Buying and Selling a Home Is About To Change FOREVER

On August 17, 2024 the way homes are bought and sold will see the biggest change in 100 years. Due to the class action lawsuit by the DOJ, and the NAR settlement that following, real estate commissions are changing That could mean big savings for some, but more money out the pockets for others. In this video I go over what home sellers and buyers need to know and what their options are for navigating this new commission landscape.
👀 CHECK OUT THESE VIDEOS NEXT:
NEVER Say THIS to an Agent When Selling Your Home ➡️ • NEVER Say THIS to an A...
NEVER Fall For These Real Estate Tactics When Selling ➡️ • NEVER Fall For These R...
⭐️ Get a personal referral to a local agent: jensylvester.c...
❓ Questions for Jen: jensylvester.c...
🤝🏻 Request a collaboration: jensylvester.c...
⭐️Get your FREE Home selling prep checklist here: jensylvester.c...
====================================================================
🏠 Search for homes for sale with assumable mortgages: assumelist.com...
🏡 If you're interested in purchasing a foreclosed home, visit Foreclosure.com to see all of the available homes: www.foreclosur...
====================================================================
CONNECT WITH JEN 👇🏻👇🏻
Jen Sylvester, Realtor MA License# 9017702
RE/MAX Platinum
525 Bedford Street Unit 8, Bridgewater MA 02324
Direct call or text: 508-927-1166
Office: 781-484-1957
Email: [e-mail]
WEBSITE: www.jensylvest...
Reddit Real Estate Disasters Podcast / @redditrealestatedisas...
#realestateagent #homeseller #jensylvester
Disclaimer:
All images and additional video segments contained in the Thumbnails and/or B-roll segments are used in strict compliance with the appropriate permissions and licenses required from www.storyblock... and in accordance with the KZbin Partner Program, Community guidelines & KZbin terms of service. As an Amazon Associate, I earn from qualifying purchases at no extra cost to you as a buyer. I receive a small commission from AssumeList and Foreclosure.com on monthly subscriptions (no added cost to the subscriber).

[@Scott-xf5xb]

6% realtor fees have been an absolute rip off!

[@ThisOldMan-ya472]

Says the person with no experience and a job at McDonalds. LOL.

[@Scott-xf5xb]

@@ThisOldMan-ya472 If you say so it must be true... Btw I've sold a few houses via FSBO. Not difficult. Now back to your mom's basement with you blue hair.

[@ThisOldMan-ya472]

@@Scott-xf5xb Insecure people who know nothing, resort to attempted insults. LOL.

[@ThisOldMan-ya472]

@Scott-xf5xb YOU sold a few houses. Ha Ha Ha.

[@mikam8801]

@@Scott-xf5xb I have also been a FSBO since the 90’s. I used a real estate attorney for $1500 (300k sale), and he handled everything. The guy responding probably doesn’t even know what FSBO means. Yep, I just stuck a sign in my yard, as buyers will typically drive through neighborhoods they’re interested in.

[@terrifiorelli9819]

Sell your home on your own. Get a title company to handle the transaction for all parties once a contract is accepted. It is not all that hard .

[@savvyhomeseller]

Thanks for sharing

[@Gomer-lw7rd]

Never works . Maybe 1 out of 50 for sale by owners will be successful. They all come crying to realtors eventually

[@IamGoen]

I did the exact same thing I'm the last two homes that I owned. Never has a problem finding a buyer, the first house I sold was advertised in the classifieds, the second house was sold by posting a for sale sign at a local eatery in my small town. The owner of the restaurant ended up buying my house.

[@Davido50]

@@savvyhomeseller It's easy. Did it in Virginia Beach & Livonia, MI.

[@NativesunrealtyJacksonville]

@@IamGoen Even a broken clock is right 2 times a day.

[@bigal8976]

It’s always been criminal what realtors get paid to sell a home. I sold my last home with no realtor. 2page contract & about $2k in closing title fees.

[@patrickwade3150]

@@elizabethm.9164 amen, sister.

[@bigal8976]

@@elizabethm.9164 I understand you don’t deserve to split a 6% commission on a $1mil home! No way in hell you should get this portion of the owners equity he has worked for for 20 years! $7k-$10k/yr in taxes & insurance for 20years the owner pays in addition to mortgage & you want 6% !!!??? I sold last house on 2 page contract & didn’t need a realtor although several told me I couldn’t. What a scam. I paid $2k to title company.

[@terryshull4477]

@@elizabethm.9164 BS FROM A LIC BROKER 46 YRS IN FLORIDA

[@norabickfordhill7978]

If you were in California then your sales.contract should have been 17 pages. If it was not then you did not properly and legally prepared docs.

[@norabickfordhill7978]

Did you provide all the disclosures to the buyer

[@spenceryelinek4313]

They need to ban large corporations like black rock from buying up residential housing. If our representatives ACTUALLY care about us (they don't) they would make sure we have houses to buy. We also shouldnt need to make $150k/yr+ just to afford a 3 bedroom house in a decent neighborhood.

[@lxmzhg]

Obviously our "representatives" don't give a damn about us.

[@tonysimons7218]

Tell gramma not to sell to them. She won’t listen bc they’re paying the most cash.😂

[@HaloHamstur]

@@spenceryelinek4313 blackrock doesn't own any homes

[@Billy97ify]

Private equity funds are selling, not buying.

[@vickaminski]

Very true but that is because the open borders and government paying for housing for illegal aliens paying way above what normal rents would be. So they use their massive piggy bank to over pay all cash purchases, plus we in NJ are getting those rich overpaid NY'ers fleeing the state with the politics they love so much as its effects of extremely high crime, homelessness, etc causing them to flee and high prices here in NJ is cheap for what they're used to paying in NYC.

[@ticktock2383]

This lawsuit should have been brought over 20 years ago. Was a realtor during the crash to buy my own homes. Thought then how the monopoly controlled the whole process. Crazy to pay $20k or higher to a realtor to sell.

[@DailyStalkerUpdate]

You still have to pay an agent to sell unless you're listing it yourself. This gets a seller out of paying a buyer's agent if they wish.

[@ThisOldMan-ya472]

Hiring someone and paying them $20k is a choice. No ONE is forcing sellers or buyers to use a real estate service.

[@ThisOldMan-ya472]

In my last two real estate sales, I made $140,000 more by selling through a Realtor than trying to sell them myself. The buyers were people who did NOT know I was attempting to sell privately. No ONE forced the last buyer to spend $45,000 more than I offered the property to a neighbor. With that 'windfall', I bought a new 2022 car for cash.

[@kellydaisy]

@@ticktock2383 you can agree to 1percent

[@NativesunrealtyJacksonville]

I have to ask. Why are you no longer a REALTOR? Did you feel guilty about making all that money without doing anything?

[@JessicaT-qp9uv]

I watched my Mother go from waitress to an REA working for a builder in Cali in the 80's. She wasn't that bright, but she created stupid wealth doing literally nothing but showing up. It was very eye opening.

[@TheSapphireSprit]

@@JessicaT-qp9uv my daughter would have a very different take on it. She worked for me as an assistant but wouldn’t go into it as her career. She simply didn’t want to work that many hours. You must be in a very niche market, or perhaps she had several assistants that she paid for.

