Anything that helps reduce transaction costs is great! As you pointed out everyone has a phone these days, paying 10's of thousands for someone to open a door and fill out a form is crazy
Thank you for your comment! I understand your point about reducing transaction costs and the perception that technology can replace some tasks. Real estate agents do much more than open doors and fill out forms. We provide market expertise, negotiate deals, handle legal paperwork, solve problems, and connect clients with essential professionals. Our goal is to ensure a smooth and successful transaction for buyers and sellers.🙂🏡
Hello. I applaud your attempt at explaining this somewhat complex issue. It is my feeling that sellers and buyers are not interested in the internal working of what being a Realtor is all about and the drastic changes that will happen come August 17th. They only want to know what the bottom line is going to be for them. What is interesting is how this whole NAR lawsuit mess originated and how the National Association of Realtors (who as a real estate agent IS REQUIRED to be a member and pay dues) began. How at the outset of the lawsuit NAR vowed to fight this rigorously in court because the lawsuit had no bases in fact. This lawsuit began in Missouri...but has affected the entire country. It took NAR about 30 days to capitulate and settle the lawsuit and throw every 'REALTOR' under the bus. This was done to cover their own ass. The lawsuit in Missouri also named the 4 biggest real estate companies doing business in state. The attorney who represented the plaintiffs is a 'Personal Injury attorney'.
Thank you. Yes @august I heard about the start of this, I believe it was back in 2016 and has been gaining traction ever since. I am a big believer in clarity, education and communication with my clients. and yes we all listen to the WIIFM Spotify channel (the What's In It For Me channel) 📻😆
I would be a Buyer, not a Seller. And given how more complicated the Buying process is vs. Selling, I'd want a Buyer's agent (if experienced, compatible high work ethic, etc.) to partner with. While I don't mind paying (out of my own pocket) for that agent I'm not exactly sure how I would have that much money to do so. One possibility is have the Builder pay my agent -- if they still are doing that -- as I prefer a new-build home in a new community/sub-division so will be dealing directly with a Builder. And although Builders have their own agents on-site at the model home showings, I'd not want to use theirs but my own agent. Otherwise, I'd be looking at a pre-owned home and for sure would need to pay my agent myself. I hope in due time (when I'm ready to buy, AND home prices go down a bit, AND mortgage interest rate go down even more!) this "NAR thing" will be worked-out in actual/everyday practice, and will evolve into a practice fair to everyone (Sellers, agents and Buyers). Presently, though, I'm not really seeing how this new policy is helping Buyers much at all, especially first-time-buyers (FTB). Or even those FTBs who will be using a VA loan as well. Only time will tell... -- BR
Thank you for your insight Bill, you are correct. The process has gotten more complicated and it is very nice to have someone on your side, looking out for your interests in this large purchase. FYI- builders are still paying, and here in CO the buyer can direct their agent to receive their payment from the listing company or seller, or they can pay them, themselves which ever works for them. You are also correct that the on-sight agents are payed by and work for the Builder (who is the seller). Hopefully if the economic reports continue on the same path that they were on last week, the FED will lower interest rates. By how much however is anyone's guess. Thank you for watching and enjoy the channel. 😊
How can you say we never were paying the buyers agent? If I’m paying 7% and 3% of that goes to them it certainly came out of my pocket. If the agent reps both the buyer and the seller then they get the 7 sure but it’s not out of kindness that the 3 goes elsewhere if they only do one side of the transaction.
I'm sorry, it sounds like you had a bad experience. I hope in the future you find someone whom you can trust to lead, guide and protect you in your next home purchase. 😊
Anything that helps reduce transaction costs is great!
As you pointed out everyone has a phone these days, paying 10's of thousands for someone to open a door and fill out a form is crazy
Thank you for your comment! I understand your point about reducing transaction costs and the perception that technology can replace some tasks. Real estate agents do much more than open doors and fill out forms. We provide market expertise, negotiate deals, handle legal paperwork, solve problems, and connect clients with essential professionals. Our goal is to ensure a smooth and successful transaction for buyers and sellers.🙂🏡
Great information Peggy, thank you!
Thank you- I am glad you found it helpful. 😀
Hello. I applaud your attempt at explaining this somewhat complex issue. It is my feeling that sellers and buyers are not interested in the internal working of what being a Realtor is all about and the drastic changes that will happen come August 17th. They only want to know what the bottom line is going to be for them. What is interesting is how this whole NAR lawsuit mess originated and how the National Association of Realtors (who as a real estate agent IS REQUIRED to be a member and pay dues) began. How at the outset of the lawsuit NAR vowed to fight this rigorously in court because the lawsuit had no bases in fact. This lawsuit began in Missouri...but has affected the entire country. It took NAR about 30 days to capitulate and settle the lawsuit and throw every 'REALTOR' under the bus. This was done to cover their own ass. The lawsuit in Missouri also named the 4 biggest real estate companies doing business in state. The attorney who represented the plaintiffs is a 'Personal Injury attorney'.
Thank you. Yes @august I heard about the start of this, I believe it was back in 2016 and has been gaining traction ever since. I am a big believer in clarity, education and communication with my clients. and yes we all listen to the WIIFM Spotify channel (the What's In It For Me channel) 📻😆
I would be a Buyer, not a Seller. And given how more complicated the Buying process is vs. Selling, I'd want a Buyer's agent (if experienced, compatible high work ethic, etc.) to partner with. While I don't mind paying (out of my own pocket) for that agent I'm not exactly sure how I would have that much money to do so.
One possibility is have the Builder pay my agent -- if they still are doing that -- as I prefer a new-build home in a new community/sub-division so will be dealing directly with a Builder. And although Builders have their own agents on-site at the model home showings, I'd not want to use theirs but my own agent. Otherwise, I'd be looking at a pre-owned home and for sure would need to pay my agent myself.
I hope in due time (when I'm ready to buy, AND home prices go down a bit, AND mortgage interest rate go down even more!) this "NAR thing" will be worked-out in actual/everyday practice, and will evolve into a practice fair to everyone (Sellers, agents and Buyers). Presently, though, I'm not really seeing how this new policy is helping Buyers much at all, especially first-time-buyers (FTB). Or even those FTBs who will be using a VA loan as well.
Only time will tell...
-- BR
Thank you for your insight Bill, you are correct. The process has gotten more complicated and it is very nice to have someone on your side, looking out for your interests in this large purchase. FYI- builders are still paying, and here in CO the buyer can direct their agent to receive their payment from the listing company or seller, or they can pay them, themselves which ever works for them. You are also correct that the on-sight agents are payed by and work for the Builder (who is the seller). Hopefully if the economic reports continue on the same path that they were on last week, the FED will lower interest rates. By how much however is anyone's guess. Thank you for watching and enjoy the channel. 😊
@@LiveDenverSuburbs Thanks... 🙂
How can you say we never were paying the buyers agent? If I’m paying 7% and 3% of that goes to them it certainly came out of my pocket. If the agent reps both the buyer and the seller then they get the 7 sure but it’s not out of kindness that the 3 goes elsewhere if they only do one side of the transaction.
You lost me at trusted realtor!
I'm sorry, it sounds like you had a bad experience. I hope in the future you find someone whom you can trust to lead, guide and protect you in your next home purchase. 😊
Too many inexperienced agents. The few good ones are great and they stay busy.