Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.
I won't pretend to know everything, though. Her name is Amber Angelyn O'malley but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Correct: Agents should NOT be Forced to join NAR or the MLS. Agents should have a choice of both or none. I would say NO to NAR and their High Yearly Club fee and just join the MLS to access that data.
No one Forces to an agent to MLS. Good luck being an agent without it. It’s a date base of information that brokers business owners have gathered for decades and you want it for free? Tell the gym that you want a free membership, tell Netflix you want a free memberships because you feel like it. So much miss information on here. There is nothing magical about getting your real estate license and paying a subscription to your local MLS. Vast Majority of MLS have nothing to do with NAR.
As a real estate trainer and a real estate agent with 25 years of experience, I am surprised, that NAR didn't use the following defense: "the 6% commission readily shared by the listing agents with agents who bring buyers is a great tool to create much higher exposure of the properties and, thus, selling the properties for much higher prices. Thus, sharing the 6% commission benefits our clients who are the sellers". By not using this point NAR has let its members down.
"exposure of the properties" is only worthwhile if the exposure is to qualified buyers who fit the sellers needs. An exclusive selling agent benefits both the seller and the buyer. Sellers will pay much less commission and receive much better service as their agents will be more careful to ensure their prospect is qualified saving time too. The buyer will much more likely to be seeing the sellers home with someone who has seen the home previously.
@@Matthew-nj4do WRONG. A buyers agent who only is paid if a purchase completes clearly has a conflict of interest that makes him untrustworthy for both the buyer and the seller. Buyers Agents, and agents whose company is not representing the seller exclusively, are endangered species. Agents will find much more competition to gain exclusive listings. That will result in commissions falling for selling agents. Why does anyone need a realtor?
I think the NAR Officer maybe gets kick back from that 400Million. Why they settle? Why not bring to Supreme Court? They robbed the members who are not actually benefiting. Just paying fees 300$ a year for nothing
Buyers will just not use the buyers agent 100%. Buyers are already paying a downpayment, now add in 2-3% more put of pocket? Many buyers will just skip it and move forward.
But you probably wouldn't skip paying for a home inspector or appraiser. Buyer's agents have their place. I have saved buyer's tens of thousands of dollars through strategic negotiations. I'd keep interviewing agents until you find the right one. Also ask for their prior experience.
Absolutely. Buyers agents are nearly non value added at this time. Until there is a incentive for buyers agents, the can gets kicked down the road. I think the buyers transaction should be completely separate and paid exclusively by the buyer. Most like me, will never use a agent if at all possible, they only inflate the cost of the transaction.
I've bought 2 houses direct from the seller fsbo. Neither of us had an agent either time. Worked fine. In both cases I was able to communicate directly with the sellers as we walked around the property. I was able to ask questions and get answers from a real person who knows what the hell is going on with their house. I would absolutely absolutely recommend people to purchase for sale by owner if possible. I eventually hired an agent to sell one of those houses and it was a complete blood boiling frustrating absurdly ridiculous experience on every level. All I wanted to do was talk to the buyers directly rather than play cat and mouse and the game of telephone between two agents. One way or another I felt like I got totally ripped off of $30,000 in fees that absolutely didn't have to happen if I was ever able to talk to the buyers directly. Not all agents are bad. However, agents earn a living on the people's fear. Money solves problems. The more money that is spent the more money they make. It's a bad system. ... It was a bad system. I'm so glad to hear about this settlement.
@joelballard4955 i like to do research myself and more independent. But other clients are built different, they need guidance, service, knowledge, suggestions of other trades people. Some clients are totally clueless about RE or they just busy. So while i agree that most buying agenta dont add any value, there will still be a need for them. It will be a matter of probing the value. And if value is just sending me listings by email and barely having proof of negotiation skills and market knowleeldge, then i most definitely won't pay 2or 3%. Thats ridiculous. It was always ridiculous to pay 6% IMO. It worked for so long and it was so easily attainable to get a 3% as a buyers agent by selling a house to your friends and family that it created a perception that becoming a RE agent is a lucrative job wiht a low qualifications and no financial or education barriers to enter, yet you can make a ton. Doctors and attorneys and fincancial professionals have to get a freaking 4 or 7 year degree, then work for a corporate for a few years and only then try to start a biz. Realtors dont have to work as hard. Just get in a make 3% without offering value. Im not surprised this shift has happened, it was long overdue. Now it's time for them to show what real realtor is worth. Now you have to sell your services and thats a whole different ball game. Im actually happy this is happening, because we will see more quality over quantity now
Great video! I planned on starting Real Estate school this week & I’m now seeing & researching the whole NAR settlement. I’ve seen a few videos & blogs about the future for real estate in general but haven’t really seen anything about opinions on people wanting to join the field.. do you have any suggestions on this topic? Or links to someone who has addressed this?
You will have to bill your clients. You can't just say it's "free." You might have to put in work to get deals done. Most buyer agents want none of this.
As a housekeeper in my town, the last house that sold for 1.5 million, I took care of for 9 years, my own customer gave me $500.00 after they got their money. I never expected this. It was just a simple and generous gift most likely because I worked my ass off. I served them with dedication and respect. That’s the real reason. That’s what is lacking when receiving 6% commission for hardly working. I’m not saying all realtors are banking on sitting on their ass, but clearly a significant pay for less work than what I do for my customers daily. 45 years as a home manager so I put in my time. Yeah, sure, different job, nevertheless I’m not stupid, I see this nasty mess every day. I see a lot and it’s ugly.
Real estate commission is the worst one to pay . We listed our home and our neighbor was interested . So he has to come thru the agent . Since he didn’t have a buyer agent so the listing agent got the full commission. We owned the house for 12 years and we walked away with 20k loss . The agent who listed the house and sold in a week( no marketing ) walked away with 20k in a week. So I am glad this system is going away .
Why not just list on zillow yourself then? The only reason you should ever hire someone to sell something is if they can net you more money than you could on your own.
@@travispaino, not only me the entire country will do that going forward . Just getting listed at MLS shouldn’t warrant these commissions . Internet changed everything . Finally the outrageous real estate commission.I would rather pay buyer closing fees than the agent . I also agree buyers should pay their agent . It is stupid to expect seller pay buyers agent .
Also if there is no agent wht seller agent is taking buyer agent’s commission?? If no agent then they should only take 3 percent . Not in our case . How can an agent act both seller and buyers agent ?
