NAR Class Action lawsuit settlement has been reached

[Cdog]

There seems to be a lot of disconnect in what the mls offers, what Zillow & Redfins actual business model is and what a listing agent & buyers agent actually does.

Seeing what the anti realtor folks have to say and their comments highlight how ignorant they really are about the process. So far I see people gloating while focused on all the wrong details.

For starters. How do these buyers plan on scheduling and attending a showing without someone vetted and licensed to show a potential home? Do they really think the listing agent is going to show it to them without a pre qual, compensation agreement & agency agreement?

Do they imagine a world where the seller invites a potential buyer over and provides access on their own time?

Open houses will become the only way for slippery buyers to show without a commitment.

In a lot of ways a laymen representing themselves on a home purchase is equal to defending yourself on a DUI charge.

It’s gonna get interesting. Already I see the folks yelling the loudest know the least.

 

[Cdog]

Lol I’m not trying to ruffle any feathers. And I responded to your post before you edited.

By definition if there are properties, information etc on the MLS (only accessible by licensed real estate agents/brokers) that is not accessible via public websites like Tulia, Zillow, RF etc then it is secretive. There’s a competitive advantage for those who have access to the MLS.

Once again I’m not saying there shouldn’t be one lol. But there is one.

This discussion has been about buyer representation. Not sure where I ever said that I wouldn’t pay a top producing agent to represent my property. If you scroll up a few posts I said a good agent is worth their weight in gold.

I’m not arguing over the color of the sky. But the conversation ebbs and flows from buyers agents being representation of their client’s best interest. And it sure seems heavily inferred that using a buyers agent will protect the buyer and seller from future litigation.

My point was if I can save 10-20k+ by using a real estate attorney to represent me I’m going to. Last I checked if we go to the court the same firm is gonna be representing one of the sides.

Yes there is private information. Gate codes, alarm codes & sensitive info. Realtor & association members pay dues for access. As a non member you are provided limited access to information. You’re not vetted, you don’t have a license or any liability therefore you’re not allowed full access.

What are people missing about this? Do you want your alarm code on Zillow?

 

[Cdog]

 

[hallett21]

There seems to be a lot of disconnect in what the mls offers, what Zillow & Redfins actual business model is and what a listing agent & buyers agent actually does.

Seeing what the anti realtor folks have to say and their comments highlight how ignorant they really are about the process. So far I see people gloating while focused on all the wrong details.

For starters. How do these buyers plan on scheduling and attending a showing without someone vetted and licensed to show a potential home? Do they really think the listing agent is going to show it to them without a pre qual, compensation agreement & agency agreement?

Do they imagine a world where the seller invites a potential buyer over and provides access on their own time?

Open houses will become the new way for slippery buyers to show without a commitment.

In a lot of ways a laymen representing themselves on a home purchase is equal to defending yourself on a DUI charge.

It’s gonna get interesting. Already I see the folks yelling the loudest know the least.

Once again I’ll preface by saying I’m not anti realtor lol. And we’re talking a scenario where you do not need buyer representation (legally).

1. Scheduling a viewing.

Send the listing agent proof of funds certified by my bank. Send a letter of qualification from my mortgage broker. Could include credit score as well. Obviously you’d need the sellers agent to show the property. Unless your mortgage broker wanted to show it to. Since most have their real estate license.

2. Showing times

Absolutely not. Treat it the same way us construction folk deal with job walks. There’s 2-3 dates and times. Pick one lol. Assuming it’s a sellers market. If it’s a buyers market then yes absolutely, you gotta earn the 3%.

3. Open houses

Agreed but other than pocket listings that already exists right?

4. That’s a stretch lol.

 

[Cdog]

Once again I’ll preface by saying I’m not anti realtor lol. And we’re talking a scenario where you do not need buyer representation (legally).

1. Scheduling a viewing.

Send the listing agent proof of funds certified by my bank. Send a letter of qualification from my mortgage broker. Could include credit score as well. Obviously you’d need the sellers agent to show the property. Unless your mortgage broker wanted to show it to. Since most have their real estate license.

