1. No buyer will sign a contract if they know they are paying 3% out of pocket. No chance... what if they decide not to buy in the end? They still pay a fee of some kind to the buyers agent? 2. The money is coming from the sale of the house. So you can say we have always had the buyer sign the agreement, etc. BUT everyone knew 99.9% of the time, the sellers profit from the house paid for the agents. You're kidding yourself if a buyer is going to pay 12-15k out of pocket, plus the down-payment plus whatever else. Buyers will look online, check the house out, go see it and make an offer if they like it. Also, so many buyers are going to create so much more work for a sellers agent. How many will not be even qualified for a loan but are house shopping?
Am I the only one who understands that buyers are NOT going to pay commissions. They will just bypass the buyers agent and go through the listing agent without representation. The question is: are listing agents going to charge unrepresented buyers a fee?
Good question? I but and sell rehabs. I do not need a buyers agent. In most sales the listing agent becomes a duel agent and gets double commission. I guess they are saying this automatic process will end. But here's the deal. Most buyers do not have the knowledge or mean to write the offer. Will the sellers agent write the offer for free? Or will buyers just have to retain an attorney to write the contract.
Joe, the average agent is severely damaged here, average homebuyer will not pay out-of-pocket for representation, simply not enough value, I see high-end buyers agents and listing agents doing well, US goes towards a UK model and portals basically eliminate MLS
I may be wrong here, but I think any seller who wants to attract buyers will continue to offer a buyer agent compensation...which really does not change anything.
Ok, TY. I feel like every video is completely putting positive spin on this that is borderline gaslighting. Buyers are not going to want to pay and they will also pay full price for the property anyway. I don’t see how this is the best possible outcome.
So you expect me, as a buyer, to sign a contract ahead of time saying I will pay you “x” amount?? I won’t know if the seller will offer anything ahead of time now. Plus, all the comps for 6-12 mos will have included the 6% standard split commission. Sellers who decide to pay 0 to the buyer’s agent aren’t going to list at 3% lower. The buyer pays both realtors, right? This is going to be a disaster. Sellers will still ask ridiculously overpriced listing prices for homes.
As I understand it, the commission listed on the buyer broker sheet is the MAX they can receive, If the seller was going to offer buyer agent more, the lower figure listed on the buyer broker sheet takes precedence
Yes!! The people that think that sellers will reduce their price are dumb. Sellers want every penny and will still want what their neighbor got 6 months ago for their house!!!! People think sellers have common sense. HA!
Yes! I've helped my clients buy FSBO's. You call them up when you schedule the showing and require the compensation form to be signed before you walk through the door with your client.
If the buyers enter into an agreement, the buyers agent commissions would just become part of the negotiations.. Example, if the home is offered for $500k with no buyers side commissions factored, and lets assume its a 3% commission we're referring to. Then the offer price (if its a full price offer) becomes $515,000, seller to pay buyers agent $15,000 commission. And I would argue that may not be considered as seller concessions. And if it does, most loan options allow 3-6% in allowable concessions so its not a major issue. Looking for push back on this as I think collaboration and discussing options is going to be the key to beating this change by adapting and conquering.
I agree with you guys completely about the Buyer Rep Agreement, and I've always had those signed as well. HOWEVER, there's no doubt that the buyer ACTUALLY having to pay a Buyer Agent fee is a major change and is absolutely not the norm (has never been). I've been an agent for 10 years and a broker for 3, and in my 13 years, I've been paid by a buyer a total of 3 times. I sell about 40 houses per year. So, yes I believe in my value to buyers and always have, but I think you guys are playing down the magnitude of the re-education process for buyers that's going to have to take place. You also still seem to expect that ultimately, the seller will still pay the buyer agent commission through the listing broker, based on what you're saying about commanding the 6% for listings. So that's a bit confusing in this conversation.
buyer agent fees are going to crash to flat fee with these rule changes. any RE agent who says it's always been negotiable is clueless. sellers are going to list with list commish ONLY and tell their listing agent to say to the buyer agent their commish is negotiable with the offer which is going to drive down buyer agent fees further.
What if a Buyer agent fails to show their value that was discussed at the initial consultation? Is there an Opt out option in these buyer agent agreements? Are we the buyer stuck with a low performing agent?
