WE'RE NOT PAYING REAL ESTATE AGENTS ANYMORE!

I did a poll on my channel about a week ago to see how many of you home Seller is out there are still willing to pay a commission after the recent NAR settlement. The answers were very interesting and today we're going to go over them and how it might affect the future of the housing market.
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#realestate #housingmarket #homeprices #housingmarketcrash
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DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Michael Bordenaro is not a registered financial advisor. Your use of Michael Bordenaro’s KZbin channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, KZbin, E-Mail, and Instagram) for communications with Michael Bordenaro does not establish a formal business relationship.

[@nicolasbenson009]

Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.

[@BridgetMiller-]

Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.

[@tatianastarcic]

Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.

[@berniceburgos-]

this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation

[@tatianastarcic]

Melissa Terri Swayne’ maintains an online presence that can be easily found through a simple search of her name on the internet.

[@Michaelparker12]

She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.

[@laid07]

Let's be real, realtors do not sell houses. Houses sell houses.

[@mommom3172]

Tell me you haven't seen the real estate market pre-2012. 😂

[@nkkren87]

Buyers buy houses. Houses don’t sell houses lol.

[@BitcoinEdge13]

Good realtors facilitate and bring experience. Lots to juggle. Some people and some elderly need help, If not, go ahead. Lawyers there only for the closing :)

[@arizonagolfandrealestate4508]

Try me. :)

[@1whitecottagelife770]

All Realtors do is sell a service. They don't sell houses, because they don't own the houses.

[@ColeDedhand]

I worked for a year as a Realtor. Of all the Realtors I worked with I found 50% were incompetent, 40% were criminally dishonest, and 10% were good. The whole environment was so toxic I got out.

[@DianaPrinceitiswhatitis]

Wow! Thanks for keeping it real and sharing.

[@rochellet1333]

I believe it!

[@schoomzer]

accurate evaluation

[@g.i.520]

💯

[@CabinGirl57]

Yes! 💯 I’m a newer agent and having a hard time with the dishonesty…

[@t-fuelernienotoriousmisfit7449]

The biggest scam and secret in real estate. You don't need an agent to buy or sell a property or house. You just need the title company 🧐🤷‍♂️👏

[@jasonmueller1052]

Well sed

[@KathleenMcCormickLCSWMPH]

That’s what I did. Very simple.

[@KrisGerhardt]

A friend of mine did this. Used Zillow a few years ago to list and sold his house. Only used a local attorney and a title agency. Neighbors found out, and he ended up helping several others do the same thing.

[@Su-Jo]

Realtors are like car salemen. They don't care about you, just their commission.

[@hvaball150]

Question then. How much did the dealership pay your car buyers agent you brought with you?

[@billredding2000]

@@hvaball150 I don't know what Su-Jo does, but I don't go to the dealership (to buy new, I don't buy used) except for a test drive (maybe, because I've already researched the vehicle thoroughly up/down and sideways) or to sign the papers and pay for it: I hire a Car Buying Concierge (not to be confused with a Car Broker, who gets $$ from the dealership) and the Concierge works only for me -- no need for me to deal personally with the Sales Droids. In short, I hire a car-shark to deal with the other car-sharks...but not with the Great White Shark (a dealership's Finance Manager) as I don't need him/her at all: I use my bank or credit union, AND make a huge down-payment. Like most people, I HATE to go to a dealership to buy a car. This way, I don't have to. As for buying a house, I believe a good agent deserves a decent commission and I WOULD need one as I don't know enough about the profession to be a Buyer w/o representation, but I'd have trouble paying it. However, since I'll mainly be looking at new homes/construction, the TMK the Builder will be paying my agent's commission...so it may work out that way. Otherwise, if I go with a pre-owned home I'd have to find a way to pay my agent myself. I expect when it comes time for ME to buy (late 2025 the earliest), this "commission thing" will be settled so I'll know what my options are then. Now, it's just a lot of guessing. -- BR

[@Falconlibrary]

This is true with both buyer's and seller's agents. In fact, a true buyer's agent is a rare bird. Most realtors just want a quick sale and a commission, and that's the side they're on--not the seller's side and not the buyer's side.

[@EL.JEFE1231]

@@Falconlibrary@Falconlibrary, not all of us are like that. I prefer to work with buyers; I only do a few listings.

[@aaz1992]

That applies to every single commission based industry lol

[@dealsfromvirginia1773]

I sold my last house in 2016 with nothing more than a sign in the yard. Got my asking price and didn't pay any commissions to those blood sucking realtors.

[@Martin-og9zg]

Went right to the title company with the buyer? Or how did you do it without a realtor, if I can ask?

[@cookieyang1392]

Straight to title company simple.

[@dealsfromvirginia1773]

@@Martin-og9zg I had a closing attorney, they had a closing attorney. I signed the paperwork, they signed the paperwork and sent over the funds and my attorney paid me.

[@jos_t_band3912]

Sold below market value.

[@johnoliver4199]

I did the same with a hand written photo copied flyers in the mailboxes of neighborhood s we were interested in. The agent I had had before this had produced nothing due to “ low inventory “. Within 1 week I had a deal. No agents, no commissions- the mortgage broker and title/ settlement company does almost all the technical work. Agents just get in the way!

[@ralphseewald4069]

Probably before long someone will develop an app which allows you to make offers on properties without an agent

[@MichaelBordenaro]

Maybe but that doesn’t carry you through the transaction

[@hvaball150]

I think it has existed for decades. FSBO. All kidding aside, I sold my car through Autotrader PSX (personal seller exchange) system...and that could be done for houses.

[@kevoreilly6557]

@@MichaelBordenarothat’s what ai is for - the whole agent process is a legacy of the last century

[@sbearly]

Why is the commission always a percentage? Does a more expensive house require more work for an agent than a less expensive house? Why not a flat charge? Or an hourly price?

[@taffyalusa4642]

Works in other countries!

[@alyross2850]

Right. I think this is the root cause of the resentment towards agents.

[@btafan11]

​@@taffyalusa4642other countries pay 1-2%

[@karenkramer3760]

That's a great point I've always wondered as well.

[@miriamseidel8463]

The more expensive the property, the less the buyer pool is. If you are selling a multi-million dollar property, the buyer pool might be 5-10% of the buyers out there. It's like a "good ole boys club" per se. That million dollar agent, may be the one that knows the buyers agents that have the clients that can afford these properties. Have you every seen "Million Dollar Listing" on Bravo? It's politics, and they ALL know each other.

[@tizzx4945]

I wish everyone and his family a happy Easter. May everyone and their families be blessed!

