys. My hope over the next year is that the changes and transitions due to the settlement and economy... purge the poor agents from the market and at the same time allow consumers to see just how valuable good real estate agents are. Thanks for the comment.
In this day and age of the internet, we either need to get rid of this “private club” MLS or have other competitive ways to sell a house with other public portals.
Can't argue the "private club" angle as the MLS was a proprietary vessel developed and maintained by NAR. Elon Musk can charge what he wants for Starlink Internet because he developed it and maintains it. But I cannot put even a fraction of the blame of inflated home prices at the feet NAR and real estate agents as most do. There are many more reasons to blame for inflated home prices. First and foremost is the principle of supply and demand. Popular places with more demand saw competition drive prices up...there is a reason real estate in the Death Valley costs less than the Cali coast. Also, there are the same economic policies that caused your gas, cheese, and beef prices to become inflated. Inflated Real estate prices are actually more consumer driven than all the other factors combined. You can take NAR and Realtors out of the picture all together and prices will still be based on consumer demand. You will always pay more for the best homes and the best locations.
Chances are you received a class action post card in the mail if you would have qualified. Keep in mind, there were over 500K sellers in the original lawsuit. They walked away with an award of about eighteen dollars after attorney fees were paid. To think...the attorneys argued that the real estate agents were overpaid at the expense of the consumer...just saying!
We are looking to buy land in Idaho or Montana. When I saw the land grab for lithium mining, Montana became the best state to own land to grow and raise animals. What assurances do I get if I buy in Idaho that the government won’t take my property
There are no guarantees, but my bet is on the state government that has the ear of it's people and not big money. So far, I like what I see in my Idaho legislators.
I can't speak to the policies of the NWMLS, but my limited understanding is they have opted out of the settlement because they feel their policies protect consumers better than the NAR settlement and are willing to prove it if sued. Like I said, stand by...this thing is only the start of changes.
I highly recommend Kory and Bonnie if you’re looking to relocate to North Idaho. We just closed recently on our new home and love it. We were also gifted the beautiful Idaho Flag plaque. ❤🇺🇸🙌🏻
I would only ever sign a contract that allowed me as a buyer to cancel the contract for any reason. I've had too many bad agents and it's hard to know that until you are actually working with them and have some experience with them. I wouldn't want to be stuck in contract. I've also always thought agents make way too much money in my area for the amount of work since homes are really expensive. Making over 30K on every single deal is crazy.
Great comment. I agree with being able to terminate the contract if not happy. We have yet to have anybody ask out of a representation with us, but we would grant that to anyone that asks. If you are not happy with an agent, that is grounds to move on in my book. I do think agents should be paid for their value. I can justify making 30K on a home for the value we bring to our client on a 1M+ listing...not sure most can or should. Thank you!
As a Realtor here in Ohio, you have broken this down really well for anyone to digest. 👌🏼
Thank you for the kind comment!
Thanks Cory your videos keep us informed on what is going on in the industry and communities. I really appreciate your work on this.
I appreciate that! Thanks for following.
Not sure why you say that the buyer used to pay the fee. The fee came out of my proceeds. Yes the proceeds were the payment from the buyer but in the end, I took less money to the bank by having to pay the 5% rather than the 2.5%
I know, it takes a bit to see it.
When you buy a truck from a dealer (Acme Ford,) the sticker price of that truck includes the fee the dealer pays to the manufacturer (Ford Motor Co.) and the fee used to pay their lot salesperson. The manufacturer fee and the lot sales person fee came out of the Acme Ford dealer proceeds, but YOU paid for those fees in the sticker price. We would be foolish to agree with the dealer that those fees came out of "HIS proceeds" at no cost to you...the buyer.
Hope that helped.
Thanks for the comment.
Time for MLS to go away.
Thank you, Kory!
Thank you for your channel. How does one get that woodworked Idaho American flag flying to your right shoulder?
I have a talented teenage kid in my church who makes them for me. They are client gifts for buying a home with us. For you...come buy me a cup of coffee and I'll give you one.
