100'S of THOUSANDS of Real Estate Agents GOING BROKE!

The NAR just reset $418 million lawsuit that will prevent all future buyers agent commission offerings on the MLS starting the middle of July 2024. How will this impact the housing market and the economy?
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#realestate #housingmarket #homeprices #housingmarketcrash
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[@MichaelBordenaro]

We’re DONE PAYING TAXES! TOO MUCH CRIME! kzbin.info/www/bejne/mF7beaGArbd9qck

[@FWMCBigFoot]

Okay Michael, respectfully, you think exclusivity is fair for a buyer's agent. How fair is that for a buyer who's looking for a home in a region? You were a Miami realtor. What if I'm looking for a place in Miami, Naples, or Sarasota? Can the buyer really expect the agent to be an expert in a situation like that in all of those areas?

[@JeepdudeFL]

@@FWMCBigFoot Just have the Agent specify which counties they will represent you in....if you buy oustide that area, they have no recourse.

[@FWMCBigFoot]

@@JeepdudeFL (head smack) makes perfect sense, thanks.

[@MichaelBordenaro]

@@FWMCBigFoot in that case you would likely have exclusivity agreements with agents in different areas you’re looking in. For me could be Miami for the other agent it could be Naples, etc. I don’t see anything wrong with that.

[@FWMCBigFoot]

@@MichaelBordenaro that's both fair and reasonable. Thanks.

[@fredkraus9180]

I built million dollar homes, the agent left the closing table with more money than me sometimes

[@sarahann530]

You should have sold the property yourself and saved the commission. Your choice .

[@jkmarshall3553]

Then why did you hire them? Get your brokers license and sell those homes yourself.

[@nunya2954]

I never sold a home with a realtor. Got a lawyer, he/she did my contract, paid a friend to show my house. Easy peasy and all that broker/realtor fees stayed in my pocket. People SHOULD NEVER have let the business of real estate lines someone else's pocket with THEIR MONEY. And folks wonder why the are BROKE. It starts with not living below your paycheck, NEVER pay someone for services you can to yourself and for dang sure you don't pay any real estate folks. Hundreds of ways to advert your for sale home w/NO realtor needed.

[@brianrash9885]

@@nunya2954Stupid people win stupid prizes.😊

[@reginafisher9919]

That is sickening, that should be illegal.

[@RetiKingKnight]

Commission - for either buyers or sellers agents - should be a flat fee. NOT A PERCENTAGE of the selling price. Houses went from 300K to 600K - ok, but why should a seller’s agent now make twice as much money on the sale? The amount of work they do is not a linear function of the price of the house, period.

[@InvestingWithAdamK]

Why should other employees get raises? Why should anyone earn a better living. This ridiculousness of everyone not wanting anyone to get paid is just silly. It’s all complaining

[@JNoMooreNumbers]

Not a flat fee. A fixer upper could be too high. Why pay the same for a 100k place or less for land than a multi million dollar home.

[@rachelgreen1368]

Zero dollars for realtors seems reasonable.

[@violetagira5128]

Agreed. Ans closing costs should be split evenly between buyer and seller

[@InvestingWithAdamK]

@@rachelgreen1368 yes. Nobody should pay anything to anyone for anything and we should all work less for more pay.

[@bentravelstv]

I am also a licensed Realtor and I have to say the corruption, the lazy Realtors, the scheming that goes on behind the scenes is sickening. I always listed homes at 4%, giving 2% to me the selling agent and 2% to the buyer, to give the homeowner more money back. Realtors would call me and scream at me for the 2%, they would say im not showing your listing, you are a disgrace, you should never list this low. And realtors would refuse or deter buyers from looking at the home, they would make up stuff about the area, cancel appointments, say that too many offers were in on it etc. etc. so much corruption behind the scenes.

[@lalocura19]

But some times they charge 5% ir more, and only give 2%

[@SiLaChaCha]

My realtor and inspectors did me wrong. I paid for 2 inspections and both gave my house a pass on things that should have never been okayed.

[@user-bg2tn4kg5m]

Greedy and dumb is my experience of r.e. agents.

[@thomasrobertson9643]

As a buyers agent, I’d always show and sell what my buyers (clients) want. I often took 2%, sometimes 1% if it was what my buyers really wanted. I do know plenty of agents that refused to show listings that paid less than 3%

[@te8828]

I wouldnt have ever refused to show it, at the end of the day, I'm the buyers agent, and I have a contractual duty to show them what they want but I wouldn't have been happy about it

[@DVargo4802]

I’m an agent since 2006 and I despise most of them.

[@TheBoilingWater]

A listing agent recommended to me by someone from my church turned out to be returning a favor. This agent helped the recommender purchase a $2.5 million property for only $2 million. In this deal, the agent represented a senior, non-English speaking seller for a 1% commission. When the agent learned the seller’s bottomline price is $2 million, she arranged for a friend to buy the property without disclosing its real market value of over $2.5 million to her client. The agent told me how careful she had to be when talking to her client so as not to reveal the actual worth of the house. After the sale, the friend gave the agent a $3,000 thank you fee in addition to something else, while the unaware seller also thanked the agent with an extra $27,000, losing out on half a million dollars without realizing it. After learning this, I told her you failed your client, I will not be interested in becoming your next victim. She was in awe completely unaware of her misconduct. I wonder how did she get her real estate license, where is the supervision and discipline?

[@rbebeabucay9356]

😳

[@Kenny-yw9kv]

you're probably the agent that other agents hate working with

[@jaywalk6628]

Yep, I was licensed for 21 years. Great money but finally couldn't take it anymore.

[@globalfamily8172]

You should quit. Don't put yourself through that.

[@douglasstone3813]

There are Waaaay tooooo many REALTORS doing far tooooo little work.

[@sarahann530]

If they are not doing the work they are not getting paid ,duh!

[@brianrash9885]

@@sarahann530😂😂😂

[@SomeUserNameBlahBlah]

Daaaaaammmmmmn straaaaaaiiiight!

[@robbycheaib1719]

A lot of them are getting their license just to say they are on their social medias

[@manormyth]

My buyers agent is always the girl on the phone at the reality office showing it. The fact that I had a lower bid and win with a letter shows they push to there own people

[@luke_Boston-MA]

Closing costs are insane ! Property taxes are insane ! House prices are insane! And those who control HOA’s are nuts ! Housing is a necessity, not a luxury!

[@soniabayer578]

100 per cent correct!!!

[@yellaboymike561]

💯

[@skepticalmechanic]

A house is not a necessity… I lived in my van for 6 years. A house is optional …

[@jeffbalog5161]

Wait when tax time comes and you the seller has to pay capitol gains tax.

[@f42un84u]

The government and companies learned they can squeeze alot out of real estate transactions. Greed and corruption with no value added.

[@JamesBrown-hs9yz]

You shouldn't get $60K for selling a house which happens routinely here in CA. Out of control.

[@TomokoAbe_]

Housing in California is very expensive.

