New Policy Just Changed Real Estate Brokers FOREVER
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- เผยแพร่เมื่อ 2 ต.ค. 2024
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Ken McElroy and Jason Hartman discuss the monumental changes coming to the real estate market following a $6 billion lawsuit against the National Association of Realtors. Learn how new regulations will disrupt traditional buying and selling practices and what this means for buyers, sellers, and agents alike.
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Blackrock and Vanguard owns all the assets. 🤔
To old men saying it's really hard to build homes that's horseshit excuses if the government wanted to fix the problem they would make more inventory but building more homes to make them affordable probably isn't the best thing for the economy for the housing market to fail it would be something hard to come out of. Making affordable homes is probably not beneficial for the overall economy
You have scammers on your channel. They usually start by posting about investing and then there's a string of bots pretending to have a conversation. Someone then posts the name of an advisor. If you don't want your viewers to be scammed, you should report and remove those scam comments. They're easy to find because they have tons of likes and are the top comment. You have one on this video right now.
Maybe if investors didn't buy so many houses to profit, Americans would be able to afford a house for their family. Time to turn on the garbage disposal on investors. Affordable housing is nesserary for a healthy society. To bad greed got in the way. If houses were for people to live in, not just a vehicle profit, a school teacher could buy a house.
20 years as an agent here. This isn't near as scary as people as are making it out to be. The commission has always been negotiable. Sellers could have offered a dollar. They didn't because it wouldn't be in their best interest to do so. Nothing has changed to give buyers more money toward purchasing, just the opposite. We will see 3% seller concessions negotiated on behalf of buyers. Same bottom line to seller. There is so much more to it, but there will be interesting benefits. There will still be cooperation between brokerages. Buyers will now be more loyal by contractual obligation. Overall it will smooth out faster than people think. Agents that have done well in previous markets will continue to do so. Biggest loser is the first time home buyer which is a disappointment, but if they hire a great agent it will be negotiated into the sale so they don't have to come out of pocket. Let's see how this one shakes out. Always opportunity in change.
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who witnessed the 2008 financial crisis can expect to generate a large wage.
Mind if I ask you recommend this particular professional you use their service? i need all the guidance I can get.
Annette Christine Conte is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Charlotte Miller.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Strayer..
I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
I'm new at this, please how can I reach her?
After I raised up to 125k trading with her I bought a new House and a car here in the states also paid for my son's surgery
Glory to God shalom.
Though we only paid $80,000 for our current home, we would like to buy a new one but are unable to afford the cost. Despite our 150k income, it seems like we would need to set aside an additional 150k to purchase a better home that we could afford to pay off in less than five years. We could simply renovate for ninety thousand dollars.
The older you get, the more money you have, the more you would benefit from an advisor. Retirement account meltdown strategies are not something the average person gets the complex details about
I will soon be 69 years old. 2020 saw the launch of Robinhood investing. My portfolio just hit the $100,000 mark. A diversified portfolio, selection of equities with a solid dividend yield-tracking yields and aiming for 6% or higher-as well as the purchase of income stocks will help you achieve your goals. I own only about thirty stocks, but I aim for $400-500 in dividends per month, and I'm currently on average $350. My investments, when left undated as an emergency liquid fund when I pull the plug at 70, should yield a pocket money yield with other investments and no debt. I made mistakes and had no experience, but I'm still doing well. You can handle this.
Though I haven't taken any concrete action, I have been thinking about getting one. Could you suggest your expert to others? I really could do with a helping hand.
Find financial advisors like Becky Lou Gordon who can assist you. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
She appears to be highly educated and well-informed. Upon conducting a Google search on her name, I discovered her website; thank you for sharing...
even if they over pay, if they CAN still afford the month to month they are golden and wont sell. since rent is so high and rate are also every high and home price are still claiming if they sell now they probably be paying higher.
Do we really need agents anymore?
