How new real estate rules will affect homebuyers and sellers

[@jeff4749]

I still don't understand why the fee is based on the percentage of house selling price. Nowadays, everything has become streamline and standard, such as buyer and seller paperwork, disclosure documents, legal documents, etc. I think the seller and buyer agents' fees should be based on negotiated flat fees. 6% of final selling home prices is just way too much. I am not jealous of some realtors' salaries, but come on, a person with a high school diploma and a relatively easy real estate license makes more than some professional or blue collar jobs.

[@seanm3226]

I agree with you that you “don’t understand”. Real estate commissions have always been negotiable.

[@Houstonbeach]

Just go get your Real Estate license and go out there and do the same then.

[@jeff4749]

@Napskilla Greetings, I do have a real estate license, and I closed 4 deals in the last 5 years as a buyer agent, all for my relatives/family. Full disclosure: I have a full-time job as an engineer with 3 PE licenses. When I represented my relatives, I provided the MLS listing based on their budget and criteria, and I told my them (e.g. my uncle) to check out some photos through Redfin, go to open house, and I can coordinate with seller agent if they really want to see the house. My work was not that much, be honest, paperwork is pretty standard and I referred my friend who does loan to them. At the end, I feel bad to collect 2.5% of $1 million because seriously, I did not do that much again, so I returned most of my commission back to them.

[@Knightswoop1]

Freaking realtor made 20 grand on my house in 2 hours. That’s insane money. Yes they sold it quick, but the market was hot. I should have sold it myself.

[@jeff4749]

@Knightswoop1 I have a real estate license and closed a few deals all for my relatives as a buyer agent. I am a full-time engineer, so I don't really need that money. I returned most of my commission back to my relatives, again, the paperwork was pretty standard. I did asked my relatives to check it out themselves through open house, Redfin, etc. I can still coordinate with seller agents if they really wants to see the houses. Guess what, I only took them average like 2 or 3 houses.. it was really not that much work compared with my day jobs, negotiating contracts with contractors.

[@oma3015]

It should be 2%. 1% each. seriously! What do they do? We find the home online. We could contact the owner to see the home like the rest of the world! They do nothing. The engineers who design the home will get 3-4% at the max and they do it once! Why do we need real state agents?

[@kdot7175]

You don't need an agent. The only thing is, buying a home, there's a lot to learn as you want to know what you are signing. But you really don't. You can do it 100% by yourself.

[@oma3015]

@@kdot7175 That is a template. They even dont do that lol

[@nightowl6260]

In my experience there is price fixing between realtors. They know who is more desperate, the buyer or the seller. It can be suggested by one or the other, that the buyer will pay more , or the seller hold out for more. Realtors don't represent you -- they represent themselves and their own interests. And what do we pay so much for the attorney's at closing??? They have standard contracts and just have to show up to earn high fees.

[@Houstonbeach]

This is so not true. 🤦‍♂️

[@sharonjohnson4636]

Wow! Strongly disagree with that!

[@aarontrompeterrealestatebr6159]

You absolutely don't know anything, bud. Buyers suck bad to work with. Take for ever,. Make you work evenings, weekends, holidays for months and months. The only thing now is it will be harder to help them and we won't work with sub-par buyers because we have no idea if we'll get paid for putting up with you.

[@oma3015]

6% is too much! It should be 2%. They do nothing!

[@Houstonbeach]

@@oma3015 how long you been an Agent?

[@SheLoveSports]

If you have bought/sold a home before hire a real estate attorney to draw up the contract/offer for you. Then, schedule your inspections.

[@rgen28]

It’s about time. No more free lunch. Overall. Fees should be capped at 1% max.

[@aarontrompeterrealestatebr6159]

sure . . . work for six months driving hundreds of miles screwing around with people who don't want to listen and then get paid 1 percent on $200k . . . yeah . . . I won't be working with, or for, you.

[@nicoles9077]

@@aarontrompeterrealestatebr6159then have a flat rate for showing your buyers around. Not sure what that has to do with the seller? That was the whole point of the lawsuit. You are not working for the seller so there should rightfully be two separate and non related transactions

[@Legoman69469]

Where is there a 200k house these days? I’m moving there!!

[@Shannon_Stamm]

@@Legoman69469 Michigan

[@elainemunro4621]

I live in Hawaii and sold my home in 2022 with a 2% commission and the buyer paid whatever agreement they made with their agent or my agent. Their firm had been selling more homes than any other realtor.

[@Agent77X]

This is in correct here! Both buyer and seller do not need agents! They can negotiate on their own and hire a real estate lawyer at closing if your real estate is over $1 million dollars.

[@salvadorbravo4187]

The real problem is the lack of accountability on realtors and the office they work for. Once you are in contract, all your realtor/representative does is sit on his/her hands to wait for a fat paycheck. Keep in mind, realtors DON'T CARE how much of a good or bad deal it was for you (supposedly they're are the professionals to counsel you in your transaction).

[@206remyboyz7]

Pretty much forced into a “deal” but really it’s a declarative scam

[@seanm3226]

You clearly don’t know how real estate transactions work. But I applaud your carefree comments.

