Real Estate Agents Are RUNNING OUT OF MONEY!

[@MichaelBordenaro]

NEW ECONOMIC WARNING From EX Home Depot CEO kzbin.info/www/bejne/iHrUqKybbp1pbdUsi=YImxxlSWJPjmI95D

[@pukavoket]

I'm doing everything I can to stay alive financially, have a plan to hit it big, working on an invention...The first electric "Banana Peeler"! :)

[@pukavoket]

@@rhondae8222 Thanks much! Have a bit of a snag...keep slipping on the peels! :( Trying to find a workaround.

[@CharlesWilson-zs3vd]

Every since the computers, the agents got lazy, And actually you are doing most of the house hunting.

[@michaelcostin2384]

Exactly, useless

[@jwayne777]

The link doesn't work

[@Hannahbenowitz]

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.

[@PennyBergeron-os4ch]

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.

[@FinnBraylon]

It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.

[@HildaBennet]

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

[@FinnBraylon]

The manager that guides me is "Diana Casteel Lynch", most likely the internet is where to find her basic info, just search her name. She's established.

[@HildaBennet]

Thank you so much! This is exactly what I needed right now. I wrote her an email and am waiting for her reply. Hopefully, she responds soon. I plan to start the year on a strong financial note.

[@PremSteve-yg4de]

This video really hits on some crucial points. The drop in active real estate agents and the hiding of data by the National Association of Realtors are concerning trends. It's clear the market is in a rough spot, and your analysis about overpaid homes and rising debt is spot-on. With so many people having overpaid for properties, even when loan rates were low, I worry we're heading for a major housing crisis. If prices keep falling and people can’t keep up with payments, foreclosures will rise, and many will end up with no equity. This issue could be exacerbated by mass layoffs and soaring living costs. It’s a tough situation all around.

[@sirheisenberg4459]

I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too

[@belobelonce35]

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

[@Tanner-c2m]

my partner’s been considering going the same route, could you share more info please on the advisor that guides you.

[@belobelonce35]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Rebecca Nassar Dunne’” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

[@crystalcassandra5597]

Thank you for sharing, I must say, Rebecca appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.

[@patriley9449]

I was a realtor for 4 years and left the industry because most of the other realtors that I dealt with were not concerned for their client. They were concerned with how much money they could make. These people are generally narcissistic people who want to be rich and cool with a minimum of effort.

[@humbleheart2650]

EXACTLY! A tenured, full time realtor with good references is what worked for me. The part time realtors did not seem to care, poor customer service and attention to detail, and just wanted to make money.

[@floydestelle6242]

Exacly

[@gregorylyon1004]

OH I'm sorry. I thought that all realtors only cared about the commission on the sale at closing. It's all about money

[@KC-lg8qf]

​@@gregorylyon1004exactly....

[@Resultsnottalk]

There are lot that a jerks

[@fredkraus9180]

Nobody will miss real estate agents

[@nogames8982]

I think there will always be a place for them, but not nearly like there used to be.

[@JohnyZman]

We aren’t going anywhere big guy… these lawsuits will DO NOTHING 😊😊

[@SeanEustace-zk3mc]

Reduce commission hell no filling out this form is worth 6% of your house no matter the price. And not have any less.

[@nicolenotizieeamici]

No one

[@nicolenotizieeamici]

@@JohnyZmanthe arrogance you have

[@barbarapatino7924]

I did it for 14 years left in 2008 when the bottom fell out of the market. I did rentals for a while to keep my head above water then they dried up too! I prefer to not live on a rollercoaster I needed to take care of my family and needed a steady income. So many shady agents who will lie all day and I did not do that. Also other agents stealing clients I was just done with the BS

[@edmundmcgrath213]

Most are underhanded and shady IME with the 8 homes I've purchased..And Lazy too....Not all... it's just I haven't met any. I think the honest ones quit as their morals keep them from sociopathic behavior.

[@asullivan4047]

Unfortunately it's the nature of the " Beast "-!!!😭.

[@kohnfutner9637]

You sound like the good one that people need ¯⁠\⁠_⁠(⁠ツ⁠)⁠_⁠/⁠¯

[@Godblessed2]

That’s why I left in the 90’s. Apparently not much has changed

[@jimshoe402]

Sorry been to 11 closing Never found one who was Honest all BS as in Me Me Me..

[@daveblackman816]

And the world’s tiniest violin plays. Most realtors these days do nothing.

[@daraledet542]

Exactly.😊

[@Tonymanero1960]

Agreed,.....they made a lot of money for a long time,....by doing nothing more than putting a ''for sale '' sign up on a front lawn....If they even did that much.

[@bhazleton]

There is no accountability, there is no ability to compare realtors, there is no incentive for many of them other than money. My real estate transactions have been disasters because agents were lazy, incompetent, in it only for the money. Other than word of mouth there is no way to find a good agent.

[@Limewire1984]

When you're done playing, can I borrow? I got to play for the flippers.

[@Juliet875]

It's actually the smallest violin

[@TCR2025]

They’re desperate and I love to see it. 6% commission for simply listing a house on MLS was always robbery

[@free-domechaser7461]

Correct

[@chaspires5]

Spot on, buyer does all the Intel and only needs an agent to open the door to view the property

[@irritatedkitty7301]

​@chaspires5 Sometimes, they're chummy with the listing agent or appraiser and information is leaked.