1. Seller list on Zillow
2. Buyer finds it on Zillow
3. Seller shows it to buyer
4. Buyer makes offer
5. Seller excepts offer
6.Seller hires lawyer to hold escrow, for the title insurance and closing
Done!
What am I missing?
How much sellers suck. They can't take their emotions out of the deal. THAT is where you need an intermediary.
When is the last time a FSBO seller wasnt asking more than retail AND didnt want to pay commissions?
I sold mine with out a realtor. Easy I put a sign out front with all the info , sold in 2 days , this was 15 years ago , I also bought a house the same way , always use a lawyer
Buyer poorly represented. Legal issues down the line.
Nothing. You are missing nothing.
You're missing the difference between accept and except.
It is absolutely ridiculous to pay some agent a PERCENTAGE of the SALES PRICE of my home. What right do they have to a percentage of the sales price? If I have little or no equity in the house, the agents make more money than I do! It’s nuts and must stop. Educate yourself and sell your house yourself. You can get an MLS listing without an agent. You can pay a flat fee for the MLS listing. It’s time to end this highway robbery.
This 1000000%
That has been available, it called fsbo, for sale by owner.
However some prefer to not deal with all that is involved to get the house sold and so on, so they negotiate a fee to have it done right.
Nobody works for free and everything is negotiated.
@@hiveloside4083 I am very familiar with FSBO. That’s an option for sure. I’m not asking anyone to work for free. I’m just asking not to be r*ped when selling my house. That lawsuit that was just settled should help.
Then don’t use an agent ? Sell it yourself.
@@TinoTM1986 Isn’t that exactly what I said?
Correction - sellers can still pay the buyer's agent if they choose to do so. However, the cooperating commission will not be shown on the MLS.
As a seller I'm not paying that buyer agent jack.
That’s right, the seller can still pay buyers agent. Nothing is really going to change bc seller are still advised to pay buyers agent if they want more buyers to see their property. How can they not even mention that distinction!
They are totally misinform what a joke
@@piRatCaptainthen you won’t have the same pool of buyers able and willing to purchase your home.
I get why they are more than assuming buyers are paying buyer agent fees as every buyer will need to sign a buyer broker agreement, with written compensation, before showing a single home. Seller can be negotiated to pay, however, buyer broker agreement are the contract to follow not the sellers cooperating commission. If it’s the other way around, it’s called Steering the Buyer, which will be an even bigger mess for Realtors.
Buyers are extra cautious right now. They want to make sure they’re getting a good deal given how much mortgage payments have gone up, and when they don’t feel like they’re getting a good deal, they’re backing out, so definitely looking elsewhere is a necessity..
Equity in a house will likely be tapped into via a HELOC or straight sale. I believe if they sell, many will go back to renting. And housing supply will inevitably rise. So you can borrow against your home. What could be the best allocation for my $1m liquidity? Perhaps my stock portfolio.
To create a portfolio is easy but to manage it is hard...
How can get a sincere professional?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’BRITTNEY COHEN ROSE ” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Britney Cohen Rose, out reach worldwide on the internet With her name first on the internet.
It seems the issue with realtors doing business differently as result of the lawsuit is too complicated for these two self appointed experts in the industry to have it explained even remotely clearly...!
Two overrated real estate self described supposed expertise...!😕😉
So some fool doesnt get a big commision for putting up a sign. I remember when i purchased my home. I found the house i fought for a credit i did all the work then gave some A hole a big check. I hope this industry changes conpletly and stops ripping people off
Ask my family if that's all I do
You also are on TH-cam on the middle of the day doing nothing.
@@joesmith3590 1 hr ago is not middle of day. Don't be upset your gonna need to find a real job.
@@gottagowithjoe1 lol
Yes always on my phone working emails text messages
This video is misleading.
I am a home builder and real estate agent here in Indiana. The only thing that is changing is u can't advertise the buyer commission %. But everyone will still be giving a percentage. This will not change anything.