[@andydhillon1977]

Same to you!

[@amrice62]

Psalm 19:7 New American Standard Bible The Law of the LORD is perfect, restoring the soul; The testimony of the LORD is sure, making wise the simple

[@MichaelBordenaro]

Happy Easter, my friend!

[@edge918]

​@@MichaelBordenaroHappy Easter to you and Lisi 🙂🐇🐣💐🩷❤️🧡

[@MichaelBordenaro]

@@edge918 thank you Laura you too!!

[@cadelangemore3114]

25% of your viewers are agents, clearly. Let the listing agent bring in a buyer.

[@amargacanica1042]

💯

[@86Framer]

Having random potential buyers having to constantly run to a lawyer for offers and negotiating, is going to slow things down. They’re also not going to walk new homebuyers through everything, like a good buyer realtor does. It will also cost the buyer more to pay a realtor or hire a real estate lawyer, which will reduce their purchasing power, so this isn’t going to increase profits for sellers by 2.5 to 3%.

[@amargacanica1042]

@@86Framer 😂 you are speculating like crazy right about now!

[@goofyfoot2001]

Listing agents will have to work for their money now.

[@86Framer]

@@amargacanica1042How paying the buyer realtor costs not going to lower a buyer’s budget? Do you really think a 9-5 law office is going to be, as responsive as a good realtor? I just don’t think buyers are going to be as likely to get into bidding wars, if the cost to do so is a couple hundred bucks out of pocket each time.

[@dmimcg]

When I sell a house, I pay a flat $400 listing fee to be on the MLS and offer 3 percent to the buyers agent. Been doing it for years- nothing new to see here. I don't need the gubbermint to decide for me what to do. As you mentioned before, this is another law that will have NO EFFECT on prices at all. FJB.

[@S.A.White...]

As a buyer, I hate the idea that you are paying a commission to the person who is supposed to represent me in the transaction. This means you win if I pay more, but also that MY AGENT does better if I pay more. Glad you didn't need the gubberment all up in your business for a setup that benefits you - but I certainly hate that setup as a person who it disadvantages me. I want to negotiate my own terms with my own agent, thank you very much, and real estate agents pretending that the NAR ever had my interests at heart with that ridiculous setup makes me laugh and laugh and laugh. TL;Dr Is it really better to have a monopoly like the NAR set the rules than the gubberment? This here buyer doubts it.

[@globalfamily8172]

@@S.A.White... You hate that you are paying for someone to work for you? Try getting your furnace fixed.

[@S.A.White...]

@@globalfamily8172 I think you need to read my comment again.

[@S.A.White...]

@@globalfamily8172 very, very bad comparison that has nothing to do with my point

[@btafan11]

​@@globalfamily8172They hate that the seller is paying the buyer's agent against the buyer's best interests

[@Neopitpit]

99% of the time the realtor estate agent add NO value.

[@hvaball150]

Can you say that of a buyers agent? The buyer selects them "at will". 100% of the time, they have value to the buyer...by definition. Actually, often 3% of the purchase... Or just skip them. I did. But not 99% of the time they are skipped.

[@bams50]

Probably nobody will see it, but I really wanted to share my experience. The last time I sold a property was in 2015. I did when everybody else did, and listed it with a local realtor. we had a buyer that was trying to negotiate; he would ask a question or make a proposal, then the agent would contact me for an answer, then go back to the buyer; then come back for clarification, or something else. After a week of this foolishness, I asked her, is it acceptable for me to speak directly with the buyer? She gave me his phone number, I called him, and in a 10 minute phone conversation, the deal was made. In the end, the realtor did nothing when it came to negotiating the deal. They got 6% for making a listing and making the individual contact. It left me to think that I wish I would have tried it on my own first.

[@mommom3172]

But they FOUND the buyer. 🤔 You wouldn't have had a deal to negotiate if they didn't bring the buyer.

[@naplesflexplorer]

@@mommom3172The once closed MLS system is now accessible to non realtors and buyers directly via zillow and other services. Buyers can now find the property directly and cut the middle men from the equation for both the seller and the buyer. I can't imagine that anything less than 99% of buyers aren't searching for homes via zillow type service themselves.

[@smokeyj3983]

​@@mommom3172 I'm 90% sure the house listed on MLS brought the buyer.

[@judithmcvety1069]

I've sold 3 of my own homes and one for my parents. I have no real estate license. The title company helps with all the paperwork. The agent just brings you the customer, but you can list it on Zillow and Trulia for free and save quite a bit on the commission fee. However, I did pay a buyer agent 3% on two different occasions for bringing me the buyer, once 2% and another time I paid 0 commission. If you are not in a hurry to sell then you can save 100% on commission fees.

[@globalfamily8172]

A buyer agent doesn't make 6%. You know that right?

[@Greg-yw8xb]

Real estate agents don’t deserve the commission they acquire in areas with homes selling $800k+. You cannot justify an agent making as much as doctors, lawyers, and district/regional managers for billion dollar corporations.

[@HHH-ye1ro]

The one thing I can say about this is, most sellers with homes like this make so much money, they don’t really care. Just make someone else do it. And multi- million dollar home agents really do find buyers.

[@miriamseidel8463]

Oh my, in today's world: a large percentage of doctors, lawyers, and CEOs are full of BS. They are in and part of the biggest corrupt systems ever. Doctors & Lawyers have no idea what they are doing- you have to TELL them what to do. There's a REASON they are called "PRACTICES"

[@SignorNessuno65]

"Don't be greedy or selfish." Well said! I've seen many homes being sold by the relatives of deceased elderly people that are money hungry. These people were nowhere to be found when the owner was alive, yet now they want an astronomical amount for an aged property.

[@mikem9612]

Ang Greedy people are on the sidelines hopeing for a crash. Everyone is greedy at some point

[@tokay57]

They can ask what they want,no one is forced to buy it. if someone does buy it, it pushes prices up in the neighborhood. if it doesn't, the owner can lose alot more than if they proced it correctly from the beginning.

[@86Framer]

@@mikem9612Houses are definitely overpriced right now in many markets because of the Golden Handcuffs, Airbnb, and government stopping foreclosures. I don’t think it’s greedy to wait for a market correction.

[@TheRachag]

California?