[@nilaja-itsmylife]

That was split 4 ways, seller agent, buyer agent, seller brokerage, buyer brokerage. Real Realtors put in hundreds hours to provide seemless, cost saving, and time savings transactions. 💯

[@racebannon8569]

Rarely does a real estate agent get 6 % commissions. Each agent usually gets 2-3 % and it can take months to get that and then your broker gets a part of it. Real estate is far more time consuming than you think.

[@RonaldMarcotte-hs7qn]

Yes, my heart bleeds for those agents that’s been sucking the homeowners dry for decades.

[@patrickfrost007]

My real estate agent wanted $34,000 for listing my house and handing me a sign to put on my front lawn. After 5 months of numerous lookers but no buyers I was finally able to get out of my contract and keep my home. It was the best thing that could’ve happened. I’m done with these rip off agents that do nothing. They bring a new meaning to the word lazy.

[@Hilaire_Balrog]

Was your home overpriced? Try to sell it yourself and see how (not) easy it is dealing with buyers. Most buyers want the agent to be a glorified tour guide. Most aren’t serious. Some are sketchy. It’s not as “do nothing “ as you think.

[@Selmerpilot]

Just go away. Realtors are the most overpaid group of under qualified-to-do-anything fakers the world has ever known. Never heard of a full time realtor who didn’t land into through some absurdly wealthy connection. Juice job for fakers while real qualified people work and make the world go round

[@kisnhug6694]

I bought my home from a homeowner and it was very easy. ❤ I've been in my home for 8 years ❤

[@YouTubeCommunists]

And greed.I blame them for unaffordable housing

[@globalfamily8172]

that would mean your home was worth over 2 million. The agent only gets a quarter of the commission.

[@scottpatterson910]

Your honesty is appreciated. The financial manipulation in real estate industry is a fraud on the public.

[@PatrickFoley-vf3lr]

I have had nothing but bad experiences with anyone and everyone involved in real estate, from banks to agents.

[@nicolenotizieeamici]

Not alone

[@highlanderNC-mr8fe]

I had a bad experience with an appraiser. He was a grouchy old man and I guess we rubbed him wrong. He appraised my house for 30k less than it was worth at the time. Even the bank and the realtor who had done a market survey was appalled but could not do anything. We had paid for an independent appraiser about a year earlier and he had us 40k higher than this guy but the bank didn't want to use that one. The appraiser was a true as whole and cost us lots of money. I made him mad because I called and asked how long it would be before he came to see the house. He was huffy on the phone..guess it cost us 30k. He did it to get back at us. I called him and he was smug on the phone like "I dont care" banks going to listen to me anyway and next time dont piss me off.

[@bhazleton]

Realtors are running out of money ? it's about time.

[@blackworldtraveler3711]

The ones I know planned,saved, and invested wisely. They knew there would be good and bad times.

[@Likeaworm]

I got 3 years of savings

[@nicolenotizieeamici]

Yes

[@TJNtexas]

In 2011 when I bought my realtor got caught in a lie. Kept saying the investors offer was higher than mine. Finally, forced a counter offer after the sellers realtor refused to accept the counter. Out of anger realtor accidentally sent in an email the investors offer who the realtor also represented, was LOWER THAN MY ORIGINAL OFFER! Boom got the house! My buddy had his realtor leave him midway through buying his house because an investor threatened to never do business with his realtor again. My buddy worked with his loan guy and went straight to the court house steps and bought the foreclosure from under the investor!

[@HiddenAgendas]

Realtors are the biggest leaches and the reason why home prices are inflated. 6% of the purchase price is ridiculous. For 1-2 weeks of "work"? They should get a flat fee of $500. Not $50,000 - 800,000 in commissions. That's stupid. All they do is make calls. Yeah, my client is offering $20k below listing. But I can get them up $15k if you accept this offer now. lol ripping off your clients and not really negotiating on their behalf.

[@MM-ig2zq]

Not even the realtor that represents you has your back. They only care for their commission.

[@youtubetroll6620]

over inflate the house, to over inflate your property taxes..... it's genius!!!

[@LJH662]

Exactly why builders won’t lower prices and offer incentives instead- in bed with counties!

[@Farcehole]

@@MrSteeDooThe back scratching between agents representing buyers and sellers was real. They work on commissions, and had every incentive to participate in driving prices ever upward.

[@Farcehole]

@@MrSteeDoo And agents are colluding to rip off prospective buyers instead of advocating for them. It’s not a good look.

[@hassanfawaz8322]

@@MrSteeDoo Stop with that nonsense, some things will are required no matter the price. Homes being #1 on that list

[@kk-rc6dw]

The EVIL kind???

[@edmardt]

Michael is spot on, too many agents that don't sell anything, my wife works for Remax and talks about this.

[@jimshoe402]

6% No Thanks You.The one told me I NEED my 6% in her BMW .😝😝😝😝😝

[@NicholasBall130]

Purchasing a home is already a very difficult thing to do, unless you pay cash or don’t get a loan from the government. If only my minimum monthly house payment, over the course of 30 years I’ll pay more than double what my home is worth. I purchased before things got crazy so I got a good interest rate. I couldn’t imagine trying to rent or buy right now.