Thank You..!! I have commented that nothing has actually changed…and what the hell are they talking about equity/debt..??!!! They are just confusing people…I’m a seasoned real estate guy with over 200 properties and built over 500 houses…these guys are just complicating things with BS…tell me where I’m wrong…if I am, I’m fine with that…but I’m not..!! Hahahhaa
@@strugglingceo5308 I totally agree, these guys seems clueless. They should probably stop podcasting.
Its a referral fee to the agent that brings a buyer. Thats done every day in business and so is announcing it to people in any industry
Im also a long term agent. and you are mostly right. It will create a bunch of nonsense for a few years and hurt the buyers and the sellers and ultimately make their costs go up...but yeah, eventually it will settle back to similar to what it has always been because that worked decently. Lots of people getting hits on content of how you will pay nothing...we know thats not true lol
@@strugglingceo5308 The problem is Ken is well meaning, but doesnt really understand the buying selling process from the agents side. He is in a totally different business and grabbing headlines. REally should check with some pros before posting this kind of content because just like all the other wrong posts, its just gonna confuse everyone...
Perfect change!Retainer gonna be in the buyer`s agent agreement, like the lawyers have. Bingo!$5000/month minimum or $200/hour! no more showing 1 thousand homes and buying nothing or maybe. I love the change. Not ready to buy? Don`t go around trying to get in homes you never gonna buy.
Are you, home owners, really going to let strangers without screening browse through your house, without even knowing if their credit score isn`t 500? don`t think so.
I find this highly unlikely unless this is the very high end market and only someone with way more money than time would agree to this. You must be a Real Estate agent?
Buyers can still see listings directly with the listing agent. No need for buyers agents. Once you find what you like you hire legal representation and pay that lawyer a flat fee. Not dificult.
I don’t know where you are but here in NC it is a buyers market, not a sellers market. Prices are being slashed across the board. Buyers asking for more money at closing. Buyers offering way under asking, homes on market longer.
There is a surplus of inventory in Texas. Listing time before a home is sold. Compared to a year ago. Prices coming down some.
Sellers can still choose to offer compensation to Buyer. I know, everyone will say "I'm not doing that". Well, OK but the Buyer is going to put that in the offer to you. So, lots more chaos/steps but it will still end up being the same results - Buyers will ask Sellers to pay their agents commissions. Since it won't be in the MLS it makes things much LESS transparent.
You know what’s interesting if you really think about it? If you actually track the money in a real estate transaction, the buyer is paying for all of the commission since those proceeds are coming out of the loan that is generated for the buyer. On paper the proceeds are going FROM the buyer to the seller, then from the seller to the brokerage for commission without the seller ever touching those proceeds. Let’s not even get into the fact mortgage companies make absolutely ridiculous money for literally pressing a few buttons and creating a loan out of thin air
That's wrong. The seller is paying it from their equity. The buyer is paying the purchase price which has nothing to do with agent commissions. The purchase price would be the same whether there were agents or not. On top of that, the seller has capital gains in most cases.
everyone gets paid after the close of the sale. which means its from the seller.
Haha. Are you willing to lend 500k to someone to buy a home in hopes they’ll pay you back over the course of 30 years? And assume all of the risk? 2% spread and all then all the administration costs taken out of the spread? Did you pay cash for your first home or did a lender make that possible for you? 😂
Paying the mortgage broker has nothing to do with the work of clicking buttons. It’s about taking on risk. Are you new?
Truth of the matter is, relators are over paid now days. Most people look online to find the house they want before they ever go see it. Down the road, no one will even need relators.
Truth. I look at Zillow. Run the numbers. See the house and make my offer. They either accept or decline. My realtor didn’t do much but just show up for the house showing.
Here comes the smart guy that has never worked in the profession. The one that doesn't live with a realtor. I used to think same thing until I learned from dating one. I have to be very accepting of the 16 hrs a day 7 days a week of her always being available. Let me know when you start making yourself always that available to your employer. Have you even looked at the average salary of a realtor $55k is over paid? McDonalds is now at 30k so far from over paid for the amount of time they put in and things they do on the back end to keep deals moving and deals together. You only see the front end work.