[@Xrpurple]

You are casting stones without complete knowledge. I bet you drive just like you think 😮

[@PC-cs5wp]

Pay 2 to the buyers agent and sell it yourself!!!!!! You can put anything on the MLS for 365.00

[@acegolfman3203]

Good Idea, I only need a buyers agent

[@smsavis]

Truth

[@user-oe5ey3ex8b]

This is how I always sell. I post on Zillow and advertise a 2% buyers commission. Buyers find my property on Zillow then tell their buyers agent they want to view it. I stage it, take professional photos and write the ad. Those buyers who contact me directly without an agent, I explain that the title company employs a licensed real estate lawyer to review the transaction and their mortgage company will also look over the paperwork. Agents are an unneeded expense.

[@aryanvaid7530]

yeah but then how will my property be marketed? and do i have to answer all the calls and be around for showings and open house? no thanks.

[@jeff4invest]

@@aryanvaid7530 Yes, it means you will need to be a retired person to be around all the time.

[@CyberManny23]

As a real estate agent here in FL I can tell you, there is ALOT of bad apples.. not just a few..

[@johnlundgren1967]

How about this scenario? The sellers list their own homes and put them on MLS. The listing says they will pay buyers agent 2 to 3%. You could then use your own attorney to check/write the contract, You would save tens of thousands of dollars.

[@RethinkOpenHouse]

This would be called a Flat Fee listing. You can do it for about $100.

[@mrpremiumoftheoption116]

Long gone are the days of 5%, 6%, (or more) listing fees! The new norm will be 2-3%!! In the end, home sellers win!

[@commonsense6967]

That'd be great, but FSBO is the best.

[@gilborealty]

lol. That’s not what happening or is going to happen.

[@Nemo00013]

If you think that's what's going to happen, you're a fool.

[@2breal91]

6% made sense with average home prices around 150k that was 9k total. 6% at 800k is 48k total. This does not include the additional roughly 4% of closing costs a seller typically has to pay as well. I’m fine considering a flat fee for listing agent and a percentage for a buyers agent that is more realistic

[@gilborealty]

Agents have to live in those communities too. You don't think agents aren't paying more to live with higher prices?@@2breal91

[@leo8530]

Every buying real estate agent I had was horrible. They only tried to get me to buy a property that made them the biggest commission. They ignored what I was looking for in the property. I always had to find the property myself online and either worked with the listing agent myself which always worked out good and they took most the buying agent commission off the price. When I had to use a buying agent they did nothing but showed me the property. All the listing agents complained the buying agent did nothing but show the property. The listing agent had to do everything else including helping me with the application process.

[@mollynguyen834]

This is so truth! We just brought a home and the buyer agent did nothing but collect commissions check. I only communicate with the lender 🤣🤣

[@b4804514]

You did not do your research and got a bad agent. There are so many bad apples you have to look hard to find the right one.

[@serggla924]

Buying agents are useless

[@luckyrockmore2796]

My buyer agent tried to get me to buy her house years ago......🤦‍♂️

[@RealityStudioLLC888]

My problem with all this is why do real estate agents get paid by percentage? I understand there is work involved but whether they are selling a $400k home or a $800k home that amount of work is the same. So why does one agent in that case take twice the amount of payment from the home owner? The way it's all setup now basically makes it a tax payment to the agent which is insane.

[@Beingteachablewithkim]

In our country, we can advertise and do our own properties privately and then use a company to do the handover paperwork. The days of Agents taking a huge cut for nothing are over.

[@globalfamily8172]

How much should an agent get? Per hour?

[@Beingteachablewithkim]

@@globalfamily8172 in SA, agents typically only get their commission once the property is sold (hours worked are billed into the commission at the successful end of the transaction. So no sale, no pay. If they can’t sell the property in a specified time, even with reductions etc, then other agent companies are invited to help or take over). Not sure what the hourly rate is but agents typically take anywhere between 1-8% of the sale of the home with an average of between 1-4%. Laws may differ from country to country but if you can, do the administrative leg work yourself (do research and price your property based on the current value of homes in the area etc, do as many renovations and painting before selling that you can, take your own photos and edit videos on platforms like Canva, advertise on local platforms, arrange your own viewings and get all your purchase offer papers and documentations (and advice) etc from an appointed transfer attorney and then they take over the legal hand over process. Typically, the buyer will pay for things like a home inspections, electrical and plumbing compliance etc which they arrange. It Can work out much cheaper! I don’t know about your country, but our agents that I’ve dealt with are pretty lazy and their sales skills questionable. I’d rather do the work myself and not hand over money to anyone for work I can do myself.

[@kimberlyplatt2382]

I refuse to buy a house that the seller paid say, 350k for, but try and turn around then sale it for 700-900k. Especially if its a older home with no upgrades or remodeling.

[@konradzach4326]

That has been my luck here in Illinois lol it’s ridiculous

[@mommom3172]

Exactly! Sellers have been screwing buyers over for the last 4 years. It is about to turn around. Get a good agent who knows your market. All these greedy sellers are about to get a wake up call! Many of them who bought in 2021-2022 got their property tax bills and can't pay them.

[@kimberlyplatt2382]

@@mommom3172 serves them right for being greedy and stupid. To me if you’re gonna buy a 350k house. Then try to sale it for 700k or more. Not only does it need to be point with the upgrades. The remodeling has to be second to none.

[@Dohair879]

This is why I’m waiting on a new build.

[@luckyrockmore2796]

​@@Dohair879they don't make them like they use to

[@ayo9057]

The full commission is definitely a scam for 750K+ homes

[@SC-pe9ir]

500,000 plus

[@mattp4079]

As a FSBO, what does it mean to be greedy? A house, like a classic car is worth whatever someone is willing to pay for it. The National Association of Realtors is THE definition of greed for having RIGGED THE SYSTEM for decades.

[@mommom3172]

No. Sellers have been greedy AF during this boom. Deferred maintenance, leaking roofs and selling over appraisal. Buyers are about to stick it to Sellers. The pendulum always swings the other direction. Inventory is ALREADY piling up. Sellers will be begging buyers to buy. It is already happening.

[@globalfamily8172]

@@mommom3172 When it's a buyer's market, concessions will be made.

[@greenlight6913]

Michael, your correct, I sold in 2022 and priced it 4k lower than other listing in my hood. Sold the house in 3 hours on day one.

[@MichaelBordenaro]

Oh yeah, that always works😊 but some sellers don’t want to do it because they’re too greedy

[@michaelwilliamson3551]

You sold it too cheap..

[@KathleenMcCormickLCSWMPH]

I finally bought a house in New Mexico as a FSBO due to all the terrible experiences I’ve had with realtors here. I essentially gave up on them. I had one agent sell a house right out from under me to her friend after I had found that house on my own.