[@cowell621]

I hope to own a home some day, not quite long I started investing. I'm very curious already and need help on how to enhance and increase my returns. Any good investment tips will be appreciated.

[@StacieBMui]

The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.

[@LiaStrings]

How do I reach out to one? my assets have been struggling since 2022 and I’ve been holding on by the skin of my teeth.

[@StacieBMui]

Rebecca Nassar Dunne is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@grego6278]

I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you

[@operationretribution1263]

There are realtors here in Southwest Ohio that have posted to their Facebook, they will refuse to list a house if they don't get their 6% commission. IMO looks like there will be a lot of realtors going broke faster.

[@MichaelBordenaro]

I guess they won’t have any listings pretty soon

[@adelgado854]

I guess they’re essentially saying they’re quitting.

[@treesnmoguls]

6% of nothing is ZERO!!

[@javaman7199]

@@treesnmoguls It doesn't sound like math is their strong suit.

[@Leslie-xo9gy]

Lol my agent was told that my equity has nothing to do with a buyer who can’t afford to pay their “representation”. 4% and they can duke out who gets what 😂

[@MaxHavoc69]

Agents are obsolete and 6% is taking way to much hard earned equity from the seller.

[@FlatWaterFilms]

Just buy direct with cash.

[@MaxHavoc69]

@@FlatWaterFilms That's what I do but to many people fall victim to the real estate agent scam. Think about it, on a house that sells for 500K the commission is 30K. If your house payment was 1700 per month you are giving an agent almost 18 months of those payments to sell your house. That also equals more than most Americans take home pay for 8 months for a single transaction.

[@PascualMorales-py6gd]

@@MaxHavoc69 the commission is what you negotiate. the fact that you think 6% is mandatory or standard tells me you actually know nothing about how a real estate transaction works. also you think all that 6% goes to one agent? no, two brokerages will split that commission, and then the agent from each brokerage will get a slice of that. again, you really know nothing dawg

[@Sheya404]

Agreed! Let’s do away with 6% commission. It’s ridiculous

[@MaxHavoc69]

@@PascualMorales-py6gd I have extensive knowledge of real estate and your not telling me anything that I don't already know. The vast majority of companies in the Southeast have been charging 6%, every now and then you could get representation at 5% but that was difficult, especially on homes 500K and under. The current system is obsolete and needs a ground up restructure including flat rates for selling a home. A home for sale should have an open contract that allows any agent that shows and sells it to get paid a fee, that fee should never exceed 5K unless there are special circumstances.

[@shonuff5878]

To be honest, I don’t even know why we have realtors anymore. With all the tools on the Internet and considering the fact that they really don’t do anything anyways.

[@katydid2877]

Agreed. Some states are non-disclosure though, so you can’t pull up sold prices for the area for comps.

[@shonuff5878]

@katydid2877 now that's some BS right there. That's a problem in and of itself. I bet the realtor mafia is behind it.

[@MrDepodot7]

Yeah, yeah I don't need a rocket scientist to show me how to "left click or scroll down".

[@MrDepodot7]

I open the door, tell them to look around, and hand people pens for a million per year😂😂😂

[@shonuff5878]

@@MrDepodot7 🤣🤣 Exactly man

[@JDBloodstone]

Yesterday I told someone they could write For Sale with crayon on a blank piece of printer paper and tape it to your mailbox. On my way home I actually saw a similar sign. Today it’s gone. Home sold. No realtor, no commission.

[@marilynh5487]

I'm in Miami thinking the same thing 🤔

[@tommielee8]

This is a whole different market. Challenging at best. When Florida was booming, this was not uncommon. Or wherever 21:36 the market was hot. A good agent will guide you through some really rough waters. But, beware. Sharks are all around. Not just the sales reps trying to survive.

[@globalfamily8172]

Please tell us what town the house was in and what price they negotiated. I sold my own home FSBO, but it wasn't easy.

[@sunnyday7843]

We did a FSBO about the owner and I were landlord and tenant for over ten years ( he was the landlord ) his family atty helped with the contract and we skipped using a realtor ! He and I enjoyed the entire process ! Saved us both some cash !😊

[@globalfamily8172]

@@sunnyday7843 You were landlord? I mean why would you go any other way unless you wanted a higher price?

[@Atwater20]

There's way too many real estate agents and that's the problem.

[@jasonnowicki5066]

you are right!!!

[@purplemonster2239]

You could say that about any business/ industry, that there's way too many. If there's an opportunity to make money, especially lots of it, based on a need or a want, lots of folks are going to get into it.

[@Atwater20]

@@purplemonster2239 There's many industries desperate for more employees, people should be going into those jobs.

[@GETBIG4WARD]

It’s a reason for that it’s a easy job that you don’t have to put any work on the body lost of women love real estate

[@jtv9033]

​@purplemonster2239 there's def not too many construction workers...

[@walkerb1734]

Should never have been a percentage commission structure. The process to sell a $200,000 home is essentially the same work as selling a $2,000,000 home. Make it a flat fee regardless

[@rolandoaponte9062]

The process is the same but not sure if the effort is the same.