@@thestreamreader I am just saying they are far less needed now days then they were before websites like Zillow. Before them, agents would have to go show 10 or more houses to a buyer, now it's much easier to narrow down.
I'm sorry, but if your husband is working the hours you claim and only making $55k a year, he is a very, very bad realtor. That's just the truth.
100% this
I had problem comprehending trading in general. I tried watching other TH-cam trading channels, but they made the concepts more complicated. I was almost giving up until when i discovered content and explain everything in detail. The videos are easy to follow
I've been making a lot of looses trying to make profit trading. I thought trading on a demo account is just like trading the real market. Can anyone help me out or at least advise me on what to do?
Trading on a demo account can definitely feel similar to the real market, but there are some differences. It's important to remember that trading involves risks and it's normal to face looses sometimes. One piece of advice is to start small and gradually increase your investments as you gain more experience and confidence. It might also be helpful to seek guidance from experienced traders or do some research on different trading strategies.
Real estate has become just a tool for greed and no longer about human needs
It’s an inflation hedge. Don’t blame the hedge tool. Blame the government for borrowing us into inflation.
The fact that it’s a human need is what makes it a tool for greed
When Jason talked about having to go to different brokers to look at homes is the way it was in the 40s and 50s. The way it worked was a buyer would get approved with XYZ lender and then the lender would show them the units they had for sale in the price range. If the buyer didn't like those homes than they would have to go to lender 123 and start over. This is why pre 1960s there was a lot of seller backed financing and what we now call "hard money" loans when people were buying a unit from someone they knew.
that is not what hard money is and it didnt work that way....problem with the internet is people say stuff they dont know what they are talking about. The only time it might have been like that is condo purchases with options which were big in the 90s...made a bunch of money off of that...but nobody does it that way anymore
@@sanjonny2 I said 40s and 50s. This is how my grandparents explained to me what it was like buying a home during that time period. Were you alive and buying units 70+ years ago?
Sellers always had the option to use a discount broker and pay a 1% commission or simply do a FSBO(For Sale By Owner) and pay no commission. Why haven't more sellers chosen those options over the years?
Because they don’t educate themselves or are lazy or it’s just lack of effort.
@@AnnoDomini97 I’m doing that right now and I feel like maybe I should have used a realtor. This is because I don’t want to deal directly with the buyer or buyers agent. Too much emotions involved for me and I get too attached
I have not charged 5 to 6 percent since 2008. Plus it was always negotiable. My opinion this is just going te be harder for first time buyers
You guys missed a big one here. The seller will still be able to pay the buyers agent, it just won’t be shown on the MLS any longer. It was never a law that the seller pays, just common practice. That just means listing agents are going to be getting a lot of phone calls asking how much the seller is offering the buyers agent. And if that number is zero, the house probably won’t get shown. So sellers are not only competing with other sellers on price but also on buyers agent commission. Strong buyers agents will have a BBA in place that includes their fees before they show homes, but the majority of buyers agents are afraid to do this for fear of losing the buyer to another agent that doesn’t require a BBA. So it will likely remain a common practice for sellers to pay buyers agents commission unless they don’t want their home shown by buyers agents. 😮
The entire mortgage commission structure was a "racket"...since when should a seller have to give 6% of their largest asset to anyone just to be able to sell it? Realtors have power only due to the exclusivity of the MLS..
Make it open to the public so all buyers and sellers can access it and the power goes away! Back several years ago my wife and I sold.a home in Tampa at the market top (2005-2006) our deal with our realtor was 3% base commission which they were to split with buyers agent...the commission would go up 0.5% every 30 days the house did not sell to a maximum of 6% which was the standard commission. (Our logic...the commission should go up only if the agent has to do more work to sell the home). The agent agreed and listed the house...
It sold in 9 days for asking price...that saved us about $30k in commissions...enuff said.😅
Why does everyone consider housing supply to only increase with new construction? No one ever talks about the pent up selling demand. I believe there is massive pent up seller demand (supply) that are waiting for interest rate reduction.
