NAR Finally Gives Up! - 1 Million Agents Expected To Leave Real Estate
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- Опубліковано 23 вер 2024
- The National Association of Realtors is finally coming unraveled. In a breaking news report, NAR who previously pledged to defend appeal a $5 billion verdict, has agreed to pay $418 million in damages to settle the commission lawsuits. The result is as many as 1 million agents could exit real estate!
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There’s only ever been a small percentage of agents that provide any real significant value. Most have felt entitled to 3%. Only the agents who provide real value will survive. That will make the buying/selling experience better for everyone…
3% is now a myth. Now I see 2.5%-2% or less.
@@tuannguyen-zk3lv or, how about the fact that every industry reaction to this settlement is indicating that only the agents who can advocate for their true value and demonstrate true value to the consumers, will survive. That means that real estate agents will be leveling up in the marketplace hugely. These are the agents who can advocate for higher commissions. I think commissions go up if the mass exodus occurs. Use logic? The weak agents who are willing to cut their commissions leave in droves, that leaves the strongest, like me, who can actually advocate for my value.
Redfin charges 1%
Yeah. Hire Redfin, the agents who could never make it with their negotiation and marketing in the real world, and had to settle for a salary instead. Good idea
@@peterbedford2610
@@tuannguyen-zk3lv That will not happen. Already buyer's agents across the USA are making their clients sign agreements NOW, and asking and expecting 3% commission. And if the seller will not pay this full commission, they are making their buyer's cover that expense, or they are not showing any listings that are paying less than 3% to the buyer's agent. I have talked to agents in numerous states, and most have already implemented this. Through this new law that comes into effect in July, the real estate moguls at the top will be able to monopolize the industry and boot out most of the agents. Why use a middleman (agent) when they can pad their pockets without them? Most agents believe they will survive this, but this new law will put a lot of agents out of business because VERY FEW buyers are able to afford paying their agent commission on top of the high cost of the house/rates.
Nar has about 1.5 million members. Apparently 50% of agents are currently doing 0 to 1 deals a year. I can see how up to a million agents could potentially leave the field given the upcoming changes and the shortage of inventory.
What and go sit in a car dealership for 10hrs a day? They won't do that. They'll probably move over to insurance sales lol
Hey Jerry, I totally agree with you. As an entrepreneur you have to constantly think outside the box. I am in the Real Estate industry regardless what happens. I plan to find a way no matter what happens.
100%! I appreciate this mindset.
@@kpmarete1984❤
Everyone saying Realtors dont earn their commission, and just sit around earning thousands for doing nothing...how many rich realtors do you know?
Hit it right on the head. Always hear "Realtors make too much money for showing a home" but don't realize the hidden cost and the nature of the job. If it was that easy why didn't you get your license as well. Probably because they read that there is more than a 50 percent failure rate with a lot of cost associated with it where they never broke even.. Like any other job or entrepreneur some make a lot of money and some don't. Shouldn't hate on someone's success cause they didn't get there by luck. It's by hard work, grit, workability and determination.
Here in west Texas, I'm a first time home buyer who was looking to get in the market last year and all the realtors I came across were barely over 18, college dropouts and were boasting to me about their multiple properties that they had Airbnbed out. I even lived in one such property for a few weeks between changing my apartments. These guys all have big 3000 sq houses with high ceilings, drive the lastest f150 and have indoor swimming pools for good measure. And here I was- a graduate who paid my dues for getting an expensive master's degree only to slave away in a boring 9-5 while these agents basically worked from home and didn't have a boss. I was really envyous becuase These guys made some phone calls fromm their dining table and opened a few door locks
@interestingtrimes182: "how many rich realtors do you know?" A few. Your point is well taken. When you say "Everyone saying Realtors".
Translation: from reading the comments the "everyone" you are referring to are a bunch of "Wooden Philosophers". that is people who have strong opinions about things they know nothing about.
These folk are just a bunch of "emotional barometers" using emotion they got from something else "bugging them" which they use as a relief valve to manage their emotions.
I'm 79 and I have worked with real estate agents 3 times in my life. Mediocre agents struggle for sales. Why? Well mediocre salespeople have to work very hard for the sale, everywhere. That's just the nature of the human condition.
