How will agents get paid? | Just The Facts Ep. 2

[@rayzimmerman2242]

Appreciate the video. As a potential buyer, I would like to know more specifics. What are going rates the buyer agents are going to charge? Are there standard contracts that delineate the buyer/agent choices for A) Hourly rate for the agent? What amount is considered "usual and customary" for an agent? B) Buyer agent will show 5 houses in 6 mos for a retainer fee? What is usual and customary fee? C) Agent agrees to show up to X number of houses within 6 mos in exchange for 2% of the final purchase price? d) Agent agrees to show a house for a fee of $200 per house, with an anticipated fee of $2000 to handle the final sale paperwork?

[@elihill9791]

Teach them how to swindle us! Great Job.

[@guineapigzed]

Yes

[@mariaamadea7069]

Thank you for this information. It seems that even with this new change, there continues to be an unspoken expectation that the sellers ‘should pay ‘ for the buyer broker fees as it’s been in the past. Why do buyers have such a hard time to pay for a service they use? It seems to me more fair to have both sellers pay for their agent and buyers pay for their own agent. The old rule of sellers paying for all real estate agent commissions never made sense to me…

[@MrThe1234guy]

They are going to find properties to list. Then they're going to do their job and actually sell it by meeting with buyers and showing the house the way it should be. The listing agent is the one who has motivation to sell the property so it makes sense that they show the property. The buyer can hire his own home inspector and his lawyer can assist with the paperwork. This should be the regular

[@mistafrank31]

What happens when buyers start losing DDF and EMD because the seller does not want to make any repairs on the property that the buyer thinks they should have done or the appraisal comes up short. The listing agent is not going to negotiate with the seller on behalf of a buyer on things like this because , the listing agent works for the seller and buyers need to know this upfront before they make an offer. Buyers could start suing listing firms over property representation and a conflict of interest...this could get messy quickly...

[@jged8270]

@@mistafrank31 That’s what you all say when in reality an attorney is the one drawing up the contract and legal documents. The attorney will do this for an average of $800-$1500. Real estate agents value is extremely over exaggerated and they’re all running around now trying to make the process seem even more complicated and adding fake value

[@mistafrank31]

@@jged8270 what in the blue hell are you talking about? Attorneys got nothing to do with due diligence funds and earnest money deposits. Attorneys have nothing to do with buyer and selling negotiations. The reality is when these buyers start losing their money the sellers houses is going to sit on the market for longer and listing firms could get sued because these buyers are losing money. Attorneys got nothing to do with that no matter who drew the contract.

[@MLR-jw5em]

I guess it’s a wash? All realtors get paid for selling not buyer realtors

[@rack9458]

Buyer agents are going to start proving their worth. Buyers are not going to pay an agent upfront or sign an agreement to pay at closing. It will be far cheaper for a buyer to just contact the sellers agent directly.

[@MrThe1234guy]

Exactly I think that's the best because it eliminates a middleman when you make an offer there's less parties involved going back and forth. We don't need to pay $6,000 or more for someone to open the house and give us their two cents. Sellers are all going to list their properties at a reduced commission which will become more competitive between 1% and 2% and they are going to want all of the money for concessions or profit

[@p.o.4339]

I think they are going away. Listing agents will actually work to sell your house instead of just waiting tor some other agent to come along with a qualified buyer.

[@JoyceCWallace1]

The seller agent will be working for the Sellers interest only not to mention that they may charge a fee to provide a service to that buyer

[@rack9458]

@@JoyceCWallace1 As a seller, if my agent ever refused to work with a qualified borrower someone's getting fired! Again, buyer agents are toast.

[@guineapigzed]

Go further; skip the agent! Go straight to the owner.

[@randallbeaubouef2558]

I’m done with paying a potential buyer agen 3 %. And now the seller agent is still trying to convince the seller to pay the buyer agent 3 % ?! Because seller agent NEEDS buyer agent referrals because he she too lazy to get out and hustle right !!

[@marieallen5304]

Well well, what do we have here for sale by owner and hire a real estate attorney, that's it.

[@ethanmurray2203]

Yeah, right! Schedule and do all the showings? Do your own open houses? Weed through potential buyers, review proof of funds, and pre-qualification letters? Then negotiate the best offer? Sounds like a professional full time job to do correctly.

[@samkurz]

If buyers think they can do it on their own then let them. The buyers agent will not work for free. The buyer has no idea how much work is involved in help them. Remember the buyer will be reponsible legally. So just know the seller agent is not going to be there for you as much as buyers agent.

[@markemahebberd7044]

So confusing with all the abbr to a first time person looking for info as a first time buyer/seller.

[@tcameronrealestate]

So what happens when seller wants to accept buyers off but wants to counter out buyer’s agent commission? It’s not as easy as your making it. In this situation that I mentioned, can get the buyer agent commission cut out. If seller wants to accept offer but doesn’t want to pay buyers agent, will the buyers agent stand in the way of an emotional buyer and their dream home?? If so the buyers agent will be the bad guy across the board………

[@p.o.4339]

Everything else being equal, if the listing agent wants the sale...he/she will take care of the buyer's agent.

[@kimm5555]

So despite the dance with words in all honesty seller's still has to pay the buyer's agent. I have talked to 2 listing agents who will not budge on the 6% commission. They say their broker will not allow it.

[@MLR-jw5em]

What about the dual agent thing

[@MLR-jw5em]

Ok then if they won’t show the buyer the house that would sure piss me off

[@randallbeaubouef2558]

I’m done with paying a potential buyer agen 3 %. And now the seller agent is still trying to convince the seller to pay the buyer agent 3 % ?! Because seller agent NEEDS buyer agent referrals because he she too lazy to get out and hustle right !!