2. Showing times

Absolutely not. Treat it the same way us construction folk deal with job walks. There’s 2-3 dates and times. Pick one lol. Assuming it’s a sellers market. If it’s a buyers market then yes absolutely, you gotta earn the 3%.

3. Open houses

Agreed but other than pocket listings that already exists right?

4. That’s a stretch lol.

Can’t wait to hear how this all works out for people. See my FB Market place post above.

You might get lucky. Or you might get fucked and spending 5-10% of the house cost fixing what you didn’t know about and didn’t know what to look for.

You’ll be forced to sign a release of any liability on the seller & sellers representation that you are on your own. They owe you no fiduciary.

In 99% of the cases the buyers will be clueless what they need to be worried about and the timelines to perform.

 

[hallett21]

Can’t wait to hear how this all work out for people. See my FB Market place post above

I’ve been involved in 4 complete transactions with my name on the paper at age 33. I’ve done it enough to see where the strengths and weaknesses are.

I’ll extend an olive branch to the real estate professionals. As a licensed contractor in multiple trades I’ll be the first to say being licensed means nothing lol.

All it means is that you can post a bond, pass a law test and trade test that a monkey could do. Doesn’t make you a good tradesman or a good businessman.

Edit. And I agree if I had to put up with the tire kicker crap you guys do I’d kill myself lol. But there’s a group of us who only move on property when we’re ready and able. And we only want that one.

 

[RiverDave]

Lol I’m not trying to ruffle any feathers. And I responded to your post before you edited.

By definition if there are properties, information etc on the MLS (only accessible by licensed real estate agents/brokers) that is not accessible via public websites like Tulia, Zillow, RF etc then it is secretive. There’s a competitive advantage for those who have access to the MLS.

Once again I’m not saying there shouldn’t be one lol. But there is one.

This discussion has been about buyer representation. Not sure where I ever said that I wouldn’t pay a top producing agent to represent my property. If you scroll up a few posts I said a good agent is worth their weight in gold.

I’m not arguing over the color of the sky. But the conversation ebbs and flows from buyers agents being representation of their client’s best interest. And it sure seems heavily inferred that using a buyers agent will protect the buyer and seller from future litigation.

My point was if I can save 10-20k+ by using a real estate attorney to represent me I’m going to. Last I checked if we go to court the same firm is gonna be representing one of the sides.

1/2 the country already uses attorneys for re transactions.. just about anything east of the Mississippi it is required. Out west we use agents and no attorneys.. having friends that have done a lot on both sides of the country they say our way is a much better system. I can’t personally speak to it as I’ve never done anything back east.

I do agree with Engle though.. there really isn’t a ton of info on the mls that is crazy valuable over what is put out there on some Of these sites.. and it has been that way forever. Is there some shit? Yeah but mostly non relevant to the buyer or window shopper.

RD

 

[RiverDave]

As for transactions.. without getting too deep into it I will say this for the most part is universally true. For large ticket transactions of any kind you are better off being represented both on the buying and selling sides.

We represent a lot of people that have bought and sold a ton of homes.. when they insist that they are going to be present for showings etc you already know it’s gonna be a nightmare and most likely they are going to fuck it all up. I am talking very intelligent people as well.

This also goes for the buying side.. because if the wife is sitting there saying “THIS IS THE ONE I DONT WANT ANYTHING ELSE!” How far are you the listing agent going to bend on price knowing this.. (among a million other examples)

You gotta take the emotion out of it and just look at it as business and do what’s right for your clients. It’s hard to do that if you are the principal in the transaction.

If you feel that isn’t true.. well give it a shot. I like playing cards but I’m not a pro and I’m not walking into the lions den because I think I know the rules and they opened it up to anyone to participate.. let alone expecting to win.

At the end of the day it all doesn’t matter.. changing some minor rules doesn’t change the game.. those that do well are going to continue to do well and those that don’t won’t.


I’d be more concerned about disruptive technologies that change the landscape than this. Aka Uber and taxicabs

RD

 

[hallett21]

1/2 the country already uses attorneys for re transactions.. just about anything east of the Mississippi it is required. Out west we use agents and no attorneys.. having friends that have done a lot on both sides of the country they say our way is a much better system. I can’t personally speak to it as I’ve never done anything back east.