I agree.💯
💯 people use credit cards, skipping meals and food prices double or triple. It's like 2008 all over again, everything is on an adjustable mortgage, except your mortgage. 😂
@@robertnicholson8965 There’s massive demand to buy waiting on the sidelines for rates to drop. If rates fall, housing prices go straight up
Because basic Economics 101. It’s all supply and demand.
Because the typical seller is also a buyer and that doesn't increase inventory, it cancels out.
#1 - NAR did not lose the lawsuit. They chose to settle. I believe they could have won had they gone to trial. The 6% commission was never fixed. Plenty of agents charge less. The seller signs a contract agreeing to the rate. They have always had the option to negotiate.
#2 - The settlement only changes the listing in the MLS, not showing what percentage is being paid by the seller to the biyers agent. The other change is that now buyers must sign a contract with their agent. I expect this to be beneficial to buyers agents.
#3 - It appears to me, by the way this has been portrayed by the media, that there is something more sinister going on. I feel that this will only make it more difficult for the average family to purchase a home. Down payments & closing costs are high enough as it is & if the buyer must pay their agent's fee (which cannot be financed), fewer people will be able to become homeowners. Does "You will own nothing & be happy" ring a bell?
In the end, after all the hype is over, I don't expect much to be different. I wish you guys wouldn't continue adding fuel to this dumpster fire narrative.
You sound like a realtor. No thanks going non realtor.
@@SaveManWomanI am not a realtor. Just an interested party looking at the facts & able to see the bigger picture.
You do you.
Imagine paying a “buyers agent” to get stuff on Amazon. Most people don’t need an agent if they have a computer or phone.
It's even worse. On Amazon nobody talks to you, a home seller who wants to sell will actually talk to you and show you the home live before you buy.
I’d love to see what would happen when 50% more houses come onto the market (and they will) We won’t have a housing shortage problem because (like now) people still won’t be able to afford the properties. Prices will have to come down, even if in just real terms.
Depends on the market a person is in regarding supply and demand/cost of housing... You guys are speaking in generalities. Buyers aren’t going to buy if sellers aren’t playing fair. Not a lot is going to change regarding this new law/policy.
Realtor should have flat prices if you need schedule showing, or contact set up or just consultation, make it hourly rate and have buyers and sellers pay their part as they see fit.
A realtor I worked with made it seem like it’s not negotiable. Said it’s the typical industry standard for 6%. This lawsuit brought to light that it is indeed and always been negotiable. Some of these sales people are sleazy.
Except the guy you dealt with was letting you know what he thought was fair for HIS services and you can accept or decline.
Same as many others in any other service industry. I bet you don't tip at restaurants either if they tell you the norm is 20% right?
@@hiveloside4083 No he was literally saying that the standard tip for realtors. Not saying that’s the tip that he charges for his service. Why would I declined if it was the same across the board? I live in an area that’s sells quick with little effort. 6% for an 800k home that sells in a week? Or 6% for an 200k home that sells in 2 months and takes more marketing and effort… or the realtor tor the 200k home can push to sell it for $230k to squeeze out commission… adding to a housing bubble..
Hogwash on inventory shortage causes higher prices or, at least keep home cost's high...!
Realtors are overpaid. This is long overdue.
Realtor years back did not show me 5 other homes because the commission for him was below 2.5% - he didn't even tell me they existed! One was less than and so much better then the one I bought. I found out about his redlining after I got my license. Terrible self serving greedy people in real estate practice.
Big corporations will go into brokering real estate and individual real estate professionals will be working for them 9-5. Courts are favoring big business and lawyers.
Housing is downright unaffordable. We’ll see what happens.
I stopped watching your videos after the last time you didn't understand this. You'd think someone with a real estate business would get nothing has changed, a settlement isn't a lost law suit, and fees have always been negotiable.
I was offering 2% and had two separate agents ask me to pay them a minimum of 2.5% or they wouldn't bring the buyer to the property. Some realtors had this coming.
