Realtors take a huge L today

[kengriffeyjr24]

https://www.wsj.com/real-estate/real...omments_sector

basically removes the shakedown for sellers to pay buyers agents. meaning buyers need to either negoiate for the seller to do it, or pay themselves - meaning most will likely just not use a buyers agent or demand they do it for less than the normal rates. likely impact selling agents too

oliverheldens how you feeling right now buddyboyo?

[OliverHeldens]

Nothing changed, they just aren’t advertising commissions anymore. So Buyers will probably end up paying more.

[akmerle]

Nothing changed, they just aren’t advertising commissions anymore. So Buyers will probably end up paying more.

I see this harming buyers more than anything, especially First Time Home Buyers and Lower Income Home Buyers. Buyers will need to come up with more up front money in terms of an Agent Agreement, because no selling agent is going to show whatever random house without knowing what their commission is anymore. I see this being similar to a deposit / retainer, and then I'd imagine some form of either a flat rate / tiered rate / % based due upon closing. I am also curious if / how these costs will get negotiated with the seller, or if they can be included in the mortgage.

I may be wrong but I see the cost of entry for FTHB / LIHB just got increased. A buyers agent is most useful and necessary for those folks, and was already disproportionately underpaid with the old commission based system. So now this change will push more and more to cash buyers and investment / corporate buyers.

[LiftBigEatBig]

Just another friendly reminder that the elites/WEF don't want you owning homes.

They want you renting from Blackrock for life.

Don't get the latest injection? Said something against LGBTQ online?

Boom eviction

[greenleaf]

Commission is going lower. Real estate agent sloots on suicide watch?

[Basedbaby]

Just another friendly reminder that the elites/WEF don't want you owning homes.

They want you renting from Blackrock for life.

Don't get the latest injection? Said something against LGBTQ online?

Boom eviction

So glad I bought my house before this crap happened. My agent was great and his commission was paid by the seller.

[guest89]

I can't read the entire article. But if you think they are doing anything to 'help' home buyers lmao. All I see is greater challenges for buyers to retain a real estate agent. And more likely then not buyers getting fukked if they try to do it without quality representation.


I know the misc geniuses think realtors are useless and aren't necessary. But the same miscers also have some kind of fascination with the real estate market and cannot afford to buy homes anyways.



Here's the truth. Realtors and their fees really aren't expensive or a barrier to buying or selling homes. You can buy/sell homes without them already. People choose to use them for a reason.

[greenleaf]

This, they never worked hard, got much more money than they ever deserved. They will be back to hooters soon enough!

Brb need to suck more dinks going forward to get the deal.

[Briisk]

Realtors on suicide watch.

Going to be cutting fees to get clients.

[OliverHeldens]

Realtors on suicide watch.

Going to be cutting fees to get clients.

Maybe some, but the bad realtors will likely quit the business and the good ones will earn more.

[Scarrdbutsmartr]

Nothing changed, they just aren’t advertising commissions anymore. So Buyers will probably end up paying more.

THIS ^^^ LOL if you think anyone will take a paycut. The reality is things will just cost you more.

[friesbruh]

I see this harming buyers more than anything, especially First Time Home Buyers and Lower Income Home Buyers. Buyers will need to come up with more up front money in terms of an Agent Agreement, because no selling agent is going to show whatever random house without knowing what their commission is anymore

this. jfl @ showing anyone a house unless the % is guaranteed.

edit: im a licensed agent in one state about to be in another state & the consensus is that compensation % will no longer be allowed on the MLS IE youll have to email each listing agent to find out the %.

some good social media comments on this:

All buyers agents are now going to have to have a buyers rep agreement signed before ever showing a house. Only a few do this now, but it will become a requirement soon.

My guess is that one common work-around will be the following written into the Private Agent Remarks: "Seller is offering X% in buyer concessions." (which could be used to cover the buyer's closing costs and then they can use that to offset what they pay their buyer broker at closing through escrow).

Just put offer of compensation in agent remarks if your seller wishes to offer buyer agent compensation.

One of the problems with buyers paying commissions is that many will demand to see any home they want because "they're paying for it". It'll be harder to manage some buyers because of this. It might make sense to charge a showing fee or an upfront retainer to get some skin in the game.

[BigDeeps01]

Article is behind a paywall

[SillieBazzillie]

Is this where realtor bros (lol) try to convince us how valuable agents are and that home buyers and sellers can’t possibly find sellers or buyers without the realtors bigly unique skills and negotiation abilities?

Oh wait, there’s a bunch of houses on Zillow I want to look at. How will I proceed without an agent?