This is an excellent presentation, with good advice for the average buyer.
Glad it was helpful!
Not all but the 2 Is real estate agents I have dealt with, They both talked up a great story about advertising and showing with information. What I got was 2 listing agents that put the property on MLS, Never once showed either house themselves, They just relied on the selling agent To give thumbs up thumbs down to The buyer. Later I found they were steered away because I had agreed to a 5% split commission rather than 6. They talk a great story but you find out when you're in The Middle of it The listing agents are just waiting for a free Payday. I will not deal with a real estate agent in the future I will choose to advertise and spend my money effectively higher a real estate attorney for closing And finance myself With a reasonable down payment and interest rate. Real estate companies and banks Just sell a sorry dream Goodbye to both
A rather common and unfortunate story. False expectations and poor communication by real estate agents give every agent a bad name. Frankly, another part of the frustration is consumers not knowing what to expect from their agents or the market. The best solution for you in the future is to find a proven and trustworthy agent who communicates well and explains the process for you, so your expectations are appropriate.
As for hiring a real estate attorney...they are not free (twice the price of real estate agents on a cost per hour basis,) hard to find (there are only so many in a given market,) hard to get them to communicate (you will never get a good attorney to answer the phone directly,) and they are a liability when you need things done in a time sensitive manner in a competitive market. If you think people are frustrated with real estate agents, just wait until they try to substitute good agents with good attorneys. My hope over the next year is that the changes and transitions due to the settlement and economy... purge the poor agents from the market and at the same time allow consumers to see just how valuable good real estate agents are. Thanks for the comment.
In this day and age of the internet, we either need to get rid of this “private club” MLS or have other competitive ways to sell a house with other public portals.
Can't argue the "private club" angle as the MLS was a proprietary vessel developed and maintained by NAR. Elon Musk can charge what he wants for Starlink Internet because he developed it and maintains it. But I cannot put even a fraction of the blame of inflated home prices at the feet NAR and real estate agents as most do. There are many more reasons to blame for inflated home prices. First and foremost is the principle of supply and demand. Popular places with more demand saw competition drive prices up...there is a reason real estate in the Death Valley costs less than the Cali coast. Also, there are the same economic policies that caused your gas, cheese, and beef prices to become inflated. Inflated Real estate prices are actually more consumer driven than all the other factors combined. You can take NAR and Realtors out of the picture all together and prices will still be based on consumer demand. You will always pay more for the best homes and the best locations.
Is there any recourse for people that had no clue about this when they sold their homes 2023. This was done to me.
Chances are you received a class action post card in the mail if you would have qualified. Keep in mind, there were over 500K sellers in the original lawsuit. They walked away with an award of about eighteen dollars after attorney fees were paid. To think...the attorneys argued that the real estate agents were overpaid at the expense of the consumer...just saying!
@@LiveBetterinNorthIdahowow, and thank you
We are looking to buy land in Idaho or Montana. When I saw the land grab for lithium mining, Montana became the best state to own land to grow and raise animals. What assurances do I get if I buy in Idaho that the government won’t take my property
There are no guarantees, but my bet is on the state government that has the ear of it's people and not big money. So far, I like what I see in my Idaho legislators.
I’m a seller and today the NWMLS still has buyer broker compensation in the mls? Why is this?
I can't speak to the policies of the NWMLS, but my limited understanding is they have opted out of the settlement because they feel their policies protect consumers better than the NAR settlement and are willing to prove it if sued. Like I said, stand by...this thing is only the start of changes.
A lawyer can represent the buyers for thousands less than
I will be doing a video on attorneys representing buyers...spoiler alert...real estate attorneys hire real estate agents when they buy
I highly recommend Kory and Bonnie if you’re looking to relocate to North Idaho. We just closed recently on our new home and love it. We were also gifted the beautiful Idaho Flag plaque. ❤🇺🇸🙌🏻
Thanks Darla. Great to hear the family is loving it!
Realtors should transition to running Tesla Dealerships.