[@tu24682k]

There’s less people who can afford a 2 mil than a 200k home. Not the same marketing and networking needed.

[@mylifeinhouston]

Yea actually it’s not

[@cathyandresiak]

I gave my license go a few years ago! There is nothing to sell ! How can you sell houses when there are no houses on the market to sell!

[@javaman7199]

Be like the realtor in Beetle Juice. Find buyers for homes not on the market.

[@danettewelborn5577]

You let your license go, not gave your license go.

[@PreppyPrincess777]

@@danettewelborn5577THANK YOU!

[@LD__2416]

@@danettewelborn5577 Maybe she gave her license a "go" card...don't be so quick to be petty.

[@THE-BASEMENT]

@@danettewelborn5577 He had two thoughts at the same time. 1. I gave my license up. 1. I let my license go.

[@Juliet875]

LOL Everybody and their mother was an agent during FOMO. Thanks Michael and have a great weekend!

[@MichaelBordenaro]

Absolutely! You have a nice weekend also Juliet

[@gregorylyon1004]

That's because all humans care about is money. It's money money money

[@celestialtl]

Good. Realtors aren’t worth what they charge. If a house was priced like a good deal the realtors would always buy it

[@michellebatzel5809]

Wish you much success in future transactions. Please make sure you know all state laws and disclose everything to prevent lawsuits. Make sure you also know about upcoming building projects in the area. Oh, and don’t forget to turn the lights out after showings.

[@nicolenotizieeamici]

Agreed

[@purplemonster2239]

​@@michellebatzel5809lol 😂. Agreed. 👍🏼. Many real estate agents do suck, but there are many more that work very hard to get that transaction to happen.

[@GETBIG4WARD]

I agree they buy it first

[@davidhunternyc1]

When waiters run out of money, they're called, "losers." When dishwashers run out of money, they're called, "losers." When McDonald's workers run out of money, they're called, "losers." When real estate agents run out of money, "It's a three alarm fire!"

[@nealruth664]

Yeah. Remember the gold colored jackets ?

[@raymondlin8728]

Good point 😊😊. May have to skip a Starbuck or a take out dinner or 2, or lunch at Panera bread

[@nicolenotizieeamici]

Exactly

[@jonathanandrew2909]

Their boomer jobs are on the line! The humanity!

[@michaelleary9233]

The jackets are still a thing in countries like Japan. Century21 just isn't as big in this country as it used to be.

[@TheFlyingHaggis]

We're all running out of money, Michael. SHOW ME THE MONEY 💵

[@hectoramaro2238]

Michael got the money

[@hendo19742]

GIVE ME THE MONEY 💰🤑👍👍👍🇺🇲🇺🇲🇺🇲

[@darioxbrow9223]

KZbin. You know how much money he's making?

[@bigworm5024]

IT WAS JUST A MEMO

[@usernameisusername]

🐒you are welcome

[@maryleachmanbeautyconsultant]

@9:00 you hit the nail on the head. Someone warned me long ago. Success depends on having connections and knowing lots of people.

[@missbearlockholmes]

It's like that with so many things. I'm pretty smart, and I work hard enough, but I'm REALLY introverted. People exhaust me. It's hamstrung me in my professional life.

[@muzikmonkeyman1]

In 2006 I went online, found a good amount of homes I was interested. I printed out my list and also did some fact finding on some of the homes. I met with a realtor, she had all of the same homes and a lack of info on most of them. What a joke.

[@globalfamily8172]

what kind of info were you looking for?

[@monicalee9659]

*As a past mortgage broker, 20 years ago, what I saw realtors were NOT following the L.O. approval letter numbers to buy. Over priced homes and banks turn Down loans because there overpriced. Now my Narcissistic daughter is a realtor, I don't expect her to care snd lie. She's moving to Florida. In the past 1.5 years she sold four houses in Minneapolis, MN. She made $14,000. Selling four houses. Too much money. The Loan officer's do so much more work. Example 3 lenders turned down a purchase because the house was overpriced $30,000. but the couple wanted the home, the 4th bank did the loan on a interest only loan payment . The couple lost the house 1 yr. later. That's realtors for you.*

[@barnabusdoyle4930]

I work as a closer for title companies. Something I have seen the last 2 years with new constructions is the property taxes for the escrow account being based on only the undeveloped land value and not the tax rate for the constructed home. This is always true when the construction company is also the lender. This is going to make most of these buyers see their mortgage payments go up by $500+ a month plus another $250 or so due to escrow shortage when the beginning of the year comes around. But you know they do it so the borrower both qualifies for the loan and so the payment looks better when signing the paperwork. It’s a disgusting tactic because guess who gets the house back if it’s foreclosed on.

[@chriscleland7008]

@@barnabusdoyle4930Wow, that is crooked. Someday, the games are going to stop working and people are going to have to pay the piper.

[@DIVISIONINCISION]

My Realtor used to call me every month to see if I was relocating. Haven't heard from him in 6 months. These are lean times for real estate agents in Central Texas.

[@wdmeister]

40k property tax. insanity!

[@marblox9300]

Then don't buy multi- million dollar property.