However, there are some people who have very high likeability and people want to do business with them. The people who are saying "Realtors don't earn their commissions" are looking at only these people.
PS: one more thing about negative comments. America is very angry. Angry people react to whatever emotion is driving them. Ask an unhappy about an event like the weather and they will respond negatively. Ask a happy person the same question and they will respond positively.
How pissed off is America? Well, how about 50,000 Americans killing themselves last year, 136'daily. Murder/suicides, that is fathers killing the kids, his wife and then himself 4 times/weekly, 7000 mass shootings since Jan 2013. Note, the highest number killing themselves are the 14 to 24 age group.
So, anytime you read a lot of negative comments on a subject remember that most of them are just "letting off steam."
A lot lmaoooo. Bro what?! My realtor has a 600k house and 3 cars. Maybe they’re the exception, but it’s been the opposite in my experience. Especially post Covid. They’re all rich af
Flat fee MLS listing to include recent market comparison. If needed. Paid up front by seller.
Show your own house. If you can't answer potential buyer questions, or understand what offer ammount you should accept or reject... then you need to go the 6% commision route. And pay the man
Intermediary without appointments. A good one will have a realestate transaction coordinator.
Flat fee split between seller and buyer 20/80. But Extremely negotiable
Buyers need to pay for their own agent!!! Period!! They must pay for the level of assistance they need.
great insights!
Real estate listing commissions won’t go down. Buyer agency will for the most part disappear and listing agents will have to handle both sides of each deal. Those hurt the most will be buyers and buyer’s agents.
Nah. Listings won't change because agents won't show the house. You think a listing agent is going to do twice the work with twice the liability for less?? Not gonna happen. My listings will always get the sellers to pay the buyers agents or at least cover a portion of it. Any listing agent not doing this will have a hard time selling a home.
@@gilborealtynot if they use Redfin or a big company lol. I sold my house and gave the buyers agent 3 percent. She did nothing but try to screw us and even till the morning of closing. She tried to get the title company to re do the closing docs and try to get us to agree to pay additional 9k to transfer our homestead. Title told her she was crazy and that isn’t happening. She lied about our appraisal report as well. We had an appraisal at 590 They’re appraisal had us at 580, but she stated we just met appraisal. We took our curtains several days prior and also demanded we give her clients $300 or we would not be closing. My agent also dropped the ball and took a commission cut to make up for it, but that’s a different story. Most agents are just MLS key keepers. The lawsuit proved there was intentional lack of transparency and collusion.
who's gonna let unvetted and unaccompanied buyers into their home?
Not True At All 🤨 The Simple Competitive Solution In A Nutshell will be Fixed Rate Flat Fee Services Companies. 😧 End !! Of Story
You can’t FIX pricing. That’s what the lawsuit was supposedly about wasn’t it?? 😅
Jerry - I'd love to see an update video once you figure out how this change can be used to your advantage.
Jerry I like how you explain this for those that don't know about real estate. I do have a few different opinions on the lawsuit and the reasoning behind it though.
A "Buyers Broker" is always supposed to be representing and paid by the buyer and should actually be Certified to work as a buyers agent. Anyone without that designation should only be an agent agreeing legally to represent the seller and work on their behalf as a sellers agent even if they were brought into the transaction by the buyer.
There is a difference. I don't know how NAR argued this case but this is why there is a difference between Realtors and Real Estate agents. This can go on and on but the outcome is what it is now.
And realistically at the end of the day......the buyer finances the house at the sale price and the seller doesn't pay taxes on what is paid out at the table. They only pay taxes on what they actually net...which means the buyer is ultimately paying the commission because they are paying the 6% commission that's built into the price of the house.
You are right. Buyers have always paid the whole commission.
And sellers won't lower prices now. But buyers will have to pay extra to buyer's realtors.
This change doesn't help buyers at all.
I would disagree that the commissions are fixed. For 30 years I’ve negotiated my commissions on either side of the transaction.
Commissions were NEVER fixed they were always negotiable I am pulling my hair out from people saying the 6% was mandatory or required and how many people actually don’t understand the industry. All this does is hide the commission the agent will get paid from the seller on the MLS so agents don’t exclude potential homes that are paying out a smaller commission (Which is very illegal by the way). The 6% was a cultural number not a set number from any organization it was just a number everyone agreed with for all we know the new number could be 8% because agents feel like they need to make up for other deals they got paid less.