@@ChrissyCAGirl Yes but really no different than the current status. Many agents already have a buyer agent agreement that they sign at the first meeting. I don't see this ruling changing that much. Other than these agreements may be come more common than what they currently are.
if you get an agent to DO a thorough Buyer Consultation, then they will already be ahead of about 80% of agents. "Is there an Opt Out in this agreement?" is the type of question you would ask that agent. Which is as your agreement already should be.
Isnt that "steering " if u as a buyers agent, call the listing broker to see if there is buyer broker compensation paid, then if it is zero (or low), you dont show that house (or you could say, "steer" the buyer away from the no/low comission home) 13:45
Yes, it is a crummy agreement. The attorneys are just itching to get paid. This thing has been dragging on. NAR is playing hardball. The whole thing is a scam and racket. The RE agents and public are the pawns.
Isn’t that steering if you, as a buyer’s agent? Call the listing agent to see if the seller will compensate the buyers agent commission. You then find out that is zero or very low, you would then steer the buyer and looking at a house where the seller was paying the buyers commission wouldn’t that be steering
Not if you ask your buyer's client to make the decision. The buyer should decide if they will avoid sellers who are unwilling to offer buyer compensation if if the buyer will pay the compensation. It's not steering if the client makes the decision.
So if buyer really wants to see the "no commission to buyer agent house", then the buyers agent will show that house, correct? And the buyers agent commission/fee is already established, since it's listed on the buyer agent contract already
@@gypsy317 Things are about to change a lot. It is going to be a bad move for a home to be "no concessions" offered. The property needs to be shown and an offer submitted. The Seller can decide based on the merit of the offer and buyers qualifications and reputation of their agent to get the deal closed.. .just like they do now. I think Sellers don't realize that this change is doing to limit their buyer pool significantly so they arr going to become much more negotiable as the home sits on thr market. We are already seeing inventory pile up in many cities across the country. It hasn't started to sink in for them just yet.
So, as a REALTOR, when I am with clients on a home tour, I will need to let them know if they must pay me a fee or if the seller is offering compensation. They need to know... This is going to be fun times.
I've always just gone straight to the listing agent. If they think they can get both sides of the commission, they will be your greatest advocate. Most brokerages allow this. When I list a property for sale, I use a very well known real estate company that charges 1% and I pay the buyers agent 2%.
@@mommom3172 as a seller I am only paying listing commish and I will instruct my agent to tell buyer's agents their fee is negotiable with the offer along with everything else. this means your fee is going to eventually go to flat fee. new ball game. time to face reality.
This is only going to hurt buyers. They’re going to be purchasing homes unrepresented and will be putting in offers through the listing agent who works for the seller and has the sellers best interests in mind.
Yes...that is the only change I see in my own business. I already get a buyer's rep agreement signed, so the only thing changing for me is to stop advertising the compensation in the MLS.
Currently Sellers will offer Bonus's or closing cost credit, so is it going to be legal for a Seller to advertise paying a certain percentage to Buyer brokers?
It's a win for the consumer, which was the intent. Now the theory is that agents cannot 'steer' clients toward listings that pay a higher amount. Of course, they can still call the listing agent and find out IF their seller is paying a co-broke, but so can the buyer. If their buyer's agent lies about it in order to secure higher compensation, it can easily be found out with a phone call. It seems to me that simply removing the 'requirement' for any buyer's agent compensation (even $1 which has been the lowest amount allowed here in AZ for years) and leaving it on the MLS would create MORE transparency for the consumer, but this is what they settled on, at least preliminarily.
The catch is...on that "verification" phone call, the compensation could change depending on whom they are speaking to. Isn't that the whole point of this change so that it is negotiated on a case by case basis?Maybe I don't like agent #1, and I don't want to work with him so zi tell him nope no compensation. 😂
Sellers can pay a fee to have their house listed in MLS, right? So then maybe it would be the buyers' agent who will make out better? Just food for thought. I think most people are not even aware of this lawsuit. But an educated buyer will bypass the buyer's agent, in my opinion. Maybe I am wrong. This will definitely change real estate for sure. Or buyers will go directly to the listing agent? So if that listing agent has the buyer sign an agreement but the potential buyer refuses, would that selling agent pass up a potential buyer? Lots of questions. Should be interesting. The comparison to a lawyer? Well a lawyer had to go to college, then law school. That is a lot of debt unless their parents were rich. Not the same thing as a real estate agent. I disagree with them.