[@Budd631]

They don’t. Unless they are selling multimillion dollar homes which is going to be very uncommon. And why do you care how much people earn? Why don’t you do it?

[@tkluen2022]

Agree. Especially when homes are found online. Every home I bought I found myself....then brought in the realtor to write the contract.....

[@redtiger7268]

@@Budd631 The average for a selling agent in CA is $24,000. This average is calculated when excluding the sales of homes that are $10M plus.

[@gregorylyon1004]

Do realtors in California really get $60K dollars for selling a home?? WOW

[@EileenK-pm6ck]

I bought a house with no agent. The Title company went over everything with me. I paid for an inspection. I found the house on my own. I didn't need a buyer's agent. I read a book on how to buy a house.

[@zuzanazuscinova5209]

That's the way to go.

[@ceciliapreziose3783]

the clue here is you read a how to

[@SassysFitness]

Same here! FSBO was a perfect buy for me

[@luisramos619]

You can apply that to everything in your life. Change your own roof, oil, fix your own plumbing, pull out your own wisdom tooth, etc.

[@robertgrey5993]

Good idea.

[@breadnaut3087]

The horror. Hundreds of thousands of soccer Moms will be out of a "job".

[@suntzu94]

Those Range Rover repos are going to skyrocket

[@yellaboymike561]

😆🤣🤣

[@goozebump]

lol on point the uproar in the suburbs must be insane right now. Get ready for some new only fans personnel

[@lickalotlickalot2210]

All of a sudden we will have an increase of traditional women wanting to be full time moms!! lol

[@michaellightbown9492]

Seriously. Every other SUV in my kids school drop off has an advertisement on the back saying they’re in real estate

[@tacomafan5186]

As a residential appraiser, I deal with agents all the time. It is mind boggling to me how many agents are completely clueless.

[@Nikki-T]

As a real estate agent, it boggles my mind that two different appraisers can go to the very same house and have tens of thousands of dollars and difference on value. Works both ways

[@tacomafan5186]

@@Nikki-T You’re not wrong.

[@MichaelBordenaro]

For sure that’s one of the reasons I wanted out. Too many part-time losers that don’t know anything and you have to hold their hand through the entire transaction.

[@gingerjones111]

get rid of appraiser. get rid of inspectors. get rid of lead testing. they haven't sold lead paint in 50 years. it's a scam, the inspector get $250 to walk in and fake his job. all of these careers need to go.@@Nikki-T

[@billredding2000]

@tacomafan5186: Yeah...I've experienced that also -- several times! So if Buyers have to sign a contract with a specific agent, if the agent isn't good, lazy or the agent/buyer have issues getting along, the Buyer is legally stuck with him/her. No way out. Not cool. So THAT point needs to be addressed in any upcoming legislation, too. -- BR

[@TheTraderGuy]

As someone who was a contractor for years, real estate agents going broke warms my heart.

[@EnterTainment-vv1qs]

That’s not nice

[@rexkwondo21]

😂

[@tinasmith8241]

I have bought and sold numerous properties over the years, and the lack of regulations in the real estate market breed all sorts of corrupt agents....I had one agent try to scam me and falsely raise my commission amount 5 minutes before signing the paperwork at closing (the agent called the Title agent right before and raised my commission amount, and Title did not bother to read the contract, and allowed the scam) and another tried to bribe my inspector. Luckily my inspector was a friend, and blew the whistle on the agent. You have to really be careful because greed can make the best of people go dark.

[@shadae68]

Hater

[@user-bw5ws8fr9t12]

The best investment one can do right now is investing on real estate though stocks are good but ever since I swapped to real estate, I've seen so much difference.

[@user-vy7em8cy3e87]

I have been making a lot profit through real estate which has been the main source of my income.

[@user-yk7yf6ow8s09]

I’m interested I want to move to real estate investment can you help me ?.

[@user-kw6im1bs1l34]

Sounds great! please I will appreciate your assistance on how to go about it, who's your coach and how good is your coach?

[@user-vy7em8cy3e87]

STEPHINE KOPP MEEKS is who i work with look her

[@user-kw6im1bs1l34]

Thanks for recommending i find her and left her message online

[@Cooper127]

if I was buying a house, I already know I do not need a realtor, just a closing lawyer.

[@jkmarshall3553]

Yep, Title company will do it all.

[@monican7002]

EXACTLY….and then a home inspection for good measure

[@mattprowant5076]

There better be a whole lot more lawyers entering the business of writing real estate contracts. Listing agents who facilitate the transaction for the buyer who is not represented do it with a smile on their face currently, as they get to double dip on the commission, or at minimum make an extra point or so vs co-oping with a buyer agent. How accommodating to the buyer will the LA become when they aren't double dipping anymore? I see a lot of unintended consequences upcoming but we shall see

[@grandpapete417]

Not even a lawyer a Title company can and will do a contract cheap!

[@mattprowant5076]

@@grandpapete417 Sure, but you'll have to rely on the listing agent and yourself for other documents and timely execution and performance as the title company is only going to handle the contract. The purchase agreement is only the proverbial tip of the document iceberg. I see inspection nightmares ahead for unrepresented buyers as well. Will be fun to see how it all plays out, but I speculate the lawyers will be handling a lot of buyer suits against the sellers and sellers agent.

[@xro1983]

That’s what they get for RIPPING everybody OFF

[@sarahann530]

How are you ripped off, nobody forcing you to use a Realtor .

[@calmistheway]

they have been doing this system for decades with everyone happy. All of a sudden they are rip off artists? Nah. It's a symptom of other dynamics.

[@dfuk66]

Right sweet karma at it again

[@brianrash9885]

@@calmisthewayAlmost 35 trillion in debt ? Run away inflation that is going to a hyper inflationary cycle that will never end.

[@fedism]

care to give an example?

[@ColeDedhand]

It's always been robbery that a seller had to pay 6% of their sale price to somebody who did a few hours work. I say this as a former realtor.

[@Idahoprepper71]

I have bought 4 homes and sold three and have never paid a dime to a real estate agent. stop paying money to these people, It’s easy to do it yourself.

[@t-fuelernienotoriousmisfit7449]

I have done the same thing that you just mentioned several times and I keep telling everyone. You do not need an agent to buy or sell a house. You just need the title company.

[@ChaseMaximilian]

Kudos to you. I have a question. What if the buyer has a buyers agent? How do you avoid paying that realtor if you are the seller?

[@ElleBrOw]

@@ChaseMaximilianGreat question✅ I’m waiting for your answer with you- if you don’t mind.

[@elainerobertson7329]

It's your option to pay less or not offer at all. The buyer can offer to pay a fee if they wish to do so. That is a sticky situation. I always offered 2%..take it or leave it. I never paid the full fee to sell my homes Worked out great and saved my equity.

[@bamahama707]

Is it that easy? List the steps...

[@mach179]

I'm 68-years old and I have never met a real estate agent that truly knew anything and had my best interest first.