I do agree with Engle though.. there really isn’t a ton of info on the mls that is crazy valuable over what is put out there on some Of these sites.. and it has been that way forever. Is there some shit? Yeah but mostly non relevant to the buyer or window shopper.

RD

That’s actually wild to hear. It would be interesting to know why/what they like or don’t like.

For myself all I want to know is what the property costs and that it’s available. I can figure out the costs of repairs and with 3-4 phone calls will know exact costs. Not general ideas from someone who doesn’t do the work daily for a living. That’s not a dig at real estate professionals, but living in construction gives you realistic costs.

And I think thats where this convo is running off the rails.

I have no interest in the average buyer’s moves (tract homes or communities that are relatively predictable) the same way @Englewood has no interest in dealing with one off properties. And maybe he does enjoy that market. But you can’t run a business off of that.

My whole point was that there are properties that are “hidden” on the MLS. They exist lol.

 

[hallett21]

As for transactions.. without getting too deep into it I will say this for the most part is universally true. For large ticket transactions of any kind you are better off being represented both on the buying and selling sides.

We represent a lot of people that have bought and sold a ton of homes.. when they insist that they are going to be present for showings etc you already know it’s gonna be a nightmare and most likely they are going to fuck it all up. I am talking very intelligent people as well.

This also goes for the buying side.. because if the wife is sitting there saying “THIS IS THE ONE I DONT WANT ANYTHING ELSE!” How far are you the listing agent going to bend on price knowing this.. (among a million other examples)

You gotta take the emotion out of it and just look at it as business and do what’s right for your clients. It’s hard to do that if you are the principal in the transaction.

If you feel that isn’t true.. well give it a shot. I like playing cards but I’m not a pro and I’m not walking into the lions den because I think I know the rules and they opened it up to anyone to participate.. let alone expecting to win.

At the end of the day it all doesn’t matter.. changing some minor rules doesn’t change the game.. those that do well are going to continue to do well and those that don’t won’t.


I’d be more concerned about disruptive technologies that change the landscape than this. Aka Uber and taxicabs

RD

I cannot imagine dealing with a seller who wants to be there during the showing. I can but Jesus.

You’re selling it, time to move on and let go. Use the realtor as your therapist (sellers agent ) if you need to talk about the doors and how your kids enjoyed the backyard.

“This is the only house I want.” Great then you better pay big money to lock it in because it’s that awesome.

Maybe i’m too disconnected on real estate lol. I’d buy 100 homes before I bought one more vehicle.

I will say that you, @Englewood and others keep coming back to representing the seller in your scenarios.

I thought this whole lawsuit was over buyer representation?

Not directed at you but for the 1 millionth time a good agent is worth their weight in gold.

 

[CLdrinker]

So what’s the benefit of a buyers agent now?

I have always found the house I wanted to see before the agent ever did.
So that’s not it.
Request some inspections. Whoa that’s hard.
Read through the legal stuff. Ok now we are getting some help. But title and escrow handle some of that.

So what’s the big benefit that’s worth 10’s of thousands?

 

[rivrrts429]

They’re already showing homes without any agents.

I just looked at a home for sale in my girlfriends neighborhood. They vetted me on the front end and then ten minutes before my scheduled showing time sent me a keypad code to enter the property. House was empty and her and I had the house to ourselves for 30 minutes.

If agents don’t adapt to the ever evolving technology with the largest demographic of home buyers, millennials, they’re going to get smoked.

I’m a Gen X’r but even I can realize that technology and the millennial way of home purchase is going to get unique and get unique fast. Agents are going to have to adapt and tap into a unique value add proposition to capitalize and create an identity.

 

[530RL]

So what’s the benefit of a buyers agent now?

I have always found the house I wanted to see before the agent ever did.
So that’s not it.
Request some inspections. Whoa that’s hard.
Read through the legal stuff. Ok now we are getting some help. But title and escrow handle some of that.

So what’s the big benefit that’s worth 10’s of thousands?

With respect to the legal stuff, residential sales use a standard MLS contract that is specifically written to protect…..the agents. Anyone who argues otherwise is kidding themselves. It’s a contract written by the association that’s function is to protect their business model and their members. Try using a contract written by your attorney in a residential sale. Good luck.