@@Some0ne001 you did read I’ve negotiated my commissions for 30 years….right?
I’ve done deals for 3-4-5 percent for years/decades. This means they were negotiated.
Same here, the commission is not set in stone, It's always negotiable.
Real estate is a perfect job for former sex workers or prostitutes. You you have to see as many clients as quickly as possible. You have to get them in and out as quickly as possible. You have to get the most money as quickly as possible...
@@DakotaFord592 maybe for some.
Not my way of going about it.
I more or less do a home inspection while showing homes. Try to educate people on the rights or wrongs with a house.
Hell. I tell people at times they would be an idiot to buy some homes.
So if what you described is your experience, I’d say you’re not seeking a realtor. You’re working with someone that just opens doors.
Kind of like hiring a mechanic that can’t work on a car, right? Which leads me to question - why are you using that person? 🤷♂️
The only people getting anything of real value from the lawsuits are the lawyers. Not saying the reforms aren't needed, they are. Also, I think this hurt a lot of buyers because they will need to save up more than their down payment to pay their agent. It is currently not allowed to role the commission into the loan. And you can't use seller concessions for it either. At least not here in Colorado. I recently took a CE class about all the lawsuits.
Is commission not rolled in the price of the house? With the usual 10% closing cost?...
And the irony in this all is that NAR is paying their fees lol almost like they (lawyers) are buyers agents getting paid by the sellers (NAR)
The Real Estate market is finished for the little guys, only large corporations will operate in real estate by 2026.
The same happen to farmers back in the 80's, the little guys were eventually squeezed out of the market.
It was always designed like that
Seller disburse proceeds...buyer pay from borrowed fund, most of the time. Real estate class
Can you share the source for that stat you shared about 50% of agents selling 0 or 1 house last year?
consumerfed.org/press_release/nearly-half-of-real-estate-agents-sold-no-or-one-house-this-past-year/
How do you see buyers agents getting paid from regular first time home buyers.
Commission gets rolled in to the loan
I'll always list for 5%. My flips want be sitting like the other greedy flippsters who want pay a commission. Also this reminds me how the Government ruined the Trucking Industry when they deregulated it to where Owner Operators went out of business because of cheap mileage pay.
Yep
Deregulation was only 1 factor
5%? You must be in California or somewhere.
I can strongly suggest to real estate agents to get into a new line of work like plumbing, electrical, painting or framing contracting, or a job in the medical field like nursing or radiology technician. Also a career as a police officer, fireman or paramedic.
NAR made its bed, now they must sleep in it.
🍿😎👏
NAR never “set” commission rates. Every deal is negotiable, always has been. Agents are independent contractors. NAR is merely a trade association.
At This Rate They've Lost Their Bed 😁
Its incorrect...the seller can waive broker cooperation...always could. The ENTIRE commission has always been negotiable....buyer side and seller side. The sellers agent is offering 50% of the negotiated commission to a buyers agent...( he could offer less)You have to pay ppl to sell your house. Thats life. Those buyers agents are selling your house. They do not even have to represent the buyer. They can represent both buyer and seller. But both buyer and seller agent commission has always been negotiable. Whats the problem??
The problem is none of the things you mentioned actually.
@sylnsr So, whats the issue if I didn't address it??
Half of agents just didn"t do anything but just wait for a friend or relative willing to buy a property and put their name as the "buyer agent". Easy money.
Those are a minority. Yes, a lot of agents just wait for a friend to sell their property, and they do nothing. However those are not the ones affected by this decision. The ones that will disappear are the buyer agents that work more than 8 hours a day helping buyers, specially low and middle income people looking for help to buy a property.
@@carlosbowshier5979 easy to fix it. Buyers and sellers pay for their respective agents.
It’s a good point but not the full point. Most agents or any entrepreneur/business owner starts with friends, family, and sphere of influence then expands to a larger market. It’s not that easy because if the deal don’t close then you don’t get paid. Anyway, I can see your perspective but I just know there’s a lot to it.
