You are not going to like this but I think the percentages should change with the times. my first house was 55K and 6 percent was a fair price. but now at 700K it seems like 6 percent is something that allows you to make a half a years pay to sell 1 house. how about just dropping the fees to 2 %.? that's 14K on a sale. 7K after splitting it. at 2 houses per month you make way more than the average Joe.
That's definitely a fair point. As home prices have gone up over the years, the same percentage does mean more money. One great thing to note is that commission rates aren't set in stone and can be negotiated. In most real estate deals, the commission is split between the buyer's agent and the seller's agent, and then each agent's share is split again with their brokers.
I’m sure your mom was not happy with how you expressed your opinion J Michael, but you’re right, the little guy always ends up paying the higher price.
I always thought the whole percentage thing was sketchy. Realtors should QUOTE their price based on what they think their costs will be to get the job done. And i think the buyers should have to pay realtors to show them homes as well. Putting it all on the seller is kind of bullshit.
Thanks for tackling such a complex issue. I wondered what this settlement might mean. My takeaway from your video is that we don’t know yet, it’s starting to come into focus, and that “we’re in it together.” Just the fact that you’re getting in front of the issue and educating us in real time, as it unfolds, shows us exactly why buyers need their own agent in the transaction: This stuff can get confusing and buyers need their own advocate. J. Michael: I liked your rant. Without it, I would have missed how serious this issue might be to businesses like yours … and therefore to all of us. If it weren’t for Explore55+, am positive I would have ended-up going for what looked like a nicer home, only to eventually realize that the community wasn’t the right fit. Keep up the good work! Best, Marty
😅 JM's rant. Totally understand. In reality, people need advocates and a buyers agent is an advocate for their home needs. Sell by owner works only so far. Having a buyers agent gives added security to the property and to the overall sale. Remember everything can be amended and negotiated. (Congrats on the left ring finger JM!)
44 years representing clients, I never steered a client to a higher pay listing. Housing is too unique and each property shown needs to appeal to the buyer.
Even as a broker, I would not represent myself on a home purchase in an area whose market I don't understand fully. In making an offer in this case, I would definitely consider incorporating a buyer side commission, though. Buyer's agents are worth it by far--knowledge of area, personal time spent on investigating/showing/driving around/etc.. Bottom line: buyer and listing agents must become master negotiators. It is posited that this will positively impact a seller if they opt to not offer a buyer agent commission--but how competitive will a seller/listing be against other listings if they are not offering a buyer side commission? Nothing has changed; all is negotiable on both sides. The sellers in Florida (and many other states) who pay closing costs (including commission) was instituted specifically to generate incentive for buyers to buy homes.
No we are NOT told it’s negotiable ! We are told it’s 6% period !! That is already filled in as such when the contract is presented to us to sign. We find out later it’s not fixed. That’s what’s wrong .
![The New Rules of Real Estate - [Full Breakdown with Sharran Srivatsaa with US Real Estate changes]](http://i.ytimg.com/vi/1fT0jibtzo0/mqdefault.jpg)
You are not going to like this but I think the percentages should change with the times. my first house was 55K and 6 percent was a fair price. but now at 700K it seems like 6 percent is something that allows you to make a half a years pay to sell 1 house. how about just dropping the fees to 2 %.? that's 14K on a sale. 7K after splitting it. at
2 houses per month you make way more than the average Joe.
How about simple fee based sales? Why get double the commission for a $600k house than a $300k for the same effort?
That's definitely a fair point. As home prices have gone up over the years, the same percentage does mean more money. One great thing to note is that commission rates aren't set in stone and can be negotiated. In most real estate deals, the commission is split between the buyer's agent and the seller's agent, and then each agent's share is split again with their brokers.
Hello!! Missed you two!! It's been a hot min. since you've done a video!
We are happy to be back! We have some more videos in the pipeline - stay tuned! :)
I’m sure your mom was not happy with how you expressed your opinion J Michael, but you’re right, the little guy always ends up paying the higher price.
I always thought the whole percentage thing was sketchy. Realtors should QUOTE their price based on what they think their costs will be to get the job done. And i think the buyers should have to pay realtors to show them homes as well. Putting it all on the seller is kind of bullshit.
Thanks for tackling such a complex issue. I wondered what this settlement might mean. My takeaway from your video is that we don’t know yet, it’s starting to come into focus, and that “we’re in it together.” Just the fact that you’re getting in front of the issue and educating us in real time, as it unfolds, shows us exactly why buyers need their own agent in the transaction: This stuff can get confusing and buyers need their own advocate. J. Michael: I liked your rant. Without it, I would have missed how serious this issue might be to businesses like yours … and therefore to all of us. If it weren’t for Explore55+, am positive I would have ended-up going for what looked like a nicer home, only to eventually realize that the community wasn’t the right fit. Keep up the good work! Best, Marty
😅 JM's rant. Totally understand. In reality, people need advocates and a buyers agent is an advocate for their home needs. Sell by owner works only so far. Having a buyers agent gives added security to the property and to the overall sale. Remember everything can be amended and negotiated. (Congrats on the left ring finger JM!)
A good buyers agent is worth their weight in gold. He can get deals done, things repaired, and HOA rules the buyer needs to know about.
Absolutely agree! :)
Do I think an agent would steer clients to higher commission homes? Heck yeah!
That is and has always been illegal.
Actually unethical and if you are using a Realtor they have to adhere to the code of ethics. A real estate agent does not. Always use a Realtor!
44 years representing clients, I never steered a client to a higher pay listing. Housing is too unique and each property shown needs to appeal to the buyer.
It's not just the lawyers, it's the people that are suing to make easy money.
“We haven’t kept any secrets “ 🤔
Excellent video! I'm sick and tired of the little guy getting the short end of the stick. Well done Nikki and J Michael!
Glad you enjoyed it! Thank you for watching!
Even as a broker, I would not represent myself on a home purchase in an area whose market I don't understand fully. In making an offer in this case, I would definitely consider incorporating a buyer side commission, though. Buyer's agents are worth it by far--knowledge of area, personal time spent on investigating/showing/driving around/etc.. Bottom line: buyer and listing agents must become master negotiators. It is posited that this will positively impact a seller if they opt to not offer a buyer agent commission--but how competitive will a seller/listing be against other listings if they are not offering a buyer side commission? Nothing has changed; all is negotiable on both sides. The sellers in Florida (and many other states) who pay closing costs (including commission) was instituted specifically to generate incentive for buyers to buy homes.
I really enjoy you both. Always good information
Thank you so much for watching! :)
No we are NOT told it’s negotiable ! We are told it’s 6% period !! That is already filled in as such when the contract is presented to us to sign. We find out later it’s not fixed. That’s what’s wrong .
Epic rant JM!
Love this so much! Great info and fun to watch! 😂
Thank you for watching! So glad you enjoyed it! :)
I love the English system concerning civil lawsuits. You lose, you pay.
Do you have offices in Myrtle Beach area?
And that’s why I loooove J Michael!!! 😂😂😂
Did JM get married? He played with that ring like he's not quite used to it. How could he be married . . . he's not old enough to vote.
If you dont List, you wont Last
NAR settlement is good
Serious issue deserves serious discussion. Learned nothing from your son’s rant. Not helpful to your product.
JM seemed either drunk or high. Not his best look.
Mom is going to defend, he is swamped with his other job! Never drunk or high! Be considerate vs quick to throw rocks that aren’t true, please!