I think as pointed out by others, an agent on both sides has some value in some circumstances. But there are others where that cost is higher than the value added such as you are pointing out in your scenario above. And now the buyer and seller can more freely negotiate over who pays whom for what.

This settlement does not preclude the traditional method, it just makes it easier to use other compensation methods if the traditional method is not deemed necessary.

Less regulation, less rules and more freedom for market participants is always a good thing in my mind. We are adults, we should be allowed to make our own decisions for better or worse. And this settlement makes it easier to do so.

 

[RiverDave]

That’s actually wild to hear. It would be interesting to know why/what they like or don’t like.

For myself all I want to know is what the property costs and that it’s available. I can figure out the costs of repairs and with 3-4 phone calls will know exact costs. Not general ideas from someone who doesn’t do the work daily for a living. That’s not a dig at real estate professionals, but living in construction gives you realistic costs.

And I think thats where this convo is running off the rails.

I have no interest in the average buyer’s moves (tract homes or communities that are relatively predictable) the same way @Englewood has no interest in dealing with one off properties. And maybe he does enjoy that market. But you can’t run a business off of that.

My whole point was that there are properties that are “hidden” on the MLS. They exist lol.

On the last sentence I don’t think that is 100% true.. and I’d suspect “pocket listings” amongst agents are more common than that.

I am shocked at the amount of people that say “I want you to sell my house.. but I don’t want anyone to know I’m selling”. Meaning no mls, no sign.. limited marketing and even then it has to be like we are there just hanging out.. lol

It happens all the time and that’s why I say if someone is looking call Stacy she always has a few. You’d be shocked at how many properties never hit the mls and we sell internally on our team more often than not.. sometimes to other agents that are looking etc.

RD

 

[badgas]

So what’s the benefit of a buyers agent now?

I have always found the house I wanted to see before the agent ever did.
So that’s not it.
Request some inspections. Whoa that’s hard.
Read through the legal stuff. Ok now we are getting some help. But title and escrow handle some of that.

So what’s the big benefit that’s worth 10’s of thousands?

The only benefit I see if they can bring you an off market deal from another agent they are tight with or if you are out of state or several hours away and they can hustle to preview properties for you.

 

[RiverDave]

I cannot imagine dealing with a seller who wants to be there during the showing. I can but Jesus.

You’re selling it, time to move on and let go. Use the realtor as your therapist (sellers agent ) if you need to talk about the doors and how your kids enjoyed the backyard.

“This is the only house I want.” Great then you better pay big money to lock it in because it’s that awesome.

Maybe i’m too disconnected on real estate lol. I’d buy 100 homes before I bought one more vehicle.

I will say that you, @Englewood and others keep coming back to representing the seller in your scenarios.

I thought this whole lawsuit was over buyer representation?

Not directed at you but for the 1 millionth time a good agent is worth their weight in gold.

Personally I’d have an agent on either side.. but I see it from the backside. I read the posts on here about how someone “saved” x by not using an agent.. lol. I chuckle a bit because at best they broke even and opened themselves up to a bunch of liability.

When I went motorhome shopping I took the goat with me for a reason. I took ole @2FORCEFULL

I woulda walked out if that deal at least 10k behind where I did if he wasn’t standing there. The last five was gold.. best part on that is he made me do it not him. lol.

“Well what do you think Dave?” What do ya think you should say about how ya feel? Are you willing to walk over it?

He literally guided me through it and when it was done he said “kinda nice finding ten grand on the ground..”. “Kinda nice finding that extra five grand on the ground… I love finding an extra five every now and again”.

 

[hallett21]

Personally I’d have an agent on either side.. but I see it from the backside. I read the posts on here about how someone “saved” x by not using an agent.. lol. I chuckle a bit because at best they broke even and opened themselves up to a bunch of liability.

When I went motorhome shopping I took the goat with me for a reason. I took ole @2FORCEFULL

I woulda walked out if that deal at least 10k behind where I did if he wasn’t standing there. The last five was gold.. best part on that is he made me do it not him. lol.

“Well what do you think Dave?” What do ya think you should say about how ya feel? Are you willing to walk over it?