[@NativesunrealtyJacksonville]

Working for a builder is nothing like being a resale agent. Not even close. Sitting in a model taking orders is far less time consuming and does not involve investing your own money in marketing, insurance, fees, etc. If there was ever a case for an hourly rate, a site agent sitting in a model would be it.

[@Jorova7]

Sadly, our realtor was useless. Was paid $30,000 for what??? $5,000 flat rate is appropriate.

[@cindianderson9443]

When you ask what they're going to do for the commission they pretty much say "Nothing, people find it on the MLS."

[@GiddyUp1776]

@@Jorova7 totally agree!

[@allenkuns6552]

5k is a lot, for they really don't do much

[@Amrknegypt]

Buyer agent gets 3% seller gets 3% closing get %1=7% on a 600k home that 42k in contingency fees. If you have 100k in equity in your home that's 42% of your equity. Americans need to learn math again.

[@eekblom-nt6sh]

Better deal is pay no agents at all! You never needed an agent to sell a house. New law dramatically reduces the value of the MLS.

[@MKpixelfan]

We do know the math but for as long as people agree to this BS, if you want a house you can't do zilch about it! We tried buying a house directly, sellers don't have the time or knowledge or trust to do that on their own. When I was selling my condo to my tenants of 7!! years, I told them don't hire a realtor, you know my house better than me, just get a lawyer to review docs...they didn't listen, were afraid and ended up paying thousands of dollars extra to then complain to me that they're barely hearing from the team...what can you do, even if you try to help stupid does stupid things.

[@patriotone755]

I have saved thousands of dollars not paying a realtor in several home purchases. You need a good closing attorney and that’s it. I just could never understand why any seller would want to hand over thousands of their hard earned dollars for a transaction they can do themselves. You don’t need a realtor to sell your home, but you do need an attorney. Time for realtors to look for other ways to make an income.

[@kencleg7721]

Yup feed for what ?

[@Little_Bitz]

Haha Thank Obama for making everyone unlearn maths. Meanwhile the rest of the world is skyrocketing ahead and ppl have audacity to wonder why. 🤦🏻‍♀️🙄

[@francescotenti193]

Paying for a buyer's agent? Never in a million years! Bottom line, people should purchase what they can afford. This buying/selling process has become way too complicated and a lot of the industry way too greedy.

[@MKpixelfan]

you can't buy a house in low inventory areas without a buyer's agent, that's the truth in August 2024. Now if you went to FL or TX where houses stand empty waiting for buyers...you can reach out to seller's directly and try to negotiate but not in zipcodes where there are not enough houses or high prices but you got cash buyers who have no care to deal with a purchase themselves (suburbs of west coast cities)

[@NativesunrealtyJacksonville]

Nearly every form, addendum, or disclosure involved in a real estate transaction probably came to be as a result of a lawsuit. Most of the lawsuits come after closing. This is why using a prrofessional to guide you through the process is so important. A professional REALTOR will ensure that all the required information is properly disclosed and communicated to all parties. Nobody likes surprises during or after a transaction closes. Unless it's a cash sale, the closing attorney represents the lender in a transaction. Both parties will sign a disclosure at closing to document that they have been made aware of this. The attorney's job is to ensure the documents are properly completed and signed according to the lenders closing instructions. This has nothing to do with protecting the interests of the buyer or seller.

[@francescotenti193]

@@NativesunrealtyJacksonville I would never even dream to buy/sell anything without a trusty attorney. They work on straight fees regardless of the selling/buying price, if they do, why realtors work on percentage? I'll submit to you that greed is the true answer. The amount of work necessary to sell a $300,000 is not much less than selling a million plus home, marketing, staging, photos, showings, open houses...., much of the same, maybe when selling million plus homes the realtors have to drive a nicer car and wear nicer clothes thus higher commissions, I guess attorneys don't have those issues.

[@NativesunrealtyJacksonville]

@@francescotenti193 Lower priced homes are actually more work than higher priced homes. The parties involved in higher priced homes are generally more sophisticated and educated in the process. They are also more financially qualified. The homes are in great condition which makes repairs required due to home inspections and appraisals unlikely. The whole process is much smoother. Lower priced homes usually involve first time buyers who are less knowledgable in the process and need a lot more guidance. First time buyers are more likely to have problems with finances and will require some concessions from the seller which makes their offers less attractive to sellers. It's harder to get their offers accepted. The lower priced homes are more likely to encouter problems with home inspections and apprasials. Who pays for those repairs must be negotiated. If neither party has the resources to make those repairs the deal falls apart and both parties start over. The seller has lost time on the market and the buyer has spent money that they won't get back. Finding a move in ready home at lower price points is a tremendous challenge which means much more time is involved and many times never ends with a closed sale.. Almost all closings involve an attorney and they are essential to a successful transaction. However, an attorney will never visit the home. They do not help you find a buyer or a home, help you come up with a list price or offer price, schedule or attend home inpections, help find contractors for repairs, meet with appraisers and provide comps to support the value, or any of the many tasks involved in getting a deal to closing. They will prepare and review contracts and legal documents to be sure there are no errors. They can provide you with legal advice and ensure that closing documents are prepared and signed in accordance with the lenders instructions. The lender is very specific right down to the color of ink used when signing. After closing they will have the deed and mortgage recorded in public records. All of this is done without ever leaving their office. Aside from the closing fees charged they also sell title insurance and receive income those title insurance policies. There is no negotiating the premiums of those policies. They are regulated by the state and are the same no matter what company issues the policy. The majority of homes sold involve a loan. Lenders require title insurance. The seller typically pays for the title insurance.

[@charlieking9214]

Interesting comments here. We are listing a house on one acre today at $850k. We are doing it ourselves. I'm fairly certain everything will work out fine using Chicago Title. The biggest reason for this decision was the corrupt real estate agents here in the Santa Clarita area north of Los Angeles. Our last real estate agent, the most corrupt of all, was at one point voted Los Angeles Magazine's Top Agent in Los Angeles County.. Nothing like dirty dealings and rent skimming with fellow agents to get recognized as a top performer. Just sell it yourself. Be honest, represent your property accurately, and don't be an ass, and you'll do fine.

[@NiteOwlVibes]

it's 2024, I don't understand why we pay so many fees to buy a house.

[@mikiewifnoe360]

become an agent, you will then see. Besides having the expertise in the field to make sure all is done well, just putting up with the asses, either selling or buying, deserves compensation. But you do realize all fees do not go to the agents, don't you?

[@Rottingboards]

@@mikiewifnoe360 Can you breakdown the fees? That would help ease the hate towards realtors.

[@Itong172]

⁠​⁠@@mikiewifnoe360,"expertise" can be thrown around loosely. Basic reading comprehension is all you need to be an "expert". I should know, I was an agent.

[@stephenlacher587]

Simple, every Tom, Dick and Harry is trying to get their fingers in the pie and do it through 'legal' means.

[@kellyrobinson1274]

Everything can be traced to some random politician and or unelected bueaorcrate that made up a new tax or fee to cover a pass through cost of a tax.