@@SM-vq1qddual agency is allowed in some states. It is in mine. I’ve very very rarely done it (except on vacant land or leases that are less complicated). If a buyer comes and does not want representation, then the listing agent should not take the commission for that side of the transaction. But if the seller agreed to dual agency (a form that has to be signed off on by all parties that explains what an agent can and can’t do in that situation), and the buyer wanted representation, then the agent earned the full commission.
Well done, but one of the main points Realtors need to take from your video is that this is simply an offer from the NAR . They are on the ropes and can no longer afford to fight or pay the original damages. Quite frankly, This offer doesn't differ much from the $78 million dollar offer keller Williams put out last month. Guess what? The DOJ basically looked at that one and said " Nope". It doesn't go far enough to decouple buyer/seller compensation. They won't sign off. They want more than a zero fill on MLS and then Realtors finding a work around to go back to business as usual. Agents are already saying. "I cant put a commision on MLS, come to my website and Ill tell you what I'm offering you there". one of the main points of the lawsuit was that buyer agents were steering customers from lower commissions. This won't solve that. The sellers agent can still dictate the buyers commision. The DOJ has NAR over a barrel and they know this is their shot. They have no reason to go easy and accept this. Their version is gonna be worse than the NARs offer. They love to regulate
Best video I have ever watched. You touched every subject. I live in Southwest Florida. A town with loads of money and real estate. Too many realtors. This is going to be crazy to watch. Our realtors are dressed in designer pant suits and driving Range Rover’s. Living loud and proud. As a blue collar worker in the mix of it all and watching close up, it’s going to be like watching the employees scramble on the move Devil Wears Prada. No joke, this has been coming like the last hurricane that flooded our town. Absolute chaos. Thanks for every bit of detail. The best info.
So wht im hearing us buyers will now have HARDER time trying to buy a house as if it wasnt already hard. Its already hard enough having money upfront for down payment, closing and home inspection and now we're expected to pay our buyers agents too? How is tht even fair?
Well, the buyer already pays ALL of the commission in the purchase price, they just finance it. That's part of the problem...sellers increase their price to cover all of the commission.
Why should agents get a percent of the house sale? The price of housing has almost doubled in the last 5 years. So they have been getting huge raises which clearly outpaces inflation while everyone else’s wages barley have increased
I think the demand at the agent level for a BAC is high, and the most likely outcome is either 1) a private website overtakes and basically replaces the MLS that acts like the MLS and publishes BAC or local MLS's break from NAR to continue allowing publishing BAC on the MLS. Without a BAC there is much less benefit to be a part of the MLS. Maybe what will happen is BAC goes away and subsequently buyers agents go away and agents just make way less money but I think that is unlikely
@@marciamakoviecki3295 How could the settlement prevent either of these things? A private company can do whatever it wants. If a private company wants to post BAC and basically act like the MLS what will stop it? Other than I guess the threat of a similar lawsuit shutting it down, but that would be way above my legal expertise. Take Loopnet for example, it is basically the MLS of commercial and they publish BAC, will this stop them? I doubt it, this is NAR specific. And again if the MLS break away from NAR and the realtor brand, then why would they be subject to the NAR settlement? I think this is less likely since basically the MLS system and NAR are 1 and the same, and the people running both are the same, it's a tight web, but when money is involved things can move quickly. I could easily see, especially in conservative states, the local MLS boards voting to ditch realtor altogether and operate like before with BAC. Again there would be a risk they'll be sued, but in a conservative state it is much less likely the lawsuit will do anything
The root cause or Tigger point is that the salary/commission has increased 5X during the last 5 years due to house appreciated substantially yet the workload is the same. Which profession can earn 50% rise salary in five years?
You don’t have to use Realtors. It’s not mandatory, but most Sellers will use MLS and agents. Buyers who no knowledge how is buying process will have to hire a lawyer to help them and see how expensive it is? 😅
This is going to be interesting to see how it plays out. I think it's great for you to know and explain your value. But I think you have to start thinking like the consumer, who can't pay for their groceries right now. They're not going to offer you a three percent check on top of everything else that they're coming to the table with to purchase a home. This is only step one. Let us not forget that the d o j did not want the seller to pay anything because they said that was the reason why the prices were so high for the homes. You don't have to be a rocket scientist to understand just because someone does not have to pay three percent any longer, does not mean they are going to lower the price that they can get on their property. Once this goes into effect, if prices remain high and they can convince people that seller paid commission to the buyer agent is the reason why, they will come after that next and make it illegal for the seller to pay the buyers side anything. Now, I am not a proponent for that.I believe in the free market and if the seller wants to pay the seller should be able to pay. I think there's a long term objective here and we are just at step one, sadly.
But how you as a transaction baswd shop grow by collecting fe hundred bucks from each deal only. Education, training, compliance, legal stuff, marketing , onboarsing, HR costs, financials, office assistants, virtual assitants, etc. Where will the revenue come from to cover all that expense for your shop? Some new realtors want all of that, otherwise cause they need support and lots of it. Not only a how-to guide and some video course.
There is no law for charging for services. Not only has it always been negotiable, the average cost of total commissions in the US is actually closer to 5%, and has been for a few years. The media has been running this smear campaign very effectively, but most of it is total bs. A realtor may have told you THEIR fee is 6%, and they are certainly within their rights to hold firm, and a seller is within their rights to hire someone else.
@@livinginoklahomacityofficial Just to add to your point as well, almost everything in life is negotiable. What time you get out of bed, if you go to work that day, and especially hiring a service professional. Always ask to negotiate and only hire someone if it fits your needs. Otherwise get a second opinion.
Let's say 5 or 6 % is from the seller's side, the buyer's part gets secured because the seller gets proceeds to pay the commission. If the buyer needs to pay 2 or 3 % to the buyer's agent, how could they get pre-qualified? We all have much experience in finding solutions to get their financing done before closing. If they can't get the loan, they need to remove the "fees", would the buyer's agent get a commission by monthly payment in the future, lol? Showing your value is the most common term I heard so far, this is so vague, everyone has value, even if you sign an agreement with the buyers, what would you do if they dishonor that? Having that agreement before showing properties doesn't mean anything because the buyers now have much other access to schedule a showing, or paying the agents gas money to show. We will see some platform would create some platform to provide templates for buyers to write an offer. And all the realtors are going to compete with the listing sides.@@larryjones9773
Travel agents are not part of one of the most expensive investment of your life. When a buyer meets a sellers agent they will see the value of having someone represent them. They are surely going to ask the listing agent to please represent them to which the listing agent will charge a fee for that. Then that buyer will refer family & friends to that realtor for helping him through the purchase and thus we will be back to how things were eventually lol.