You should sell it yourself. Then you will beg to pay 3% to not have to deal with it all
If you go to the mechanic they have their price and if you offer less they have a right to refuse, so why do you think theres anything wrong with an agent negotiating what they think is fair?
Just negotiate the sale for the buyer's agent to get paid from the seller problem solved
REALTORS Assoc cannot force the selling agent to split the tips with the buyer agent. That's the summary.
This is incorrect. Sellers are still allowed to pay a cooperating broker fee if they so choose.
Couldn't have happened to a nicer bunch of folks. Liars on top of liars. Honestly, 80% of agents need to be out of the business. And the whole owner/agent thing should be illegal.
There’s no such thing as a national market. Each market is local. Some markets are oversupplied. Some markets are not.
just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge
Sounds like a good change to me. Sounds like it will hurt investors who mostly buy and now have to pay the fee, which explains why YOU don't like it.
this could actually help investors
I sold a house 6 yrs ago.. I used "purple bricks", for a flat 5k fee..all these agents said it was a huge mistake... I saved 34k in agent commision fees, and got top dollar for my home.. but purple bricks is no longer in the US.
and you probably lost 100k but whatever. I used to love purple and help u sell, they made me a ton of money and my clients some amazing deals...
more homes taking price cuts, inventory just reverted to 2020 levels.
Not a crash, but not promising.
not here
I'm three minutes into this video and I feel like I'm wasting my time listening to the same old blah blah not sure if I should continue
If Sellers want their home sold for top dollar, they’ll still offer 2 1/2% minimum to get it done
There is NO structural housing deficit in the country. Perhaps a few areas like Cali that have restricted building for a long time but that is offset by everyone leaving.
Sounds more like a lawyer profit gig?
I love how (and it’s extremely predictable) that every realtor and their mom jumps on here to say they don’t know what they are talking about blah blah blah
because its all wrong. blah blah that.
This is going to hurt sellers…and buyers NOT necessarily agents.
Everyone involved in a transaction knows exactly who gets what from the sale, no surprises as everything was negotiated and agreed to.
Sellers also have the option to do it all in their own, fsbo, for sale by owner.
So no reason to take a tone like there's some slight of hand going on as its quite the opposite, full disclosure is mandatory from beginning to the end!
@@gottagowithjoe1 Yup...
Sorry ... not able to see THE PROBLEM as depicted.
This hurts sellers and buyers, prices offered will go down
As far as I’m aware, it only hurts buyers
@@calebharris4127 Less buyers coming by your open house means less demand, and less ability to get buyers to bid against each other.
@@parkplaceproperties4818 true!
it wont make a dime worth of difference. Easy to find RE, and just deal with listing agent myself. No need a "buyers agent" Simmer-Down
I am curious about the rationale behind your interpretation of the settlement terms. The primary change pertains to the inability to publish cooperation with the buyer’s agent on the MLS. However, the settlement does not indicate that the seller or listing broker is prohibited from compensating the buyer’s agent.
It is concerning to see such misrepresentation from reputable figures in the real estate industry.
Ken there has been a real estate tax increase in Illinois how has it affected your properties/portfolio?
The problem with REALTORS is that they’re independent contractors. Each new agent is expected and trained to do EVERYTHING to run thier business - it’s like if a dentist had to take x-rays, clean teeth, take blood pressure, check patients in at the front desk, set appointments, make molds, etc, etc… HUGELY inefficient! 80% of agents quit within 2 years because of this inefficiency, and the REALTOR Assoc. only wants to keep dues up, and never make business more efficient! When their membership drops to 20% of current levels and the remaining agents join the Industrial Revolution (BTW, the assembly line has been around over 100 years!), the commissions can drop 80% and agents can still make a decent living!