[@johnharper2016]

I was a licensed Real Estate Agent in Cincinnati, Ohio 1993/2001. Sold for West Shell, Coldwell Banker and finally ReMax Unlimited. 400 closings. Yep, sold a bunch of properties. Made a bunch of $$$$. I was always very very careful to be completely ethical in my business dealing. Never ever misrepresent. Things have changed dramatically since then. The last few properties I have sold, I did FSBO. I always disclosed my previous experience. Saved a bunch of commission $$. Glad I made my $$$$ when I did.

[@DailyStalkerUpdate]

You don't need to disclose your previous experience if you're not licensed.

[@johnwalters878]

This is right thing to do. With the price of homes now, it’s ridiculous to pay a realtor that much to buy/sell a home. They don’t really do that much. The title company does all the legal work.

[@MissKrisss]

@johnwalters878 so true!

[@Hailyeah555]

@@johnwalters878 you can always buy or sell a house on your own. But a good agent will get you more, or help you buy for less than you would accomplish on your own. Saving you in the end. The problem is, that there are a lot of bad agents

[@NativesunrealtyJacksonville]

They really don't do that much? If that's what you think then you should get a license and start making the big bucks for not doing much.

[@daveg2199]

How much more work does a realtor do on a $500,000 property versus a $100,000 property? it should be a flat fee not a percentage of the property price.

[@bamaman6297]

REA has the characteristics of a part time job. The overhead these REA companies have is ridiculous and unnecessary.

[@jasongilman7270]

I love that agents are going to get there rate cut. We sold our house and the agent used our photos because hers weren’t good and it sold in week. 3 full price offers pre Covid . It was because of the work I did to it not the agent but we still lost 6%

[@jennifergriffith4526]

Not all realtors work as poorly as the one you chose to work with.

[@kimberlyemerson2754]

Just wanted to say I really enjoyed your presentation /video. Information filled, no crazy music or clickbait - just good content presented in a clear concise manner. Kudos!

[@cynthiataylor2092]

Thank you, I haven't bought a place yet, but I will buy one soon. Especially with the changes after August. I'm 73, and with home prices, I know prices will drop from 50% to 80% soon. Yes, the economy is collapsing, and after it reaches the bottom, it will settle down. Cindy

[@uberurbane1333]

$2500-$5000 flat fee for the agents once the deal is done. Or let the agents charge by the hour. They do not spend more than 50 hrs on a home. Let them charge $100/hr like any trade person. Today they charge more like $600/hr which even a neuro surgeon does not charge😮😮

[@savvyhomeseller]

Thanks for sharing

[@rise.eagles]

@@uberurbane1333 If agents get paid by the hour I’m pretty sure they will be making a lot more money than they currently are

[@johanacastillo6024]

That’s razonable, imagine my realtor. He put $13,750 just for him on his packet when I bought my primary home and in the whole transaction he only did 5 trips to my town. He made more than a doctor who burned their eyelashes studying for years. I think the realtor commission is insane. They should get pay but not that much. It should be a flat rate or $2500 - $5000 for houses less thank $500k and $5000 - $10k for houses from $500k - to one million. I might sound stupid but is insane paying this people all this money just because they have a realtor license. They make more money than scientists that have to study for years. Realtors don’t even have to spend years in college.

[@leainokuchi9650]

I NEVER understood WHY realtors were EVER entitled to that amount of a sale.

[@sunlite9759]

They were never entitled. Sellers were too naïve to figure that out.

[@LT-em1vu]

Dumb buyers and sellers blindly follow, that's how.

[@andredaedone7732]

6 percent is too much period. I tried to negotiate a lower commission when I sold my house in Florida in 2021 and finally decided to end converstions and list it by owner. And sold it that way saving almost 30 grand. And I purchased my new property without a realtor. As far as I am concerned a good title company is worth three real estate agents.

[@caspianblue4141]

It might be a good idea to sell your house "for sale by owner" and have an attorney handle the paperwork. I would think that would save money for both the seller and the buyer.

[@bletchdroshek5984]

@@caspianblue4141 of course it would

[@MVagnone]

@@caspianblue4141 My husband has sold all of our past homes (4) doing exactly this!

[@wespotter6985]

I am bought 2 houses and sold one.Never used a realtor never will use a realtor unless they come down to an hourly rate.Or a one percent commission

[@pa4765]

Sell by owner - Zillow. Absolutely!

[@joycebarnett6035]

Attorney is going to charge more than s realtor by far.

[@RubenCervantes-e3v]

I purchased my home FOR SALE BY OWNER 3 years ago. I had the option to pay for a home inspection and discuss terms with the home owner of any discrepancies that required attention or that I would except. He considered the offers he had and went with me. We went to a local Escrow title company, they did the paper work and handled the money transactions. I payed them on-or-about $250 in fees and the house was mine. BUY TITLE INSURANCE to cover yourself! A bit nerve wracking in the beginning of the process because I never did anything like this, but at the end I realized how easy it was to cut out the agent, considering I found the house on my own anyway

[@Little_Bitz]

@@RubenCervantes-e3v I wish I had done this a few years ago. However the house I wanted was not for sale by owner, but by a banks realtor as it was in foreclosure. The issue I had was that I found the house on my own, my absolute dream/forever home, but I made the mistake of talking to my realtor at the time and whatever she did/said cost me the house. I called and knew it was available , but once I shared it with her telling her the price was insanely cheap for the home and I wanted it she did hod knows what and it went from available to (according to her) not available. Then I called bc it was a matter of hours from contact with her and it being available/unavailable, and I found that it was available. So I reach out to her next day and she says ok weird I’ll get back to you and then poof it was sold for exactly what I was offering next day. The thing was a gem hiding in plain sight, no one bit for months and I had my eye on it just bc I saw the potential and once I shared it with her it was “gone”. Of all the homes I have looked to purchase before I finally bought a home, that was the one that broke my heart. And I wonder to this day, did she move in?! I mean I know sure someone else could have been looking at it etc, but I spoke with the “sellers” and there was no one, we were the first and only ppl to have sought out the house bc it was a foreclosure and no one wanted to deal with that. The only thing that keeps me from carrying around bitterness about it (yea it broke my heart at the time but I’m over it, it’s a house ) is that it was in NY and God must have known what he was doing when he stopped me from making that purchase. It was a beautiful home but I am much happier having bought a house outside of NYS. I will definitely keep this in mind when the time comes for me to downsize or move to that “dream home” in the future. Not a fan of realtors at all. Just read through the comments from them and you’ll see. Real smug Sonavabitches!

[@dajw7540]

Have you ever wondered how much you I overpaid for the house, or what fees you didn’t know you could negotiate with the seller? Did you get an insurable survey? Did you know what additional endorsements to ask for on the title policy? Did anyone make sure the home isn’t in the path of a future highway expansion plan that will hurt the value and desirability of your home or get it caught in eminent domain? Did you check the FEMA flood map? Did anyone check the home on the registered offender list? Did you think to get a sewer line test under the house to insure there are no collapsed pipes or leaks? Those aren’t included in the standard home inspection. Did you get a wood destroying insect report - also not included in a standard inspection? Did you get Seller to provide you with a home warranty? Did Seller provide you with a Sellers Disclosure in accordance with state law? Did you think to instruct the title company to include right of survivorship in your warranty deed? As a Realtor who works hard to protect my buyer clients, I’m just curious. Besides working with your lender to smoothly expedite things, and with the title company to make sure the closing goes well, and taking all of the burden off of you, those are some of the things we do.