He literally guided me through it and when it was done he said “kinda nice finding ten grand on the ground..”. “Kinda nice finding that extra five grand on the ground… I love finding an extra five every now and again”.

are you saying saved X by selling by owner? Or saving X by purchasing without an agent?

I thought this whole convo was based upon not needing a buyers agent?

 

[RiverDave]

The only benefit I see if they can bring you an off market deal from another agent they are tight with or if you are out of state or several hours away and they can hustle to preview properties for you.

There is so many depths to anything in life.. I don’t know anything about you so I’m not going to make presumptions.. what I can relate it to is watching pros play pool. Years ago I was at a tournament and watched one of the greatest exhibitions I have ever seen. This chick in the crowd blurted out “well that wasn’t hard every shot was easy”. lol. (Not realizing all the shit that happened to make it that way)

The purpose of any broker in any big ticket item is to remove the client from the situation allowing them to make moves that “most” wouldn’t make..

I got news for you 95% of the population aren’t apex predators.. point In fact 95% of them are prey.. (think about that)

Ya take the emotion out of it or at a bare minimum at least shield it from the sellers.. there’s a million reasons why a client would want to be removed from the transaction itself.. let alone actual market knowledge and the ability to pivot to other things that aren’t known by someone not in the industry etc.

Like I said earlier.. I don’t play cards.. but I’m not stepping into wsop thinking I’m gonna win.

I haven’t picked up a pool aue in 10 years.. I’m sure everyone here has played a little to a lot. I guarantee you if we were betting on players I’d earn my 10% in the first 2 sets.. lol.

Knowledge is power in all sects of life and the majority of the population has very little knowledge and is emotionally invested heavily. That’s why casinos are built.

RD

 

[hallett21]

There is so many depths to anything in life.. I don’t know anything about you so I’m not going to make presumptions.. what I can relate it to is watching pros play pool. Years ago I was at a tournament and watched one of the greatest exhibitions I have ever seen. This chick in the crowd blurted out “well that wasn’t hard every shot was easy”. lol.

The purpose of any broker in any big ticket item is to remove the client from the situation allowing them to make moves that “most” wouldn’t make..

I got news for you 95% of the population aren’t apex predators.. point In fact 95% of them are prey.. (think about that)

Ya take the emotion out of it or at a bare minimum at least shield it from the sellers.. there’s a million reasons why a client would want to be removed from the transaction itself.. let alone actual market knowledge and the ability to pivot to other things that aren’t known by someone not in the industry etc.

Like I said earlier.. I don’t play cards.. but I’m not stepping into wsop thinking I’m gonna win.

I haven’t picked up a pool aue in 10 years.. I’m sure everyone here has played a little to a lot. I guarantee you if we were betting on players I’d earn my 10% in the first 2 sets.. lol.

Knowledge is power in all sects of life and the majority of the population has very little knowledge and is emotionally invested heavily. That’s why casinos are built.

RD

Honest question.

Let’s say we’re gonna go buy a used 90 Viking and we tell the selling broker we’re gonna bring our broker to make sure we’re protected. And we need our broker to be compensated. How’s that convo gonna go?

We’re taking deep 7 figures.

 

[RiverDave]

are you saying saved X by selling by owner? Or saving X by purchasing without an agent?

I thought this whole convo was based upon not needing a buyers agent?

Both on rdp.. I’ve read the fsbo stories.. I sold it for over asking without an agent! (Guess what you probably asked to little). I negotiated a Fsbo without an agent! (Guess what you opened yourself up to a shit show.. just because ya didn’t get bit doesn’t mean you weren’t gambling.. etc..

Even when ya do everything right shit can come back and fuck ya.. it’s happened to us a few times. We just nut it so our clients don’t have to deal etc..

I have seen deals on the line of falling apart over 200.00 because somehow someway to principals talked to each other and it turns into a pissing contest.. fuck I was stocking washers and dryers for awhile there just because that seems to be a point of contention. Flat screen TV’s that are literally a couple hundred bucks seem to be a thing for some reason that is beyond me.. on 1-2 million dollar deals.