@@clostobias8609 The rest of the world doesn't have a rigged system, and they mostly don't have buyer's agents because buyers don't want to pay them. The free market will rule.
If buyers are willing to pay for theirs buyers agent commission do you think they can add that into the loan? They may not want to due to interest, but would that be an option? If you think about it when the sellers payed the commission that money came from the buyers purchase, and that purchase was done in a form of the loan so why couldn’t the buyers apply this “service Charge” to the loan? Idk just a thought.
That is likely what may happen, but how much do you think they'll be willing to pay? $2k or $40k? The job is not much harder on a $1mill home than it is on a $250k home.
@@marciamakoviecki3295 have you sold $1mil homes and low income homes before? They could both be as easy and equally as difficult to guide a buyer through it. Sometimes $mil dollar homes are better well kept and because seller is getting good money back they don’t mind changing a broken window, repairs on issues. But on lower less expensive homes some sellers don’t want to change a lightbulb and realtors have to do all they can to get the buyer into a home and vice-versa, so there is no telling what you will be face with when helping a buyer but sellers do know what could be fare to offer to get their sellers home as-is and/or offer a buyer compensation. This will work its self out in the long run, not saying 6% was a good standard but I feel it was fair all around. Anyone that didn’t want to pay that were always free to negotiate.
I was going to give you a thumbs up but then you gave some blanket statement like it’s was the norm in the industry . Any license AGENT and mean any agent can going the MLS in California NAR realtor member or not however, if you are not a NAR realtor member you pay a slightly higher fee. This has been the case for least 20 years in California.
Great option for agents who want to do minimal transactions but agent looking to be an entrepreneur or business and run their company as such not so much. Both great options though.
I also think the unrepresented buyer is going cause all kinds of headaches to the sellers agent. How many buyers will want to see the house and not even be qualified for loans for example? Buyers wont know how to fill out the contract. Yet, they will refuse to pay 3% out of pocket to a buyers agent. I think there will be a bunch of crap that falls into the sellers agents lap.
The next wave of class action lawsuits would then be dual agency. I personally don't like dual agency as it puts too much liability on the agent. How could an attorney represent a plaintiff and defendant equally at the same time? They can't
@zachtaylorrealestate One thing I was thinking about, there was a time I think in the 80s or 90s and before there wasn't a buyers agent. What and how did thing work then? Was there a common amount a seller would pay? Was it 6% then? I think buyers agents came around in those times because they may have been getting into bad deals? I guess when did the buyers agent become a thing and why?
Zach You are Wrong. A seller will chose the company he wants to exclusively sell his home. Only that company will earn a commission. That will be around 1% due to competition. If you do not have a contract to exclusively represent a sellers property for sale you will not sell it. This is the it works in many countries.
@@zachtaylorrealestate No seller or buyer should be happy if the agent says they are a dual agent works on behalf of both the home buyer and seller. The conflict of interest is obvious. That is like having a defense attorney also prosecuting. It is generally costly time consuming and therefore very hard to sue for breach of a fiduciary responsibility! Buyers will need to use multiple agents to see only the houses they exclusively represent and will likely need to be much more qualified than they generally have been to make an offer, thus reducing the number of deals that fall apart after acceptance and reducing sellers agents costs too.
@@harrydestaffano565 This also puts agents in a weird situation. I can choose to only represent the seller and the buyer is unrepresented. The buyer chooses not to pay for an agent. That buyer is going to keep asking me questions and advice even though they are unrepresented. Then they will blame me if something goes wrong with buying the home. This can quickly blur lines. It's usually best to have an agent for the seller and a different agent for the buyer.
@@zachtaylorrealestate You are not right. If you have a contract to exclusively sell someones home you can show it to a potential buyer and as long as you make no misrepresentations you are fine. If you are looking for a way to sell a home your company does not have a contract to list forget it. You need your own listings and competition will be fierce. For good agents and their companies the future is bright. For full or part timers, those who don't win many or any listings, they are going to need to learn quickly how to do that, or quit.
Amen 🙏 Real estate transactions should be standardized, transparent and simple. This is one step in the right direction. I don’t know a single agent who didn’t fail at some form of “work” before easily obtaining their license 🤷♂️. Long over due.
@@patmagic3301 real estate transactions can be very complex and there are many moving parts. I graduated with my Masters Degree and went straight into Real Estate. There wasn’t an opportunity to fail at something else.
@@zachtaylorrealestate I'm a KW agent in IN. We have different models that allow different office fees depending on the model you're in. I personally only pay $125 since I'm on a higher model.
This will just move home sales to open houses. Dual agency will also explode. All this is going to do is move the co-broker commission from the MLS to the purchase contract. The buyer will request the seller pay X% of the buyer's commission from the proceeds of the sale. It will be just another concession on the seller side. Nothing to see here.
The dude needs to stop talking and read the Sherman Antitrust Act, which provides for ten years of imprisonment. Agents are lucky they're not sitting in a prison cell.
as a lender for 24 years, being treated like crap, all my affiliate friends being treated like crap. I'm not saying all agents do this but I'm having a chuckle at this when you tell your buyers "shop for the cheapest lender with the lowest rate" well now its the buyer's agents that will have too defend their commission, It's the affiliates turn to tell clients to go "shop the cheapest agent with lowest fees to represent you". KARMA
You are so wrong. Never in 36 years as a realtor have I told my buyers to shop around. On the contrary , I have told them you get what you pay for. You want a lender that is reliable, thst you have.no surprises at closing, someone that truly knows what he is doing. So don't say that things that are not true.
Transaction based is great, but it's not anything new.....you just need volume to be profitable. I saw $100 per month / $100 per transaction 20 yrs. ago. 🤠
The landscape is shifting towards transaction based companies. Traditional brokerages still own a majority of the market but the tide has been shifting for some time now. This is further fuel on the fire.
In Vegas I had to look hard to find an agent who would take 5%. They all wanted 6%. It is price fixing IMO. So fine these guys lost out on quick sales with minimal work. Tens of thousands of $$. Even at 5% it was a rip-off.
well maybe NAR should go bankrupt and no more mls, it could happen, and then everything is off market and then you need buyer agents and seller agents because only marketers are able to sell
your video dsoesnt understand that its a combined value, seller agent buyer agent sometimes your a buyer agent somethings your a seller agent the income of the agent is a combined income for an agent. can will bankrupt many and even maybe the NAR they dont even have 418 million they need a payment plan.... you have to understand if many drop out they have to raise fees, and new associations are now opening up.... some will drop and just put listings on their own sites so they can offer buyer agents commissions so their sellers can sell faster, and at that point there wont be mls with everything on it
your presentaion is under the assumption that we have to change because we dont already bust our ass! The good ones who make decent a living do the right things and work hard! This has a temendous trickle down effect in the day to day business as a whole. I dont just do real estate i employ other small businesses like photographers, inspectors sign companies etc etc ... the list goes on and on. This is just over reach by NAR and the courts. Truth is you dont need a real estate license to buy and sell realestate but to use the local MLS and their forms. We need to fight back. Noi buyer is going to pay your comissions out of their own pocket. especially 1st time home buyers...thats just a falicy! for those saying its just an offer from NAR and waiting to see what happens, it'll already be to late!
