define professionals pleasejja79 said:
How much do other professionals add to the cost of goods and services we use everyday or more often than every 7-10 yeats? You might even be one of them.
Actually, had a great experience with a realtor and she earned every bit of her commission.Captain Winky said:
Not a realtor and don't have a dog in this fight. You just seem to be putting in a lot of time and effort with a group of people that you want us to believe you wouldn't give the time of day to.
Show us on the doll where the realtor hurt you.
When you directly insult an entire group of people on a message board directly related to their occupation, it's likely to expect them to defend themselves.Tex117 said:Actually, had a great experience with a realtor and she earned every bit of her commission.Captain Winky said:
Not a realtor and don't have a dog in this fight. You just seem to be putting in a lot of time and effort with a group of people that you want us to believe you wouldn't give the time of day to.
Show us on the doll where the realtor hurt you.
But the fact realtors get so defensive...
If I were to say the same for doctors, (and even lawyers), I wouldn't get the same level of justification.Heineken-Ashi said:When you directly insult an entire group of people on a message board directly related to their occupation, it's likely to expect them to defend themselves.Tex117 said:Actually, had a great experience with a realtor and she earned every bit of her commission.Captain Winky said:
Not a realtor and don't have a dog in this fight. You just seem to be putting in a lot of time and effort with a group of people that you want us to believe you wouldn't give the time of day to.
Show us on the doll where the realtor hurt you.
But the fact realtors get so defensive...
Tipping culture has gotten out of hand._lefraud_ said:
How about Realtor/Client agree on a flat fee amount and then client "tips" the Realtor once closing is scheduled? To protect the Realtor, they could agree on a minimum tip before hand?
Medaggie said:
Q. If I'm selling, can I offer less than a 3% commission to the buyer's agent?
A. Absolutely. The unfortunate reality though, is that your home won't get the same attention that it would if you offered buyers agents 3%. It could either take longer to sell, or may not sell at all.
I have heard this also which is what gives me a bad view of some RE agents. Why would an agent not want to show their client a property that fits their criteria just because they were offered "only" 2%? Isn't their duty to their client or is it to maximize the 3%? Also if it is only "2%", isn't it still a great transaction if the property is 1M? Is it better to not show the deal but wait for a 500k place bc it's 3%?
If you have a client your duty should be first to the client and not what commission is offered.
.
on average how many deals are in process at any given time? Wouldn't you naturally divide your time to the higher paying deal given competing interests?BrazosDog02 said:Medaggie said:
Q. If I'm selling, can I offer less than a 3% commission to the buyer's agent?
A. Absolutely. The unfortunate reality though, is that your home won't get the same attention that it would if you offered buyers agents 3%. It could either take longer to sell, or may not sell at all.
I have heard this also which is what gives me a bad view of some RE agents. Why would an agent not want to show their client a property that fits their criteria just because they were offered "only" 2%? Isn't their duty to their client or is it to maximize the 3%? Also if it is only "2%", isn't it still a great transaction if the property is 1M? Is it better to not show the deal but wait for a 500k place bc it's 3%?
If you have a client your duty should be first to the client and not what commission is offered.
.
Personally this is the way we always operated. I've never known the alternative to be true. It's what people said and told us but I've never known it to actually happen. Maybe my brokerage was just that much better than others, but I don't think so. I've never had an agent think "golly gee, I'm going to make 1,500 less if I show this to my buyer, I should pass on this and hang out for 3 more months and find one better for my pocket book." It makes no practical sense.
For most Realtors.. the 80% of all of them, they are likely to have one deal a quarter.Ragoo said:on average how many deals are in process at any given time? Wouldn't you naturally divide your time to the higher paying deal given competing interests?BrazosDog02 said:Medaggie said:
Q. If I'm selling, can I offer less than a 3% commission to the buyer's agent?
A. Absolutely. The unfortunate reality though, is that your home won't get the same attention that it would if you offered buyers agents 3%. It could either take longer to sell, or may not sell at all.
I have heard this also which is what gives me a bad view of some RE agents. Why would an agent not want to show their client a property that fits their criteria just because they were offered "only" 2%? Isn't their duty to their client or is it to maximize the 3%? Also if it is only "2%", isn't it still a great transaction if the property is 1M? Is it better to not show the deal but wait for a 500k place bc it's 3%?