[@zuzanazuscinova5209]

Exactly! They are just sales people. Typically they know very little about the product.

[@jonbusby3881]

Some agents maybe substandard, I disagree with you, I’ve helped so many families. Never did I make a sale that wasn’t good for my clients.

[@Coolman1985]

Most in Fl I would say don't care, Still can't generalize there are good ones out there

[@davidlaney6153]

Wow that sucks, need to interview more people....sorry about that. I'm in commercial so I don't run into a lot of interpersonal stuff, its all about numbers.

[@JakeAllen3]

Not to be defensive but I want to advocate for better realtors. All of our clients have 2.75% mortgages or paid off and are up hundreds of thousands on their homes. I provide contractors that do work 30% cheaper than market rates for my clients throughout the years. We pay for targeted advertising on every listing. Yes, most are not worth it, but the best are, and their clients know it. Most of the time I think the 3% is made up for in negotiating, marketing, clients time saved, and for the buyers in helping make sure they get a good home that they won’t lose money on and I’ve saved so many buyers tens of thousands. If I did poorly or if they’re needy, I’ll discount my commission. A good realtor needs to be an expert on the actual real estate, contract law, negotiation, economic trends, and marketing. It’s a hard job

[@basha0810]

You know which realtors will really suffer? Beverly Hills, Malibu, Hollywood Hills ... duuude.

[@daMillenialTrucker]

good :D

[@howardfam49]

I think the guys who who handle really expensive homes will still come out fine.

[@basha0810]

Looking forward to seeing how it plays out there! For sure. ​@howardfam49

[@basha0810]

100% @@daMillenialTrucker

[@MichaelGiordano777]

And Miami. Some of the most expensive properties in the United States are located there.

[@jcogs9440]

The Realtors, Brokers and Appraisal Companies have inflated the prices to unattainable heights out of pure greed. 1-2% should be the standard if your choose to hire a realtor. Hire an inspector, Title Company get a loan from your bank or pay cash and walk the paperwork through the courthouse yourself. A realtor is fundamentally the same as a car salesman - an unnecessary middleman squeezing money out of you for limited if not any effort. A contract can be written on a napkin. Don’t be fooled, the scam is over. Next should be the car industry of buying direct from the car maker.

[@chezsuzie]

Yes! Car dealers can go to you-know-where with realtors! I’m not a huge Musk fan, but I do like that Tesla has made an example of buying a car direct from the manufacturer.

[@Kenny-yw9kv]

so i guess inflation doesn't affect real estate agents

[@zuzanazuscinova5209]

Exactly. What exactly is the point of car sales people? Never understood that.

[@jonathanjacques7250]

This was a long time coming, flat rate is the way to go.

[@knoxfamily150]

Why do you need a realtor. Just pay a lawyer for a realty contract between two parties.

[@ltserge3226]

Can’t u just have chatgpt spit this out for you

[@JNoMooreNumbers]

You need someone to find places to look at and get in.and examine.

[@JohnDoe-np3zk]

You dont even need that. A good escrow and title company does that. Get a purchase sale agreement and disclosures.

[@q-chan4764]

@@JohnDoe-np3zk I did something similar when selling my Dad’s house. My brother, a realtor, helped me out. It really was n’t that hard and didn’t take very long. Keep third parties to a minimum and save some dough.

[@justinallport9789]

Done that twice in my Lifetime, did owner financing on both as well" used an (Escrow Agency).

[@JJ2023.]

I live in Europe buyers typically don't pay a buyer's commission. Instead, most buyers or their attorneys negotiate directly with the representatives of the sellers . Typically, commissions range from 1% to 2% ( seller pays this ) , contracts are completed between the buyers/sellers lawyers .

[@SLcreativeheart]

That's exactly what I think will happen here. Now the lawyers make more money.

[@MichaelBordenaro]

I can see that happening here too

[@user-vg8ez9cu6u]

All this settlement did is transfer the money from hard-working agents to attorney firms.​ They also just buried the little guy (small brokerages that cannot subsist on these small fees) transferring remaining wealth to the largest firms. Hahahahaha.....this will come back to bite them in the ass! No doubt. Litigation will skyrocket and the lawyers will benefit from that too. @SLcreativeheart

[@reginafisher9919]

Thank you!!!

[@saveourplanet4204]

​@SLcreativeheart real estate lawyers in Canada charge a flat fee about $800 to $1000. CAD for a buy or sell of a property. This is regardless of having an agent, you NEED a lawyer in Canada for all the legal work. Agent is optional. I have bought and sold privately since 1991. Just get a good home inspector and research your area.

[@forwhatitsworth5745]

The public complains about what Realtors charge for their services… just wait until Lawyers charge the public for their real estate services… 😅😅😅

[@DMS20231]

You need neither a lawyer nor a real estate agent. All you need is a title company and they typically (in my state) charge no more than 1%.

[@NimbusBrain]

J @DMS20231 That is also the case in my state.

[@te8828]

They do.... Lawyers are literally deemed educated enough in real estate law to sell real estate as a realtor without having to get the certifications. Many lawyers are also realtors.

[@DMS20231]

@@te8828 As much as anything else, it’s that lawyers have accountability under their state bar. They can be punished if they act unethically.

[@goofyfoot2001]

Lawyers aren't going to be needed before long either. AI will take care of that pretty quickly. I filed my own adverse possession suit. Wasn't hard.

[@housingwiz]

The problem is not the commission. The problem is NAR not requiring that to join agents must: 1. Have at least a college degree. 2. Take a series of courses on residential design and construction. 3. Take a series of marketing courses. 4. Take a series of law courses on real estate law. 80% of all real estate agents have no clue. At a seminar I had a conversation with an agent with 7 years experience; she didn't know the difference between a Warranty Deed and a Deed of Trust. Most listing agents take a few pictures, throw the listing in the MLS with large amounts of puffery "You have arrived at your dream home, designed to...etc., etc., etc." and expect their broker to market the property. The only marketing they do is for more listings. And for buyers who want to hire an attorney to simply write the purchase contract, you have no clue how a good listing agent will eat your lunch; especially if you happen to be buying the wrong property. Finally, sellers NEVER paid the buyer agent's commission. Buyers provide all the money for the sale.

[@MarkPetrieMusic]

That last bit is a little disingenuous, and I’ve heard it before. It’s a bit like saying you don’t pay your grocery bill, your employer does.

[@BevColorado]

You don’t know much about requirements. Brokers are required to pass their State exam, which is all about Real Estate law in that state. They are also required to take continuing ed classes which deal with law and also marketing. There is absolutely no reason for a broker to take courses in residential design, or construction, especially since inspections are a part of the contract unless the buyer doesn’t want it. The good brokers will alway end up on top and the others will go away or go broke, exactly as they should.

[@smith30201]

As someone who works at a title agency I second all of this. I'm amazed with the lack of knowledge and the claim that they are representing someone's best interest at the same time. The questions I get from the majority of "seasoned" Realtors is mind blowing. Or my favorite is when I get a question I shouldn't be answering and refer them to their broker, and they reply "I am the broker" . Spooky.