It wasn't hidden before as all listing agreements should have clear wording who is getting paid what. The seller would then sign this listing agreement if they approve. These lawsuits are demanding more transparency and cleaner wording.
The problem is 99% of the buyers agents are there to just collect the 3%. This decoupling is great because at least the seller won’t have to pay 3% to some parasite.
Individual home sales will slow dramatically and property value will decrease.. people will realize how dumb this is when there homes depreciate in value! 😂🤣
This hurts consumers, buyers, and sellers. Less buyers able to buy will make it harder for sellers to sell at list price. It benefits big investors, hedge funds, and Wall Street. Eliminates many individual buyers. More sellers will have to accept their below list price offers.
This scares me a bit, I am Realtor Mason Bleasdell’s videographer and hope it doesn’t come to a point where he has to let me go because of this change…
@@zachtaylorrealestate hey Zach, thank you for the tips! Yes we do drone photography and have 360 camera views for Mason. This whole past year we’ve really gone all in on TH-cam, doing house tours, neighborhood tours, and Market updates in the Austin MLS. Hope you check out Mason Bleasdell to see the quality of our house tours. We do sell his listings much faster because of the videos but just wondering how the new change will affect us. Realistically, we will be fine but just will have to adapt a little bit when the lawsuit goes into affect in July.
I think the NAR officer is rig and maybe got paid too out of that 148$ Million. They can of bring it to Supreme court, why settle? I think these officers of NAR got kick back.
I think it’s rich that all these agents compare themselves to doctors, lawyers, etc. they take a two week course and take a test. The value isn’t there. Needs to be a flat fee. Maybe 1 to 2k max. Gravy train has been derailed. Gonna have to actually earn it from here on out. Good luck!
Real estate agents are licensed professionals through the state in which they live. Each state in America deemed it important enough to require a license.
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Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.
I won't pretend to know everything, though. Her name is Amber Angelyn O'malley but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Correct: Agents should NOT be Forced to join NAR or the MLS. Agents should have a choice of both or none. I would say NO to NAR and their High Yearly Club fee and just join the MLS to access that data.
Nar is a lobby, and you’re right. At some point the 3rd party data bases will simply outrun the mls and nullify it’s existence
I wanted to hang onto my license even though I wasn’t actively using it, but the NAR fees were too much. Really sad.
No one Forces to an agent to MLS. Good luck being an agent without it. It’s a date base of information that brokers business owners have gathered for decades and you want it for free? Tell the gym that you want a free membership, tell Netflix you want a free memberships because you feel like it. So much miss information on here. There is nothing magical about getting your real estate license and paying a subscription to your local MLS. Vast Majority of MLS have nothing to do with NAR.
Yes and no and usually you have a choice of boards in today's world. MLS has more goods than bads. It is structure which is good. NAR another subject
Yea but it’s a cash cow for the local board and MLS forcing agents to become members of all three. Local board, NAR, and MLS
The buyers will just love paying their agent's commission plus the down payment, closing costs & home inspections.
Not going to happen unless sellers discount listing by 3% since that was already baked in until now
@@KAZHE63 This will be the issue... sellers will say no! Buyers will have to walk. This will cause problems.
It’s going to represent better representation on the buyers part. Until now there was no incentive for the buyers realtor to negotiate a lower price.
As a real estate trainer and a real estate agent with 25 years of experience, I am surprised, that NAR didn't use the following defense:
"the 6% commission readily shared by the listing agents with agents who bring buyers is a great tool to create much higher exposure of the properties and, thus, selling the properties for much higher prices. Thus, sharing the 6% commission benefits our clients who are the sellers". By not using this point NAR has let its members down.
if nar use this defense, wouldn't it support the claim that nar is liable for rising the house price nationwide
"exposure of the properties" is only worthwhile if the exposure is to qualified buyers who fit the sellers needs.
An exclusive selling agent benefits both the seller and the buyer. Sellers will pay much less commission and receive much better service as their agents will be more careful to ensure their prospect is qualified saving time too. The buyer will much more likely to be seeing the sellers home with someone who has seen the home previously.
Simple a buyer wants a realtor then they need to pay them
@@Matthew-nj4do WRONG.
A buyers agent who only is paid if a purchase completes clearly has a conflict of interest that makes him untrustworthy for both the buyer and the seller.
Buyers Agents, and agents whose company is not representing the seller exclusively, are endangered species.
Agents will find much more competition to gain exclusive listings. That will result in commissions falling for selling agents.
Why does anyone need a realtor?
I think the NAR Officer maybe gets kick back from that 400Million. Why they settle? Why not bring to Supreme Court? They robbed the members who are not actually benefiting. Just paying fees 300$ a year for nothing
Buyers will just not use the buyers agent 100%. Buyers are already paying a downpayment, now add in 2-3% more put of pocket? Many buyers will just skip it and move forward.
But you probably wouldn't skip paying for a home inspector or appraiser. Buyer's agents have their place. I have saved buyer's tens of thousands of dollars through strategic negotiations. I'd keep interviewing agents until you find the right one. Also ask for their prior experience.
Absolutely. Buyers agents are nearly non value added at this time. Until there is a incentive for buyers agents, the can gets kicked down the road. I think the buyers transaction should be completely separate and paid exclusively by the buyer. Most like me, will never use a agent if at all possible, they only inflate the cost of the transaction.
@@joelballard4955 your gonna see a lot of homes stay on the market much longer.. and a lot more transactions disputes.. the lawyers win the day.. 😂😂
I've bought 2 houses direct from the seller fsbo. Neither of us had an agent either time. Worked fine. In both cases I was able to communicate directly with the sellers as we walked around the property. I was able to ask questions and get answers from a real person who knows what the hell is going on with their house. I would absolutely absolutely recommend people to purchase for sale by owner if possible. I eventually hired an agent to sell one of those houses and it was a complete blood boiling frustrating absurdly ridiculous experience on every level. All I wanted to do was talk to the buyers directly rather than play cat and mouse and the game of telephone between two agents. One way or another I felt like I got totally ripped off of $30,000 in fees that absolutely didn't have to happen if I was ever able to talk to the buyers directly. Not all agents are bad. However, agents earn a living on the people's fear. Money solves problems. The more money that is spent the more money they make. It's a bad system. ... It was a bad system. I'm so glad to hear about this settlement.