LMFAO

Gravy train is over realtor boyos (lol)

[nothingshocking]

Buy side realtors are worthless and don't deserve the 2% anyway.

[kengriffeyjr24]

this. jfl @ showing anyone a house unless the % is guaranteed.

edit: im a licensed agent in one state about to be in another state & the consensus is that compensation % will no longer be allowed on the MLS IE youll have to email each listing agent to find out the %.

some good social media comments on this:

All buyers agents are now going to have to have a buyers rep agreement signed before ever showing a house. Only a few do this now, but it will become a requirement soon.

My guess is that one common work-around will be the following written into the Private Agent Remarks: "Seller is offering X% in buyer concessions." (which could be used to cover the buyer's closing costs and then they can use that to offset what they pay their buyer broker at closing through escrow).

Just put offer of compensation in agent remarks if your seller wishes to offer buyer agent compensation.

One of the problems with buyers paying commissions is that many will demand to see any home they want because "they're paying for it". It'll be harder to manage some buyers because of this. It might make sense to charge a showing fee or an upfront retainer to get some skin in the game.

buyers wont use buyers agents when they have to pay them directly vs the sellers

super easy to just use a real estate attorney and find homes on zillow yourself. my buyers agent did nothing for me I couldnt have done.


thats half of all agents not needed anymore......

[rectifryer]

I've never seen percentages listed in mls anyways, so I could care less. I've always referred to the contract....not sure how this changes anything.

[friesbruh]

buyers wont use buyers agents when they have to pay them directly vs the sellers

super easy to just use a real estate attorney and find homes on zillow yourself. my buyers agent did nothing for me I couldnt have done.


thats half of all agents not needed anymore......

you would (or will) get absolutely hosed if you try to represent yourself.

you i and everyone knows damn well you're not reading a 20+ page contract to buy & sell nor will you have any clue how to fill out the rest of the paperwork, or if there are any legal issues.

you're gonna either 1) overpay so the sellers are happy no matter what (good luck finding 100% accurate comps) or 2) wont have chit for representation because you paid $500 for a "RE attorney"

[2011change]

The NAR lobbys so much money every year for this scam to continue. The idea to have real estate agents is dumb AF.

I dont need an agent/dealer to sell my own car. I can handle it myself. If someone wants to sell their house and list on the MLS, they should do so. The NAR controls MLS as well.

[kengriffeyjr24]

you would (or will) get absolutely hosed if you try to represent yourself.

you i and everyone knows damn well you're not reading a 20+ page contract to buy & sell nor will you have any clue how to fill out the rest of the paperwork, or if there are any legal issues.

you're gonna either 1) overpay so the sellers are happy no matter what (good luck finding 100% accurate comps) or 2) wont have chit for representation because you paid $500 for a "RE attorney"

the lawyers read the contract buddy boy. not the buyers agents lol

you can hire a lawyer spend like 1-2k and that enough. vs 3% of buying a 1.5mm dollar home in a hcol area ........

my buyers agent did nothing honestly.

[PaulJerome]

https://www.wsj.com/real-estate/real...omments_sector

basically removes the shakedown for sellers to pay buyers agents. meaning buyers need to either negoiate for the seller to do it, or pay themselves - meaning most will likely just not use a buyers agent or demand they do it for less than the normal rates. likely impact selling agents too

oliverheldens how you feeling right now buddyboyo?

Ummm.. selling agent is another way to say buyer's agent, whereas seller's agent is another way to say listing agent.

[BigDeeps01]

Ok just read this article on it, non pay wall

https://realestate.usnews.com/real-e...rs-and-sellers

lol this is an absolute nothing burger

The worst case scenario here is that they stop listing buyer broker commissions on the MLS and the listing agent pays it as a referral fee instead. Meaning nothing really changes

[SillieBazzillie]

Ok just read this article on it, non pay wall

https://realestate.usnews.com/real-e...rs-and-sellers

lol this is an absolute nothing burger

The worst case scenario here is that they stop listing buyer broker commissions on the MLS and the listing agent pays it as a referral fee instead. Meaning nothing really changes

Woof what a terrible interpretation. The seller was on the hook for 6% before. Now it's all negotiable and very few buyers are gonna pay an agent going forward. Why would they?

Real estate bros about to get their income cut in half.

Good they've been gaming the system way too long.

[WoofieNugget]

The fact real estate commission is based on the price of the house is one of the biggest scams in history. There is zero difference between selling an 800k house versus a 400k house, yet the realtor makes double the money.

It should be a flat fee like anything else, or paid per hour. Especially when you consider that agents have zero formal education and are usually only in the profession because they can't get a real job. Herp derp here, let me 'negotiate' that price for you.