[@MakePoint-or9sr]

same happened to me. Put a bid on a Bank Owned Home, 30,000 above the bank price, (pre approved) and lost the home due to a crooked agent, and the house was sold for bank asking of 170,000 go figure. My agent at the time knew it was fishy but did nothing to expose this other crooked agent that wanted both sides.

[@factsplz2248]

Pay by the hour? Drive time from the office to the home? Pay for document prep? Pay for failed offers (the work was done)? Pay for contact with attorneys, Seller realtor, with title companies, for reviewing closing documents? Pay for attending the inspections? There are so many things to deal with that can go wrong -- a bad survey, cloudy title, bad appraisal, etc., etc.

[@mmmd3429]

Most of that work is emails and DocuSign 🤣

[@mattprowant5076]

Bingo! Time is often of the essence to make the deal happen, but a pay by the hour business model doesn't incentivize the buyer agent to move quickly. Also, does the buyer pay up front like a retainer fee? Any hourly agent is going to want a few thousand up front and then will be either asking for more money down the line or will have to rebate the overage. I simply see too many issues with pay by the hour agency, but I'm sure it will be attempted.

[@kevoreilly6557]

Clearly a real estate agent

[@mommom3172]

They will go broke paying hourly fees before they even get a home purchased.

[@globalfamily8172]

@@kevoreilly6557 Yeah, how dare they not work for free. Meanwhile you are griping about the cost of everything and you want people to work for free. LOL

[@veronicallamas9333]

I sold a house back in 2014 and paid 4%. I sold again 3/2024 and paid 4%. It’s always been negotiable.

[@Lumi-OF-Model]

They won’t be able to pay because the rent is too damn high

[@IanThecrackerstacker]

Too high for only fans. 😆 now ive heard it all

[@MusicLover-ui9sm]

Too damn high is RENT

[@JFEnterprize]

@@IanThecrackerstackersome OF model rented a place from a squatter to shoot videos in. 😮

[@IanThecrackerstacker]

@@JFEnterprize 😆

[@rsmith9047]

Listing agents don’t do jack…flat fee to get the property into the MLS..3% to the agent that brings the buyer

[@CanTho2022]

3% is too much….tell them 1%

[@addieb8943]

I purchased 2 homes in the last two years and each time I found realtors made a lot of money for not a lot of work. Majority of the work was done by my attorney and banks. The realtors really did nothing other then showed up to show me a house and write up a offer that was a basic standard form that anyone could fill out. If the agent could show me a good service and why they be worth a percentage of the over all price of the house then I am good with hiring one when i sell and help a buyer if it helps sell. My state in mass I guess you could hire a realtor that was called a facilitator that could represent both buyer and seller. I am going to assume personal in that field will move towards that type of practice probably make the negotiations easier,

[@BlackRifleRack]

Use a title company and attorney. Under 2500.00 Please wake up people. Have a home inspection if you do not know what you are looking at. Its a club!!!

[@sierrasky2491]

My Seattle cousin purchased an MLS sign for her house. It also included her home in the listing as FSBO. She paid $1200 to a lawyer (20 yrs ago) anf sold the house. It didn't require an agent.

[@gilborealty]

There are scenarios out there that don't require a Realtor. If you think you can do it, we say go for it. Most can't and won't. It is what it is.

[@jowmister1594]

Happy Easter to everyone.

[@rv6205]

people find their own homes and then call the listing agent directly , they can act as a duel agent ....its 2024 , when has the buyers agent ever show a client a house they didnt already know about ..its not 1977

[@boondoggle4820]

My thing is that the sellers aren’t really paying now because it’s baked into the price of the home. The buyer is essentially paying it as part of their mortgage. Now, the buyer may have to pay up front, adding to the upfront costs, and they may have to pay whether they close on a home or not which was not the case before. This could be really bad for first time homebuyers.

[@goofyfoot2001]

No one is going to pay a buyers agent outside the sale. Most people will just call the sellers agent of the houses they want to see and the listing agents are going to have to show the home or they will become really nasty when it comes to qualifying buyers. Then they will be getting a LOT of negative reviews.

[@LockedUpLarry]

This is true. No sell, no cash paid. Buyers have always indirectly (as you pointed out) or directly paid. Now they will Always pay directly…. Except for market where the shenanigans move to another platform. Buyers are know aware that negotiations are expected. The buyers’ agents now have to get you to sign a contract with them. The way it worked in the past is…. If you saw a house with an agent you’re signed to… you have to close with them if you buy. You cannot leave them and purchase the property through another agent and broker. Of course I doubt that they are completely legally binding as written. ESP for trash agents

[@geraldkoth654]

FSBO same price for home but seller saves all dumb realtor fees. The seller has skin in the game and will get it sold. The listing style of agent does not do one thing beyond the listing. They just sit on it until it sells.

[@SeanD808]

@@geraldkoth654 "FSBO homes sold at a median of $310,000 in 2022, whereas agent-assisted sales had a median price of $405,000."

[@lindacerulli797]

So what happens to the brokers and where do agents hang there license

[@TimmyCramer]

40 years a Realtor. Looks like I'll be applying to get a job at the golf course. Hard work doesn't scare me and I enjoy mowing the yard!! Timmy C Arizona

[@stanburdick9708]

Hehehehehe.....😆ya get what ya give

[@HHH-ye1ro]

Hope you saved all those commissions.

[@wespotter6985]

The fact that a realtor will show one house over the other.For the larger commission amount shows the corruption of the system. They don't have the buyers interest As the number one concerned. It's only how much money I can get from this. So the buyer and the buyer's agent are working at cross purposes which is not asituation for the buyer.

[@arcanernz]

A house in a good neighborhood for a good price will always command lots of attention since buyers are the ones looking not really the buyer agent.

[@jjandj7582]

Yes, these days buyers look for and find the houses they want to see. I don't see how a buyer agent is going to tell any client that they won't show them a house because the agent does not like the fee.

[@arcanernz]

@@jjandj7582 exactly if the agent said no I’d hire another agent.

[@sv4673]

With an expensive California home the percentage a realtor makes is too high.

[@mommom3172]

Everything is more expensive in California. Money is relative from one location to another.

[@wespotter6985]

When I sold my house by owner? I received many calls from realtors watching the listing. I told them if they brought a buyer to me. I would give them 1 percent. I was verbally assaulted and abused. And it was a seller's market.

[@HHH-ye1ro]

Offer 0.5% when they call you back. 👍

[@suzy1717]

The law suit has highlighted real estate commissions and made the issue more transparent. They're now truly negotiable, it's not just a cliche used when a realtor gets cornered. Let the chips fall where they may, it will all settle down but big franchises and so called 'full service' real estate offices have been exposed for the crooks many of them are. We've sold out last 3 homes on Zillow as a FSBO and offered 2.5% for the buyers agent. We priced at market value or just a little below, got a buyer within a 2 weeks on all houses. Change is good in the real estate industry it's been corrupt for too long!