If you have a client your duty should be first to the client and not what commission is offered.
.
Personally this is the way we always operated. I've never known the alternative to be true. It's what people said and told us but I've never known it to actually happen. Maybe my brokerage was just that much better than others, but I don't think so. I've never had an agent think "golly gee, I'm going to make 1,500 less if I show this to my buyer, I should pass on this and hang out for 3 more months and find one better for my pocket book." It makes no practical sense.
The model should be $10k for a closing transaction and T&M for MLS hunting and house showing.
TBH a broker shouldn't get to siphon off their cut for an agent touring around a buyer. The current model is 100% commission based regardless of the amount of effort and if the agent puts in more effort they make the broker the same cut. The agent should be able to T&M that as direct income billed to their client without the broker. Or have a $1,200/day showing fee. $150/hr x 8 hr minimum.
There's far more justification for both doctors and lawyers. None of them have any desire to fix the broken systems they operate in that prey on ignorant consumers. But unlike with Realtors, you would have to get the government out of the way first to enact any change. Realtors are just the low hanging fruit.Tex117 said:If I were to say the same for doctors, (and even lawyers), I wouldn't get the same level of justification.Heineken-Ashi said:When you directly insult an entire group of people on a message board directly related to their occupation, it's likely to expect them to defend themselves.Tex117 said:Actually, had a great experience with a realtor and she earned every bit of her commission.Captain Winky said:
Not a realtor and don't have a dog in this fight. You just seem to be putting in a lot of time and effort with a group of people that you want us to believe you wouldn't give the time of day to.
Show us on the doll where the realtor hurt you.
But the fact realtors get so defensive...
Realtors just aren't accepting that change is coming to their industry. I have no idea how it will play out, but change is coming.
Tex117 said:Tipping culture has gotten out of hand._lefraud_ said:
How about Realtor/Client agree on a flat fee amount and then client "tips" the Realtor once closing is scheduled? To protect the Realtor, they could agree on a minimum tip before hand?
When I was in Real Estate, I showed everything that matched what they wanted. That said, I also spent a ton of time narrowing down exactly what my client wanted. There was none of this "drive all over the state" type of deals. I was farm and ranch focused. I showed everything, because people who want land have freinds and happy customers tell people.Ragoo said:on average how many deals are in process at any given time? Wouldn't you naturally divide your time to the higher paying deal given competing interests?BrazosDog02 said:Medaggie said:
Q. If I'm selling, can I offer less than a 3% commission to the buyer's agent?
A. Absolutely. The unfortunate reality though, is that your home won't get the same attention that it would if you offered buyers agents 3%. It could either take longer to sell, or may not sell at all.
I have heard this also which is what gives me a bad view of some RE agents. Why would an agent not want to show their client a property that fits their criteria just because they were offered "only" 2%? Isn't their duty to their client or is it to maximize the 3%? Also if it is only "2%", isn't it still a great transaction if the property is 1M? Is it better to not show the deal but wait for a 500k place bc it's 3%?
If you have a client your duty should be first to the client and not what commission is offered.
.
Personally this is the way we always operated. I've never known the alternative to be true. It's what people said and told us but I've never known it to actually happen. Maybe my brokerage was just that much better than others, but I don't think so. I've never had an agent think "golly gee, I'm going to make 1,500 less if I show this to my buyer, I should pass on this and hang out for 3 more months and find one better for my pocket book." It makes no practical sense.
The model should be $10k for a closing transaction and T&M for MLS hunting and house showing.
TBH a broker shouldn't get to siphon off their cut for an agent touring around a buyer. The current model is 100% commission based regardless of the amount of effort and if the agent puts in more effort they make the broker the same cut. The agent should be able to T&M that as direct income billed to their client without the broker. Or have a $1,200/day showing fee. $150/hr x 8 hr minimum.