[@woodrmp1]

@@marblox9300I have a home worth ~$1.5m USD in Canada and my property taxes are under 6k USD

[@gsmooth6037]

Good , agents have been over pricing housing contracts for years. 30 days for a license is crazy to sell houses over a million is ridiculous

[@JoyceGainor]

Not 30 days on Florida. Months!

[@nellyjohnson7316]

Too much uncertainty out there for the middle class and the poor.

[@blackworldtraveler3711]

There’s always uncertainty for people with debt.

[@Twotone-ld1fb]

@@blackworldtraveler3711 I don't have any debt but im working poor and can't afford a home and like 40-50% of my take home income goes to rent and power.

[@SarahGreen523]

What middle class?

[@nellyjohnson7316]

@@SarahGreen523 there are a few out there.

[@blackworldtraveler3711]

@@SarahGreen523 Read the book “ The Millionaire Next Door”. Many of us out there. Zero debt and don’t need to show off or complain when times are good or bad.

[@firechase7640]

The real estate industry is in need of an overhaul, the commission that a seller pays is obscene for the service provided. Brokerages should pay a salary and a flat fee should be charged. Paying between 5 to 7 percent is ridiculous.

[@RayGsells]

They run out of money to “buy” leads and are afraid to cold call.

[@SirCarlosMusicBMI]

🎉🎉🎉 Great Realtors with a strong past of loyal clients will be the ones who will survive well. Thank you Michael. Blessings,Carlos ✝️🙏❤️😊🇺🇸

[@jasonsheehan7782]

Out with my family on a day trip in Maryland. I was shocked to see so many retail stores with literally nobody there. I know were in a pull back phase but seeing so many businesses with zero business was a wake up call. I got a hotel room right now for under $100 in a very busy area. Probably 15 rooms out of around 100 are occupied. People must be broke.

[@romanshevy257]

Not so on the West coast.

[@sharonproctor4079]

The cheapest hotel room motel 6 is almost 200 in New England in the summer and fall. Used to be under 100 before 2020

[@jasonsheehan7782]

@@sharonproctor4079 I was still getting hotels in West Yarmouth for around $160 a night as of a few years ago during the summer. Its no Chatham or Orleans but good for vacation location. I miss Cape Cod!

[@marblox9300]

RE Agents will always tell you NOW is the time to buy.!!!

[@crand20033]

It's not a good time right now. Mortgage costs are too high.

[@creativestrategyintersecti6268]

Or sell

[@LiveOnTheChat]

Didn't all these Realtors save a ton of money at the peak of the housing market? The housing market was hot for at least 3 years. There's also zero need for Brokers. With technology now, we really don't need Realtors. Schedule your own home inspection etc yourself and save 18k on a 300k home sale. That home equity belongs to you and not to an agent(s) that spent maybe 10 hours or less working on the transaction.

[@MichaelBordenaro]

They should have and if they didn’t, they deserve to go out of business

[@treesnmoguls]

Don't agree that there's zero need for brokers. The brokers help maintain order and encourage transactions by increasing the home's exposure.

[@javaman7199]

"Didn't all these Realtors save a ton of money at the peak of the housing market?" The problem with some people is that they think upwards trends will last forever. So why save when if it is going to continue forever?

[@monicalee9659]

*Mortgage brokers do the hard work on loans, some loans are difficult to get done especially when realtors have driven house prices up for the last 20 years. Realtors show a few homes, draft minimum paperwork. I don't understand how they get paid so much. Sellers should sell their own homes without an agent.*

[@bballah9969]

​@@monicalee9659 Realtors have driven the house prices up the last twenty years you say? Lol you are so wrong it's hilarious 🤣. Lady where did you get your info from? Real estate prices are based on the overall market and supply and demand not realtors saying your house is worth $500k when the comps say it's worth $400k

[@barbarapatino7924]

Can’t get insurance so forced to pay cash and not everyone can do that. More renters than buyers.

[@samsno3667]

"couldn't" rent my place in Naples ... but then .. I didn't know of many showings for my place ... so decided to sell end of 2023; from -$1800 quarterly to ~+$3500; that's a a $5300 quarterly swing.

[@user-ox2xi6kk8o]

As a former real estate agent (still have my license), it is unfortunately glorified used car sales, except you are buying used houses. Its a total suit and tie, dog and pony show. I tried to be different, trying to truly make the american dream come true for my clients, in a realistic way...and failed. Same as trying to be an honest politician...impossible. I now work a well paid skilled trade job and much happier.

[@suburbia8831]

I’m so glad how you keep it real. But I left Florida 6 years ago & I lived in Tampa Bay. & truly it was the best decision I ever made. I left because my neighborhood started to go to shit and I saw the writing on the wall and my house is paid for so now it’s a rental and I moved to the West Coast Arizona to be exact but my real estate agent that is watching over the house and making sure the renters don’t F it up and pay the rent. It’s killing me now because she’s taking bigger and bigger cuts from the rent Plus, my property taxes have gone up tenfold

[@psychokitty7268]

A friend of mine owns a grooming salon and she hired a realtor that falls back on her skills as groomer when things get tough financially. Smart woman.