Sometimes people get hung up on shit.. either side. As a re person so long as our clients interests are looked after that’s the job. (And being a therapist among other things)

RD

 

[hallett21]

Both on rdp.. I’ve read the fsbo stories.. I sold it for over asking without an agent! (Guess what you probably asked to little). I negotiated a Fsbo without an agent! (Guess what you opened yourself up to a shit show.. just because ya didn’t get bit doesn’t mean you weren’t gambling.. etc..

Even when ya do everything right shit can come back and fuck ya.. it’s happened to us a few times. We just nut it so our clients don’t have to deal etc..

I have seen deals on the line of falling apart over 200.00 because somehow someway to principals talked to each other and it turns into a pissing contest.. fuck I was stocking washers and dryers for awhile there just because that seems to be a point of contention. Flat screen TV’s that are literally a couple hundred bucks seem to be a thing for some reason that is beyond me.. on 1-2 million dollar deals.

Sometimes people get hung up on shit.. either side. As a re person so long as our clients interests are looked after that’s the job. (And being a therapist among other things)

RD

And this is where I think the disconnect is for some (myself) lol. That’s insane in my world.

The pettiness of some people truly is incredible. As a buyer I’d negotiate based upon the worst and hope for the best. TVs, furniture etc are a jackpot if you can get em lol.

What I’m worried about is the structure, the land and the legality of both. Assuming the seller doesn’t steal the switches and faucets were all good.

 

[RiverDave]

Honest question.

Let’s say we’re gonna go buy a used 90 Viking and we tell the selling broker we’re gonna bring our broker to make sure we’re protected. And we need our broker to be compensated. How’s that convo gonna go?

We’re taking deep 7 figures.

Well it would start with a marine survey.. that would be your first layer of separation. On that scenario the clients generally are apex predators so they will probably try it on their own.. (which unless they are in that game I think would be a mistake).

Personally I’d get real close with a guy that sells the fucking things but doesn’t have one I want.. and I’d let him goto work on who’s got the one I want because for 5-10k a few dinners and a relationship you’d be represented for life in that market. And that guy would save ya minimum 60-70 on the boat and make sure it’s dialed or any hiccups would be on the sellers. wtf do we know about MTU’s freshwater systems etc..

Actually a great example because what do we know about buying sport fishers? Zero chance I’d try to buy one on my own. If we are being honest Preston usually buys the boats for me.. lol. I don’t want some guy saying “f RiverDave for getting to good of a deal”.

RD

 

[hallett21]

Well it would start with a marine survey.. that would be your first layer of separation. On that scenario the clients generally are apex predators so they will probably try it on their own.. (which unless they are in that game I think would be a mistake).

Personally I’d get real close with a guy that sells the fucking things but doesn’t have one I want.. and I’d let him goto work on who’s got the one I want because for 5-10k a few dinners and a relationship you’d be represented for life in that market. And that guy would save ya minimum 60-70 on the boat and make sure it’s dialed or any hiccups would be on the sellers. wtf do we know about MTU’s freshwater systems etc..

Actually a great example because what do we know about buying sport fishers? Zero chance I’d try to buy one on my own. If we are being honest Preston usually buys the boats for me.. lol. I don’t want some guy saying “f RiverDave for getting to good of a deal”.

RD

Lol. Sounds like that Viking owner is saying kick rocks. If you need any due diligence “pay for it yourself” lol.

 

[RiverDave]

And this is where I think the disconnect is for some (myself) lol. That’s insane in my world.

The pettiness of some people truly is incredible. As a buyer I’d negotiate based upon the worst and hope for the best. TVs, furniture etc are a jackpot if you can get em lol.

What I’m worried about is the structure, the land and the legality of both. Assuming the seller doesn’t steal the switches and faucets were all good.

Let me shed some light for you that apparently you are unaware of.. you are one of the youngest guys on this website.. inversely you are also one of the wisest people on this website. Look at all the dumb fucking arguments people get into over nothing.

You aren’t the normal person in society as it turns out.

 

[RiverDave]

Lol. Sounds like that Viking owner is saying kick rocks. If you need any due diligence “pay for it yourself” lol.

Viking owners don’t sell by owner.. lol they have brokers.. (for a reason).