LOL. I don't even know how to respond. Look, before you take anything I say too seriously, in the end, change is coming That's it. Don't know how it will all shake out, but change is coming.Heineken-Ashi said:There's far more justification for both doctors and lawyers. None of them have any desire to fix the broken systems they operate in that prey on ignorant consumers. But unlike with Realtors, you would have to get the government out of the way first to enact any change. Realtors are just the low hanging fruit.Tex117 said:If I were to say the same for doctors, (and even lawyers), I wouldn't get the same level of justification.Heineken-Ashi said:When you directly insult an entire group of people on a message board directly related to their occupation, it's likely to expect them to defend themselves.Tex117 said:Actually, had a great experience with a realtor and she earned every bit of her commission.Captain Winky said:
Not a realtor and don't have a dog in this fight. You just seem to be putting in a lot of time and effort with a group of people that you want us to believe you wouldn't give the time of day to.
Show us on the doll where the realtor hurt you.
But the fact realtors get so defensive...
Realtors just aren't accepting that change is coming to their industry. I have no idea how it will play out, but change is coming.
But stop acting like people willingly entering into contractual agreements with their Realtor is anything close to the massive bloated overcharging of both the medical and lawfare arenas that routinely cripple people financially.
And unlike the medical industry, taxpayers aren't paying for Realtors salaries directly through the absolute scam that is health insurance.
The rest of the world gets along just fine without the standard 6%. Why is it somehow not okay for the US?_lefraud_ said:Tex117 said:Tipping culture has gotten out of hand._lefraud_ said:
How about Realtor/Client agree on a flat fee amount and then client "tips" the Realtor once closing is scheduled? To protect the Realtor, they could agree on a minimum tip before hand?
Agreed, and I think it goes with the 6% normal with real estate transactions.
On average, is there much of a difference in a $300,000 and a $600,000 transaction for Realtors? Is there a $18,000 difference?
I'd say there's a good amount of people that think 15% tip on a meal is sufficient, and another large faction that says 20% isn't enough.
Bring that to the real estate world. Let people pay more if they like, but it's past time to do away with the standard being a percentage, much less 6%.
Yes, it is. And it will not be beneficial for buyers and will only slightly materially change what sellers pay out of pocket.Tex117 said:LOL. I don't even know how to respond. Look, before you take anything I say too seriously, in the end, change is coming That's it. Don't know how it will all shake out, but change is coming.Heineken-Ashi said:There's far more justification for both doctors and lawyers. None of them have any desire to fix the broken systems they operate in that prey on ignorant consumers. But unlike with Realtors, you would have to get the government out of the way first to enact any change. Realtors are just the low hanging fruit.Tex117 said:If I were to say the same for doctors, (and even lawyers), I wouldn't get the same level of justification.Heineken-Ashi said:When you directly insult an entire group of people on a message board directly related to their occupation, it's likely to expect them to defend themselves.Tex117 said:Actually, had a great experience with a realtor and she earned every bit of her commission.Captain Winky said:
Not a realtor and don't have a dog in this fight. You just seem to be putting in a lot of time and effort with a group of people that you want us to believe you wouldn't give the time of day to.
Show us on the doll where the realtor hurt you.
But the fact realtors get so defensive...
Realtors just aren't accepting that change is coming to their industry. I have no idea how it will play out, but change is coming.
But stop acting like people willingly entering into contractual agreements with their Realtor is anything close to the massive bloated overcharging of both the medical and lawfare arenas that routinely cripple people financially.
And unlike the medical industry, taxpayers aren't paying for Realtors salaries directly through the absolute scam that is health insurance.
The rest is just an opportunity to dunk on "actual" low hanging fruit realtors (buyers side, almost always), that are irritating and terrible at their job, yet benefit from the good job the sellers do.
Don't know if thats true or not, and even if it is....so, what?Heineken-Ashi said:Yes, it is. And it will not be beneficial for buyers and will only slightly materially change what sellers pay out of pocket.Tex117 said:LOL. I don't even know how to respond. Look, before you take anything I say too seriously, in the end, change is coming That's it. Don't know how it will all shake out, but change is coming.Heineken-Ashi said:There's far more justification for both doctors and lawyers. None of them have any desire to fix the broken systems they operate in that prey on ignorant consumers. But unlike with Realtors, you would have to get the government out of the way first to enact any change. Realtors are just the low hanging fruit.Tex117 said:If I were to say the same for doctors, (and even lawyers), I wouldn't get the same level of justification.Heineken-Ashi said:When you directly insult an entire group of people on a message board directly related to their occupation, it's likely to expect them to defend themselves.Tex117 said:Actually, had a great experience with a realtor and she earned every bit of her commission.Captain Winky said:
Not a realtor and don't have a dog in this fight. You just seem to be putting in a lot of time and effort with a group of people that you want us to believe you wouldn't give the time of day to.