[@mikesrandomvideos]

If I were selling a house I would list it myself on a few social media house websites (no listing agent). I would pay only a partial commissions to a buyers agent if he gave me a qualified buyer. This is why I let my Real estate license go last year. I had a license since 1991.

[@mommom3172]

How many homes did you sell your last year in real eatate? Just curious what your experience level is. It doenst sound like you've had a contract cancel or fall through.

[@mikesrandomvideos]

@@mommom3172 I only sold a few homes a year. Because I was mostly in lending The lending business changed so much I decided not to get fed license. Dodd Frank Wrecked lending badly. in the 90s and some of the 2000. I was pretty active. Active when the market is hot. Then doing other things when it is not. I find real estate to be a Volatile business. I did a lot of FHA transactions. Then when it was hitting the Stated income I tapered off knowing it was going to fall apart. Called it in 2005. Told everyone in my office I was going for the hills. They all laughed at me...But I didnt care. Every person who laughed at me lost their house and about everything they had. in 2009 I was making more than anyone I know in another business high 6 figures.

[@Cozydrone]

I just saw a realty company here in fort Myers that has a single fee for all customers 😮.is this true,is this the new trend

[@amargacanica1042]

If it’s not a trend it will become a trend here in the USA that’s how it’s in Europe

[@MichaelBordenaro]

I haven’t seen that send me the link so I can take a look

[@hvaball150]

There have been plenty of flat fee brokers. 2%. They are mostly out of business. Hasn't worked out yet.

[@Joce123]

My friend sold her place in Algonquin Illinois and paid her buyer's realtor 2percent. She sold herself. She used a tax real-estate lawyer for the closing. $400,000 property

[@SeanD808]

How much did it cost for the lawyer?

[@nunya2954]

YEP - People are lazy and just want to give their money away. No reason for that. The World sold homes and property way before realtors were a thing. No such thing as Realtors in the day. Another thing, it is just stupid to be in a hurry to sell. I never get that part because if you need to get out of a home and are in a hurry, that is all the more reason not to give a realtor your money, cause if you have to hurry a sale, chances are that seller needs all the money they can get. But folks are lazy. LOL

[@user-oh6ox9hz9c]

Most times you don't even need a lawyer. The title company does almost all the work and have attorneys that work for them.

[@globalfamily8172]

Actually it's not far from what a buyer agent gets - average is 2.5% to split with the broker.

[@globalfamily8172]

@@user-oh6ox9hz9c In CT you always need a lawyer.

[@benpetro37]

This is ridiculous. The Seller never paid the buyer’s broker, in reality. There was usually an agreed to commission for seller broker. If a buyer broker was involved, the seller BROKER SPLIT the commission. Good luck trying to sell without a buyer broker.

[@ryanwilliams989]

I remember in 2019 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.

[@TheresaAnderson-kf5xw]

Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a size-able profit. Depending on how you intend to enter and exit, yes.

[@maryHenokNft]

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[@maggysterling33254]

@@maryHenokNftKudos on the effective execution of innovative ideas and tactics that lead to significant advancement. As I seek guidance from a trustworthy advisor, would you be willing to share details about the individual assisting you?

[@maryHenokNft]

Wright promptly do a web check where you can connect with her *Gertrude Margaret Quinto* and do your research with her full names mentioned..

[@BiancaSherly-qt6sb]

Thanks, I just googled her I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.

[@lukekibbles]

Why you would still pay anything is beyond me ..

[@xbirdsofparadise]

If it actually gets the seller more money than they would without a realtor / without offering to pay for a realtor, they're gonna do it. Some people can't sell it for as high by themselves, blame however you want but that's how it is.

[@amargacanica1042]

Convenience my sir and laziness

[@SeanD808]

FSBO homes sold at a median of $310,000 in 2022, whereas agent-assisted sales had a median price of $405,000.

[@mattp4079]

complete b.s ,concocted by a realtor.

[@edp4585]

I went through 3 agents when I was looking to buy. I was looking for a single story house, I told him no townhomes or anything like a townhome. The first house the first agent showed me was a townhome. Fired. Another would not talk to my wife at all about anything. I called him back, fired. The 3rd agent actually listened, was willing to talk to my wife, everything we were looking for. I bought a house with him.

[@globalfamily8172]

How could you review homes on the MLS he gave you and not know they are townhomes?

[@cptr]

The ones that said they would still pay are agents themselves

[@MrColoradorealtor]

I am amazed how many people have very little clue to how these homes get sold. If going it alone then FSBO’s would have taken off decades ago

[@flipdiva0007]

Bingo! 👏👏👏

[@SeanD808]

It's pretty shocking how common sense or even basic knowledge is so uncommon these days...

[@mommom3172]

Especially in a tight market. People fail to realize we network ane find out about properties weeks and sometimes months before they hit the open market. Especially for specific neighborhoods that our clients are interested in. Sellers forget that they will be buyers also.

[@klein2252]

Realtors need to be family or friends. People who are in your same circles. People who have to live with consequences.

[@ashdav9980]

Absolutely not….the problem with realtors is majority of them only ever find clients among their friends and family….and by the time they run out of those, they fail and get out of it. It’s why it’s so unprofessional….these buyers agents and their buyers don’t act professional because they’re all friends and family….they don’t treat it like the business transaction it is. There are 1.5 million agents for about 4.1 million homes sold…..problem is there is a vast oversupply of agents because their brokers are in the business of churning and burning through agents because that’s how brokers make money…they are really in an agent recruitment business rather than home sales, and they make more money by having a perpetual revolving door of new agents they can fee to death and take a higher portion of the commission.

[@jean-claudelol563]

I bought my condo in 2007. My first and only home purchase to date. My realtor was a stump. No negotiation advise whatsoever. Bought the condo at full listing price at a time when new and converted condo properties in my area was popping up on every corner. I have huge distrust in realtors and if I could avoid one, I would. I even asked her if we could negotiate the price and she said no. Looking back, I don't see why not. There was property galore available on the market in 2007 before the housing crash. New complexes and newly converted and remodeled complexes advertisements were taking up multiple pages in the newspapers back then. Something we do not see advertised much today.

[@HHH-ye1ro]

It’s because they don’t need to advertise. Just put a sign on the side of the road, and it’s like a moth to a flame.

