NAR Commission Lawsuit Settlement - What it Means to Realtors?

[@JCMPremiumTV]

I think a flat fee of 1k to 5k depending on the size of house should suffice. But a percentage of the sale price is criminal. They take way too much equity from our properties with no risk, no nothing.

[@LIVINGINCEDARCITYUTAH]

You don’t have to use a Realtor. You can buy and sell a home on your own. You can also choose to hire a discount Realtor. Everything is negotiable and always has been. If you don’t like the Realtor’s fee, then choose a different Realtor and get the service you pay for. Realtors, like most other business owners, know what they are willing to work for. You, as a consumer, know what you’re willing to pay. If the two of you can’t come to an agreement, you both move on. Call Realtors criminal is a blanket statement and generalizing many people. Some are and some aren’t. Either way, it is still your choice if you use one. So if it is your choice, and every other consumers’ choice if they use one, why try to stipulate what another person believes they are worth? There are many professions out there that charge fees I don’t agree with. I choose to find the one that fits me the best, but I don’t sit and complain about that person, because I want them to work for my fee and not theirs. That, to me, is more unethical than someone knowing their worth and not accepting less than they feel they are worth.

[@ml9557]

@@LIVINGINCEDARCITYUTAH it will be listing commish on MLS from now on. if you're looking for a seller credit good luck because that is now negotiable along with repairs and credits. buyer agent fees are going to crash to flat fee. time to wake up.

[@JCMPremiumTV]

@LIVINGINCEDARCITYUTAH struck a cord there I see. Tell me your are a realtor without telling me you are.

[@LIVINGINCEDARCITYUTAH]

@@JCMPremiumTV Of course I am, and of course you struck a chord. Was that the intent? If so, good job. 👍🏻 You’ve annoyed a Realtor today. 👏🏻

[@JCMPremiumTV]

@LIVINGINCEDARCITYUTAH at least your honest. It's refreshing 😌 thank you for that. Good luck

[@steveho9890]

In a lot of cases, even the buyer agent self can’t justify the 2.5-3% compensation.

[@DebbieColubiale]

Thank you for sharing this insightful information!👍 Much appreciated!🙏

[@chrisz7083]

AI is coming for the buyers agent. You could have a walking tour through your phone. AI could make sure you are who you say you are. AI could easily create a contract or an offer for the buyer. AI is going to take many jobs, not just real estate.

[@andymoncayo5006]

Well done, thanks!

[@williamgalicia6219]

If a buyers agent calls the listing agent and asks what is the percent to be split is and for example, lets say its 6%, does the listing agent have to be honest and disclose its 6% , or can he play with the buyers agent like a used car sales man and make offers at him?

[@texasnative]

Agents act at the direction of their client. Everything should be spelled out in the listing agreement

[@camdunlap8494]

Do you think lenders will be willing to allow the buyer to finance the cost of buyer representioan? It seems to me it is effectively happening now.

[@honestreview8052]

As a former REALTOR, why are we basically forced to be a NAR member to access MLS? That's a complaint that should have been an anti-trust violation concern. Also, the default to expect 6% commission is outdated. I met one agent as a consumer who proved they were worth that rate. The entitlement is absurd. So many agent sneak in the 6% intermediary rate, so they can capture both sides but aren't earning it nor truly disclosing to the clients.

[@2036livy]

How about all those first time homeowners that could barely come up with closing cost/down pmt? This will cripple millions of buyers who were credit rich but cash poor . They were able to offer great prices for homes even in crazy market but could not have done so if they had to have the extra thousands for the brokerage fees. In these cases having buyer agency wouldn't matter . They don't have the money. Ok so what then? They just don't buy a home? So many agents will take the heat for not actually working for total free to help these buyers because after all it's supposed to never be about money first right? Ethics remember? So how many of us have taken a hit when appraisals were low in order to make a deal happen? Sellers are already non realistic and greedy and emotional so this is going to be tough for awhile and could bankrupt many