Do Buyers Really NEED a Real Estate Agent? (A Lawyer's Perspective)

[@MsElaine122]

As an investor buying rentals no buyer's agent with or without financing I don't see the extra work for the attorney. I don't. These attorneys need to be clear what they are seeing?

[@mattsohn3442]

Great discussion here. I think buyers' agents have use, but the issue is the exorbitant compensation. If the realtor doesn't go on site visits (which, let's face it, is generally unnecessary), they can do all the work from their office. Let's be generous and say that between phone calls, negotiations, paperwork, etc., they work an average of 15 hours per transaction. And yet, for an average sale of $500k, they're bringing home $15k. That's $1k an hour! That's insane. And that's just for an average transaction. For a $5 million sale, they're making $150k. So $15k an hour! Are you kidding me?! No individual entity should be setting rates. Let the market decide. If somebody really wants to pay their agent $15,000 an hour, great. I think it's insane, but I respect consumer's autonomy. My guess is that nobody will be willing to pay that now that power is retuning to the consumer.

[@robinlight]

You don't need an agent and its obvious you aren't in the business. You have no idea what goes into any of these transactions. Tell me the most basic thing to begin?

[@robinlight]

Also good luck on ALL of the law suits coming your way. Realtors and agents literally attend classes and have ongoing education to help you ungrateful money hogs but they are the greedy ones right?😅

[@mattsohn3442]

@@robinlight There's a lot of ad hominem in these responses. What specifically do you disagree with? Reasonable people can have differences of opinion.

[@TheRealEstateLawyer]

I’d venture to say very few transactions are 15 hours or fewer worth of time involvement.

[@mattsohn3442]

@@TheRealEstateLawyer Jeff Glover, an influential real estate personality, said seller agents average 19 hours per transaction and buyer agents 38 hours, most of which are devoted to touring the homes with their clients. What do you think the average is? More importantly, if you were looking to buy to a $5 million home, would you personally be willing to pay your agent $150,000?

[@CHASI146]

my two cents, Any transaction a person undertakes in North America needs a complete knowledge of the process ( though it is painful) as any party they hire is there to make money for themselves. This goes to real estate, tax, car dealerships etc etc :)

[@alexanderamore9995]

I agree, everyone should also pass the bar exam.

[@TheRealEstateLawyer]

Why is that?

[@MountainVentures-e2s]

I love the scare tactics. I am always happy to pay an agent a fair hourly rate for the services I need.

[@MrSethmo13]

You have referenced “vendors“ many times in this video and others as a reason why buyers should be represented by a buyers agent. Aside from finding a home inspector to conduct the home inspection, what vendors are you referring to?

[@AnastasiaBeverhousen]

I don’t think so. I just bought a home in Texas, being from another state but the only thing she did was take a video of the new home that I found myself. Once deal was closed, never heard from her again. I really did all the work.

[@juliemccue7604]

How did your paperwork?

[@AnastasiaBeverhousen]

@@juliemccue7604 ?

[@MsElaine122]

@julie a purchase and sale doc can be hand written on a post card. It's legal and simple. Too much puffery in re.

[@robinlight]

@@MsElaine122 OMG!! good luck with that. Alot of Las suits coming your way.

[@tateandemmy]

@@robinlight You must be a broker or agent! I've had lawsuits because of the agents did not do their job!

[@AgiSunflowerVentures]

I have been primarily a listing agent for most of my 30 year real estate career. I relied heavily on buyer agents to assist with selling my listings. I viewed buyer agents as my clients. Their skill set is so different to mine. Last year, before the whole mess blew up with the lawsuit, I quit the board of Realtors and became an independent broker. I am so grateful I am no longer affiliated with NAR. My By Owner service removes the listing commission with a fixed flat fee and provides compensation to buyer agents, who I value tremendously.

[@solenpetel2732]

What other stuff you need to do? What vendors research? Beyond showing the property and writing the contract my agent didn't do anything else. This is BS.

[@gorgeousnoxy481]

They didn't collect your money and file it in escrow? They didn't handle all the filing of the legal paperwork you need? They didn't help you recommend a surveyor and a home inspector to make sure you knew exactly what you were buying and that the property was in good condition when you bought it? You're an ungrateful client who minimizes the effort others put into their work. You are BS.

[@robinlight]

Vendors are people like inspectors and people needed for other services. Have you ever had a simple job before? Stop coming on pages trying to get info to screw yourself in the future.

[@Coolman1985]

I don't know if this is good or bad, but hopefully this will drive out all the nasty agents out there, great video by the way

[@werkzeugkasten2142]

please help iron land

[@Slothcake4108]

Please assist iron land

[@UberRealty]

Thank you, When people tell me, Hey I can just use an attorney. They are great a the paperwork but usually will not do the 100 or so task I do or have the knowledge I have. I don't have the knowledge an attorney has because it is 2 different services. An Attorney will help you execute the contract / transfer title,. I help you get to the point you can.

[@OrlandoDiaz-lc6jn]

As a buyer, wouldn’t you want an agent on your side when the seller has professional representation.

[@TheRealEstateLawyer]

One would assume

[@lanialost1320]

You're a reals estate agent. Of course you're going to want a hefty commission for doing menial admin work.

[@samreader5531]

Please assist ironland

[@MaxRuso]

Good...

[@dashap111]

PLEASE ASSIST IRONLAND.

[@robertyoung1777]

The buyer definitely needs an attorney. Start by finding an attorney you can work comfortably with. Ask that attorney about potential realtors they have had good experiences with and the pro and cons of using a realtor. Ask about what issues to be aware of when using a buyers realtor. Possibly sign a contract with a buyers realtor after your conversation with your lawyer. A buyers agent is working for a cut of the transaction. A buyers agent is not the buyer’s employee. No realtor is working for either the buyer or seller. They are working for a real estate firm that will take a percentage of the sale. In life, it is important to have a good relationship with a trusted attorney. The above is my opinion and not to be construed as advice of any sort. Actions any individual takes are their personal responsibility.

[@juleswithnorthstar]

I am my own owner / broker. No brokerage takes a portion of my paycheck. I can wholeheartedly say that I 100% work for my clients!!

[@robinlight]

No the agent works for the seller and buyer.

[@paroffice]

The market created agents. As much as some people want us gone a whole lot more see our value. Ive made sellers hundreds of thousands and saved buyers the same

[@mprrx]

Buyers agent earn their commission. Listing agent shall have a flat 1%. Total commission 4%. Cap.

[@mommom3172]

You can do this now with Redfin. Oh, you may wsnt to check their reviews first. They aren't so great.

[@gastronomistmd5078]

Hi Man….. that is great way… it should be exactly. NO AGENT simple more money in your pockets. If the government makes the title and deed more transparent. It is that simple …. Savings for the consumers. You people should encourage people to do it. SAVE MONEY. Not give money middle man ppl.

[@peterwilliams2889]

Hopefully Car Buyers Agents become a thing soon.

[@MaxRuso]

Lol uneducated real estate world. Are there any smart people in real estate?

[@robinlight]

Sir please do not insult people. You look pathetic.

[@rapp-in1mz]

As an investor buying rentals no buyer's agent with or without financing I don't see the extra work for the attorney. I don't. These attorneys need to be clear what they are seeing?

[@WalterDorcas]

I totally agree; I am 54 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.

[@WalterDorcas]

"Angela Lynn Schilling" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.!

[@rapp-in1mz]

Thanks a lot for this recommendation. I just looked her up, and I have sent her an email. I hope she gets back to me soon.

[@iwillmakeanamelater-ts9vu]

Please assist ironland