[@Boblib1970]

@@BevColorado Brokers and agents are two different things.

[@Boblib1970]

@@smith30201 lol, see the comment above yours 🤣

[@slacker_DIY]

NAR wants to bury this issue fast and get the spotlight off their shady non-conpetitive practices.

[@sharonjones5173]

The internet put them out of business anyway. The reason they were needed was to find things in your price range for sale. Something I can easily do for myself.

[@churchofpos2279]

True. I was living in one state and had planned to move to another state. I was able to do all of my research on the internet. By the time, I arrived in my new state, I had already picked out a house. Within 2 days , I did a viewing, made an offer, and had it accepted. I moved in a month later. We used a real estate lawyer for the contract/closing.

[@tlindsay1007]

I think that using a realtor is going to go by the wayside, due to more and more that can be done via the Internet by buyers and sellers.

[@alexanderkennedy2969]

they arent out of business though there are tons of agents out there, way more than needed so they are still making a lot of money

[@peaceranger7215]

Exactly - the only reason they still exist is because the USA is still living happily in the middle ages. In Europe there is no buyers agents ....maximum selling agent fees for both buying and selling is a total of 1.5-3%. (20 years ago)

[@dirtisbetterthandiamonds]

Finding the property is just the first baby step. There's SO much more than that. There's going to be so much belly aching about getting ripped off when people stop using agents to keep tabs on the legalities...

[@erinl1730]

I interviewed 8 buyers agents, so many are not knowledgable about the field. I hope it’s easy to “fire” an agent that isn’t meeting your needs even with a buyers brokerage agreement

[@MatthewJGist]

The buyers brokerage agreement only covers the agent for properties that they showed you already. So that in the case you went back to that same property with a different agent, that first agent will have legal right to the commission from that sale for being the procuring cause of that sale.

[@erinl1730]

I was listening to another discussion about this and they said the buyer brokerage agreement "marries" you to the broker/ agent rather than being specific to a house they show you. Ie. I'll represent you in your home search for 3 months. @@MatthewJGist

[@Kenny-yw9kv]

@@MatthewJGist all Excusive Buyers Agent contracts have a clause that states that the buyer can terminate the contract at anytime. That scenario only applies to a listing contract where a seller would cancel the listing contract to work with a buyer who had previously been to the property during the time that the listing agreement was in place. procuring cause. The time frame for the procuring clause is negotiable.

[@annmarie1689]

Michael, I had an agent at my house this weekend, she was a mess never looked at my yard said nothing about my house and said we should list it low to get more people to come in and have to raise there budget. What? When I asked how much my house is worth she said " it's worth what someone is willing to pay." She talked for one (1) hour about herself, I felt like her therapist. She went on to tell me how she has been doing this for 30 years blah blah. Then of course we got the " you never get back what you put into it line" here in upstate NY house are selling.

[@dogsamericavegas6436]

Yeah always want to lower price of the house instead of their %

[@zuzanazuscinova5209]

Just sell it yourself. Why are you hiring an agent? Look at comparable sales for similar homes in your area and that's you price. Easy.

[@Adverserious]

Between real estate agent commissions, title, transfer taxes, seller concessions, the vast majority of sellers are paying approximately 10% of the purchase price in fees/taxes to sell a house. I think everyone can agree that's absolutely silly. This is without a doubt the spark that started this, especially when the market started getting a bit turbulent.

[@artichoke60045]

Title is a few hundred dollars. Transfer taxes is decided by the municipality and are unavoidable. Seller concessions are not lost from the transaction, just transferred between one party and the other, essentially a price adjustment. But the big elephant in the room (and still if the sales commission is 3%) is the commission paid to the realtors.

[@SensSword]

Why is buying a house so complicated? Giving someone $10k for a couple days of work to buy a small house is crazy. There's got to be a way to simplify and thus lower the costs of purchasing an asset. If zillow can simplify things, they'll be printing money.

[@JohnDoe-np3zk]

Zillow was 40 percent low on a zestimate of a house i sold. They are 40 percent low on my other houses too. Oddly Zillow has been great for me as a finding a tenant site for free.

[@tgj5680]

They already did. As buyer I already knew same as realtor if not more, using Zillow and Google Maps, and city websites when I bought. It took a little work but not that much. Realtors have very little value add in today’s world.

[@landeeld9596]

I good Realtor can add a lot of value and avoid problems. A bad Realtor can cause problems.

[@TBrown-zy2dr]

You need someone to tell you how many bedrooms and bathrooms in the house. Real estate brokering is such a racket.

[@katydid2877]

@@landeeld9596 Like how?

[@vincentchan5773]

its really crazy out here. I moved closer to Santa Clara a few years ago and I’m thinking of purchasing a single family home there, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.

[@cruz3076]

It's a personal decision, but I recommend holding off for now. The housing market is currently at a standstill and appears likely to remain that way for much of the year.

[@elenib3052]

or better still , you could put a downpayment on a home and as well diversify as much as you can into Ai and pharm. stocks like Pfizer and JnJ.

[@zakeryday]

Certain Ai companies are rumoured to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I making a whooping $738k in Q4 last year.

[@vincentchan5773]

this is all new to me, where do I find a fiduciary, can you recommend any?

[@zakeryday]

Monica Mary Strigle’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@tonihollingsworth5676]

Pay by the hour??? No way!!! Easy way for a realtor to be dishonest and bill fraudulently.

[@lanialost1320]

Just like lawyers do all the time!

[@te8828]

Yeah, and watch the quality of the service you get just plummet

[@judyrogers8775]

That's why agents will have to provide detailed billings like attorneys. And while we're at it, agents can send that itemized bill as services are performed.

[@JBAR54]

Law firms are good at this. 😮

[@brendaz9222]

There are a lot of unscrupulous deals that go on with Realtors, like the ones in our small tourist town! BEFORE They list homes, they have already told a local "friend" investor that it is for sale. So as soon as the listing comes out, you call about the house and they tell you they already have an offer! So they make money on "legal kickbacks" basically.

[@Prophezora]

That's true. They are privy to all the best listings and they will even buy the homes they want to buy...they have first dibs.

[@rddoc81]

fiduciary duty is a #$%#%$ joke.

[@wasidanatsali6374]

I’m a real estate broker who quickly transitioned into investing into my own properties because I do get the intel on what’s for sale first. And what I don’t buy, I have investors who will buy properties sight unseen with one phone from me. What a lot of people don’t realize is the best properties are sold without ever going on the open market. If you want to buy a property like that, you do need an agent that’s in the know or you’ll just be choosing amongst the sloppy seconds that have been washing around on the market for months. Current market info is valuable and my buyers are glad to pay me for it because I get them good deals.

[@rabidgoon]

Oh well. Time to get a real job.

[@emilyfeagin2673]

Why do you think it isn’t ?