@joelballard4955 i like to do research myself and more independent. But other clients are built different, they need guidance, service, knowledge, suggestions of other trades people. Some clients are totally clueless about RE or they just busy. So while i agree that most buying agenta dont add any value, there will still be a need for them. It will be a matter of probing the value. And if value is just sending me listings by email and barely having proof of negotiation skills and market knowleeldge, then i most definitely won't pay 2or 3%. Thats ridiculous. It was always ridiculous to pay 6% IMO. It worked for so long and it was so easily attainable to get a 3% as a buyers agent by selling a house to your friends and family that it created a perception that becoming a RE agent is a lucrative job wiht a low qualifications and no financial or education barriers to enter, yet you can make a ton.
Doctors and attorneys and fincancial professionals have to get a freaking 4 or 7 year degree, then work for a corporate for a few years and only then try to start a biz. Realtors dont have to work as hard. Just get in a make 3% without offering value. Im not surprised this shift has happened, it was long overdue. Now it's time for them to show what real realtor is worth. Now you have to sell your services and thats a whole different ball game. Im actually happy this is happening, because we will see more quality over quantity now
Great video! I planned on starting Real Estate school this week & I’m now seeing & researching the whole NAR settlement. I’ve seen a few videos & blogs about the future for real estate in general but haven’t really seen anything about opinions on people wanting to join the field.. do you have any suggestions on this topic? Or links to someone who has addressed this?
You will have to bill your clients. You can't just say it's "free." You might have to put in work to get deals done. Most buyer agents want none of this.
As a housekeeper in my town, the last house that sold
for 1.5 million, I took care of for 9 years, my own customer gave me $500.00 after they got their money. I never expected this. It was just a simple and generous gift most likely because I worked my ass off. I served them with dedication and respect. That’s the real reason. That’s what is lacking when receiving 6% commission for hardly working. I’m not saying all realtors are banking on sitting on their ass, but clearly a significant pay for less work than what I do for my customers daily. 45 years as a home manager so I put in my time. Yeah, sure, different job, nevertheless I’m not stupid, I see this nasty mess every day. I see a lot and it’s ugly.
Real estate commission is the worst one to pay . We listed our home and our neighbor was interested . So he has to come thru the agent . Since he didn’t have a buyer agent so the listing agent got the full commission. We owned the house for 12 years and we walked away with 20k loss . The agent who listed the house and sold in a week( no marketing ) walked away with 20k in a week. So I am glad this system is going away .
Why not just list on zillow yourself then? The only reason you should ever hire someone to sell something is if they can net you more money than you could on your own.
Yes, these commissions are outrageous and out of hand.
@@travispaino, not only me the entire country will do that going forward . Just getting listed at MLS shouldn’t warrant these commissions . Internet changed everything . Finally the outrageous real estate commission.I would rather pay buyer closing fees than the agent . I also agree buyers should pay their agent . It is stupid to expect seller pay buyers agent .
Also if there is no agent wht seller agent is taking buyer agent’s commission?? If no agent then they should only take 3 percent . Not in our case . How can an agent act both seller and buyers agent ?
@@SM-vq1qddual agency is allowed in some states. It is in mine. I’ve very very rarely done it (except on vacant land or leases that are less complicated). If a buyer comes and does not want representation, then the listing agent should not take the commission for that side of the transaction. But if the seller agreed to dual agency (a form that has to be signed off on by all parties that explains what an agent can and can’t do in that situation), and the buyer wanted representation, then the agent earned the full commission.
Well done, but one of the main points Realtors need to take from your video is that this is simply an offer from the NAR . They are on the ropes and can no longer afford to fight or pay the original damages. Quite frankly, This offer doesn't differ much from the $78 million dollar offer keller Williams put out last month. Guess what? The DOJ basically looked at that one and said " Nope". It doesn't go far enough to decouple buyer/seller compensation. They won't sign off. They want more than a zero fill on MLS and then Realtors finding a work around to go back to business as usual. Agents are already saying. "I cant put a commision on MLS, come to my website and Ill tell you what I'm offering you there". one of the main points of the lawsuit was that buyer agents were steering customers from lower commissions. This won't solve that. The sellers agent can still dictate the buyers commision. The DOJ has NAR over a barrel and they know this is their shot. They have no reason to go easy and accept this. Their version is gonna be worse than the NARs offer. They love to regulate
Very well said. This will take months if not years to sort out
Exactly. I watched videos from the attorneys and they absolutely want to change the structure so that sellers do not pay the buyer's agent in any way.
So far this is the best analysis I have found. Thank you. Great work.
Best video I have ever watched. You touched every subject. I live in Southwest Florida. A town with loads of money and real estate. Too many realtors. This is going to be crazy to watch. Our realtors are dressed in designer pant suits and driving Range Rover’s. Living loud and proud. As a blue collar worker in the mix of it all and watching close up, it’s going to be like watching the employees scramble on the move Devil Wears Prada. No joke, this has been coming like the last hurricane that flooded our town. Absolute chaos. Thanks for every bit of detail. The best info.
Great video Zach! We appreciate you!
My pleasure!!
So wht im hearing us buyers will now have HARDER time trying to buy a house as if it wasnt already hard. Its already hard enough having money upfront for down payment, closing and home inspection and now we're expected to pay our buyers agents too? How is tht even fair?
Well, the buyer already pays ALL of the commission in the purchase price, they just finance it. That's part of the problem...sellers increase their price to cover all of the commission.
Why should agents get a percent of the house sale? The price of housing has almost doubled in the last 5 years. So they have been getting huge raises which clearly outpaces inflation while everyone else’s wages barley have increased
And selling a $950k house often doesn't take any more work than selling a $250k house.
Black Swan ... brace for impact
Real estate agents will be tearing each other apart in a race to the bottom.
💯🙌🏼
That's how our free market works for every product or service in America. Our free market is WAR.
Love this... This is natrivate that should have happened along time ago.!!! NAR and MLS needs "decoupling"!
NAR should not have this control!
I listened to many describe this situation. Your clear presentation is the best.
Thank you so much!