[@RubenCervantes-e3v]

@@dajw7540 He paid his fees and I paid mine, even Steven. Getting it appraised was also an option we agreed on, having had experience with appraiser's in the past, I didn't always agree with their opinions on home values. Just look at how stupid prices climbed over knight, I blame bank appraisers for this. As for the price, I looked at the comps in the area that sold BUT MOST important I felt the price was right for the house, and the bones are great, not my first purchase

[@chelseysmith-f3b]

@@dajw7540 Oh Please!! All of this info is available on line and you can ask the title company to look this up as well. FOR SALE BY OWNER is the way to go!!!! NO MORE paying ridiculous fees to overpaid agents who don't really do any work!!

[@nrusso967]

All this meant to me is that I deal with the listing agent and hire a real estate attorney. I will NOT pay someone $150 to show me a house! That is BS!!! I'm a nurse. Do I get $150 to give someone a pill, a bedpan? NO! Why should I give someone $150 for opening a door. Puhleeze!

[@HulaShack1]

If you think that is all there is to buying a home then you are probably not bright enough to be a nurse.

[@jennyanimal9046]

@@HulaShack1 why did you resort to name calling? Really?

[@munagalavrr]

$150 might be higher side, that can be negotiated. I prefer a la carte instead of fixed percentage.

[@wespotter6985]

The real Estate agents who respond in anger do so because they have an indefensible position, And are eager to keep the gravy train Running. I have a real estate agent friend who tells me that it's easy money. But things are about to change. Look at europe where the entire commission structure is less than 2 %.

[@TheSapphireSprit]

If you think that a Realtor just simply opens doors then you’ve been dealing with the wrong agent. As an agent I would always warn about potential resale issues, pull comparables to ensure that the price that you offer is the best price we can offer to see how low they will go without offending them, pull resale history on house, set up and attend inspections with typically 3 or more inspectors, call and meet contractors to get quotes for any work needed, or wanted, to be done. Negotiate. Ensure that repairs are done before closing, gathering receipts and doing another walk through directly before closing. All while educating the buyer about the contract, option periods and fees, and even possibly who to work with as a lender. This is just a short list off the top of my head. It’s not the equivalent of giving a patient a pill. I’m retired now so I have no skin in the game but I can tell you I worked hard for every dollar I made.

[@alexzorro8884]

My girlfriend is a agent. From what Ive seen , especially during covid and somewhat applies to current events. If you were lucky enough to be a sellers agent, your gold. It was 99% guaranteed to sell over asking price in bidding wars in no time at all.Easy money .I think many sellers agents would still work with way less commission then give up the easy sale. The buyers agents were the ones working extra hard , writing offers, looking at properties, running around because they competed with 5-10 other interested & qualified buyers at the same time. It was crazy. Also they jacked up property taxes just in time, even dumps were taxed at like 50k over what it was actually worth during a "temporary crisis"... I wouldve sold if i had a second property to hold up in, or a place to go were I wasnt paying jacked up prices on the other end. Thats the problem and adding 10+ million extra people needing housing doesnt help people find affordable housing . Just keeps prices high for everyone. Just ranting

[@Nunya_Bidness_53]

Four words: "FOR SALE BY OWNER"

[@Gomer-lw7rd]

Never works . Buyers don’t check the for sale by owner section of Zillow nor will they ever

[@DailyStalkerUpdate]

@@Gomer-lw7rd You can use a flat-fee agent for $500 and get your home in the MLS which feeds to all the major home search sites.

[@phillipc4865]

@@Gomer-lw7rd Not true. I sold my last two homes by owner. ZERO agent fees.

[@NativesunrealtyJacksonville]

FOR SALE BY OWNER is like putting a Help Wanted sign in the yard.

[@Gomer-lw7rd]

@@phillipc4865 good job. You’re one of the very very few who will. Why would a buyer purchase a for sale by owner when we have an exuberant amount of inventory on the active market? Not necessary .

[@ThaMetalMan]

I'm in the process of getting my license and I wanted to express my gratitude for your Clarity in the videos you make. Especially when it comes to the Nars settlement. There's still a lot of things I don't quite understand but with your help it's starting to make a little more sense

[@backpain4ever505]

8 doubt people will be using buyers agents if the plan is to charge $150 to show a house. That’s ridiculous.

[@joycebarnett6035]

Really so how much would you charge me to show me homes then 20 dollars? And if its far away are you going to use your car and vehicle? Gas? So you think someone wants to drive you 50 miles snd charge you 20 dollar’s? Nobodies going to work for that cheap and use their own vehicle.

[@backpain4ever505]

@@joycebarnett6035 where did I say $20?

[@CamberRockerCamber]

Yeah, but imagine you go to 20 houses and aren't interested in any of them. That $150 would've only pay for the realtor's gas. Sure, you don't need a buying agent. Just be ready to do all the paperwork yourself.

[@backpain4ever505]

@@CamberRockerCamber so you think $150 a house is reasonable?

[@johng4093]

In this area sellers have open houses and buyers come to look without an agent. If buyers want to make offer they contact buyer's agent. Not sure why that would change.

[@lucaesq]

I never understood why a buyer would need an agent when it's their attorney who ultimately safeguards their legal interests. You're paying someone for showing you houses.

[@jennifergriffith4526]

Not all states have attorneys involved in the negotiation, inspections, appraisal, etc process. In Some states, only a title attorney is involved.

[@pa4765]

In my opinion, real estate sales persons know very little about land, houses or business after taking their six week course. The real estate attorney, title company and inspector are the keys to the process.

[@NativesunrealtyJacksonville]

The Real Estate license course primarily covers legal and ethical issues and does very little to prepare an agent for a successful business. Experience is a great teacher.

[@ja1505]

It is important to hire a local real estate agent who does know their market rather than going with online companies based in other states

[@penelope2380]

all 3 are in it together to rip people off. Believe that!

[@windygirl2342]

I quit real estate and it was the best decision of my life. People think we're making thousands of dollars commissions right and left, ignoring the fact that there is a lot we do for free. Not any more. They ought to charge $50 for every comp they do for people who want to know what their house is worth. No more spending hours upon hours pouring through past listings of a house to see what the true history of that house is, as in a listing that showed the house was once 100% covered with mold. Instead, a flipper comes along and paints OVER it? Go ahead, fend on your own.

[@clarkadams5914]

With the dramatic increase in the cost of houses over the last decade the concept of a flat percentage is not reasonable. If one lives in an area with low inventory and high demand, the simple fact is that agents are doing very little actual work to sell a house. It should be an hourly or specific action based like it is for lawyers and home inspectors. The current MLS database is closed because of industry-wide collusion among realtors who lobbied to get laws to preclude competition.

[@bamaman6297]

Glad to hear this change. I will be happy to see these part time agents weeded out.