[@Budd631]

@@emilyfeagin2673bc he heard about it online. If he actually did it for a month he would be singing a very different tune.

[@rabidgoon]

@@emilyfeagin2673 it is for some, but if you're going broke doing 'real estate', then you're not cut out for it and it's time to give up the dream and seek gainful employment in some other field. or, of course, you can just complain about how unfair it is and remain broke.

[@FPFN1513]

Many nurses left to become realty...they need to come back...we nurses and patients are suffering

[@davidgray1515]

No more grifting

[@onebridge7231]

An attorney is cheaper in most cases than a real estate agent charging a % of sale price.

[@te8828]

No, actually they Charge the same

[@zz5guy]

FINALLY! The door openers and light switchers can get a real job. If you're a buyer do your own housing research and hire a lawyer for a few hundred dollars to review your final offer. Paying a realtor 3% on a $500k house to fill out a blank form has always been INSANE!

[@aj9586]

We need to normalize the term: used home salesmen

[@oletreed4230]

Perfect!

[@willieransom7828]

Exactly!🤔

[@javaman7199]

Next we need to figure out how to take one on a test drive.

[@pablo81778]

In the 2000s when I practiced real estate, I was mostly a listing agent and have to admit, I didn't do that much. The buyer's agent on the other side did a lot of the work closing the deal.

[@MichaelBordenaro]

Yep and it’s funny that they’re the ones getting the pay cut

[@profusionlifetv7183]

Yup. Listing agents throw the home on the MLS. Buyers agents bring the buyer and navigate the transaction.

[@Kenny-yw9kv]

it could be why you didn't last in the business

[@tracyh2421]

I'm in Florida and have been looking at homes, Everytime I look the listing agent goes on and on how they could be a transaction agent since I'm currently looking by myself. I've tried a few times talking with them and they are so lazy, they expect me to tell them what listings, drive to the listing myself, show myself around the area, and they just basically want to show up at the end when I know I want to put an offer in. Pathetic

[@dawood121derful]

That was my experience, I fired the agent I was working with because I was doing all the work.

[@curt941]

When we sold our last house, we were selling to an acquaintance and didn't use realtors, and actually did sell for slightly "below market" even though without paying 6% fees we ended up ahead in the deal.

[@sz5876]

20% of realtors have 80% of the sales, the other 80% (the amateurs and semi-pros) will probably leave the business.

[@DVargo4802]

That will clean up a lot of the clutter.

[@arlenbell4376]

Actually it’s closer to 95 and 5! Moat licensed real estate agents are luck to make a couple of thousand dollars a year.

[@DVargo4802]

⁠ no miss leach. I am an active licensee since 2006 with residential and commercial properties valued between 5 and 5 1/2 million dollars after the debt service, plus the value of an unrelated successful business. I don’t need to put up with or tolerate bad attitudes of useless agents or bitter agents that don’t want to understand the business by polishing themselves with knowledge. I don’t have to show people homes anymore. I let someone else do that or I show them the door. Why the hostility? I’m 42 and particularly the men in the profession around my age are the worst. They are impatient and overly-entitled, and I am delighted that they are being fed this adversity.

[@sz5876]

I'm not in residential real estate, just an observation I've made over the last 20+ years.

[@alfredo2506]

That's a slight twist on the 80 20 rule of economics.

[@patricialmt5272]

Something needs to be done about property taxes

[@landshark7154]

and insurance

[@MichaelBordenaro]

That and Property insurance that’s the real problem!!

[@reginafisher9919]

Agree, it should be illegal what they're doing with the property taxes. This situation as well needs to go to Congress.

[@jammingalways]

@@reginafisher9919 Congress does nothing.

[@bitkrusher5948]

Serve you country become 100%disabled and you have zero property tax!😮

[@florencehendrick4781]

I've been told by so many realtors that they will NOT show a home if the commission isn't high enough! Thank God, that this is now being rectified. IT's TIME.

[@micheal-lz3kl]

If their client sees the home on the net..whats the agent gonna say, no I can't show it I'm only getting 1 per cent? I've sold homes through discount brokerages and they sold. Of course the agents complained..too bad.

[@BevColorado]

It’s been a while since I checked the exact numbers, but a majority of lawsuits stemming from residential sales transactions are FSBOs. You’re writing a legal contract. Lot’s of issues can arise if you don’t understand the law. That’s why states require licenses and insurance.

[@theboringchannel2027]

One of the fastest ways to reduce housing expenses, is to reduce or eliminate real estate commissions. I can sell $1,000,000 worth of Apple stock for $5 why should it cost $70,000 to sell a $1 mil house? RE agent shows up like the uber eats driver does, spends 30 minutes, and is getting a comission of tens of thousands of dollars on the sale. There is a better way.

[@Orlando_Steve]

Yes, the realtor scam needs to be disrupted like travel agent scam and the taxi driver scam were. 6% to some high school grads for some paperwork and showing a few houses is excessive.

[@Kenny-yw9kv]

lol, you really have no idea of what you are talking about. The ignorance is outstanding.

[@billjohnson7904]

IT'S OVER!! I AM NOW WEARING A LOINCLOTH AND LIVING IN A 12 INCH CRAWLSPACE BETWEEN 2 OFFICE TOWERS.

[@JaredMerlin]

😂😂😂

[@billjohnson7904]

@@Orlando_Steve I am thinking of uploading videos everyday in a loincloth ranting about the End Times.

[@Orlando_Steve]

@@billjohnson7904 Well there's plenty of doom tubers out there doing that, but I haven't seen any wearing a loin cloth. Go for it!

[@ShamooStu]

Fly out and walk back through the border. All your needs, provided for free.

[@Prophezora]

Thats how you turn this lemon into lemonade!​@billjohnson7904

[@keithpalmer4547]

lets face it real estate agents are mostly vampires.

[@karengerace7506]

I sold a condo in SW Florida last fall. Asking price: $85,000. Realtor settlement cost me. $ 8,600!!

[@Blackdawn80]

Considering most (not all) realtors drove up the home prices, it's hard to feel bad for them. They bit the hand that feeds.

[@trinab9587]

But not the equity firms paying $100,000 over asking price? Or the out of state buyers moving to lower cost of living areas paying well over asking? Or what about the greedy sellers listing their shack of a home for a ridiculous price? Because a realtor can only list at what price the seller wants.

[@Blackdawn80]

@@trinab9587 All of them are guilty. But don't be fooled, behind every greedy seller is a greedy realtor telling them just how much to ask for the property because commission is king...

[@Kenny-yw9kv]

@@trinab9587 thank you

[@iwishpeoplecaredagain]

To many middle players, why do we need anyone? I'm so tired of the greed. I just want to see something normal happen

[@zdwade]

Every industry has middle men.

[@khatdubell]

Buyers agents wouldn't be needed if everyone had access to the MLs. I'm not saying they don't serve a role, but its a role people _could_ do themselves if they had the same level of access.