[@jean-claudelol563]

@@HHH-ye1ro They did advertise back then because there were new construction and conversions on every corner.

[@user-mr4bx1ld2p]

I live in a well kept neighborhood and a very desired area. Have been in our home 28 years. We had 2 homes in our street for sale and people house shopping drove by, liked the houses and they didn’t use a buyers realtor. They just worked with the sellers agent. Our home has great street appeal and I think that if I were to put up a sign “For Sale by Owner” that it would sell itself! I know that we would need some help but when you hear that people are giving up 6% of an 800,000 dollar home to buyer and seller agents It makes me sick! I’m thrilled about the new change. The seller and the buyer needs to pay for the transaction.

[@imxploring]

RE agents for the most part are no different than used car brokers.

[@MrColoradorealtor]

What drove prices up is what is called “money printing”. To blame brokers for higher home prices would be to blame car dealers for higher car prices or the cashier’s at stores for food

[@MichaelBordenaro]

It’s not outright blame, but for sure, you have agents telling people to bid over asking and wave contingencies. I don’t think most people would do that on their own.

[@hvaball150]

What makes you think car dealers have no responsibility for car prices?

[@SeanD808]

I don't see how interest rates go down... Joe Biden's next budget has 2.7T in deficit spending... We already spend 60% of taxes to pay interest on the debt...

[@mommom3172]

​@@MichaelBordenaroReally? I sell real estate in your market and all the Californians were literally doing whatever it took to outbid all cash & waiving all contingencies in the last 3 years. It's a stretch to say agents are responsible. Many properties where getting 15+ offers in less than 24 hours. SELLERS are the greedy ones who pushed the limits on this. Take or leave it, they'd say with a nasty attitude. Let's not pretend sellers have not been ruthless.

[@MichaelBordenaro]

@@mommom3172 you’re right everybody involved is certainly responsible

[@gustavoroth62]

Michael you are banging out a video a day with consistently good content, currently this is my favorite channel

[@user-zf1ie4dw9m]

Happy Easter to Mike and all the great subscribers and viewers.

[@MichaelBordenaro]

Thank you very much happy Easter to you as well!

[@zachsmith5216]

Make the commission a percentage of the profit from the sale not sales price. If you are selling a very expensive home the seller can get screwed when the agents are doing the same amount of work.

[@jjred233]

There are open houses and for sell by owner in my community. Nobody is buying right away. The shock of a real market is hitting everybody here.

[@edwardsteinmetz-gl3zl]

Happy Easter!

[@MichaelBordenaro]

Same to you!

[@1whitecottagelife770]

That's exactly why I became a real estate agent a long time ago. I couldn't get any agent to call me back and I was ready to buy a property. I'm disgusted and out of that business after working at it for 15 years.

[@davidpedersen5633]

The biggest problem is the confusion over WHO the sellers realtor represents..sometimes there is definitely a conflict of interests and a lot of smoke and mirrors. The reason buyer should have to select and pay their own realtor is to avoid this type misrepresentation especially in the negotiation phase of the deal. It’s very unprofessional and keeps the sellers realtor from collecting both ends of the commission when he/she should be ONLY representing the seller IMO.

[@JeepdudeFL]

Dual Agency is currently illegal in 8 states and could be crushed everywhere depending on the details of the new rules ?

[@alexandervalladares2501]

I like your Videos .. I’m a Business Broker and I won’t touch a residential deal with all these uncertainties… This crisis has escalated from high interest rates, recession like economy and some greedy unethical agents .. the best thing is those Agents most likely will be gone and good Agents like you will continue to thrive and reinvent yourself as this ever involving market… Learn people hire a good Realtor …

[@MichaelBordenaro]

Thanks for being a fan of the channel. It will be interesting to see how this shakes out for sure.

[@alexandervalladares2501]

@@MichaelBordenaro Keep on doing your videos … the market will shift as expected. The one thing I know is you have reinvent yourself constantly

[@Lyfecaptured]

My buyers agent was trash, we found the house, we did most of the legwork, she made 10k years ago for 2 hours work…

[@gilborealty]

It’s much more than 2 hours. You just don’t see what they do behind the scenes. Some deals are easy, most are not.

[@Lyfecaptured]

@@gilborealty Ok… 2hrs 20 minutes… 🙃

[@gilborealty]

You’ll be highly disappointed. Realtors are now free to work with anyone now. They will steer clients to get paid. People don’t comprehend what really came out of this.

[@Falconlibrary]

When I bought my first house in the early 1990s, realtors had to be very good to make a living, and it showed. They didn't sell you a house, they sold you a HOME. I'd almost given up my house search when my realtor said "You don't have to spend a lot of money to get a nice starter home." And she proved it by taking me to two nice little houses that I loved, because she'd taken the time to understand what I wanted and what I could afford. She was worth every penny of her commission. The hot housing market of the past few years has drawn in a bunch of charlatans who are just in it for a quick buck. "Wanna buy a house? Ok, here's an overpriced wreck that isn't really what you're looking for, but you better buy right now because it already has 12,432 offers and it was only listed six minutes ago."

[@MarkSeve]

Yes, but Michael, you forget, no one these days has any integrity.. Remember, 'Greed is good'.

[@wallye8713]

Michael, Thx for acknowledging my post. I also very much appreciate you pointing out the greed and selfish aspect of my post. Super important. I live in NJ and only buy and sell 1st time home buyer like homes in B-C+ grade areas and No McMansions. This philosophy has served me well (40+ yrs well before HGTV). I also am a contractor. Do plenty of work for homeowners directly and also have worked for large private equity firms/Hedge funds that have bought-sold rented over a 1000 homes per year in 4 of last 6 years…

[@MichaelBordenaro]

Thanks for giving more background story. I’m guessing since you’re in lower price areas. It’s been very easy for you too for sale by owner all these years. Good job making it happen! And yes, that was such a crucial part of your post for people to not be greedy. As we know, that is not the case for so many

[@fgjf1079]

@@MichaelBordenaroI think the change in commissions will slow buying, and inventory is going to shoot up, which will tank prices. There’s still lots of confusion, which will going to slow things down

[@richarddelgado6131]

25% were realtors

[@msingleton]

The MLS isn’t a national database yet the new law impacts all 600 of them. What are the pros/cons if all of them combined into one nationwide database?

[@chrishollis6015]

Why do realtors charge by a %? Does it take more work to list a 800K home over a 350K? I don't think so. Maybe flat rates would be best for sellers and buyers.

[@syoung4471]

Happy Easter, Michael. We would probably just do traditional if we were going to sell. Currently we have no plans to sell and are just looking to buy. This house house is paid off.