[@sr4169]

As a General Contractor Developer, I got my AZ state real estate license just for the legal education. There were people in the classes who did not understand how to calculate percentage…..I never used my sales license….it was disgusting.

[@marblox9300]

Your sales license….is disgusting.

[@jimshoe402]

Did the SAME thing see what their Doing .BT 5 too and Trust No One my MOTTO.ALOHA

[@marblox9300]

@@jimshoe402 Book him Danno.

[@ZenFrequency111]

I retired my license last year. It was quite apparent that the industry was a waste of my time and energy. Most Real Estate Agents work very hard for those commissions... and the pay is good.... but I personally couldn't see myself suggesting ppl sell their souls for a house. (Not with my social worker background)

[@charmingbeautytv4712]

Great job!

[@rdrda]

You're a good person @ZenFrequency111

[@petra7510-i6s]

You are absolutely right There are more more people dropping off selling real estate It's not worth it and even if you're renting out your properties what's starting to happen is the renters get in there and they stop payment ,that's another problem Big problem we've noticed that more and more it's happening

[@RocksOff72]

We're getting close to selling our house. Not because we have to, because we want to travel more. But, these agents are all aware of the NAR lawsuit, they know the NAR lost, they know changes are coming... yet they're not willing to lower commissions. Ours says the buyer's agents won't show our house if we only pay 2% to them. We're providing our own photos of our house yet our agent won't take a rate cut either. I dunno. I've thought about not selling until the NAR lawsuit is settled, but who knows when that will happen and if anything will actually change. I'm just tired of this obviously sketchy and rigged industry.

[@katydid2877]

I used a flat fee brokerage in 2021. Not sure their price now, but it was $3000 to put the house on all the sites, sign in the yard, text set up for showings, and there at closing. I could pay the buyers broker anything, so I went with $3000. All worked out great.

[@treesnmoguls]

Depends on the value of the house. If it's $500K, they WILL show it for 2%....

[@RocksOff72]

@@katydid2877 $6K would be great! We're looking at a $38K hit right now. I've always hated that the seller pays both agents fees. I feel like we should pay our agent only when we are buying and when we are selling. If you don't mind me asking, what was the sale price of your house in 2021? I also wonder if that would work for us and our situation since we are in a rural area and not a big city?

[@RocksOff72]

@@treesnmoguls we're looking at a starting price of $649K.

[@LaurieLucia-kk6bp]

Recently retired - was in the mortgage biz for over 45 years. I’ve worked with real estate agents my whole career. Let me tell you- I can count on ONE HAND the ones that are honest and do a great job. That being said I have been shouting from the rooftop for YEARS that agent commission structure is bs. No agent no matter how good they are deserve 3 or 6% of MY EQUITY. So glad something is finally being done about it!

[@pensacola321]

It is a miserable job unless you don't really need the money. If it is a spouse of someone with a good job, why not. But if you need an income to live it sucks.

[@MichaelBordenaro]

You don’t have to tell me

[@treesnmoguls]

Exactly. I did it for 5 years as a SINGLE person, what a NIGHTMARE!!

[@jkmarshall3553]

You are correct!

[@maryholloway5487]

It’s a huge clique! It’s all about referrals, who you know. If you’re not in that circle, forget it!

[@MarekKolenda-cr8vr]

Sellers not sell because price inflation

[@loganbush4015]

No need for real estate agents or insurance brokers

[@ophidiaparaclete]

When the institution is corrupt those within are corrupt.

[@katydid2877]

When I hear “you can always refinance” I always think of the stripper in “The Big Short” with 5 houses.

[@javaman7199]

"We're in a bubble"

[@katydid2877]

@@javaman7199 “It’s just a gully.”

[@NickeyVamp]

I had the best realtor I swear. Just got a house and she was amazing.!! She has been in the biz for awhile and had the connections need to make it happen for us. You definitely need a cohesive team for sure.

[@humbleheart2650]

Yes that was the golden ticket for me….a professional, experienced full time realtor with knowledge of the neighborhood you want to live in.

[@ConcernedNinerFan]

This is refreshing to see an honest realtor. The housing market is out of control regardless of where you live. Salaries don't increase enough to be able keep up with the increase in sales prices. I'm content being a lifetime renter. Less headaches and I'm able to travel more with family.

[@rst90274]

In 2008, everyone was quitting during the great recession. I had a neighbor who started in 2006, She sold 25 houses in a year and by 2007, she sold zero and quit.

[@bernadine4236]

It's sad, I always wanted to move to Florida when I retired. I now crossed it off my list due to the homeowner rates and unscrupulous dropping of coverage.

[@ColeDedhand]

No tears shed here. I worked as a realtor for a year. I couldn't take dealing with the scumbags stabbing each other in the back, stabbing customers in the back. Well, I guess they're not as scumbag as personal injury lawyers, so there's that.

[@shaynalee]

I agree Michael!! I’m a one person establishment and TC my own files. Clients get the best service this way as any time they call I know exactly where their file is at.

[@stockey]

The ones that gets on my nerves the most, are those barbies trying to sell mansions in L.A. or elsewhere.