[@MsPackman4]

Personally I think this is going to reduce traffic, people don't want to pay to see a single house. So they just won't bother.

[@daniellin6957]

Best explanation of the changes I've seen to date - great job Jen!

[@tomlorenz4344]

Most realtors on both ends of a deal are glorified clerks. Realistically sellers will go flat fee and buyers will skip the agent or hire an attorney. Interesting how she thinks the seller doesn’t deserve more of the price of their home, instead of handing outrageous amounts to realtors. As for negotiations, often the amount in dispute is less than the current extremely outrageous commission

[@DailyStalkerUpdate]

You'd think that sellers would go flat fee and buyers would represent themselves and use an attorney, but the reality is that the vast majority of people are terrified that they might make a mistake with a huge purchase or sale and be wiped out. A lot of people don't want to take a risk and need their hand held by an agent who has some idea of how to navigate a transaction that has deadlines. Agents are here to stay, just like attorneys and tax preparers are here to stay.

[@joycebarnett6035]

@@DailyStalkerUpdate right and I pay my taxman 1100 a year to do my taxes and I print everything out for him and type it up and all he does is punch it in a machine and probably takes him an hour to do it and I get charged 1100 bucks now I wish I got $1100 an hour and he’s not even a CPA. It amazes me how angry people are that they think Realtors makes so much money but most realtors make about 50 grand a year if they make 100 grand they’re probably spending about 35,000 to make that so I remember one year I made 180 grand I spent 80 grand to make that and then the money I did get I had to pay taxes and then I had to pay 800 a month for my health insurance nobody’s getting rich in this business.

[@cdspage6689]

You did an outstanding job of explaining these changes.

[@Joeybagofdonutts]

It’s about time…consumers are tired of realtors doing very little for their thousands of dollars in commission… 90% of real estate agents don’t do any work. NAR has become a powerful entity, lobbyist, in DC.

[@ellaj6127]

I can’t agree with you on being charged a lesser fee when selling. People can lower sale price if realtor charges you less. For instance on my 50 acres, I know exactly what I need to end up with. If the realtor charges me less in fee then my asking price will be lower, so my house will sell faster. People simply need to figure what they need to end up with, and not try to put an unrealistic price on their homes.

[@Zephas99]

This sounds like the end of anyone buying or selling a house. I'd rather get a root canal.

[@sarahgray8142]

In 2007 I sold my home on my own. I used an atty who the buyers were comfortable with. It was a good experience for all involved. However today I'm sure which direction I'd go. We used a realtor to buy our home in 2007, I'd love to use her again. She's not sure if she's going to continue in real estate once this is figured out. We're staying put for a multitude of reasons including interest rates, home prices, and the cost of selling.

[@JackT-nn8iy]

Sellers will pay buyer’s agent most the time. Well if they want to sell their home.

[@jennifergriffith4526]

💯💯💯

[@anasuarezrealtor]

100% agreed, nobody it's obligated to use an agent, and that always has been like that.

[@palace927]

It will break the anti-trust law that was just passed. There will be criminal charges if that is done.

[@doctornamelisted4280]

So it will be more difficult for buyers because instead of asking for help with closing costs which many buyers need they will need to pay a commission

[@NativesunrealtyJacksonville]

That is exactly right. This ruling only makes it harder for buyers.

[@Pakodot]

Thank you for this information. Everything is so much clearer from the buyer's perspective. It sounds like we must be really committed to even start looking at houses for a period of time. May even get the pre-approval before eyeshopping.

[@mariaemilianegron]

In Florida they abuse the amount they charge to sell your house.

[@savvyhomeseller]

Thanks for sharing

[@DixieNormus_007]

lts not just Florida, it's literally every state commissions are too high in...

[@NativesunrealtyJacksonville]

16:40 If the buyer does not have the financial ability to pay the fee they negotiated with the buyer agent then they should not have signed the buyer agent agreement in the first place. This settlement is going to raise steering to a whole new level. Buyers will instruct their agents not to show them homes not offering a buyer "concession". This settlement helps no one but the ambulance chasing attorney, Michael Ketchmark, who was able to convince 12 people the reason for high home prices is real estate commissions. Ketchmark will pocket over $100 million dollars while the class members will get pocket change. This ruling will put homeownership out of reach for many first time buyers that lack the extra cash to pay a buyers agent.

[@palace927]

That will break the new anti-trust law that was put in place. The DOJ stated that they will not allow loopholes and will be charging people who break the new law.

[@tonysimons7218]

Bought three properties before 26yo NONE of them had a realtor used 🎉

[@islesofshoals3551]

How do you gain access to see properties without a realtor? They have lock boxes for the keys

[@palace927]

I was told that the DOJ will charge a person with criminal intent if they force a seller to pay ANY part of the buyers commission. It comes under the anti-trust lawsuit over buyers commissions.

[@kelseyfhere]

I guess it’s time to get my real estate license even though I have no interest in doing so. It’ll be 100 times cheaper than hiring someone 🤷‍♀️ Then get a real estate attorney to help at closing. BINGO

[@ggss8647]

Back when homes were 100 to 200k it made sense for a 6%. No internet realtors worked hard. Now with internet million dollar homes and signing via email. Flat rate makes sense

[@TheSapphireSprit]

I’m a retired Realtor. During the more than 20 years in real estate I paid typically right around 40k a year in fees. MLS fees, office fees, franchise fees, education, etc. I worked at least 60 hours a week. If your agent didn’t earn their money you should have fired them. Now if we can reduce the fees for the Realtors we might be able to decrease costs. Loved what she said about watching how the agents negotiates for themselves. If they don’t know what they do to earn their money find someone else!

[@DianaPolo_Realtor]

That sounds about right. Public does know unfortunately how much it cost to stay in real estate business and how many hours “no boss” work day is. Massive misconception.

[@TheSapphireSprit]

@@DianaPolo_Realtor I sure wish we could help educate them. The bad actors have unfortunately poisoned the pot and other people just think it’s a fun hobby. I get so frustrated trying to make people understand. The nurse with the analogy of giving a pill doesn’t realize that going without a good buyers agent would be like just reaching into a random box of pills and giving the patient the first one that comes to hand.

[@cindianderson9443]

Since the Realtors only make a %, thhey don't care if you sell for asking price, way under or way over. They just want the sale to go through. I always end up telling them what I want and driving the negotiation, and get more.

[@TheSapphireSprit]

@@cindianderson9443 if you had the right Realtor you wouldn’t have to do that. Before I retired I couldn’t count the number of times that I persuaded people to take a tougher stance on negotiations. My job as a listing agent or buyers agent was to work in my clients best interest, not my own.

[@firstlast1732]

I think the only people are gonna make money is the agent selling the property and nobody’s gonna want a buying agent anymore if they have to pay them

[@ThisOldMan-ya472]

1% REALTY companies love to get listings, but eventually when the SELLER must accept a lower price for their property to sell, they usually switch to a Full Realtor Service, or PAY the Market Price for Realtor Services. Being CHEAP usually costs more.