Can the Seller still pay a Buyer's Agent's commission??? YES! There is so much more to this ruling than this short narrative. In this settlement, it states that the Buyer's Agent's commission must be negotiated BEFORE you even see a home. Be careful when clicking on anything that demands signatures prior to seeing a home or you may be stuck with an agent you don't know or trust. FNMA hopefully will increase its Seller contributions across the board and VA will hopefully include the ability for a Buyer to pay his/her agent with concessions because, as of right now, it doesn't allow that if the Seller won't. The people hurt the most are the people who rely on loans that help them such as VA and FHA. This ruling has unintended consequences for Buyers with the least amount of money. They will be the ones hurt and they've had enough of a hard time buying. It's unfortunate that NAR's attorneys were not allowed to make this case.
Spot on assessment brooke
Are they saying that buyers’ agents need to negotiate their pay with their buyers and the buyers then via offers and sales agreement contracts have to negotiate their agents pay in the deal? This sounds like a far more complicated way of doing exactly what they were doing already. While simultaneously making the price negotiations much more difficult. Now the buyers agent will have a weighted interest in the contract amounts. Seems like a horrible decision to me, but i’m just a real estate photographer🤷🏻♂️
Flat fees. That’s where it will all end up. By design.
Good luck to a buyer that lives in a caveat emptor state without Buyer representation.
if it need a signature it’s a contract i presume- before signing just need to make sure there is an out. i have worked with some terrible buying agents and with implied contract it was hard to get rid of them. now its in black and white. i think its better in some ways
Hi Jerry.
I was searching the Web for R.E. Licensed Side Hustles & came across your Channel.
As a Fairly New Agent, I still work 3-4 Days in Healthcare.
I became worn out (and Unhappy) with the Healthcare System (which is why I returned back to School).
Ideally, I want to Focus primarily on Design & Real Estate (however, Healthcare pays my Bills in this Economy right now).
I completed an Interior Program here in Cali (a few years ago).
I got my Home Based Business License for Staging/Decorating with the hope of getting it off of the ground (as well).
Long story short, I will be watching a few more of your Videos - They provide a lot of additional insight.
If you are looking to Collab with a Hard Working, Creative & Licensed Agent (please feel free to reach out).
Thanks, T
Will this effect wholesalers??
I think the majority of that 50% are part-timers but this just means that the Buyer consultation needs to be bad ass & stellar✨✨Overall, I feel like first time home buyers will be impacted the most just because they’re generally less informed about the process & need some sort of guidance. Sophisticated buyers, however, have more bargaining position so proving value will be that much more crucial. Or just focus on listings only & become a rock star at it!
This will lead that buyer will go straight to the listing agent and get into transaction with out representation. Thanks NAR.
Sellers agents do all the work. Internet changed the game
Lol. Yeah no... Buyers Agents do all the work. Tell you know nothing about real estate sales.
Yup! I'm so sick n tired of some home sellers. They expect Realtors work for FREE? Go ahead and sell your damn house let me see if you can handle all the stress and documents 😂
A buyer will pay a listing agent and not a buyers agent dummy.
Real estate agents big mad, they suffering the same fate now as marijuana dealers in legal states
You overestimate your value. It's not stressful at all knowing that I'm not giving my hard earned cash to a blood sucking overglorified used car salesman.
@@markbrown2296YOU DO REALIZE THAT THE world you live in everything is about money! Where tf have you lived under a rock?! And just so you know that house of yours THE BANK OWNS not you. If you never sell your damn house you ain’t got to worry about realtor fees! Just keep your damn house. I guess you don’t realize you have to pay for the groceries in the grocery store or a plane ticket to WHEREVER. You think an agent is sitting on their ass while they’re trying to sell your ugly azz house?
AI will become the best realtor.
NAR failed it is what it is. The lazy buyer agents will deplete and the hard working agents will win in the end. Thank KW & Re/Max for not fighting, which, they had no leg to stand on anyways when they teach you to be a greedy agent in MO saying "You will not be listed on the MLS if you don't accept the 6% commission agreement, That's not negotiatable" - Plaintiffs ... But hey! give the cockroach lawyers a standing ovation to charge their 40% commission on that $1.7 Billion settlement... Which is not negotiatable, right? The real winners are the Lawyers not the 500,000+ seller plaintiffs... they most likey received a letter in the mail from the scumbag lawyers to fill out and sign the lawsuit, to make pennies on the dollar, and have no clue whats going on in first place... So when will the agents go after NAR for the reimbursement of all the fees they paid, since they failed their REALTOR®
Buyers agents work the hardest. Get a clue.