I reached 200 thousand, I'm on my way to 1 million, I'm a domestic worker, I'm gradually migrating to variable income, it's not easy but it's possible🎉🎉🎉*
I am losing money on deals. Cutting commissions because the sellers don’t listen to advice. I have to take care of my listings for clients out of state. Who else can they pay to come by the property once a week and check on pipes in the winter and HVAC in the summer? For free? I have busted my butt for my clients. Cleaning for free….marketing with my own money….. bro. Come on.
HOW ABOUT; I introduce myself to the owner and after making a offer. Then we are in gaged in contract for price negations. We find our commend ground. With witness shake an ex-change a notified bill and receipt at change of money's for material goods and or property.
DON'T FORGE TO SPIT IN TO YOUR HAND.
THAT MAKES IT A DNA BINDING BOND.
Not true!
Commission and co-ops are still 100% negotiable!
They’ve always been 100% negotiable.
Ultimately it is the buyers paying the seller so the buyer is already paying.
Stop spreading misinformation
No crash
I wish I could understand you, it makes me a little angry that I can't understand the message...honestly
opaque goal was achieved
Basically the issues came due to the POS attorneys…
I think the future of Quantum, will eliminate agents in housing, real estate, car deals etc. You will be able to list anything you want to sell, work out the details inspection etc, and make the deal. You work for yourself, do your homework etc Same with the buyer.. It’s public knowledge if there are Liens, etc. You can have your own inspection. You can secure your money etc. Time will tell. ♥️♥️🙏🙏🇺🇸🇺🇸
Aren’t all bank mortgages fraud anyway🤣
Using fiat currency to “purchase” a debt note instead of real money to purchase real property 😮 FSBO or owner financing a STATE “taxed” owned property
Too many hands in the pot IMO. Everyone is a Real Estate professional all of a sudden. 12 years of inflated markets makes the job easy. Let’s see how many of these guys are around after this one! The BIG ONE 😅 jk… not sure there will be a big one. But….its true about the 12 year bubble. Cheers
I find the % of the total sale to be my complaint. After high school I bought land, got the construction loan, the plans, the permit, the inspections ,did most of the labor work. First experience was not good. Even with my labor tossed out the total project cost was just at market. Terrible. When I went to sell the brokers insisted on 6% of the sale price. I would have to borrow money to sell. Any business in the US needs to be making 11 ~ 12. % minimum or don’t go there. I kept the house and am better for that decision today. Brokers need to be flexible according to the times. They are wearing rose colored glasses most of the time.
The crash bros insult is crazy. As if housing prices are not currently falling. We may not have a crash like in 2008 but we’re definitely experience a crash. Commercial and residential are experiencing falling prices.
Would have liked an example from both buyer and sellers perspective on an example (ie a 400k home) from before and after these changes. After watching this video, I still don’t understand the changes because I’m not in real estate.
So if you have a dual agent do you and the seller split the 3 percent or do you each still have to pay 3 percent? Seems like there will be a lot more FSBO's with private buyers having a lawyer draw up the paperwork and opening their your own escrow account and doing everything by themselves.... Just cutting the agent out completely!!!
How about in the southwest, buy land and build villages ala pueblas. Small communities which can accommodate various stages of life. Small casitas for single people. Community gardens. Community areas and a building for gatherings and meals if people desire.
It's going to be "who you know". Expect the real estate market to turn to crap for many people. Sales people will leave and new salespeople thinking about coming in will say hell no. MLS will also become meaningless. I expect new listing services to compete. There will be much less trust in the overall market.
Market supply explodes 1,000%, 7% rates prices out most buyers, Wall Street Investors are dumping inventory and these two think the market is healthy?
Increasing supply by construction is hard. Increasing supply by unemployment is easy. This is not a one road operation. The moment unemployment changes, inventory can increase faster than anyone is expecting. High debt, low savings will trigger this into a river of inventory back in the market
Jason, see if you can dumb down the realtor agent fiasco, Make it 60 seond homer Simpson explanation, We cant comprehend it anyway, so just ball park explain it.