[@emilyfeagin2673]

You can look at homes online. Very similar to the MLS. Most people want to actually go inside the house and look inside. That’s where you are going to need a real estate agent.

[@artichoke60045]

I want to be able to list a house by paying a fee direct to the MLS, not having to have a seller's agent do it. And I am saying they don't need to have a role. Even the seller's agent. If I want advice on pricing or presentation, I can hire that, unbiased (much better than getting it from an interested realtor) for a few hundred dollars. The listing agent always wants the price as low as possible, and for the seller to fix everything with great effort and considerable cost, to maximize the probability that the property sells while they still have the listing.

[@khatdubell]

@@emilyfeagin2673 I get that, but that information is not reliable. It can be manipulated. It also doesn't list everything. As for seeing the house, You can view the house via the seller's agent.

[@thehallsofvalhalla7212]

MLS’s are propped up and paid for by agents. Agents go away, so does the MLS.

[@heather3193]

​@emilyfeagin2673 those houses online come from the MLS's that are PAID for by REALTORS paying the dues to said MLS's...otherwise you wouldn't see squat.

[@lawrencelawrence3920]

In Canada I sold 2 properties with a realtor and 2 privately. The private selling went faster than with a realtor and all I did was use a lawyer and a notary for the legal work, which I would have had to use anyway.

[@zuzanazuscinova5209]

Of course. why does a seller ever need an agent is beyond me.

[@lawrencelawrence3920]

@@zuzanazuscinova5209 an agent is good to find out the ball park figure of the value of the real estate.

[@jasonsaenz2367]

I bought a new home this year and the realtor did nothing. Literally nothing. Never using a realtor again.

[@DogsRule123]

When we sold our first house the realtor walked away with $5,000. We walked away with $500.00.

[@honeybadger2986]

Criminal.

[@lickalotlickalot2210]

Sounded like most lawyers!

[@reginafisher9919]

How?! That's insane that should be illegal this is absolutely criminal what's going on, it has got to stop.

[@ShamooStu]

Ditto. We lost $12,000 to the Realtors. Never again.

[@majordddd]

It sould be 3% of the profit after everything is paid off. Not the sale price.

[@valsomeone2180]

I wouldn't pay a dime as a buyer. The realtors will just have to split that commission what seller is offering them.

[@thelastboomer9088]

You don’t have to pay a dime, just write your own contract and handle scheduling all inspections on your own. Easy enough.

[@JohnDoe-np3zk]

A disclosure made out by the seller is essentially the same with or without a realtor. Dont not disclose defects.

[@theboringchannel2027]

@@thelastboomer9088 lawyer writes the contract, and calling the home seller for a showing is the same amount of effort or less actually, than calling the agent, and then waiting for the call back from the agent.

[@hcox1111]

I agree I will call the sellers agent and my offer is my offer- no add ons.

[@MichaelBordenaro]

Like I said, in the video, you’re welcome to do it on your own.

[@karaburch7611]

How about getting rid of lifetime property taxes. Once you pay off your home, then you should no longer have to pay property taxes.

[@afridgetoofar1818]

You might own your home, but not the land it is on

[@zuzanazuscinova5209]

Agree. Cancel the so called municipal services.

[@thentil]

Give me a break, the "contract" a buyer's agent uses is a fill in the blank contract with name, price, and address. The buyer's agent does nothing but try to talk you into buying the most expensive house as quickly as possible. Also the market will equalize and if buyers are spending more out of pocket, guess what - the home prices will come down.

[@1sense21]

Family member works for a real estate college and most are looking for other jobs

[@te8828]

Its not a "college" lol

[@zuzanazuscinova5209]

With that skillet the only job out there is probably an admin assistant.

[@FulghumCraft]

I sold my firsr house by myself.. went to court house got all the paperwork about land & its only 1 sheet of paper when selling a house. Its real easy.. so when i bought my next house i went straight to the owner of the property & made a deal. Took 1min... & about 5min of paperwork. Its so easy.. i would never use a realtor

[@MichaelBordenaro]

Where are you buying houses that there’s only one piece of paper to close lol I’ve never seen any transaction like that ever especially if you’re getting a mortgage even cash transactions have about 10-15 pages that need to be signed

[@kellychuba]

@@MichaelBordenaro cash purchase with lawyers.

[@ALLworldCONSTRUCTIONLLC]

And an assignee where you can have the real buyer buy contract ;)

[@Kenny-yw9kv]

the average legal contract of sale contains 35 to 40 pages

[@zuzanazuscinova5209]

Exactly. I honestly don't understand why people use realtors. I guess unless they're completely clueless.

[@lynnec6325]

I spent about $700. on a Real Estate class. In the late 90's. And it has saved me thousands! My area was piranha infested. Protect yourself. I earned a license. The tax part was enlightening. State & local.

[@starbritea.sparkles75]

You will own nothing and you will be happy. This is another nail in the coffin for people owning their own home. Homes are way too high and do not reflect reality in the housing market.

[@brendaz9222]

I have had some Realtors who knew nothing about the workings of the homes I was viewing, they should be able to answer questions or make an effort to find out and let me know. Some of them just stick a sign in the yard, list it on MLS, and sit back and wait!

[@MichaelBordenaro]

That’s why this is going to be good. It will weed out the amateurs.

[@geraldkoth654]

@@MichaelBordenaro They are not amateurs. They are list and sitters. They put no effort in once it is on MLS.

[@Budd631]

@@geraldkoth654once you advertise and it’s priced right that’s about all you can do. You can show it as well it most people have their own agents to show them in when they want to see it.

[@Kenny-yw9kv]

@@geraldkoth654 how would you know?

[@ruthdella37]

Can we keep it REAL? Good properties SELL QUICKLY! Sellers should try to sell their properties on their own to start. If after one month and the property hasn’t sold, then you need to come down in price. A realtor is a waste of money on REALLY GOOD PROPERTIES. Realtors selling GOOD properties sell those excellent properties even before they get on the market. Multiple offers with envelopes of BEST OFFERS being opened three days after seller put their property on the market. Honestly! Sell your property yourself. Make sure price is right and you have a good honest property to sell! Then get Title Insurance agent to do the “stuff”. If you paid a real estate agent by the hour, if you have a good property, it shouldn’t be more than eight hours MAX! But that’s why you should sell your good property yourself.

[@MichaelBordenaro]

I’m all for it but people are lazy and probably won’t do it

[@Kenny-yw9kv]

clueless

[@jeffk9405]

3% is a fair commission for 2 agents to split at today's home prices. Next on the agenda should be the ridiculous loan origination fees that mortgage companies charge.

[@karenkramer3760]

100%

[@SueLall1008]

I can clearly see what’s happening! The middle man is being removed from the equation.

[@bobbybrown6646]

When the banks own everything Exactly

[@cabracove]

LMAO, Michael. My buyers agent came by the house when it closed, stopped the renters from stealing all the appliances, and then bought pizza and helped us unload the truck. Yes, he definitely worked his ass off.