It’s kinda proving my point here lol

 

[SOCALCRICKETT]

From what I gather from all this is that essentially this just now becomes a game of hot potato when it comes to the buyer agent commission. Either way the margins should remain the same on average (2.5% to sellers and 2.5% buyers).


It sounds like overall it's just a matter of who is going to cover the cost of the buyer agent. In concept that would all be part of the purchase price, if the seller is going to pay the buyer agent then price should reflect that extra 2.5% or if the buyer covers it then the buyer should purchase at the 2.5% discount right?



... Lol, this is why I use agents, my area of expertise is not in real estate, hence why I don't sell homes for a living.

 

[c_land]

 

[badgas]

There is so many depths to anything in life.. I don’t know anything about you so I’m not going to make presumptions.. what I can relate it to is watching pros play pool. Years ago I was at a tournament and watched one of the greatest exhibitions I have ever seen. This chick in the crowd blurted out “well that wasn’t hard every shot was easy”. lol. (Not realizing all the shit that happened to make it that way)

The purpose of any broker in any big ticket item is to remove the client from the situation allowing them to make moves that “most” wouldn’t make..

I got news for you 95% of the population aren’t apex predators.. point In fact 95% of them are prey.. (think about that)

Ya take the emotion out of it or at a bare minimum at least shield it from the sellers.. there’s a million reasons why a client would want to be removed from the transaction itself.. let alone actual market knowledge and the ability to pivot to other things that aren’t known by someone not in the industry etc.

Like I said earlier.. I don’t play cards.. but I’m not stepping into wsop thinking I’m gonna win.

I haven’t picked up a pool aue in 10 years.. I’m sure everyone here has played a little to a lot. I guarantee you if we were betting on players I’d earn my 10% in the first 2 sets.. lol.

Knowledge is power in all sects of life and the majority of the population has very little knowledge and is emotionally invested heavily. That’s why casinos are built.

RD

The question was regarding a buyers agent and again maybe because I have a little experience and don't think it's that big of a deal and I have done real estate transactions on my own and when needed I've had a RE attorney read through the contracts for me for $300. I am NOT against real estate agents my brother is a realtor and my nephew is a broker my family is in this business as well and many times here in so Cal the buyers agent does nothing but show up and turn in an offer for home that their client found online. That should NOT be worth a $15-$30K rip IMO



For the record I used a realtor to sell my last property and I used a realtor as a buyers agent to find my havasu house back in 2020 and she was great she helped me navigate issues she was out of town there was a lot of value in it for me.


I also spelled out in a previous post how the last home that I purchased FSBO I purchased for exactly 5% less than the last comp. Usually ends up being a wash so you should pay a good realtor to be in the game with.

 

[530RL]

 

[COCA COLA COWBOY]

I could see a real estate law firm cashing in on this. Charge $500 an hour for representation, paperwork, negotiating etc.

The MLS has always been a way for realtors to keep properties “on the inside”. I remember when realtors didn’t want you to look at anything on Zillow or Redfin lol.

A quality agent is worth their weight in gold.

Believe it or not, I focus a lot of my time on off market properties....the ones not in the MLS and the website marketing companies. There are some good deals out there, but they are tweeners (not complete renovation needing properties, but not move in ready properties for particular clients). These are more the homes that are still aesthetically in the 80's and 90's and usually about $100-150k under the move in ready homes.

 

[Englewood]

7k Seems overpriced.

View attachment 1349137

 

[RiverDave]

Seems overpriced.
View attachment 1349221

Lmao!!

 

[RiverDave]

Do you love your country?

 

[C-Ya]

Honest question.

Let’s say we’re gonna go buy a used 90 Viking and we tell the selling broker we’re gonna bring our broker to make sure we’re protected. And we need our broker to be compensated. How’s that convo gonna go?

We’re taking deep 7 figures.

A typical yacht brokerage is going to charge 10% to sell the Viking. If the buyer is represented by his licensed broker, they will split the 10% commission. 5% each.

Obviously, selling yachts has a better commission structure than selling homes. But it’s a dog eat dog business. However, there are a lot of yachts that are priced at over 20 million. (5% is 1 million $ commission.)