This video must have been done 9 months ago not 9 hours ago as stated in the intro. They talked about low inventory on in to the future when as they speak inventory is increasing very rapidly in Florida Texas and elsewhere. They are not taking into account many things that can change this market in a flash. Housing now is in the biggest bubble ever and it is only a matter of time before it takes a massive hit just like our house of cards better known as our economy! It’s all being pumped up by all those that have a lot to lose. They are whistling past the grave yard!
Just like every other time the govt has tried to help the real estate market, this will hurt the clients the most, protections go away, set things that protected the agents go away and more people will get screwed. Dodd frank totally screwed the customer and made prices that buyers and sellers pay go way up....with less protection and competency...this will eventually come back around to agents getting paid properly with protections for everyone...but its gonna be a mess for a few years.
I need some advise, I own a townhouse with one of my brothers. The title is only on my name. This is due that when we bought the property, he was going through a divorce. It has been 12yrs since we bought this property. Now he wants to be on the title.
He got married for the second time.
How should we hold title for this property for both of us to be protected? Thanks
You have to wonder with the technology that is already available and knowing what’s coming in the near future, are real estate agents even going to exist in 5 years or less? AI is going to change many many industries in the coming years.✌🏻
In this modern age, we shouldn't need a realtor. Seller should just list the property on forsalebyowner or mls and buyer can shop on their own and both just hire real estate attorney to do the paperworks. Basically, that's what my realtors do through all the houses I bought. I looked for a property on my own, went to open house and just ask my realtor to submit the offer.
I don't think much will change IMO. Buyer agents get starved out in a sellers’ market due to lack of inventory and competition - like a lottery. But in a balanced or buyers’ market, I think most sellers would be more than happy to compensate or "bonus" a buyer agent at the closing table for procuring a buyer.
Nobody has really discussed the impacts this all has on agency, and the possible legal ramification of dual representation - which could become more common given the new laws. As much as a listing agent advocates being impartial between a buyer and a seller in a dual-representation transaction, their interests usually lay with the seller. I think we will see a rise in lawsuits against sellers as dual representation becomes more common, and likely over disclosure issues.
The seller should pay their own agent, buyer should pay their agent. It is up to the individual party to negotiate the best deal. They buyer agent do very little anyway, the buys tell the agent which door to unlock. I dont think things will change much on the residential side
Don't listen to these ruling class landlord simps. Working families trying to afford a basic home are getting screwed by ppl like these .
It will be bad for sellers and buyers. Less buyers is bad for sellers! Less favorable to buyers in every way. All we need now if for IR to go up and the market will freeze.
I'm looking forward to owning a house finally after the crash. My measly 90k a year salary will finally be able to afford a small house.
"The demand has been destroyed a little bit." Hahah
There isn't a supply problem. There's a money problem. Fix the money problem & the supply just shows up out of nowhere
Great video. We have the siloed system in Australia. Each broker works for themselves only and rarely cooperate
8% in Baja Mexico
This is a big nothing burger. All it’s done is made the market less efficient. Now the buyers agent has to contact every house you’re going to show and see if they’re willing to pay a commission or not. The whole thing is beyond stupid. Commissions have always been negotiable, it’s spelled out right in the marketing agreement. The uninformed general public may think this will save them money, it does not. For Sale By Owner has always been available forever, and statistics say the seller nets more money by hiring a realtor and paying the commission. Facts matter.
This dude says he hasnt bought anything in 3 yrs but was cranking videos to buy re that whole time.. lol😂
No it’s not…all they have to do is advertise it and it will be exactly the same…. Nothing really changed..!!
So a real estate agent with great connections should do better with this change?
Can someone explain what these two are trying to explain to us? Neither of them are willing to give us a clean and clear explanation
I buy property in the US and Australia and the Au system which is what you have now is better.
Hilarious how these two realtor friendly influencers are trying to make this a big deal. The lawsuit was a great thing and moving forward it’ll be more efficient for all buyers and sellers. And you can always negotiate any deal you want 🤷🏻♂️. Don’t listen to this spin….it was price fixing.