[@MichaelBordenaro]

Happy Easter. Thanks for letting me know.

[@TheHomeExpert5]

Most Realtors work their butt off for their commissions, half the time a buyer's agent works for free.

[@ihave35cents95]

I’ve never had a problem with a realtor. But I’m also not a cheapskate.

[@paradise6606]

Real estate agents are over paid. They want way to much for what they actually do. List your own home, and stand guard on your property so squatters can't move in.

[@ihave35cents95]

Yeah, because I don’t have to run a business or anything. Maybe I should just quit to sell a house.

[@CTChipmunk]

i think this is great for the industry because it's going to promote competition. buyers agents AND listing agents will have to compete w/hungry agents willing to work for 1% instead of 3%.

[@gilborealty]

Agents can’t work for that without broker permission. Brokers won’t let it happen.

[@CTChipmunk]

@@gilborealty well, maybe the agent-broker commission structure needs to change as well. why do we need brokerages, and why do they deserve 50% of each of their agent's commission check?

[@gilborealty]

Brokers don’t take 50% unless you are new to the business or they offer a lot of services and leads to their agents. Again, you are the general public that assumes things that aren’t true. We take 20% from our agents. That’s becoming the norm. But I won’t let my agents work for free or cheap. They deserve to be paid.

[@CTChipmunk]

@@gilborealty yes, i agree they should be paid, but let's be reasonable on the amount. if i sell my house for $750,000, i think it's fair to give the listing agent 1% and the buyers agent 1%. if the broker gets 20% ($1,500) the agent is still getting $6,000. i think that's reasonable, especially if it's a quick sale. my wife makes good money but it takes her two 40 hour work weeks to make $6000 after taxes, 401k contribution, and everything else is taken out. we've worked our entire lives scrimping and saving to get where we're at, and can't afford to pony up 6% ($45,000) which is the equivalent of 7.5 months or 600 hours of labor just to pay the fkn agents/brokers? no thanks.

[@2breal91]

Realistically there should be a flat fee for the listing agent. They accept to list houses costing 200k just as easily as those costing 800k. It’s the same amount of work for both of those properties. It’s been my experience selling a few of properties in my time that when well taken care of and priced properly as a seller you will receive multiple offers. At least that’s how it goes in California. Buyers agents are doing the bulk of the work in a transaction. I know my current house purchased in 2010 took about 8 full price offers before we got this one accepted

[@dianac7002]

Hi, I've sold two of my own houses when advertising in the newspaper was the norm. I got higher priced offers than the real estate agents' market analyses. All that is needed are attorneys for the seller and buyer. The attorneys know what to do. I'm going to put my home up for sale next year, and either pay for a 'For sale by owner' type of website, and/or on social media like Facebook.

[@eddym5532]

The real price of any home is less than half of what they charge. Is a huge ripoff same goes with cars and rentals too.

[@sarahann530]

Do you sell your shit for half of what you can get ?

[@mikem9612]

​@@sarahann530right

[@ca9777]

True!! The greed factor will be the bane of human existence.

[@VeggieAndSomeReggie]

@@ca9777it’s called survival, you can’t live life buying high and selling low when everyone else is selling high. It’s a good way to go broke.

[@HHH-ye1ro]

lol. Cars? There is just as much of a shortage of affordable cars as there is homes.

[@user-rl5wm1cm1k]

I bought a property in 2017 in central Arkansas for $275,000. Dollars. Total fees for myself the buyer including title insurance was $1,000.. Super high fees are another barrier to home ownership.

[@arena2236]

In Colombia is 3% and is the seller who has to pay that commission. I think that should be the case in the U.S.

[@scottycooper8303]

Michael- This has been the best video on this subject you have done yet!! You seem to have broken it down & simplified it.

[@NuNugirl]

I saw what I wanted on the internet. I lived in another State, so I was shown three properties remotely. I made the offer that evening on the property I knew I wanted. I told my agent exactly what to tell the seller and he followed my instructions exactly. My bid was excepted the next day. I told my agent I was not going higher than the final offer. The offer was 11K under asking. The next week I made the flight ( a hurricane delayed flights), did the inspection. I negotiated again, because it needed a few minor repairs. The agent was there for me for every question I had and was extremely helpful,professional and efficient. The closing was easy, but moving was very,very stressful. I would definitely recommend him. He was young, but by his demeanor, I could tell he was experienced 👍.

[@deborahcaldwell9775]

Absolutely what I would do is just use my lawyer. Do it myself, but use a lawyer. All lawyers are automatically realtors anyway because of their training and their licenses.

[@mommom3172]

This might be true in your state but not in Florida. Attorneys still have to apply for a real estate license and pass the state examination. My best friend is a real estate attorney and I can tell you she has very little knowledge about marketing, valuations, zoning, inspections permitting, flood zones, property insurance, appraisals etc. If a problem arises, she knows the contract, but beyond that, she wouldn't be able to help. I can assure you the vast majority of real estate attorneys have no desire to practice real estate sales. They enjoy 9-5 office hours.

[@jimkelley8658]

Home builders have to offer a higher compensation. Too many new home builds are abysmal. The work is very shoddy and they fight the homeowner tooth and nail when it comes to making repairs. In addition they squeeze them together so new homes tend to have a smaller lot size.

[@vicmarc4984]

Ultimately, the BUYER pays the entire commission - because it is the buyer that is bringing the CASH to the transaction. The Seller is just adjusting the price to account for the commissions !

[@RobbinFlowers]

True

[@Leonnie13]

Purchasing power will be reduced if buyers are paying their agents. Which could mean reduced home prices. So it will eventually wash unless everyone wants to sell to an investor.

[@hvaball150]

If I'm a buyer and chose an agent, don't I pay for them now??? (Mechanically I give the agent the money at close from the sellers money, that I gave them.). The seller just holds firm on price knowing they won't get that net...

[@Master35320]

​@hvaball150 No because buyer agent commissions can not be built into the loan at this time. The only way it worked is if the seller offered a co-op or seller concessions. At this time you would have to pay out from closing costs which means having that 2% on hand plus your down-payment.

[@hvaball150]

@@Master35320 I think you missed my point. And yes, the seller can still pay the buyers broker after this ruling. The law suit was about the seller not being able to negotiate with the buyers broker when they list on the MLS. Not payments.