[@juliamihajlovich]

Yes! My husband is the cream on the top, type of agent. Those will be the only kinds of realtors who make it through this. The ones who barely show up, collect a check, and know nothing…they will get weeded out.

[@danettewelborn5577]

Realtors are a dime a dozen. I have yet to find a good one.

[@hottew_twat3963]

because most of them are narcissist

[@zuzanazuscinova5209]

It's a joke profession. When I sell my house no way in hell I'm hiring a realtor.

[@judyrogers8775]

Sadly too many hire agents that are fun friends or have hot social media.

[@fastfreddyrealty5317]

We only find out when it hurts 😬

[@a.woodworth5182]

There is absolutely no such thing as a "Realtor" license. A real estate professional is licensed as a real estate "Broker" or "Agent" depending on each states jargon for its licenses. We need to get out of the mindset that being a "Realtor" means anything - its all a nothing burger - but a scam for NAR membership fees en masse.

[@Highside713]

Realtors are so 1980's. We have internet now. I can search for a house as a buyer and find the ones I want to look at. I think a closing lawyer is appropriate and useful at a per transaction fee. Giving someone 6% of the purchase price is a joke.

[@maxangeles6279]

I used a reputable realtor that screwed us in selling our place in the end. I have NO sympathy for realtors. Less rip off artist, the better!!

[@Kenny-yw9kv]

how did the realtor screw you?

[@GardenerEarthGuy]

All a realtor does is post ads and use a title company. Just use a title company and save money, don't use a realtor.

[@beastbee0118]

What's a title company?

[@GardenerEarthGuy]

@@beastbee0118 just look up Real Estate Title Insurance, you'll have one near you.

[@Budd631]

@@beastbee0118 a company that checks out and makes sure the home has a clean title to sell it. It makes sure the home has no liens on it, the buyer owes money, etc.

[@stormstargazer3056]

WOW.. YOU ARE CLUELESS.

[@GardenerEarthGuy]

@@stormstargazer3056 I've probably bought and sold more real estate than you- to read your comment. A realtor does marketing, uses a title company for the closing. If you can do your own marketing, there is no need for a realtor. Title company insures your title transaction, handles leins, easements- can even set up the contract for you to carry paper. You need to learn the business before running your mouth.

[@Veganisbadhunter-wx5nt]

If a real estate agent sells a 1 million property, why do they need $60,000 commission? Absurd.

[@peterhumphrys]

Welll as a potential dwelling seller, I am resentful of the fact that after working my butt off and barely breaking even with my expenses, that some person or group believes that they are entitled to 6% of the sale price of said dwelling for helping me to sell it - I will still need to pay a lawyer for the actual legal transaction! - which might well be more than half of my profits after several years of work and investment etc. Of course I would be happy to see these people get less. they are overpiad for what they offer, that is why they work so hard to convince us that they are necessary for success.

[@ALLworldCONSTRUCTIONLLC]

Charge more

[@nathanielcarreon5634]

Nothing lasts forever

[@Ls-pr9gf]

Lottery does😂

[@BREEZYM6015]

​@@Ls-pr9gfAnd taxes. 😂

[@krisskogs2532]

Genuine question, why can’t a home purchase offer sheet and contract be standardized via an online template form? Works for other situations i.e. legal zoom. Cut out the middle man. I hope car dealers are next.

[@MichaelBordenaro]

It probably can be, but every state has different contracts and addendum and laws that need to be adhered to so someone would need to build it. And i’m sure someone will.

[@mike95826]

@@MichaelBordenaro Yeah, I moved from California to Washington state and as is widely reported doing anything in California is SOOO much more difficult and expensive. Dozens of more forms and declarations and little fees for this and that. I even had to fill out a form where I swore that even though my address had the name of the city, that I did not live IN the city and thusly did not have to pay a pretty large "city property transfer fee".

[@prd004.2]

@@mike95826 not much difference between CA and WA… you went from the most expensive state to the third or fourth

[@JudyHill-kk2wr]

They have them online.

[@NikiGaliano]

And insurance companies/agents. What a rip off....

[@user-kx8sf3zf2o]

it was not a ruling, it was a legal settlement. Courts will hear new cases, but won't "overturn" a settlement, and there won't be an appeal, because it has been mutually settled.

[@jamesdonald7485]

In New Zealand the realtor writes up the offer on a standard Real Estate Institute of New Zealand (REINZ) form and the realtor's income (commission) is written into the agreement. So, everyone is protected.

[@InvestingWithAdamK]

I find it humorous how so many people who comment think nobody deserves to get paid for doing anything. My guess is it’s the same people who want to get paid more for their own job. How come nobody wants to pay anyone else, but thinks they deserve more?

[@MichaelBordenaro]

Yes, it’s very interesting

[@Norm475]

Of the three houses I've owned, I sold two by myself and the courts saved me the trouble of selling my third one by giving it to my ex-wife in a divorce. The last one I sold three years ago for 20K under the market because I did not have to pay a real estate commission. He was a former neighbor who sold his house a few years prior and wanted to get back into the neighborhood. He was a great neighbor, and he did not make any excessive demands to fix this or that.

[@MichaelBordenaro]

I think deals like that are common, no matter what. I even bought my place under similar circumstances. You’re always gonna be willing to negotiate more with somebody you know or have rapport with.

[@alfredo2506]

Norn475, it seems that losing the house to your ex wife was not a loss. YOU GOT RID IF THE EX!!!

[@taniam1976]

I’m not sure that I agree with your assessment, though I am no expert at all. However, it seems that saving $12,000 on commission and paying a property lawyer $3000 to $5000 for their services is a better choice for the buyer.

[@brojerhwg5206]

my last Uber driver was a real estate agent... he just started his Uber sidehustle the week earlier....😂😂😂😂😂😂

[@Budd631]

Not sure why this is funny. A lot of people have their heart in the right place but it’s very hard. Instead of people smug, maybe give someone credit. He isn’t lazy. How many people would just jump on welfare and cry?

[@brojerhwg5206]

@@Budd631 when you realize that real estate and things like Uber, are sinking like the titanic .... even rats are smart enough to abandon both ..😆😆😆😆

[@bartlesby]

I think this is a great move in the right direction. What I think will happen is that most buyers with a half a brain can do research themselves to find a specific home that suits the, then approach the sellers agent and have them write up the contracts/purchase offer for you. Here in NY having the sellers agent act as a dual agent happens a lot. No offense, but there is no value in most realtors so its no loss just having the sellers agent take care of the contracts/purchase offer for the same 2.5% or 3% that will become the new norm in July. Plus, the sellers/list agents have had it way too easy for too long just throwing up a listing in twenty minutes time and then having tens of thousands of dollars rain down on them after a sale.

[@MichaelBordenaro]

I don’t think it’s gonna be that simple because sellers agents will no longer have an incentive to work with buyers since they will not be making extra money. The buyers will probably have to pay them too.