Show us on the doll where the realtor hurt you.
But the fact realtors get so defensive...
Realtors just aren't accepting that change is coming to their industry. I have no idea how it will play out, but change is coming.
But stop acting like people willingly entering into contractual agreements with their Realtor is anything close to the massive bloated overcharging of both the medical and lawfare arenas that routinely cripple people financially.
And unlike the medical industry, taxpayers aren't paying for Realtors salaries directly through the absolute scam that is health insurance.
The rest is just an opportunity to dunk on "actual" low hanging fruit realtors (buyers side, almost always), that are irritating and terrible at their job, yet benefit from the good job the sellers do.
https://www.housingwire.com/articles/doj-will-intervene-in-nars-commission-lawsuit-settlement-kbw-analysts/Quote:
"In particular, we believe it is likely that the DOJ will now look to intervene in the recent NAR nationwide settlement agreement in order to close any loopholes/workarounds, such as off-MLS compensation offers, and ensure more impactful changes to commission policies," the note read.
The loophole the stands out to the KBW analysts is the off-MLS compensation workaround, which has been widely discussed in the real estate industry. Under the terms of NAR's settlement agreement, set to go into effect mid-July, real estate agents and brokers are no longer allowed to make offers of cooperative compensation on the MLS, however, they may make those offers elsewhere, including on personal agent websites.
I don't quite follow your points.Houston Lee said:
With this settlement, there is some bad news for buyers that really hasn't been discussed much.
Realtors can't show a home and therefore, Buyers can't go tour a home, unless they first sign a buyers representation agreement. They can still go to an open house hosted by the listing agent. But, that is about it.
Zillow (along with many other companies) do a great job of connecting Buyers with Buyers Agents. The buyer can go on Zillow and see a house they like. They can click on a button to "take a tour" and be instantly connected by phone with a buyers agent in that area to go see the home that same day. The agent sets up the appointment and BAM, they meet at the home and tour the property. If the buyer likes the agent, then they typically hire them to find more homes to tour and a relationship is born.
Most of these buyers are first time homebuyers or people that don't know the area or buyers from out of town. Now, these buyers are going to have to sign a written agreement with an agent on the hood of a car prior to an agent opening the door for them. This seems kind of backwards and scary for the first time homebuyers. No time to develop a relationship.
What an unintended consequence of this rule could be is that homes end up with less showings and that buyers will have to take a leap of faith.
Imagine you are in California and you want to see some homes in Texas and don't have or know an agent in that area. You want an agent in Texas to go to a home on your behalf and do a video (face-time) virtual tour of the property. This happens all the time. Now, before that agent can do a video tour of the property, you will have to sign a buyers rep agreement with them. Very interesting.
As a seller, you want as many people touring your home as possible. Sometimes, the buyers are serious and ready to buy now and sometimes they are just starting their search. This is going to make it interesting for sure.
Did you not comprehend that realtor fees have always been negotiable? Sellers and buyers don't have to agree to a set %. Never have. You will see that the future is to transition from multiple area MLS's to a common, national MLS. Then you will see that the true purpose behind what is occurring. Buyers and sellers then will be locked into a set fee. Don't always assume change is better. It is going to cost you in multiple ways going forward.Yesterday said:SteveBott said:
What is illegal? Negotiating a contract with terms both parties agree to? And that agreement contains commissions to both the buyer and seller agent?
What this settlement does is open the negotiations. The problem was what was seen as price fixing by the MLS. Now it's all negotiable.
We in mortgage have always negotiated. Nothing new to us.
It's illegal to conspire to keep prices higher for sake of commissions. Heard of antitrust?
It always irked me when realtors would say "why wouldn't you use a buyers agent? It's free to you." Right.
And not to be completely anti-realtor because there's a time and place for them and I've had some good ones. Who have genuinely helped and saved me money. The others were just there collecting what they could.