@@gilborealty You should probably work on your reading and comprehension... If you don't understand then you most likely fit in the "lazy buyer agent" pool.
Ah. My fault boss. You are 100% right.
All they needed to do was make a rule that greedy listing agents have to pay = split to the buyers agent. If it's a 5% 2.5 n 2.5 or whatever.. then buyers agents and list agents get the same thing and it's fair. In the market here list agents are getting 6% and paying out 2%! That is the problem. Now all the buyers will most definitely go to the listing agent so they win again! They just made things so much harder for buyers agents especially new ones. Like usual the "big thinkers" are dumb as shit and screw it up for the people who actually have to do the job. I see it every day as an administrative assistant of a top broker. It's actually disturbing. level of incompetence I see in people who are in charge.
They won't. Buyers agents will be just fine. As a listing agent I would never list a home wtihout sharing my commission, unless its a mansion and I have 2k out in photos and videos. Then I'll take a 1/2% more to cover my cost. Buyers agents will just deny those listings anyways and hurt the sellers chances of selling. Most forget they do this in commercial RE now. Its not a big deal and I have never not gotten paid. Its the click bait video makers that are makiing it bigger than it really is. @@jennab4806
Betting this will end NAR and MLS. Zillow will finally get what they’ve been salivating for since their inception. AI contracts and hourly employees getting W2s. Siri like program will guide/advise buyers.
Yep: massive changes coming. Tech firms will put today's bloated brokerages out of business.
Jerry you're awesome. Thanks🙏🏾
If dam near every agent were to become an investor, flipping and wholesaling houses and was only willing to list the more expensive properties for the big commission, wouldn't that kind of ruin it for the entry and mid-level wholesalers and investors given the shear number of agents in America? There would be so much competition that the assignments would get smaller and smaller in order for us to compete with each other. The sell my house fast, sell quick for cash in any condition marketing model could become so omnipresent that it would be very rare for sellers not to shop offers
I don’t understand. Will the seller continue to pay the buyers commission, or will that become an added cost for the buyer?
Why does the buyers agent get 3%? Just to walk a buyer through a house and write an offer? The sells agent has to list and market the house for 3%. Why would the seller have to pay anything towards the buyers agent.
Buyers commission will disappear altogether; listing agent will do all of the work for 3% (or less).
@@johnr4207They don’t now! And a buyers agent does just as much as a seller’s agent. They have to sift through the MLS through countless inventory to find what there buyer may be interested in, talk to the buyer, go over real estate jargon, assist with lender resources, follow up and make sure buyer is doing what they need to do to move forward in the process, tour and unlock home after home and there’s no telling what time of day or evening this could be (it’s all whatever works best for the buyer). Tf you talking about! I bet you won’t say that shit if no one is coming to see your house if you try to sell it!
@@alyschajohnson6668the buyers agent is not going anywhere. Sellers will still elect to pay a buyers fee. Over 80% of transactions have a buyers agent in Florida. That won't change.
@@alyschajohnson6668 u got it
1% list fee. 1% buyers agent fee. Welcome to the new real estate world.
Welcome to poor service or you are on your own world 😂😂
If I’m getting 1% for the same amount of work and service I give, then you’ll get 1% experience.
I'm loving everything about it ❤❤❤
@@ColinPMcEvoy I'd do it for one percent. But you better be paying me 100 dollar per door to show cause that will no longer be a service that is expected in that 1 percent commission. No good realtor is going to work with buyers that string them along for the chance that they never buy or get cold feet for a 1 percent commission unless we're talking about a million dollar transaction or higher.
Nope...Flat Fee!!
Every broker that I have used in my real estate transactions before I obtained my license, whether listing broker or buyer's broker, has ultimately dis-served me in the deal.
I bet you can’t mention ONE WAY how they exactly “disserviced” you. I’ll wait.