[@jshin5991]

I remember someone told “Don’t buy when your realtors driving Mercedes, buy when they come for showing with OLD Toyota”

[@CrowdControl123]

The vast majority simply put a sign in your yard, post pictures and a 2 paragraph description on the internet, and then hound you with phone calls once the purchase process gets started, for a myriad of documents they forgot to tell you they needed. And for that... they want 6% of my hard earned cash? Nope. I'll call Homie.

[@jkmarshall3553]

Ummmm... who's Homie? And is Homie going to do a better job?

[@IP0Monsturd]

If Homie works for free he is a chump.

[@CrowdControl123]

@@IP0Monsturd Homie is a flat rate real estate agency in Utah.

[@ronniepratt8710]

List your own home and use Zillow format for description details.

[@MichelleVoegtline]

The real estate agent’s realtor makes a 1.5% for doing nothing too. The buyer agents get 3% and the seller agents each get 3% then split 50/50 with their realtors. Some realtor split 60/40.

[@Cucumberflavoredmustard]

Most listings I worked hard for, but some I sure didn't. About 15 years ago I noticed more and more buyers and sellers were making decisions on agents based on who had the sleekest website, and not on referrals from satisfied clients. Like you, I was a one-man-show. My clients called, and they got me. Not an assistant, not a transaction agent or team leader...ME. Too bad that ethos is gone. I saw the writing on the proverbial wall, and started turning a few gems I would come across into rentals. That snowballed into what we manage now.

[@dp.7616]

Every real estate transaction should be handled by an attorney ...the realtor is only a middle man

[@sct4040]

I hired a lawyer.

[@laindia8140]

Nah because an attorney will charge you by the hour after your deal closes if you need to speak with him. Agents will be there for you at no charge after the deal closes 😊

[@dp.7616]

@@laindia8140 attorney offices do most of the work anyway, the only thing a realtor does is take pictures of your property , list your property and show your property...EVERYTHING else is all legal documents that is handled by an attorney office . Realtors are just a middleman. Even if the attorney charges 4000$ for the total transaction... It's still cheaper than 6% on my home value which is 60k

[@debbiec6216]

We drove around to check out the restaurants outside and even went into a couple of them. The two we went into , they were Packed , people waiting to be seated. So we left, went to the next restaurant, it was packed with people and while we were in there , the people were coming in and waiting there too. Once we were done , we left and drove by the other restaurants and checked their parking lots and they were packed with vehicles. Every restaurants parking was packed. It's always like that in this region. You would have thought it was Christmas time !!! Sam's , Kohl's , Lowes , Walmart and including Aldi's . The economy NOT affecting these people. They are going on with their business!

[@shanenice5380]

People have credit cards

[@mph5896]

Depends on where you are at. Some older people have plenty of disposable $ they are willing to part with.

[@judithrace1557]

well, for years realtors have had a bunch of cake.....houses basically sold themselves.....now that its slowing down what Michael says is right on....but everybody suffers when the gov't "thinks" their smart!

[@lucythecat12]

What a gorgeous view 😍... The neighborhood looks nice too ❤

[@2WorldWar2]

Can confirm. I’m a former agent. It’s gotten ridiculous with a million agents, mostly on teams, fighting over the few buyers/sellers still left.

[@casienwhey]

No more outrageous 6% sales commissions? Life is so unfair, right?

[@globalfamily8172]

NO ONE gets a 6% fee. It's usually split 4 ways.

[@tinamakaneole]

Thanks!

[@MichaelBordenaro]

Thank you!!

[@fredk9999]

Thank you to our host for these walk-around outdoor presentations. We always learn from your research

[@ronmatthews2164]

I have been looking at houses for sale in Florida and over 90 % of the listing prices are still way too high.

[@aldarimana1743]

😂 I quit real estate 26 years ago. I was master of listing. Hard work. Hate the lying industry.

[@shanenice5380]

Basically alot of industrial lies on everything

[@samsno3667]

so true

[@rdrda]

I did it for two decades and then went back to traditional work. It's absolutely wonderful not having to get up each day and work in that business. There are better ways to make a living than being an agent.

[@MrMrm1994]

I’ve always wondered why agents/brokers get 3% each of the total sales price. It should be 3% each on 50% of the sales price. They want to split everything but both take their commission on 100% of the price. 🤷‍♂️

[@RobinDuBois-ed6qy]

Most people don't realize how much Realtors work for free. Sitting at open houses, running around showing homes and not selling anything, Sitting on desk time answering the phone, mandatory meetings, putting up & taking down signs for sale & open houses, the paperwork, continuing education classes, the business cards, clothes, brochures, advertising materials, board dues, mls dues, wear & tear on your vehicle, etc. Realtors only make money when the house closes, they are totally on commission. I did it 5 years, its a tough business !

[@donquique1]

So in a hot market should a realtor get the 6 percent with little effort.

[@jgrab1]

This is the most sensible, even-handed post on real estate selling I have ever seen on KZbin.

[@rickhiggins6521]

Thanks for keeping us up to date.

[@nmb5588]

In South FL,the decent housing inventory with affordable pricing is nil. Same in the Treasure Coast and West Coast. Paying $400,000+ with todays insurance and taxes is a joke. Pre pandemic, there was a plethora of nice homes to choose from $285,000 to $325,000. Inventory still way too low. Don't rush to overpay on a depreciating house. Wait and avoid buyers remorse.