[@brokernicksassi]

Just got 6% yesterday. It’s just the NAR. Realtors do not need the NAR

[@NativesunrealtyJacksonville]

NAR failed miserably here. There is a good chance NAR would have prevailed in an appeal but not having billions of dollars to put up made an appeal impossible. This also points to flaws in the appeal process.

[@copiawebster5502]

I think a bigger issue fir buyers is to find an experienced real estate agent who wabts to be a buyer’s agent. All over uTube, realtors are featuring their expertise to sellers…not buyers. This isn’t surprisong, since Agents are use to the payments coming from sellers. I’d like to buy in the next couple of years, and am looking for very specific characteristics in a home. I am open to paying for the advanced research needed to find the buildings I want to watch, independent of the fee I’ll pay the buyer’s agent when I actually buy something. But…I have no way to find an agent who is a seasoned buyer’s agent, open to a long (fairly compensated) buyinging process and timeline.

[@bobbievans3624]

The amount of time and energy an agent gives their client to find them their perfect house,or sell their home is staggering. Everyone acts like we make all this money. Our brokerage takes their share before we see any money. . We work up front with no cost to the seller or buyer. All of you screaming about the cost. How about we look at your place of business. We work for weeks sometimes with no pay. You wouldn't stand for that . Realtors bring you more money to the table. There is always a cost of doing business. We will still make money buying or selling. Business will not change much if you know your worth. Dont work with people that want to cut your rate. We took classes, continuing CE classes for our licences. State tests etc. My job is to cover your behind, and make sure things are done right according to our state laws. This lawsuit was nothing more then a money grab for lawyers and discrunteled sellers. The average person doesnt have a clue what agents go through and do for their clients

[@betzandragarcia141]

Getting my realtor license can be an option to avoid this nightmare.

[@katieandnick4113]

@@betzandragarcia141 if you’re an investor, sure, but not if you’re buying homes like the average person, maybe once every ten years at most. You have to pay annual fees to maintain your license, which makes no sense just to avoid using an agent every 10-20 years.

[@ScarlettO-l5m]

@@katieandnick4113 some of us move and buy around every two years .

[@vmxx345]

@@katieandnick4113 you forgot to mention NAR fee, association fee, MLS fee and half of a dozen other fees.

[@jagmd]

All it took was for BlackRock to buy half the inventory. Can’t have them giving up a full 6% in margin.

[@jimindetroit9461]

Getting ready to sell within the next 6 months. Just had a long conversation with my realtor. Bottom line, nothing has changed. I will pay 3% to my agent and offer "concessions " to the buyers. If I don't offer concessions, the buyer will have to pay their agent directly. They will move on to another property.

[@jennifergriffith4526]

You will heavily reduce your buyer pool but not offering a BA compensation!! Smart move!

[@jennifergriffith4526]

​@@Your_pixels_are_showingBuyers struggle to come to closing after paying inspection, appraisal, closing costs, prepaids. You will reduce your buyer pool dramatically by not allowing your listing agent to pay a coop broker compensation.

[@NativesunrealtyJacksonville]

@@jennifergriffith4526 He is offering a buyer "concession" which is a smart move.

[@palace927]

The Department of Justice will not allow that. They have an anti-trust division that is going to keep an eye on those loopholes.

[@jacquelineglitter4328]

Good luck with the commission, closing cost and moving fees are in the thousands.

[@4Serviceplan]

Thank the lord for this law

[@cathyaines5768]

Thank you for so much helpful information. wish I had known all this before signing with my selling agent. He charged me 5% insisting I needed to pay buyer's agent too, but now doesn't want to represent me to buy and so I will have to pay the buyer's agent twice! This really stinks!!!

[@TheFrugalMombot]

But that’s just what they got sued for. I don’t think he can do that. You might ask him about the NAR ruling.

[@donnacarraway9182]

Yes, why didn’t he tell you?

[@cathyaines5768]

@@donnacarraway9182 Originally, I had said I didn't want to pay both the seller and the buyer commission and he said he doubted any buyer agents would bring their clients to my home if i didn't, so I did. Now that we are in escrow, I asked about looking at some homes and he said h would not have the availability for me. It was not it writing that he would be my buyer agent, he told me that to get the listing I guess.

[@cathyaines5768]

@@TheFrugalMombot H told me the Nar ruling wouldn't really change anything and seller's would still have to pay to get buyers in their home.

[@sportsman4545]

Change realtors

[@diay.doitallyourself411]

I don’t care about the one time commission payment what i think needs to change is the interest that’s compounded DAILY there should be a 1 time interest hit and that’s all the lender gets. Not compounded daily interest ur paying interest only basically for 20 years then u start paying on principle

[@ellenwaterbor4387]

Commission pay needs to go. If agents were paid more for selling faster instead of for a higher price homes (fully furnished around here unbelievable) will continue to sit on the market. Lots of houses for sale here.

[@Amrknegypt]

A realtor shouldn't make as much or more than the General contractors building the damn house. The GC makes a percentage off the labor +material only. The agents are making a percentage off the After Repair Value and they don't do anything worth that much at all. That why prices are so inflated so far beyond the relative average income. What good is it if someone has 2% mortgage APR if the house loses 25% equity? Non of this makes sense and something with break if it hasn't already.

[@MrEdWeirdoShow]

Good. 6% interest or more just means I win 6% or more interest to feed my bank account. Buy a house, though? Not unless they get rid of the crooked scam known as property taxes!

[@tabithan2978]

We should pay realtors by the hour, like we pay attorneys and accountants. By the HOUR!

[@savvyhomeseller]

Thanks for sharing

[@joycebarnett6035]

That would be great how much money per hour if they are using their own car driving around showing you homes?

[@tabithan2978]

@@joycebarnett6035 I’ll leave that up to them to decide based on their costs. But right now I paid a realtor a lot more than I’ve ever paid my accountant. Lawyer. Or Doctor. Why? They don’t even have grad school or some even any college.

[@brianrush7986]

Yes that would be wonderful. Agents would make more than attorneys with the kind of hours we work.

[@tabithan2978]

@@brianrush7986 oh sure! My commission of 35k did not take more than 20 hours max, one open house, a few meeting with me. That works out to $1,750 an hour. I don’t pay my attorney or accountant any where near that.

[@byungs]

yeah, home prices won't go down that much, but sellers will keep more money. which MAY drive down home prices if there is a hot buyer's market (but that was true before). that said, there will be a metric ton of people who will use redfin/zillow to find and buy homes w/o a buyer's agent. why use an agent when all the information is available online?

[@RR_85]

5-6 % on the back of the seller is just wrong. But on top of that, 3% for a 200k home I could I agree too, but not for 500K. The value vs the amount being paid is just not worth it.

[@javabean252]

From my understanding the rule prevents the BAC from being put on the listing. That is pretty much extend. The buyer agent negotiates in closing. No buy is going to pay the agent.

[@michaelhurley545]

Buyers will end up steering them selfs by going directly to the listing agent to ask how much concession is offered from the seller that will be the way a lot of buyers will use this new law. Trying to be a buyers agent will be a shit show. If you have a license in real estate better be come a listing agent and avoid this mess..