I think the demand at the agent level for a BAC is high, and the most likely outcome is either 1) a private website overtakes and basically replaces the MLS that acts like the MLS and publishes BAC or local MLS's break from NAR to continue allowing publishing BAC on the MLS. Without a BAC there is much less benefit to be a part of the MLS.
Maybe what will happen is BAC goes away and subsequently buyers agents go away and agents just make way less money but I think that is unlikely
That won't be allowed if you read the settlement.
@@marciamakoviecki3295 How could the settlement prevent either of these things? A private company can do whatever it wants. If a private company wants to post BAC and basically act like the MLS what will stop it? Other than I guess the threat of a similar lawsuit shutting it down, but that would be way above my legal expertise. Take Loopnet for example, it is basically the MLS of commercial and they publish BAC, will this stop them? I doubt it, this is NAR specific. And again if the MLS break away from NAR and the realtor brand, then why would they be subject to the NAR settlement? I think this is less likely since basically the MLS system and NAR are 1 and the same, and the people running both are the same, it's a tight web, but when money is involved things can move quickly. I could easily see, especially in conservative states, the local MLS boards voting to ditch realtor altogether and operate like before with BAC. Again there would be a risk they'll be sued, but in a conservative state it is much less likely the lawsuit will do anything
The root cause or Tigger point is that the salary/commission has increased 5X during the last 5 years due to house appreciated substantially yet the workload is the same. Which profession can earn 50% rise salary in five years?
Well home prices have fallen 30% in Austin since 2022. Which profession can lose 30% in their "salary" in 2 years?
@@easylivingaustin512 and how much did home prices appreciate in Austin between 2019 and 2022 before they declined?
Become a realtor then
It seems everything has doubled since Covid. Food, furniture, etc.
You don’t have to use Realtors. It’s not mandatory, but most Sellers will use MLS and agents. Buyers who no knowledge how is buying process will have to hire a lawyer to help them and see how expensive it is? 😅
This is going to be interesting to see how it plays out. I think it's great for you to know and explain your value. But I think you have to start thinking like the consumer, who can't pay for their groceries right now. They're not going to offer you a three percent check on top of everything else that they're coming to the table with to purchase a home. This is only step one. Let us not forget that the d o j did not want the seller to pay anything because they said that was the reason why the prices were so high for the homes. You don't have to be a rocket scientist to understand just because someone does not have to pay three percent any longer, does not mean they are going to lower the price that they can get on their property. Once this goes into effect, if prices remain high and they can convince people that seller paid commission to the buyer agent is the reason why, they will come after that next and make it illegal for the seller to pay the buyers side anything. Now, I am not a proponent for that.I believe in the free market and if the seller wants to pay the seller should be able to pay. I think there's a long term objective here and we are just at step one, sadly.
But how you as a transaction baswd shop grow by collecting fe hundred bucks from each deal only. Education, training, compliance, legal stuff, marketing , onboarsing, HR costs, financials, office assistants, virtual assitants, etc. Where will the revenue come from to cover all that expense for your shop? Some new realtors want all of that, otherwise cause they need support and lots of it. Not only a how-to guide and some video course.
Transaction based company's? Can you give an example of some. Thank you!
Ours. No Broker splits or franchise fee. Just pay one small transaction fee when you have a closing
Commissions are too damn high! I hope this sends a message.
GREAT video LMK if you want to open up in Vegas, NV?
Are you an agent in Vegas?
6% was negotiable? I’m not a real estate agent but it was put forth to me like 6% was the minimum and was the law.
Fully negotiable
Our agency has always negotiated. I have never actually charged 6%
There is no law for charging for services. Not only has it always been negotiable, the average cost of total commissions in the US is actually closer to 5%, and has been for a few years. The media has been running this smear campaign very effectively, but most of it is total bs.
A realtor may have told you THEIR fee is 6%, and they are certainly within their rights to hold firm, and a seller is within their rights to hire someone else.
@@livinginoklahomacityofficial Just to add to your point as well, almost everything in life is negotiable. What time you get out of bed, if you go to work that day, and especially hiring a service professional. Always ask to negotiate and only hire someone if it fits your needs. Otherwise get a second opinion.
Same my agent said brokers fee is 6% standard.
I’ll be frank, when I sell I’m going Redfin 1% listing and buyer agent gets zip from me
Yep, why use an agent? To pay them for nothing?
YA until the house next door offers a b uyers agent fee then you don't sell yours because the neighbor is offering a buyers agent fee.
LOL... I can tell that you haven't sold many homes... that's like asking your surgeon to drop his fee
@@sherrys.2259 insurance companies give doctors far far less than asking fee everyday
@@That_Cyber_Dude in a market with high demand and low supply…. There are bidding wars in my market with contingencies dropped. I’m not worried.
Do we have to pay to join your channel if we are an agent with you?
How do you make buyers pay your commission since they haven't done ever before? That will be a long way to get them to understand.
Buyers won't pay what agents want. Buyer agents will mostly no longer exist (similar to travel agents I used to use, pre-Internet).
Let's say 5 or 6 % is from the seller's side, the buyer's part gets secured because the seller gets proceeds to pay the commission. If the buyer needs to pay 2 or 3 % to the buyer's agent, how could they get pre-qualified? We all have much experience in finding solutions to get their financing done before closing. If they can't get the loan, they need to remove the "fees", would the buyer's agent get a commission by monthly payment in the future, lol? Showing your value is the most common term I heard so far, this is so vague, everyone has value, even if you sign an agreement with the buyers, what would you do if they dishonor that? Having that agreement before showing properties doesn't mean anything because the buyers now have much other access to schedule a showing, or paying the agents gas money to show. We will see some platform would create some platform to provide templates for buyers to write an offer. And all the realtors are going to compete with the listing sides.@@larryjones9773
@@larryjones9773 it's actually very frustrating trying to get hotels, etc. I do it all the time, but I miss those days.
Travel agents are not part of one of the most expensive investment of your life. When a buyer meets a sellers agent they will see the value of having someone represent them. They are surely going to ask the listing agent to please represent them to which the listing agent will charge a fee for that. Then that buyer will refer family & friends to that realtor for helping him through the purchase and thus we will be back to how things were eventually lol.
@@clostobias8609 The rest of the world doesn't have a rigged system, and they mostly don't have buyer's agents because buyers don't want to pay them. The free market will rule.
Great video, thank you!
My pleasure!
If buyers are willing to pay for theirs buyers agent commission do you think they can add that into the loan? They may not want to due to interest, but would that be an option? If you think about it when the sellers payed the commission that money came from the buyers purchase, and that purchase was done in a form of the loan so why couldn’t the buyers apply this “service Charge” to the loan? Idk just a thought.