[@joseph2707]

You're right that it will not get better.

[@kingglizzer]

Those Miami mosquitoes sound like leaf blowers today.

[@MichaelBordenaro]

Ha ha yeah I ran into them at the end of the video again lol

[@picklikeapro6952]

I live in a tourist area and there’s like 80 companies in a tiny town. Lake of the ozarks Missouri. They’re thinning out a little.

[@rdrda]

Like 80 real estate brokerages?

[@vickijohnson9367]

If you clean it from top to bottom, trim up the yard like the property is cared for, then price it right, the property will sell. Clean & tidy, cared-for sells, if that means emptied out, then empty it. I hire discount agents from good companies. Know the competitive houses, how many sell, what they sold for. Just price it right. As for houses, I always tell everyone, these are structures built by men. Look at a lot of them, closely. You can see how well built they are, talk to the neighbors, be picky. And understand, every house has it’s issues. If everything functional is ten years old, you will be replacing it, roof to water heater, go with quality. Look for signs of leaking and don’t think a new build will save you, watch them building other houses. I recommend bringing a chair & a cooler of food & drink, watch them build your house, stop anyone, if anything looks wrong, you are paying for their labor, you are the boss.

[@jsmum196]

What will happen is there will be no buyer's agents. Buyers will go directly to the SELLER or to the listing agent. THIS IS how it used to be up until the 80/90's when they got "buyer's" agents. It has been a terrible disservice and thank God for the lawsuit!! It's over people.

[@jumper9108]

Good , it should be just a flat rate …

[@marty906]

Yea, $100 like car titles.

[@MarekKolenda-cr8vr]

Get worse when inflation go up and interest rate go up

[@jvieira3807]

I have my exam scheduled for the Fall and I am only planning to work part time and keep my full time job simply becuase I need my biweekly income to pay my mortgage and upkeep my bills. Plus I have a 401K with my company and I know that realestate is NOT guarenteed! That's what most agents don't consider. Gotta weigh out your pros and cons before going into it full time.

[@northmaineguy5896]

Enjoy your walk and talks!

[@HeavenNY]

People don’t need realtors anymore. They can use that service online where you can do all of the step by step work for yourself and pay a small fee not 10% of the value of the house you worked your ass of to buy.

[@virtualistrust2335]

Same happening with hollywood

[@Allthathingss]

I absolutely love how you take a break between the "hard truth" you give so honestly with the SILENT views of the areas where you are walking. It gives me a chance to breathe before you hit us up with more info 😅. Its truly thoughtful!!!! Thank you ❤.

[@tdub25]

Realtors are really gonna be crying when they are gone completely…. They add zero value but take 6-7 percent…… those days are thankfully sunsetting

[@globalfamily8172]

Seriously, they do not get 6-7%! They get about 5 in my area and split it 4 ways.

[@MsHappy-u5o]

Love that you are "old school" Michael (eg Timely return of phone calls)😀

[@onionpeeler2023]

Less realtors? Good... Now we need less lawyers too...

[@Casmige]

…but not politicians I guess?. 🤦‍♂️🤡😂

[@globalfamily8172]

Be careful what you wish for. Attorneys do help people in many cases.

[@onionpeeler2023]

@@globalfamily8172 attorneys made the system as screwed up as it is today, resulting in regular civilians not understanding the law, in other words, attorneys made sure attorneys never lose their jobs, they could care less about the average Joe, or the implications of such laws on the average Joe, there are reasons why people don't like attorneys.

[@helderduarte213]

With less lawyers you get to spend more to defend yourself…

[@onionpeeler2023]

@@helderduarte213 I don’t see prices for legal help going down, even though there are way more lawyers today vs 10 years ago. Also, when they do help, they help themselves in most cases, not their their clients, to them its all about money and power, seen it firsthand way too many times.

[@brucecawthon8206]

Michael, thank you SO MUCH for your informative, honest, truthful videos. TRUTH is in short supply in our nation right now, and your videos though “tough” sometimes, are a beacon of truth.

[@RMJTOOLS]

In the mid,’80’s I bought my first house. I was very specific about where I wanted to have a house, close to my job. My agent basically steered me to every place I didn’t want to be. It was my first experience and should have fired her but didn’t know. I found the house I wanted and she got the commission.

[@RaviDas-c6r]

Ur knowledge on different issues is tremendous

[@TruthAlways59]

Excellent video today, thank you for sharing

[@augustcanyon3438]

Went to a job interview and was told by one of the employees that they've had a lot of realtors applying for jobs.

[@rdrda]

For real?

[@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;)

[@globalfamily8172]

A listing fee goes to the listing agent. I've been seeing 2.5 to listing and 2 to buying. When it gets down to 1, you'll only have a skeleton crew of realtors willing to give up weekends for 30k salary. the industry will be run by online big business with volume sales.

[@Joeybagofdonutts]

Realtors as an industry are a dying breed, and they know it. With technology. all you need are title companies, and an intermediary to show properties to perspective buyers.

[@johnqlunchbucket]

This is a healthy thing to weed out the week and people that shouldn't be in the business anyway.