[@brianfitzrealty]

I've been saying that all along and people are finally starting to realize it. What's comical is that all the new listing agreements I've seen have a special clause for the seller paying additional compensation to the listing agent for an "unrepresented buyer". So most, if not all, of the concession will go to the listing agent and essentially double their income - all while the buyer gets NO representation. 🤣 Can't wait to see how this all unfolds.

[@Carlos18731]

The ones really losing out here will be first time home buyers. In the end this will cost first time buyers even more. Chances are they won’t have the know how to navigate a transaction themselves and good luck trying to find an agent who will work for free.

[@jimritter6861]

A video explaining that realtors have a fiduciary respinsibility to theirclient would be great. So many realtorys I've run across have no clue they have a fiduciary responsibility to their clients. All most realtors care about is getting their commission as fast as they can and moving in to their next victim.

[@BobPenzien]

Buyer only agents are going to make a lot less money under the new system which will force many of them to go out of business!

[@savvyhomeseller]

Thanks for sharing

[@juliebarnett9812]

My question is, how does the broker of the buyer's agent get compensated?

[@RosieThecarlady]

I don't use a realtor, just deal directly

[@gopikandru8933]

There is a reason for realtor license , they can read contracts and for sure they know more than you.

[@snguyn796]

So they’re lawyers now?

[@RosieThecarlady]

@@gopikandru8933 I talked to many Real Estate agents and I wonder if they can even read. A title company with an attorney is who advices , no a real estate agents.

[@richardabel2402]

@@snguyn796 no they're still just like used car salespersons

[@PalmBeachesPaul]

​@@richardabel2402 its so funny when people say used car salesperson yet people go to them EVERY single day and buy cars from them instead of buying from facebook marketplace or going right to the seller on craigslist

[@Unplugged704]

If I am a well qualified buyer (strong income, credit, and down payment/funds) with a bank approval letter, I don't feel I need buyer representation or should not be required to hire a buyer's agent.

[@TheJimbob1603]

Lawyers, Insurance Companies, Real Estate Agents ........ what are you gonna do?

[@Triumph60Gem]

@@TheJimbob1603 you forgot car dealerships!

[@WendyPannell]

Thank you for your detailed explanation. There are elements of misinformation here that probably stem from state to state distinctions in how the NAR settlement and DOJ statements are being implemented. The problem with KZbin videos is the speaker will communicate from what they've learned from their state's interpretation without realizing every state is applying the settlement in slightly different ways. It would be better to say this is how my state is applying these changes. As an example, the Texas Buyer Representation agreement specifically says the buyer's agent will first attempt to collect payment from the seller and only afterward will the buyer have to pay. In other words, the buyer will not pay their agent directly. Texans need to know it will be permitted and encouraged for sellers to continue paying the buyer's broker. The agreement also includes a clause that states if the seller compensation is higher than the buyer compensation, the agreement may be amended to allow the buyer's agent to be paid the higher amount. A KZbinr should exercise caution in communicating their state's interpretation and application as if it applied across the United States when in fact it only applies to select states. Overall a thorough presentation, but inaccurate at the state level in some areas. I appreciate the video! I'll be making a video soon as to how Texas is choosing to implement the NAR changes uniquely to Texas.

[@palace927]

They will be breaking the anti-trust law that was just passed. The DOJ just stated that they will not allow any loopholes.

[@rickclark4714]

RE agents can’t even answer questions like…how are the schools? Crime rate? Average age of homeowners? Maybe the NAR should’ve spent more time creating value and protecting free speech rights of its agents…, Average price of a home in SoCal is $1.5m in nice areas. Total agent commissions should be 1% max. 6%, or $90,000 is absolutely absurd!!!!

[@savvyhomeseller]

As agents we are required by law to adhere to Federal Fair Housing Laws, which limit what we can comment about. 'Free speech' can cause an agent to lose their license if they violate a protected class.

[@rickclark4714]

Yeah. That’s the point. The NAR should have been challenging this laws on constitutional grounds. If agents can’t provide useful info, what is that 6% for ($90k in California!). Btw, The whole market has been constipated by the 6% commission nonsense for years.

[@vmxx345]

@@rickclark4714 If you drop asking price by 90K maybe you wouldn't need an agent.

[@jacquelineglitter4328]

They want you to fill out all those questions when you list it.

[@PalmBeachesPaul]

WOW, that was one of the best RE videos I have ever watched and the best one talking about the NAR changes. Are you in Kristina's course?

[@savvyhomeseller]

Appreciate you watching! Yes - I was in the very first group of Kristina and Joe's Geeks course.

[@PalmBeachesPaul]

@@savvyhomeseller it shows. Who does your editing?

[@savvyhomeseller]

​@@PalmBeachesPaul The company is called EZ Edits - its a group of editors but I mainly work with one editor.

[@TheFrugalMombot]

I might have misunderstood, but are you saying that the buyer has to sign an agreement before you’ve even looked at one house with that person? I ask because I’m in the middle of an offer on a house, but prior to seeing this house with my current agent, I had looked at two other houses with two other agents and did not sign anything with them and wouldn’t have. If I’d have been made to sign an agreement with either of these agents, I would have been doing myself a huge disservice to me and I might have just given up the area. I love the person that was the person that even showed me this house. After we met to see this particular house, she gave me a folder with information about the house, as well as information about the agency she represented. I loved that. She gave me time to look over both the home info and the agency info and then asked if I would like them to represent me and the terms of the contract, if so, and sent over a contract for me to sign online, which was nice.

[@savvyhomeseller]

The buyer agreement requirements go into effect August 17th. Prior to then buyer agreements are not required.

[@vmxx345]

After August 17 you'll have to sign agreement with each agent before seeing any property.

[@Pestocrat]

In lay persons terms, what does this all mean for a buyer? Is it good news or bad news? If it’s good news, why is it good and if it’s bad news, why is it bad?

[@savvyhomeseller]

I will be talking more about this on my Livestream (every Tuesday @ 6pm ET) to help make things clearer for buyers, sellers (and agents). It's a big shift and it'll take time for everyone to adjust. Feel free to jump in the chat on the Livestream or watch the replay.

[@sadie9527]

NAR holds the MLS hostage so an owner cant list their property on the site

[@HulaShack1]

That's not true. A seller can pay to list their home on the MLS. I'm not a Realtor but I can tell you that I would NEVE

[@sadie9527]

@@HulaShack1 True but you have to pay a flat fee listing agent to do it

[@mikerudd4943]

Curious on how this might work with an open house. Your out looking and you like the property. Will you save on the buyer fee as the agent is being paid by the seller? If in fact they are holding their own open

[@savvyhomeseller]

You won't need a buyer agent to view an open house , and you can certainly make an offer directly to the listing agent and not retain a buyer agent to negotiate on your behalf.

[@uberurbane1333]

What just happened? Now you have to pay $150 to see a house. No thanks. I will just go to open house instead. The next thing they can come up with is adding 25% tip on top of $150.

[@savvyhomeseller]

Thanks for sharing

[@stephenfishman4964]

We got caught in the middle of this change...6% as a seller on a listing contract dated in July, and 3% as a buyer in a contract dated near 8/17.

[@darrenoliverio7259]

Time for the NAR cartel to be broken up

[@merryfergie]

A con Is a con. Who benefits from the new laws. Who receives the class action lawsuit money?