That is likely what may happen, but how much do you think they'll be willing to pay? $2k or $40k? The job is not much harder on a $1mill home than it is on a $250k home.
@@marciamakoviecki3295 have you sold $1mil homes and low income homes before? They could both be as easy and equally as difficult to guide a buyer through it. Sometimes $mil dollar homes are better well kept and because seller is getting good money back they don’t mind changing a broken window, repairs on issues. But on lower less expensive homes some sellers don’t want to change a lightbulb and realtors have to do all they can to get the buyer into a home and vice-versa, so there is no telling what you will be face with when helping a buyer but sellers do know what could be fare to offer to get their sellers home as-is and/or offer a buyer compensation. This will work its self out in the long run, not saying 6% was a good standard but I feel it was fair all around. Anyone that didn’t want to pay that were always free to negotiate.
Love this video! Thank you!
Glad you enjoyed it!
I was going to give you a thumbs up but then you gave some blanket statement like it’s was the norm in the industry . Any license AGENT and mean any agent can going the MLS in California NAR realtor member or not however, if you are not a NAR realtor member you pay a slightly higher fee. This has been the case for least 20 years in California.
We don't have that in Tennessee. The associations have a strangle hold on the MLS systems and only allow Realtors, not agents
100% agree with NAR comments!
Thank you!
Thank you Zach!
How can I join your brokerage im about to take my license test in Texas
We aren’t in Texas yet. However, we are available to coach agents from any state until we expand into those areas
Great video. You're one smart dude.
I appreciate that!
Great option for agents who want to do minimal transactions but agent looking to be an entrepreneur or business and run their company as such not so much. Both great options though.
I also think the unrepresented buyer is going cause all kinds of headaches to the sellers agent.
How many buyers will want to see the house and not even be qualified for loans for example? Buyers wont know how to fill out the contract. Yet, they will refuse to pay 3% out of pocket to a buyers agent. I think there will be a bunch of crap that falls into the sellers agents lap.
The next wave of class action lawsuits would then be dual agency. I personally don't like dual agency as it puts too much liability on the agent. How could an attorney represent a plaintiff and defendant equally at the same time? They can't
@zachtaylorrealestate One thing I was thinking about, there was a time I think in the 80s or 90s and before there wasn't a buyers agent. What and how did thing work then? Was there a common amount a seller would pay? Was it 6% then? I think buyers agents came around in those times because they may have been getting into bad deals? I guess when did the buyers agent become a thing and why?
I wasn’t aware 6% was the standard I was taught by my RE mentor that everything in real estate is negotiable.
That’s a good mentor
Yup seems like NAR dropped the ball somewhere
Great Video Zach!! 🔥 🔥
Zach You are Wrong. A seller will chose the company he wants to exclusively sell his home. Only that company will earn a commission. That will be around 1% due to competition. If you do not have a contract to exclusively represent a sellers property for sale you will not sell it.
This is the it works in many countries.
The problem with removing an agent from a deal is dual agency. Pause the video when I showed an example of the Georgia listing agreement
@@zachtaylorrealestate
No seller or buyer should be happy if the agent says they are a dual agent works on behalf of both the home buyer and seller. The conflict of interest is obvious. That is like having a defense attorney also prosecuting. It is generally costly time consuming and therefore very hard to sue for breach of a fiduciary responsibility!
Buyers will need to use multiple agents to see only the houses they exclusively represent and will likely need to be much more qualified than they generally have been to make an offer, thus reducing the number of deals that fall apart after acceptance and reducing sellers agents costs too.
@@harrydestaffano565 This also puts agents in a weird situation. I can choose to only represent the seller and the buyer is unrepresented. The buyer chooses not to pay for an agent. That buyer is going to keep asking me questions and advice even though they are unrepresented. Then they will blame me if something goes wrong with buying the home. This can quickly blur lines. It's usually best to have an agent for the seller and a different agent for the buyer.
@@zachtaylorrealestate You are not right.
If you have a contract to exclusively sell someones home you can show it to a potential buyer and as long as you make no misrepresentations you are fine.
If you are looking for a way to sell a home your company does not have a contract to list forget it. You need your own listings and competition will be fierce.
For good agents and their companies the future is bright.
For full or part timers, those who don't win many or any listings, they are going to need to learn quickly how to do that, or quit.
@@harrydestaffano565 Are you a licensed real estate agent or attorney?
Thanks for sharing
Thanks for watching!
National Association of Middle Men. Take a few pics, answer a few questions...6%
I’m guessing you haven’t had good experiences with agents in the past
Amen 🙏 Real estate transactions should be standardized, transparent and simple. This is one step in the right direction. I don’t know a single agent who didn’t fail at some form of “work” before easily obtaining their license 🤷♂️. Long over due.
@@patmagic3301 real estate transactions can be very complex and there are many moving parts. I graduated with my Masters Degree and went straight into Real Estate. There wasn’t an opportunity to fail at something else.
@@zachtaylorrealestate I don't know what yall bring to the table.
AND they can also be very easy transactions. In fact, I would say the easy ones outnumber the difficult ones. @@zachtaylorrealestate
Welp, I guess that’s why I see Keller Williams advertising as hiring new agents all around my area..
I just spoke to an agent today at KW. Their monthly office dues just got increased to $159 per month
@@zachtaylorrealestateOuch…
@@zachtaylorrealestate I'm a KW agent in IN. We have different models that allow different office fees depending on the model you're in. I personally only pay $125 since I'm on a higher model.
@@WitchBrit33 what’s the broker split with that plan?
@zachtaylorrealestate I'm on the 80/20 split. If I go to the lowest model, it'd be the 70/30 split but with an $85 office fee
Great video !
This will just move home sales to open houses. Dual agency will also explode.
All this is going to do is move the co-broker commission from the MLS to the purchase contract. The buyer will request the seller pay X% of the buyer's commission from the proceeds of the sale. It will be just another concession on the seller side. Nothing to see here.
Great video Zach!!
Thank you!
Amen
Thank you Zach - I would choose not to be a member of NAR if I could.
Our voices are being heard. Look out for some association and MLS changes coming this year
I’ve been an agent since 2021 and I’ve never liked paying NAR 1200 every year for nothing.
@@Bzounlim $1,200 a year 🤯 What state is this? Ours are usually around $550-$650
@@zachtaylorrealestate I meant total cost of realtor title is 1200 haha not NAR
@@zachtaylorrealestate CA BTW
If nar can't protect us, then we shouldn't pay them every year
Best video I watched today
Thank you!
Repeat after me, I cannot conspire to fix prices.