@@Michellemybell739 He wouldn't show me a new build home because it was in a barrio (hispanic ghetto), and then dumped me out of his car, as he had to pick up another client.
NEWS FLASH…commissions have never been “structured” and have ALWAYS been negotiable! Another NEWS FLASH…. Sellers do NOT pay the buyers agent. The seller pays the listing brokerage, and THE LISTING BROKERAGE PAYS THE COMMISSION to the selling brokerage.
Semantics… and Pointless
Those arguments did not stand up in court
Set fee, like all the other costs in a RE transaction
Sellers are not forced to pay a certain commission. That is basic knowledge.
The real estate agent space has always been overrun with people who view it as a side gig or an easy way to make money. So, with under performers leaving the market because of additional headwinds as the result of ruling against NAR, the picture will eventually become rosier for the dedicated players in the game.
An attorney can do what buyers agent supposed to do for a. Fraction of the cost!
Jerry, you’re a Flippin’ Genius! 👊🏻
Figure it out. 💯
Gives up? More accurately .. their lawsuit INSURANCE ran out.
It's not true that a seller's commission is passed on to the buyer. Dual agency can be tricky but it is workable if the broker is careful and ethical, and allowed under state law. Agents are deficient in their knowledge of law and FIDUCIARY DUTY. An agent/broker's fiduciary duty to the client overrides any agreement with NAR and its affiliates. A fiduciary has the highest level of trust and duty. NAR has always been technically in violation of antitrust law and fiduciary agency law. It's about time NAR's monopoly is done away with.
I recall when local Realtor associations adopted a Rule that all Realtor member brokers were required to put ONLY an approved (electronic) lockbox on their listings, offering only ONE lockbox vendor's product. Guess what, this violated the law because that is the decision of the client/property owner, NOT the broker. The broker answers to the client, not the Realtor association/MLS. Any action by a licensed broker to the contrary is seen as "self dealing."
I will guess that NONE of you Realtors opposed that Rule, or even mentioned it to the local Realtor association. Just go with the flow.
I’ve been thinking about this since I heard the news earlier today. Must be a positive way, other than commissions, to capitalize on this.
Don’t see a win win on this decision, but it is what it is. Long term who knows, i thinks we’re going to see less agents, more wholesalers, seller horror stories, less buyers, more tenants, lower prices. Eventually, we’llnfigure it out
Serves them right. Crooked azz organization. Good job on keeping up on them, Jerry.
The United States has 339 million people. 65% own homes now? How many people are in the workforce? The percentage add it all up. That's like one real estate agent for every 330 homeowners now out of the 330 homeowners. How many are selling every year? It's not by accident. There's that many out there. Easy money for doing Zippo that's the problem. Trying to keep them on the payroll
I don’t want to pay their debt in my fees
In my opinion, this is pushback and karma due to NAR's role in trying to get wholesalers to be restricted to only being able to operate with a REL.
Good. Time to get rid of the following types of agents:
Pampered Chef agents who work on weekends and don’t contribute to the market.
Lazy agents and old agents who do jack shit a create a bad reputation.
Agents with no sales experience or training.
What does this mean for wholesalers?
No one is forced. Ever.
Open for discussion. Is it really the seller who pays the buyers agent or is it the buyer who’s paying the sellers agent? Next, who does this really hurt? The buyer, the seller, the buyers agent, or the sellers agent? From what I’ve understood so far, if buyers are now looking at paying for their agents commission out of pocket versus within the purchase price, you may have fewer buyers able to purchase your home. Therefore, the seller is the big loser. Am I wrong?
It remains to be seen how that impacts demand but it primarily hurts lower income or first time homebuyers (having to come out of pocket if they use representation). If they can’t afford it they will be in represented and things won’t go well (listing agent will be dual agent)
Homeowners win. Agents will lose. The agent fees to sell a home will drop by 75%.
Good luck finding seller's agents willing to represent buyers for free 😂😂😂
Not for free… for a significantly reduced fee
@flippingMastery will the reduced fee come from your wholesale fee or will still come from the seller? Please help
@FlippingMastery don't forget that the listing agent has the house you like! That fee may not be significantly reduced.