[@donnacarraway9182]

I didn’t hear you disclosing whether or not you are being compensated for referring other agents. Isn’t that a lot similar to what has been happening forever with the realtors not disclosing that sellers didn’t have to pay 6%?What is customary in your area is based on the old model. What you’re talking about sounds to me like steering which I thought was illegal. Why should any agent be trusted??? Does a buyer have to walk away or talk to the seller? I’ve done this smoothly but you do need to be careful. The title/escrow companies helped us. I don’t have all of the answers but every year many many people sell and buy houses without real estate agents successfully. I might hire a real estate lawyer. I might hire a real estate advisor. Perhaps this will create additional types of jobs? Yes, people need to be careful when either buying or selling anything, especially real estate. The answer is NOT necessarily a real estate agent. For years and years, I believe that realtors have not been completely open or honest with their clients. Why should we trust these same people now. Your point about how much your realtor argues for their commission just shows how much you want to hold the line of the old way. How many other professions make the hourly rate of a realtor? I will say that if making money off of people is what their main concern is, then they probably went into the right business. Sad.

[@savvyhomeseller]

I disclose that I receive a referral fee (IF the transaction closes) when someone requests a referral jensylvester.com/realtor-referral

[@backpain4ever505]

Came here to say the same. It should be disclosed in the video.

[@KenSiefert]

I have sold 17 separate Real Properties over my life time and never have I needed a real estate agent. Make sure you go through a reputable title company when you close, and let these “armchair experts” find another source of income.

[@Jonathan-l9u5v]

The buyers agent will become a thing of the past, nobody is going to pay someone to find a house they can themselves find. There is resources everywhere to find houses. Buyers agents are not needed.

[@jacquelineglitter4328]

Yes. They're all online now

[@ja1505]

​@@jacquelineglitter4328online agents based in another city, county, state will not provide the information a buyer or seller needs to make a good decision. Online companies provide no value regardless of what they charge.

[@LT-em1vu]

​@@jacquelineglitter4328 So why are all these thousands of dumb buyers and sellers still doing this? No one wants to learn anything. Before you talk to an agent spend many months learning about the process.

[@jacquelineglitter4328]

They're learning and changing the rules. You must be a realtor.

[@LT-em1vu]

@@jacquelineglitter4328 Who are they?

[@jonathand9793]

I sincerely hope AI puts realtors out of work, on both sides. There’s no reason why buying/selling homes needs to be so complicated

[@claudiasimon6606]

I’m curious how this will affect appraisals. If a buyer pays $2 million for a house but pays his agent $60K out of pocket, that home costs him as much as a $2,060,000 home with 3% seller concession. Seems like any concessions need to be factored into comps.

[@RosieThecarlady]

good point , but the average house is $450,000 and todays day we dont know what the concessions are in other words what the buyer actually paid for the property

[@ericpelton4533]

Real estate agents ARE SO UNNECESSARY IN THE BUYING/ SELLING PROCESS!!!! the title company handles the transaction, and insures that the title is clear.

[@nko5666]

Im just trying to figure out which way to go. I wanna sale my house its more than 60% renters in the neighborhood. I called a couple of investors for " Cash , AS Is and they are giving me low balled offers. My interest rate is only 1.3% its all a headache! Seems like everyone trying to get over i owe 100,000 on the home. But i wanna get out because the renters are making the neighborhood look bad. So i dont know what t do at this point

[@TheFrugalMombot]

I guess at least wait a month.

[@lisafountaine5831]

@@nko5666 what state are you in?

[@nko5666]

@@lisafountaine5831 indiana

[@savvyhomeseller]

I'd like to put you in touch with a good agent that can give you some advice. If you send me your info, we'll schedule a call and I'll do my best to help you. jensylvester.com/realtor-referral

[@movingtorichmondva]

it seems like what is going to happen is sellers will offer buyer assistance in the form of concessions like we currently do for other items like "in lieu of repair" stuff. but now closing cost assistance will be used to help buyers pay their agents. and just like right now and the way it has always been the seller can either choose to pay money to the other side whether it be directly to the listing broker to distribute to the buyers broker for commission or directly to the buyer to pay their agent. sellers who choose to pay the concession will sell their homes faster leaving everybody else to do the same. and just like before they can offer zero dollars. I think the rule change is good because it forces the conversation between the buyer and their agent about commission but as far as everybody's excitement about saying this is long overdue so sellers get out of paying for buyer cost is not the case.

[@palace927]

You will be breaking the new anti-trust law.

[@freedomisnotfree3047]

I don't see any benefit for the buyer in this change. From the beginning, the realtor's commission should be a fixed amount, not a percentage of the total price of the home. Regardless of the home's price, it is the same amount of work for the realtors, but charging more commission for a higher-priced home is just a parasitic, thieving business tactic.

[@katieandnick4113]

Dealing with sellers and buyers who have a lot of money is typically more stressful, because such people tend to be incredibly entitled.

[@NativesunrealtyJacksonville]

Charging a percentage reduces the cost for lower priced sellers. Profits margines in business are calculated in percentages, not fixed dollar amounts.

[@keithloebbecke1981]

THANK YOU MAMA !

[@milinjc]

In 2020, I only had $10,000 in savings to buy a home Denver, CO. I still managed to buy one. Now with the buyer agent agreement, it would be even harder for first time homebuyers, if the agreement ends up being transactional.

[@savvyhomeseller]

Completely agree....changes needed to happen in the real estate industry but not this way. It's going to become even more challenging to buy a home. But necessity breeds invention....I'm sure there will be more changes after the changes!

[@generalleia5374]

What will eventually happen is that the industry fees that the agents have to pay will have to be adjusted down since they can nonlonger be passed on to the seller and buyers are even more limited in funds. Also, perhaps it will change licensing, requiring a true apprenticeship before bring able to represent a buyer in the first place which will help weed out inexperienced agents or those that skate buy forcing the other agent to do both sides of the work to get it done properly. Being an apprentice won't carry the full amount of fees on the back end. Also, lets do remember those professional fees they pay are deductible for their business. Every industry has back end fees. It's 'cost of doing business' and it's a fact of working for yourself vs in a corporation. It's not for everyone.

[@lydiawilson2723]

​@savvyhomeseller the changes needed to happen a long time ago. Sellers have been getting screwed for decades. Sellers should have never had to pay the commission for the buyers agent. The buyers agent does not work for the seller. When the seller pays the commission to the buyer's agent, the buyer is not protected because the buyer's agent just wants to get the buyer to buy.

[@mtxeer8838]

Don’t use an agent … all these problems are solved.

[@palace927]

Buyers will start using the sellers agent.

[@javmichel2068]

There has to be some fine print behind this. Will see how far this goes

[@kristak1102]

Thanks for excellent information! 😊

[@chrissyrocco796]

I have had very bad agents in the past. I bought a home 3% interest rate and am afraid to move again because of these awful agents.

[@CarlAyers-x8h]

Forget the agent, just you and the seller or buyer period. If you can't pay it off in seven years or less don't buy. You're not ready. More..$$$ And never mortgage period.