The dude needs to stop talking and read the Sherman Antitrust Act, which provides for ten years of imprisonment. Agents are lucky they're not sitting in a prison cell.
Zach you wonderful so good at work.
You are wonderful.
Wow, thank you!
as a lender for 24 years, being treated like crap, all my affiliate friends being treated like crap. I'm not saying all agents do this but I'm having a chuckle at this when you tell your buyers "shop for the cheapest lender with the lowest rate" well now its the buyer's agents that will have too defend their commission, It's the affiliates turn to tell clients to go "shop the cheapest agent with lowest fees to represent you". KARMA
Don’t know any agents that say that. We want lenders that do a good job and are going to get the loan completed on time.
You are so wrong. Never in 36 years as a realtor have I told my buyers to shop around. On the contrary , I have told them you get what you pay for. You want a lender that is reliable, thst you have.no surprises at closing, someone that truly knows what he is doing. So don't say that things that are not true.
Transaction based is great, but it's not anything new.....you just need volume to be profitable. I saw $100 per month / $100 per transaction 20 yrs. ago. 🤠
The landscape is shifting towards transaction based companies. Traditional brokerages still own a majority of the market but the tide has been shifting for some time now. This is further fuel on the fire.
$100 per transaction? lol just get a job at Walmart what a waste of time.
@@Peepppinpppper our brokerage receives a transaction fee. The real estate agent keeps the rest of the money.
@@zachtaylorrealestate ohhhh lol my firm has the same model. I just swapped from commercial I’m still learning the lingo
@@Peepppinpppper 😅 You made me nervous there lol
In Vegas I had to look hard to find an agent who would take 5%. They all wanted 6%. It is price fixing IMO. So fine these guys lost out on quick sales with minimal work. Tens of thousands of $$. Even at 5% it was a rip-off.
This guy here speaks the truth!
Let's Go!
Well good thing am not a real estate agent.i know nothing of being a real estate agent.
Thanks for watching
well maybe NAR should go bankrupt and no more mls, it could happen, and then everything is off market and then you need buyer agents and seller agents because only marketers are able to sell
your video dsoesnt understand that its a combined value, seller agent buyer agent sometimes your a buyer agent somethings your a seller agent the income of the agent is a combined income for an agent. can will bankrupt many and even maybe the NAR they dont even have 418 million they need a payment plan.... you have to understand if many drop out they have to raise fees, and new associations are now opening up.... some will drop and just put listings on their own sites so they can offer buyer agents commissions so their sellers can sell faster, and at that point there wont be mls with everything on it
Quit the NAR ,,,,,,,,,QUIT QUIT QUIT if they require its time for Class action against NAR for antitrust
It is time to stop overpaying agents !! Great news!
Just because your business sucks don’t hate. This is why no one takes you serious
your presentaion is under the assumption that we have to change because we dont already bust our ass! The good ones who make decent a living do the right things and work hard! This has a temendous trickle down effect in the day to day business as a whole. I dont just do real estate i employ other small businesses like photographers, inspectors sign companies etc etc ... the list goes on and on. This is just over reach by NAR and the courts. Truth is you dont need a real estate license to buy and sell realestate but to use the local MLS and their forms. We need to fight back. Noi buyer is going to pay your comissions out of their own pocket. especially 1st time home buyers...thats just a falicy! for those saying its just an offer from NAR and waiting to see what happens, it'll already be to late!
7:47 - Seems weird to admit that this was "hidden" because the sellers and buyers didn't know that there was a negotiable choice before. Shady.
It wasn't hidden before as all listing agreements should have clear wording who is getting paid what. The seller would then sign this listing agreement if they approve. These lawsuits are demanding more transparency and cleaner wording.
The problem is 99% of the buyers agents are there to just collect the 3%. This decoupling is great because at least the seller won’t have to pay 3% to some parasite.
You are the parasite homie
The buyer pays everything now! Your commissions are baked in to the listing price. Without buyers bringing funds, nobody gets anything,
Very shortsighted and ignorant comment...
Individual home sales will slow dramatically and property value will decrease.. people will realize how dumb this is when there homes depreciate in value! 😂🤣
I wish they would separate the MLS
This hurts consumers, buyers, and sellers. Less buyers able to buy will make it harder for sellers to sell at list price.
It benefits big investors, hedge funds, and Wall Street. Eliminates many individual buyers. More sellers will have to accept their below list price offers.
@susanyoung8059 How so? How will there be less buyers?
Realtor agents are really overpaid for what they do.
This scares me a bit, I am Realtor Mason Bleasdell’s videographer and hope it doesn’t come to a point where he has to let me go because of this change…
@SamrayGTR The sellers agent is still going to need you to make videos of the house.
Also try looking into Drone Photography and 3D Tours. Both can be beneficial when listing a home for sale.
@@zachtaylorrealestate hey Zach, thank you for the tips! Yes we do drone photography and have 360 camera views for Mason. This whole past year we’ve really gone all in on TH-cam, doing house tours, neighborhood tours, and Market updates in the Austin MLS.
Hope you check out Mason Bleasdell to see the quality of our house tours. We do sell his listings much faster because of the videos but just wondering how the new change will affect us. Realistically, we will be fine but just will have to adapt a little bit when the lawsuit goes into affect in July.
@@SamrayGTR I'd also prospect FSBOs with your marketing packages
Fuck the NARS yearly membership fee. $751 in my market. And for what??!!
What market are you?
I think the NAR officer is rig and maybe got paid too out of that 148$ Million. They can of bring it to Supreme court, why settle? I think these officers of NAR got kick back.
I think it’s rich that all these agents compare themselves to doctors, lawyers, etc. they take a two week course and take a test. The value isn’t there. Needs to be a flat fee. Maybe 1 to 2k max. Gravy train has been derailed. Gonna have to actually earn it from here on out. Good luck!
NAR is not give benefits to local realtors. They just collect fees 350$ a year each Realtors for nothing.
$350 is cheap. Where are you at?
👍
This is wrong what happened a lot of agents will leave the real estate market
The game is over.
Nice spin, but the writing is on the wall. Realtors are cooked.
रामपाल।जी।महाराज।का।सतसंग।अनमोल।।हे।सत।साहेब।जी।
Boo freaking hoo. I love that realtors are now shaking in their boots. Get a real job.
Real estate agents are licensed professionals through the state in which they live. Each state in America deemed it important enough to require a license.
@@zachtaylorrealestate professionals, most of them barely made it out of high school.
@@JCMPremiumTV That's an unfair assessment.
Agents are going to leave
And others will join
Thank you Zach!