If a property is listed? It shows on Mls If a buyer signs a buyers’ broker agreement That buyers should be listed on Mls as well So there is no misunderstandings! I think That's what is a problem That piece of info Should be obvious and actively a fact That buyers know that commission must be paid Directly or indirectly!
All of these agents saying they won't show a zero buyers agent listing are showing the entire worls they care about themselves before the client. Openly stating "I will ignore certain listings" OR buyer's requests to see any property only reinforces the state of this industry. I expect a lot of litigation AGAINST realtors as they do not understand the gig is up.
Mr Seller -- you're paying me X% for my listing service. I'm going to give X% of my commission you are paying me to any other agent appropriately licensed whatever percentage I'd like from the % you give ME for my service. Nothing has changed except Media gone wild. What else is new. Buyer agents will call me before showing and ask if we are offering commission. I'll let them know how much of my commission I'm willing to share with them to bring their buyer. The only thing that has changed is I'm not putting that on the MLS and I'm having buyer's sign agency agreements.
Why not start paying agents be the number of hours worked? The agent can track her time and get compensated at the end based on number of hours worked. Why does it have to be percentage? There are way too many agents roaming around. The whole industry is inefficient.
Buyers will deplete all their savings paying hourly. Buyer agents spend hours and hours with numerous buyers who never close on a sale. What happens when they get stuck in a hot market getting outbid repeatedly in multiple offer situations and all their "agent money ran out"? They just give up on buying a house. I'd love to get paid hourly. But ultimately it is better for buyers to enjoy the services of a buyer agent and they get to walk away with no money exchanged if they arr unsuccessful.
What happens to all the hours worked by the agent when the buyer ends up not being able to close the contract? Who's going to pay for that? I just had a Seller with 2 buyer contracts killed by an HOA president who denied both of her buyers. Those buyers agents worked for 3 weeks each just on that contract and countless hours prior to that showing the buyer homes to consider.
I could not disagree more. I know that if I charge $495 per hour to list, market, and sell a house (not to mention showing and selling a house), my fee is going to be astronomically higher than my percentage.
The guy on the blue sounds so arrogant. In California in the listing agreement you HAVE TO PUT THE BUYER'S COMP. So the answer is YES. THE Seller always KNOW how much the Buyer's agent gets paid.
There is no change to the listing agreements. Just a field in the MLs is being removed. Smart sellers are going to put all the agents in their market to work by offering compensation. People seem to think the internet sales homes. 😂 Just wait until all the unqualified looks loo HGTV enthusiasts getting home decor ideas waste hours upon hours of their time.
Why do I, as a buyers agent, have to justify my job to this extent? I am totally discouraged and see the vast majority of listing agents double ending transactions. This lawsuit has clouded transparency (mls compensation). I feel that it should be legislated there will be no more double-ending. I see first-time buyers being unable to purchase because lenders don’t finance broker fees. This is a rats nest of unknowns.
You won't be able to simplify changing an entire industry. Buyers/sellers are going to change completely! What we do is advertising, we allow 2 free RE ads every 48hrs., and in the very near future, if you would like to make it as a realtor or broker, you will need affordable help. When an industry changes, you adapt or you don't exist.
Oh! My back up plan is to pivot to yacht brokerage if real estate falls apart. Thankfully, wealthy people understand the value of being well-connected and skillfull in finding a willing, ready & able buyer and gladly pay compensation to do so. My second back up is brokering warmblood horses. Again, the wealthy understand the value of matching a buyer with a product that they are looking for. And, both of those brokering roles have compensation tied to the purchase price of the product. You don't even want to know the going percentage rate to list a horse for sale. 😂🐴
IMO NAR didn’t do their members any favors, they only saved themselves and will be paying out this lawsuit for the nxt 4 yrs using their member’s money. Stay tuned to the buyer lawsuits coming. If you’re an agent the same goal to stay alive in real estate is List, list, list!!