[@jeffjohn9898]

Not if the selling agent is hungry

[@RayGsells]

In California that’s the way it used to be. (90’s) We negotiated the commission in the purchase contract. (Front page)

[@arthurspooner36]

California sux they been talking about property taxes since the 1970s with their first PROP which was a scam and they keep scaming stupid tax payers!

[@Budd631]

You can do that now.

[@RG-hf4et]

Hasn't it always been that way that you could negotiate the percentage fee anywhere? The only bad thing I have always heard was that a lot of agents would steer potential buyers from properties with less commissions.

[@RayGsells]

Yes, but in California, the purchase contract tided the commission to what the MLs was offering. Buyer didn’t see it , seller only saw it in the listing agreement. Now, it will be front and center. Sometimes smart people go in ⭕️ circles. Just saying! Good content Michael! One of the most realist and honest content I watch .

[@maryclebeau]

My dad put up a sign, for sale by owner and then he took it to the title company. He saved a lot of money this was years ago! We can still sale our house this way! Why not?😊

[@poodledaddles1091]

We’re getting ready to list our house, I would be willing to knock off 10k to the buyer if it were not for the 6% and other fees. I live in a rural area, the RE are tight as glue and do not deviate from the standard commission (so far) AND 6 month contract! We thought. about FSBO, but we are exhausted with moving and getting the house ready to sell. I still feel bad for entry level buyers, the homes are not worth the money and supplies to upgrade a fixer upper are also unreasonable.

[@poodledaddles1091]

Update: spoke with a different realtor, states he will take 3% sellers commission and list 0% buyers commission … now that I got what I wanted, I’m scared! He said that he’s never done it this way before but it’s coming and he’s really for a challenge.

[@timsimmons9995]

I predict most savvy sellers will simply include a statement that the seller will pay buyer's fee. Realtors are humans and will steer their clients to properties that offer to pay buyer fees.

[@kennyadvocat]

Shouldn't it be supply and demand. If there are so many agents why pay 5-6% commission. I'm sure someone would still do it for 2-4%. Houses are so expensive now that even a small percentage is decent money. I agree prices won't come down due to less commission. Can use the savings for more inspections and repairs tho. Which is a plus for everyone.

[@michaelion7753]

People act like Sellers aren't Buyers. You're selling your home to buy another home.

[@pinschrunner]

Every meal estate broker wants to be a listing agent. Why? Because it is a sure fee when the property sells. Buyers agents have failed purchases for all kinds of reasons:. Outbid, breach of contract, buyer pulls out, buyer doesn't get financing, buyer doesn't want to make inspection repairs. Lots more failure points. That's why more senior agents on brokerages get the privilege of being listing agents

[@janethill4365]

And " closing costs".$50,000.00 ?? Agents got greedy. Really really greedy

[@greendesertgoddess]

Just like those SoBes developers!

[@Kenny-yw9kv]

you really have no clue

[@martinbroverman7955]

Agents get too much money anyway for very little work!!!!😢

[@thedude2867]

Most real estate agents don't understand true price evaluations. And they end up over inflating the market ,selling a home that cost $160,000 to build ,that they are now asking $380,000 for. I cringe when I see this on Zillow. I've built houses and most of the new stuff is just garbage.

[@sagepirotess6312]

Technically I see real estate agents as travel agents of the 1990s. Or 1 hour photo workers. A job of the time, but unneccessary for common house buyer atm. The internet can show you more houses, you cam do virtual tours, look nationwide or global and save on fees. Agents will be needed for high end houses or specific needs properties.

[@MichaelBordenaro]

Yeah, we could get to a point where the whole process is streamlined online

[@hvaball150]

The "Internet" you say. Today, how does the house get on the Internet? Let see ... The agent. Right? Nothing like a plane seat really. The 1 hour photo employee was even more bizarre. Just went to Walgreens for a photoboard. A robot doesn't make or deliver it. There is an employee.

[@sagepirotess6312]

@@hvaball150 dont get me wrong Amazon has employees, it sells things. I predict an agent sots in office to answer some questions, or admin worker. But even then 1 or 2 vs 20.

[@richardjohnson8114]

@@hvaball150 The one hour photo employee is now a check out clerk. There's no one developing photos is the point. There's some one loading the photo printer with paper and ink and running the cash register.

[@Kenny-yw9kv]

@@MichaelBordenaro can you perform a home inspection on line, termite, radon ?

[@stevo728822]

No buyer agents in the UK (and the rest of Europe). Don't understand why you have them in the US?

[@grandpapete417]

Greed!

[@hvaball150]

We work 80 hours a week and have no patience for talking to sellers and their agents. We don't mow the lawn or change our own oil either.

[@alextucciorealtor]

That's how it was before here too. Listing agents and sellers were taking advantage and buyers were not protected. Then the clear cooperation and buyer's agents became a thing to protect the buyers. Basically, we are going back 40 years in time...

[@keithcolegrove2924]

Another Great Video Michael. I agree with all your ideas. I think the sellers, are going to pick up the ball, and run with this. They can list for 3%, and offer 0% to the buyer side, they will do it in a heartbeat. I also think that you will see buyers, calling the listing agent for showings, and expect them to practice dual agency, and have them write the offer for them for free, since it's their listing. If they refuse to write an offer for someone who wants to buy the home, the homeowner will have a fit with his listing agent, and accuse him of not doing his job.

[@poodledaddles1091]

I’m pretty sure you just described exactly how it works in my rural area!

[@jeremybode3129]

I know the realtor that sold my home didn't have to do anything. My house was ready to go and in a hot area. Sold in a month and he didn't even have to put a sign in front. He got 6% and im struggling to put down enough to get rid of pmi.

[@thatgirlirish5492]

Sounds like you shouldn’t have moved then.

[@Budd631]

Why would you give 1 agent 6%? I always asked for 3% but was typically willing to go down to 2-2.5% depending. Also, it’s sounds like you were under water with that house.

[@robertlehouillier5497]

Please talk about the many realtor scams to cheat sellers.

[@JohnDoe-np3zk]

I would rather drop my price 10 percent and do a fsbo vs pay a realtor 5 percent.

[@McBigFisher]

This doesnt make sense.

[@JohnDoe-np3zk]

It may seem to not make sense but a realtor adds zero value and price is the bottom line.

[@BREEZYM6015]

fsbo?

[@MichaelBordenaro]

That doesn’t even make any sense, but it will be great for buyers

[@jeffgrill4612]

@@MichaelBordenaroYou underestimate how much people dislike Realtors.

[@drumfish2162]

Like your channel. The past three homes we bought/sold, we did not use a realtor. Title company, attorney, no problem. Realtors were a waste of money.

[@BGG15]

I think all those regulations are dumb. If you want to enter into a contract with a seller or buyer agent then do so, but you should not be forced to enter into a contract with anyone for anything if you choose not to. What if you do your best due diligence on an agent but they end up being scum bags and you want a different one but are stuck because of the contract?