I don't see how this change will help buyers. Now buyers will have to pay commisions on top on the commissions built up on the sale price.
They’ll roll in to the loan
Hmm…doubtful. If it’s rolled into the loan there will be MANY appraisal issues.
@@FlippingMastery right, so buyers will have to pay interest on that too 😄😄
I’m gonna list my house with Redfin and pay 1% next time I’m selling
I'm going to get some kid who just got his license to list my home for $1,000.
Please enlighten us...where is that 418 million dollars coming from?
That’s the question. I’m thinking realtor dues are about to double 🤔
They better not! They already have our money and some!!!!
Harmful advice to first time buyers and new investors. Not everyone knows the contracts and process for what most likely is going to be their biggest investment ever involving hundreds of thousands, or even more, dollars. Pretty one side statement. (Plus commissions have always been negotiated)
Let me guess, you’re an agent?
@FlippingMastery yes, full time. Top producer nationwide. What I'm saying is coming from an objective perspective. I'm not saying you are completely wrong..... what I'm saying is that it is only coming from one perspective. I agree that if you're someone like yourself who has the knowledge you can do it yourself. But that's not the average person. The overwhelming amount of ppl need representation or else they will get killed out there. That's a fair statement imo.
@FlippingMastery yes, top producer nationwide. I'm also an investor, and consumer so I'm able to see it from all sides. If you are licensed and knowledgeable (although if unlicensed marketing can be costly) you don't need to a realtor. Same thing as a lawyer. Representation isn't required. You can go to court and do everything yourself. But how many people are prepared for that??? No matter how much a buyer googles or watches youtube videos they'll never even come close to knowing 15% of what it takes. Some buyers actually think agents are getting 6% or that the 6% fee is the standard when in actuality that's not the case. Some also think the seller is the one paying the buyers agent. I'm happy with these changes business wise.... the agents like myself are going to increase their business drastically. The agents who will be leaving are the part timers and the ones who lack discipline. I'm just worried about the first time buyers and first time investors thinking they don't need realtors. I wish them the best. They're going to need it.
A lawyer can do everything an agent can and it's not going to cost the seller 6 percent. There is nothing complex about the paperwork. lol
@ocampbell1954 if you don't think it's complex for new buyers and new investors then you're delusional or ignorant to this step of the process. If I was a corrupt agent I can easily take advantage of clients. The biggest investors nationwide all is realtors they trust. The small time investors usually don't.
A buyer is paying the whole commission. The seller’s agent is not paying anything, just collecting $ and passing some along the the buying agent. The buyer is paying through the sales price.
❤ flipping genio thank you for putting it down AS-IS lol....& hopeful that this will begin a monster movement for Wholesaling 4 better, hope that makes sense, thank you for being our loud voice!
Awesome thank you Jerry!
Why do you even need a realtor? Sellers can do for sale by owner and buyers can use real estate attorneys. This whole NAR business has just been a big 100 billion dollar money grab. Red Tape.
No more weird shoes and tafty suits. Lol
Just to get on the MLS. The internet minimizes the value of that.
is real estate attorneys cheaper than agents
Yep, this is gonna hurt for a large number of realtors! We do advertising, we offer 2 free RE ads every 48hrs., and we don't use cookies! It's the best I have to offer, and in the very near future, realtors/brokers will need all the help they can get!
This isn't going to change much as far as commission rates. It's better for sellers since they don't pay for buyer agents, but buyers will now need to pay for their own agents, so they will have more up-front costs. It's just going to work like Commercial Real Estate does now. I previously had a license and didn't do ANY transactions a year. I had a license because it was required to show houses, and I helped friends on weekends for a small fee. So the whole comment about 1 million agents are leaving because of this is pointless.
Most buyers will choose to not hire/pay an agent. Buyer's agent will go extinct just like travel agents did, back when the Internet started. Buyer's agents should have gone extinct when the Internet started, but the system was rigged. The last five years of litigation is about to unrig this system (finally). Only very rich/dumb buyers will hire an agent. They are unnecessary due to the Internet. Buyers can easily view homes for sale online. Americans are already well skilled at buy stuff online.