I do not think the Justice should approve this! More smoke and mirrors and a reduction in the 1.8 billion awarded. No, just no. This makes it more ambiguous.
Really? I've never seen that. It really depends on the market. In a hot market versus a cold market. All the variables change. Wait until Sellers are begging buyers to take their properties. I bought my home in 2010 and they were begging me to buy it.
1. No buyer will sign a contract if they know they are paying 3% out of pocket. No chance... what if they decide not to buy in the end? They still pay a fee of some kind to the buyers agent?
2. The money is coming from the sale of the house. So you can say we have always had the buyer sign the agreement, etc. BUT everyone knew 99.9% of the time, the sellers profit from the house paid for the agents. You're kidding yourself if a buyer is going to pay 12-15k out of pocket, plus the down-payment plus whatever else.
Buyers will look online, check the house out, go see it and make an offer if they like it.
Also, so many buyers are going to create so much more work for a sellers agent. How many will not be even qualified for a loan but are house shopping?
Oh. So many just "love" looking at houses because they love HGTV. 😂
@mommom3172 Every sellers agent will need a psychologist on retainer.
Am I the only one who understands that buyers are NOT going to pay commissions. They will just bypass the buyers agent and go through the listing agent without representation. The question is: are listing agents going to charge unrepresented buyers a fee?
Good question? I but and sell rehabs. I do not need a buyers agent. In most sales the listing agent becomes a duel agent and gets double commission. I guess they are saying this automatic process will end. But here's the deal. Most buyers do not have the knowledge or mean to write the offer. Will the sellers agent write the offer for free? Or will buyers just have to retain an attorney to write the contract.
Joe, the average agent is severely damaged here, average homebuyer will not pay out-of-pocket for representation, simply not enough value, I see high-end buyers agents and listing agents doing well, US goes towards a UK model and portals basically eliminate MLS
I may be wrong here, but I think any seller who wants to attract buyers will continue to offer a buyer agent compensation...which really does not change anything.
Ok, TY. I feel like every video is completely putting positive spin on this that is borderline gaslighting. Buyers are not going to want to pay and they will also pay full price for the property anyway. I don’t see how this is the best possible outcome.
@@garrycreath366 For the short to mid term yes, but there will be a consistent than exponential increase.
So you expect me, as a buyer, to sign a contract ahead of time saying I will pay you “x” amount?? I won’t know if the seller will offer anything ahead of time now. Plus, all the comps for 6-12 mos will have included the 6% standard split commission. Sellers who decide to pay 0 to the buyer’s agent aren’t going to list at 3% lower. The buyer pays both realtors, right? This is going to be a disaster. Sellers will still ask ridiculously overpriced listing prices for homes.
As I understand it, the commission listed on the buyer broker sheet is the MAX they can receive,
If the seller was going to offer buyer agent more, the lower figure listed on the buyer broker sheet takes precedence
Now that sounds like typical gibberish and wording to confuse everyone! What about VA buyers?
@@KAZHE63low income and VA buyers are screwed. Plain and simple.
Yes!! The people that think that sellers will reduce their price are dumb. Sellers want every penny and will still want what their neighbor got 6 months ago for their house!!!! People think sellers have common sense. HA!
@@KAZHE63 va buyers are NOT ALLOWED to pay their own agent.!!!
wont the buyers agents verify commission prior to showing the property " much like they do now with FSBO's"
Yes! I've helped my clients buy FSBO's. You call them up when you schedule the showing and require the compensation form to be signed before you walk through the door with your client.
Probably and this will lead to discrimination and disservice to buyers and sellers
Probably, which says to me...what does this REALLY change, other than requiring buyer rep agreements?
If the buyers enter into an agreement, the buyers agent commissions would just become part of the negotiations.. Example, if the home is offered for $500k with no buyers side commissions factored, and lets assume its a 3% commission we're referring to. Then the offer price (if its a full price offer) becomes $515,000, seller to pay buyers agent $15,000 commission. And I would argue that may not be considered as seller concessions. And if it does, most loan options allow 3-6% in allowable concessions so its not a major issue. Looking for push back on this as I think collaboration and discussing options is going to be the key to beating this change by adapting and conquering.