[@DIYDaveT]

If someone has a lot of equity then they have the ability to pay. But many don't. How about instead of 3% we offer them a flat fee of $2k for the buy side and $2k for the sell side. I have been through real estate transactions. 6% of a 600k home is an obscene amount to give to a bureaucrat paper pusher realtor. The rest of us work for hourly wages or a fixed cost in some contracted situations. It's the whole PERCENTAGE thing that is a total scam. Get rid of that. Filling out 100 forms on your computer looks like a lot of work but it's the computer doing most of the work.

[@hvaball150]

Id like to flat fee my driveway replacement regardless of size and style please.

[@courtneynicholson122]

Real estate agents are mostly good....my cousin who never had any sale or purchase experience...had no sellers agent!!! The buyers (corporation) investors got her to closing without adequate papers and NO checks. Her mothers home was essentially stolen from her..(smokes pot) waiting for escrow to close! 3 years later..now rents the home.

[@franciscoburgos787]

An hourly pay would make sense but (you knew it was coming) at what rate? Minimum wage? And how would this incentivize agents to find a home for the buyer? The quicker they buy, the smaller they pay. And would they get paid daily, weekly, lump sum at the point of sale? And what if they can’t find a home? Buyers are seeing their Dow payment suddenly evaporate with nothing to show for it. This model may be fair, but I see more pitfalls than advantages here. The best model is the old Odell and the new model I suspect will be something similar to it.

[@adoss7273]

I find this totally amusing. As someone has brokered commercial RE for two decades, sounds like residential will be operating a lot more like commercial. I've had to be paid by buyers in the past, but then again the people we deal with tend to be a little more sophisticated than the typical homebuyer. Literally NONE of us are a part of NAR, don't adhere to their code of ethics, we can charge whatever commission the market will bear and pay buyer/tenant brokers whatever we want. I'll charge a seller 8%, or ask for 4% as tenant rep. Complex deals can sometimes take over a year to get done.

[@user-db2ob2jc2f]

While Searching/Building/Buying a House, you must NOT deal/involve with the following: 1) Count Bankula / Banks / Mortgage Porkers 2) Lawyers(Lyars in Reality) 3) Appraisers(Bull$hit Artist) 4) Title Company(Freeloaders) 5) Agents(Escorts/Hermies working on Commission) Buy a Land. Build your own House "Your Way" via Amish Builders or Buy a House in excellent condition and finally, Always use CASH!

[@panhandlepads]

Good luck , you know how many houses would be getting torn down and people being fined in my area ? A lot of people are uneducated in the wetlands studies, percolation test, topographical surveys, and many local builders and contracts . Why not work with an experienced, licensed , professional who can guide you along the way and make sure you are protected for a minuscule amount of money .

[@user-db2ob2jc2f]

@@panhandlepads Aha! Caught One in da 🐀trap! 😂

[@williamfarnaby]

What if I don’t have cash to buy it?

[@user-db2ob2jc2f]

@@williamfarnaby Rent until you collect enough $$

[@rockyvickery3230]

Had a realtor tell me to put my double lot in Port Charlotte Florida on the market. She could sell it quick. It's been 49 days. Haven't heard a word.🤷‍♂️lol

[@jameschristopherson654]

Im totally down for paying for MLS listing and paying commission to buyer agent. The buyer agent does all the work connecting buyers with the right house. Tell me what the seller does if they are not finding me a buyer? Thats called selling.

[@nkkren87]

Of course some still will pay, because they will have more showings and marketing push for the sale of their house due to the increased reach and less financial hurdles for buyers interested when a buy side commission is offered. It will take longer to sell a house for the listings that don’t offer buyer side commissions and I think that will change this poll in the future as the market tests the potential changes. People can do what they want, but it’s a speed bump in the negotiation and most likely a lot of buyers with agents will just cake the fee into their offer as a credit back to them anyways. People thinking home prices will drop due to this are silly. Either agents will still get paid somehow or the owner will just keep more. This is going to be tough for first time home buyers who choose no representation who most need it. Otherwise business as usual.

[@mommom3172]

Yes, people saying they won't pay don't realize that buyers can ask their agents not to show them properties that don't pay their representation. A quick phone call can eliminate properties that won't work for them. Sellers really got money drunk in the last 4 years thinking their house is a gold mine. They forgot what it is like to sell in a market when its not hot!

[@nkkren87]

@@mommom3172 correct when the buyers market comes back the buyers commissions will go up or higher then normal. All kinds of concessions happened in 2010 at the bottom of the market.

[@TheTurdballs420]

The first realtor company that charges a flat fee for the buyers that is not based on percentage will disrupt the entire industry, make a ton of money and put a lot of women with a high school education out of work. It’s always been insane that a buyer’s agent thinks they are entitled to 3%, like it’s somehow harder to open the locks on a $500,000 house versus a $250,000 house? GTFO 😂😂

[@johncooksey79]

What if you show 20 houses and 10 bad offers, How much would that cost the buyer?

[@TheTurdballs420]

@@johncooksey79 ok, in your head, how do you come to the conclusion that a percentage of the purchase price versus a flat fee in any way shape or form solves that straw man you just threw up? 😂😂😂😂

[@johncooksey79]

I get 2.5 but do a ton of work for it, my average house is 170,000in this town, I pay the broker 20% , 2000 a year min for all the fees and cE training and 100 buck office fee per month. There are flat fee agencies for years, so there is nothing new with that. I am a great negotiator which sames mone y. I flipped houses for years so I know enough to give a pre inspection saving 400 inpectors fee by calling out the houses that will cost to much to fix. @@TheTurdballs420

[@hvaball150]

Yes, but what will that flat fee be if not a percentage? Is the $1M home agent going to be the same as $300k? Will it be $9k? I don't really see a difference. A Rolls Royce salesman will work for a Chevy wage per car? I don't think so.

[@TheTurdballs420]

@@hvaball150 🙄 The days of a percentage for the buyers agent are over. Just marinate on that for bit. It’s not more work to open the locks on a million dollar house and point out where the bathrooms are than it is a quarter million dollar house. Agents will compete in a capitalist market now instead of the socialist racket they had. If an agent can justify charging a client $5000 to open the locks and point to the bathrooms so be it but they will have to compete against someone else that will do the exact same thing for $1000. It’s called competition aka capitalism. Welcome and good luck

[@robertmellang6998]

It’s all broken.

[@Joce123]

In Mason City Iowa I paid $250 to have an attorney do a real estate closing transaction for me. It depends on your geographic area as to how much you will have to pay an attorney for a real estate closing.

[@thomasallen6980]

I think the buyer should pay his own agent. Working with an agent is normally a good idea. Seller does not benefit by the buyer having an agent and should not pay them.

[@kevinpratt-ge5ye]

Both sides should get paid . They both bring something to the deal.