[@206remyboyz7]

@@seanm3226 thank you

[@aarontrompeterrealestatebr6159]

You don't know anything. Just walk through walmart and look at the people . . . ask yourself which of those morons you'd want to work with for six months to a year and go through a $300k transaction with . . . there's a lot of idiots and just because you can get a loan doesn't mean you are awesome to work for or with, or that your are going to be successful. The only thing this will do is make it harder for the poor to find somebody who can afford working with them.

[@edithortiz4763]

It is sad; to know that this time is only good for the rich people!!! Just renting a room is $1500….

[@anarojas844]

Realtor is not really necessary

[@seanliu7061]

totally agreed

[@seanliu7061]

basically, realtor just a fancy version of car salesman, u can buy a car without talk with salesman just buy in on-line, such as caravan

[@csnoremac1]

Buying a home was already near impossible for many people now we gotta pay the realtor too.....ffffkkkkk

[@Houstonbeach]

Exactly! This will only hurt the buyers.

[@michelleschweizer9000]

No just go to the listing agent and tell them you want to buy but not pay a re agent. He can do the paperwork for you. Get a good closing atty and do your due diligence.

[@kenchu5900]

@@michelleschweizer9000 Maybe I am missing something. How does the buyer get inside the house for a walkthrough without a buyer agent?

[@michelleschweizer9000]

@@kenchu5900 call the listing agent. You may have to sign a buyers agency w the listing agent for that one specific house w no fee being paid: they want to sell the house. You don’t want to pay an agent.

[@Ttow49]

For sale by owner

[@eddieg6436]

…….BEYOND CONFUSING!!!

[@yessicaanabel8298]

If you already signed a listing agreement with the agent of the 5% split, prior to this weekend when these changes were announced, is the agreement still valid ?

[@cesartrujillo8813]

Yes its valid this is from here and out

[@kellyjelly2465]

This hurts buyers!!!

[@cesartrujillo8813]

Now it would be more impossible to buy a home. How would this help buyers? Right. 😂😂 now a buyer would need to come up with ? Down payment closing costs and NOW AGENT COMMISSION LOL.

[@Agent77X]

I go with a fix fee for the agent of $500.00 to do the paperwork! They nothing more than paper pushers!😊

[@randrewp]

This will further benefit buyers with money over those with less, unless lenders let buyers fold their buyer agent commission into their loan.

[@Houstonbeach]

That’s a possibility

[@lorimcquinn3966]

IMO, this did not address the real issue, the whole industry needs more transparency, less game playing and a elimination of loopholes.

[@lioneaglegriffin]

Like many class actions it was a way for lawyers to collect large legal fees and give the class members crumbs.

[@Coisiniiiiii]

I never thought a $500,000 property could have such an impact! Seeing a video titled "This $500,000 Property Will Crash London's Real Estate Market." is incredible.

[@Freelancingzahid]

Your video is very good ,But There is a problem with the video settings,& sEO If you fix that, you can expect something better.

[@salvatoredinunzio4137]

Great news…. About time those salespeople are getting much less than what they were previous paid

[@seanliu7061]

I will expect popular location seller will not pay for buyer's agent fees.

[@chris-co3ej]

I use Realtors to sell because they show the property and take the phone calls and prequalify the buyers take deposits, provide contracts. I don't want to do that crap. I let them do that.

[@Knightswoop1]

Hello buyer, I’m not budging. I’m just going to pay my 3% to my seller’s agent. 😂😂😂😂

[@aarontrompeterrealestatebr6159]

Then let it sit . . . and, for a industry that makes good livings for the often un-educated average realtor . . . maybe you should pay people what you think you are worth, and only take 1 percent when you bring the buyer, if that's they are worth, scab.

[@episdosas9949]

housing should not be for profit. its a basic human need. the government should regulate it until its not a profitable market.

[@DavidAlemanArdila]

I agree that it is a basic human need, but if you are selling your home you can’t just give it away without getting something in return. This is just how markets work, and it’s the most efficient form of economy that we have. Government regulation usually only has short term gains but making a cap on how much you can sell your home would cause a massive shortage in homes, as well as lower the quality of housing to a significant degree. Hell if they can’t get any profit there then builders and developers would just stop building homes. I do agree though that it is a basic human need.

[@TheHustlinHomeGirl]

Buyers competing for homes and offering over asking by $50k $60k $100k when rates were 2% is the reason home values shot up not commissions lets be clear!!!

[@seanm3226]

Yup, and homes prices will remain high when (and if) interest rates lower.

[@TYD98]

But interest is not low.

[@Ttow49]

I can see for sale by owner becoming huge, half of the home buyers are not going to sign a contract with a agent, that us just stupid

[@mousewilson1939]

This kills the buyer.

[@cesartrujillo8813]

Now it would be more impossible to buy a home. How would this help buyers? Right. 😂😂 now a buyer would need to come up with ? Down payment closing costs and NOW AGENT COMMISSION LOL.

[@huynguyentoantin]

So now you get what you wished for

[@MemphisRealtorAppraiser]

❤

[@RayNLA]

Same racket!

[@droneman307]

Abysmal reporting by these two women!