I agree with you guys completely about the Buyer Rep Agreement, and I've always had those signed as well. HOWEVER, there's no doubt that the buyer ACTUALLY having to pay a Buyer Agent fee is a major change and is absolutely not the norm (has never been). I've been an agent for 10 years and a broker for 3, and in my 13 years, I've been paid by a buyer a total of 3 times. I sell about 40 houses per year. So, yes I believe in my value to buyers and always have, but I think you guys are playing down the magnitude of the re-education process for buyers that's going to have to take place.
You also still seem to expect that ultimately, the seller will still pay the buyer agent commission through the listing broker, based on what you're saying about commanding the 6% for listings. So that's a bit confusing in this conversation.
Well said
buyer agent fees are going to crash to flat fee with these rule changes. any RE agent who says it's always been negotiable is clueless. sellers are going to list with list commish ONLY and tell their listing agent to say to the buyer agent their commish is negotiable with the offer which is going to drive down buyer agent fees further.
Garry, that was an excellent finish to this presentation. We need to be more authentic with our clients. Thank you both.
My pleasure. We all CARE about this industry and our clients, so let's show them!
What if a Buyer agent fails to show their value that was discussed at the initial consultation? Is there an Opt out option in these buyer agent agreements? Are we the buyer stuck with a low performing agent?
Great question!
@@ChrissyCAGirl Yes but really no different than the current status. Many agents already have a buyer agent agreement that they sign at the first meeting. I don't see this ruling changing that much. Other than these agreements may be come more common than what they currently are.
You are not stuck with a "low performing" agent. The Seller/Buyer can terminate a listing/buyer's agency agreement at any time.
if you get an agent to DO a thorough Buyer Consultation, then they will already be ahead of about 80% of agents. "Is there an Opt Out in this agreement?" is the type of question you would ask that agent. Which is as your agreement already should be.
Isnt that "steering " if u as a buyers agent, call the listing broker to see if there is buyer broker compensation paid, then if it is zero (or low), you dont show that house (or you could say, "steer" the buyer away from the no/low comission home) 13:45
Yes, it is a crummy agreement. The attorneys are just itching to get paid. This thing has been dragging on. NAR is playing hardball. The whole thing is a scam and racket. The RE agents and public are the pawns.
Isn’t that steering if you, as a buyer’s agent? Call the listing agent to see if the seller will compensate the buyers agent commission. You then find out that is zero or very low, you would then steer the buyer and looking at a house where the seller was paying the buyers commission wouldn’t that be steering
Not if you ask your buyer's client to make the decision. The buyer should decide if they will avoid sellers who are unwilling to offer buyer compensation if if the buyer will pay the compensation. It's not steering if the client makes the decision.
So if buyer really wants to see the "no commission to buyer agent house", then the buyers agent will show that house, correct?
And the buyers agent commission/fee is already established, since it's listed on the buyer agent contract already
@@gypsy317 Things are about to change a lot. It is going to be a bad move for a home to be "no concessions" offered. The property needs to be shown and an offer submitted. The Seller can decide based on the merit of the offer and buyers qualifications and reputation of their agent to get the deal closed.. .just like they do now. I think Sellers don't realize that this change is doing to limit their buyer pool significantly so they arr going to become much more negotiable as the home sits on thr market. We are already seeing inventory pile up in many cities across the country. It hasn't started to sink in for them just yet.
So, as a REALTOR, when I am with clients on a home tour, I will need to let them know if they must pay me a fee or if the seller is offering compensation. They need to know... This is going to be fun times.
Why would you get on a home tour with a buyer WITHOUT a written agreement in the first place?
Why fix what is not broken? I guess I will just focus on being a listing agent only
I highly recommend this anyway. You can control the transaction, leverage your time, and sell more homes.
I've always just gone straight to the listing agent. If they think they can get both sides of the commission, they will be your greatest advocate. Most brokerages allow this.
When I list a property for sale, I use a very well known real estate company that charges 1% and I pay the buyers agent 2%.
What's next..suing attorneys for their retainers and settlement commissions? What about adjusters? Why doesn't anyone complain and sue
As a seller, I'm not paying for a buyers commission unless I add the money they need to my listing price.
Just FSBO and do both sides yourself. Let us know how it works out!