Also impact? It’s going to drive up interest rates and push the industry back to the 70s and 80s while turning a lot of folks into permanent renters. If buyers have to pay an agent they’re going to sit back and not worry about it because most buyers don’t understand the value of their home and of the real estate they have. The economy will suffer and employers will use that to their advantage by not offering higher pay meaning less money for would be buyers, higher rent, and no incentive for sellers to employ agents.
Buyers will choose to not hire/pay an agent.
Let all the lazy agents come out to complain and claim you won't show the house. Sunlight is the best disinfectant and your quote is on the Internet - forever.
Their leaving because the market is slow. Who listens to these Yt jokesters…
I dont like this, I hate NAR and am not a fan of most agents. BUT this will heavily impact how hard they attack wholesale, I bet we see them dump even more money into banning it due to them losing so much
Idk, if you losing money, why keep losing money to stop wholesalers.
@@StLouisVsErbody because an easy pivot for those 1,000,000 agents is wholesale
What buyer agent realtors were being paid has always been negotiable
Supply and demand. Less agents, commission goes back up.
So did I get my referral agent status for no reason LOL
This is awesome!!! Realtors has been robbing home buyers and sellers for decades. The commission of 6% is absolutely insanity. The people literally do a couple hours worth of work to sell/buy a home.😊
Really liked your video Jerry btw are you looking for a thumbnail designer for your channel if yes then check your mail because i have send you some of my previous work which i did for my cleints and i also wanna know how much your current thumbnail designer is charging you
Most Realtors are nothing but car salesman that took a state test. Its hilarious how they take their glamor shots and put them on their card. They show property that their client likely found for them online. They dont negotiate the price, they dont accept the offer, they dont execute the closing, title work or anything. They just know their contracts like the back of their hand and can fill them out in under an hour. Its hilarious how hard they act like they work too. Sure if you have 15 under contract you'll be busy but individually
They will have about 4 hours in the deal. No risk, just paper work and phone calls. Im not saying they are useless, but they aren't important enough to split 6% of any deal. Maybe before the internet came along, but Its time for them and their fees to fade away.
Glamour shots with the folded arms power pose.
Lets Go!
whos gonna let unaccompanied and unvetted buyers into their home?
*The corruption that runs through this administration is getting more scary. I feel for people with disabilities not getting the help they deserved. Anyone who is not investing now is missing a tremendous opportunity. Imagine investing $2000 and receiving $11,300 in 4days.*
I think Yetta Cox strategy is the best at the moment, I recommend it for beginners because it is perfect for now and it is known.
This is going to hurt first time home buyers and new investors.
This is good 99% of agents / brokers are useless
People like this guy have no clue about how the real estate world works.
Of course this video is bias 😂😂😂😂
Spoken like a true agent
yeah, it will be interesting how you come up with a solution, THIS IS GOING TO COMPLETELY SUCK ONCE THIS KICKS IN...
"The harder they fall..."
😮😮
What’s the big deal here? Negotiate everything and move on, right?
Let’s gooo
Before today’s judgement, brokers did not even show up to property to show their potential clients the property
That must have been YOUR EXPERIENCE and your lack of sense and intuitiveness when hiring them.
This guy is clueless
Spoke like a true agent
The seller has always hired a listing agent and paid the Listing agent the negotiated amount, typically 6%.( nothing to do with the buyers agent) The listing agent then decides what to allocate funds to,....... Photos? Marketing? BAC? Staging?...and how much. The only thing changing is BAC is not broadcast in MLS if this comes to pass. Agents who think the structure is changing it is not.....(and this is where misinformation and lawsuits come from) THE SELLER DOES NOT PAY BAC.....THE LISTING BROKER DOES. And the only problem moving forward is listing agents saying to sellers...... " Mr./Ms. Seller you don't have to pay Buyers agent anymore ", then we are back in lawsuit territory again.
No one is colluding strong but ridiculous language you use
Looks like HS dropout realtors gotta find a new career... 6% commissions FO WHAT!!!?? ILL SELL THE HOME MY DAMNN SELF.. THE REAL STATE EXAM IS EASIER THAN DMV DRIVERS TEST
Monopoly will always hated by the people, Somehow you had something to do with this Gerry, congratulations 👏🏼, sexual harassment 😅 classical