@@mommom3172 as a seller I am only paying listing commish and I will instruct my agent to tell buyer's agents their fee is negotiable with the offer along with everything else. this means your fee is going to eventually go to flat fee. new ball game. time to face reality.
This is only going to hurt buyers. They’re going to be purchasing homes unrepresented and will be putting in offers through the listing agent who works for the seller and has the sellers best interests in mind.
Per Garry, "it doesn't limit me from doing what I'm already doing. It just means that I can't offer this on the MLS" Bingo!!!
Yes...that is the only change I see in my own business. I already get a buyer's rep agreement signed, so the only thing changing for me is to stop advertising the compensation in the MLS.
Currently Sellers will offer Bonus's or closing cost credit, so is it going to be legal for a Seller to advertise paying a certain percentage to Buyer brokers?
According to the settlement, they can advertise as long as it is NOT in the MLS.
how is a seller being unable to advertise a buyer agent bonus in the MLS a win?
It's a win for the consumer, which was the intent. Now the theory is that agents cannot 'steer' clients toward listings that pay a higher amount. Of course, they can still call the listing agent and find out IF their seller is paying a co-broke, but so can the buyer. If their buyer's agent lies about it in order to secure higher compensation, it can easily be found out with a phone call. It seems to me that simply removing the 'requirement' for any buyer's agent compensation (even $1 which has been the lowest amount allowed here in AZ for years) and leaving it on the MLS would create MORE transparency for the consumer, but this is what they settled on, at least preliminarily.
The catch is...on that "verification" phone call, the compensation could change depending on whom they are speaking to. Isn't that the whole point of this change so that it is negotiated on a case by case basis?Maybe I don't like agent #1, and I don't want to work with him so zi tell him nope no compensation. 😂
The buyer agency agreement doesn’t change anything. The fact that buyers have to pay their agent when buying a home is the issue
Realtors are Not attorneys
Great information!!! Thank you.
😂2-3 minutes more work?! You're dreaming. Listing agents pick up the phone in your world I guess.
Ha! Try to reach an agent in FL...most never answer their phone🙄
I am a Florida realtor and I always answer my phone with #1 customer service@@HomeswithNewman
Sellers can pay a fee to have their house listed in MLS, right? So then maybe it would be the buyers' agent who will make out better? Just food for thought. I think most people are not even aware of this lawsuit. But an educated buyer will bypass the buyer's agent, in my opinion. Maybe I am wrong. This will definitely change real estate for sure. Or buyers will go directly to the listing agent? So if that listing agent has the buyer sign an agreement but the potential buyer refuses, would that selling agent pass up a potential buyer? Lots of questions. Should be interesting. The comparison to a lawyer? Well a lawyer had to go to college, then law school. That is a lot of debt unless their parents were rich. Not the same thing as a real estate agent. I disagree with them.
Great information. ❤
Okay …so … the next time I buy a house, I will bypass using a buyer agent and go straight to the listing agent.
If a property is listed?
It shows on Mls
If a buyer signs a buyers’ broker agreement
That buyers should be listed on Mls as well
So there is no misunderstandings!
I think
That's what is a problem
That piece of info
Should be obvious and actively a fact
That buyers know that commission must be paid
Directly or indirectly!
What happens to VA buyers ?
Watch them come up with an “idea”… letting them finance BA commission! He** no!
so now the list agent has even more work to do
You really think that “building trust” with your potential seller is going to make him or her pay twice the amount of commission? Not a chance
All of these agents saying they won't show a zero buyers agent listing are showing the entire worls they care about themselves before the client. Openly stating "I will ignore certain listings" OR buyer's requests to see any property only reinforces the state of this industry. I expect a lot of litigation AGAINST realtors as they do not understand the gig is up.
whos going to let unvetted and unaccompanied buyers into their home?
Oh, criminals would NEVER pose as "buyers" would they? 😉
Mr Seller -- you're paying me X% for my listing service. I'm going to give X% of my commission you are paying me to any other agent appropriately licensed whatever percentage I'd like from the % you give ME for my service. Nothing has changed except Media gone wild. What else is new. Buyer agents will call me before showing and ask if we are offering commission. I'll let them know how much of my commission I'm willing to share with them to bring their buyer. The only thing that has changed is I'm not putting that on the MLS and I'm having buyer's sign agency agreements.
Why not start paying agents be the number of hours worked? The agent can track her time and get compensated at the end based on number of hours worked. Why does it have to be percentage? There are way too many agents roaming around. The whole industry is inefficient.
Buyers will deplete all their savings paying hourly. Buyer agents spend hours and hours with numerous buyers who never close on a sale. What happens when they get stuck in a hot market getting outbid repeatedly in multiple offer situations and all their "agent money ran out"? They just give up on buying a house. I'd love to get paid hourly. But ultimately it is better for buyers to enjoy the services of a buyer agent and they get to walk away with no money exchanged if they arr unsuccessful.
What happens to all the hours worked by the agent when the buyer ends up not being able to close the contract? Who's going to pay for that? I just had a Seller with 2 buyer contracts killed by an HOA president who denied both of her buyers. Those buyers agents worked for 3 weeks each just on that contract and countless hours prior to that showing the buyer homes to consider.
I could not disagree more. I know that if I charge $495 per hour to list, market, and sell a house (not to mention showing and selling a house), my fee is going to be astronomically higher than my percentage.
Lol so the seller will list with a flat fee agency vs $495. BTW where did you get that number from???
The guy on the blue sounds so arrogant. In California in the listing agreement you HAVE TO PUT THE BUYER'S COMP. So the answer is YES. THE Seller always KNOW how much the Buyer's agent gets paid.
There is no change to the listing agreements. Just a field in the MLs is being removed. Smart sellers are going to put all the agents in their market to work by offering compensation. People seem to think the internet sales homes. 😂 Just wait until all the unqualified looks loo HGTV enthusiasts getting home decor ideas waste hours upon hours of their time.
Agents trying real hard to continue living it up. 1 year follow up will be interesting.
Raise that bar
Why do I, as a buyers agent, have to justify my job to this extent? I am totally discouraged and see the vast majority of listing agents double ending transactions. This lawsuit has clouded transparency (mls compensation). I feel that it should be legislated there will be no more double-ending. I see first-time buyers being unable to purchase because lenders don’t finance broker fees. This is a rats nest of unknowns.
You won't be able to simplify changing an entire industry. Buyers/sellers are going to change completely! What we do is advertising, we allow 2 free RE ads every 48hrs., and in the very near future, if you would like to make it as a realtor or broker, you will need affordable help. When an industry changes, you adapt or you don't exist.
Oh! My back up plan is to pivot to yacht brokerage if real estate falls apart. Thankfully, wealthy people understand the value of being well-connected and skillfull in finding a willing, ready & able buyer and gladly pay compensation to do so. My second back up is brokering warmblood horses. Again, the wealthy understand the value of matching a buyer with a product that they are looking for. And, both of those brokering roles have compensation tied to the purchase price of the product. You don't even want to know the going percentage rate to list a horse for sale. 😂🐴
@@mommom3172 Good news!LOL! Actually as technically a farm animal, you can list them for free at our site. Feels like a Saturday... :)
This will only make steering worse. By 10x.
This guy in the blue must not understand what’s really taking place because it’s a whole lot different than what he keeps pretending that it will be.
What do you think is happening?
IMO NAR didn’t do their members any favors, they only saved themselves and will be paying out this lawsuit for the nxt 4 yrs using their member’s money. Stay tuned to the buyer lawsuits coming. If you’re an agent the same goal to stay alive in real estate is List, list, list!!
I do not think the Justice should approve this! More smoke and mirrors and a reduction in the 1.8 billion awarded. No, just no. This makes it more ambiguous.
They will
@@ebutuoy5088yeah they will. If Wells Fargo didn't get shut down..well, that speaks for itself. 😂
@@mommom3172 I just said they would
#anitahuberman
It seem that the power is shifting from selling agent to listing agent. Previously the buyers agent always got paid more.
Really? I've never seen that. It really depends on the market. In a hot market versus a cold market. All the variables change. Wait until Sellers are begging buyers to take their properties. I bought my home in 2010 and they were begging me to buy it.
I've never experienced that. In fact, I have always made more money as a listing agent.
Who came up with these new rules? Must have too much time on hands.