151–160 of 282 posts
Earlier quoted context omitted.
> Many sellers will find it advantageous to offer buyer agent compensation so, now conspired realtors charge seller and not buyer. Still looks broken.
I guess you aren't familiar with this having been the system in most markets for decades?
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This happened to me in 2019. I went into escrow and they didn't give me the offer for about 5 days. When I finally got it, it was lower than it should have been. It rubbed me the wrong way and I bailed out of the deal.
How did you bail without losing your deposit? I would have thought if you were the highest bidder you'd either be on the hook for the full purchase or lose your deposit.
Real Estate in the US is like a bunch of little MLS fiefdoms still angry you have access to the internet. Eventually the Real Estate market will adopt like the music industry and others had to. Welcome to the 21st century. Brokers and agents are mostly sales people that drive around showing places. Its the lawyers, inspectors, insurance underwriters, loan originators, and title companies that do the real and/or legal…
And they get paid a flat rate to do that work (hourly or per contract). There should be no reason for commission based compensation for brokers and RE agents in the residential market. I could see an argument in the commercial market for it though.
my beef with the commissioned agents is that paying them a commission does not actually influence them to work on your behalf; they still work on their own behalf. For example, keeping your house for sale on the market longer (by rejecting offers) tends to eventually bring a higher price. A study or two has shown that real estate agents keep their own houses on the market for longer than average. But longer on the ma…
A software consultant is more focused on you signing off on the work than your bottom line, it’s hard to get people to not act in their best interest, and for the average person the home buying/ selling process is probably too complicated for them to navigate without going through some training.
I think the biggest reform that could be passed is to disentangle NAR and MLS.
Earlier quoted context omitted.
> Many sellers will find it advantageous to offer buyer agent compensation so, now conspired realtors charge seller and not buyer. Still looks broken.
I guess you aren't familiar with this having been the system in most markets for decades?
my beef with the commissioned agents is that paying them a commission does not actually influence them to work on your behalf; they still work on their own behalf. For example, keeping your house for sale on the market longer (by rejecting offers) tends to eventually bring a higher price. A study or two has shown that real estate agents keep their own houses on the market for longer than average. But longer on the ma…
Earlier quoted context omitted.
I bought a few years back and we didn't really use an agent to find the house at all. Looking into it, I found that a certain percentage of the sale amount goes to pay the agent(s); 6% I think. If there are two agents, they each get half. If one person doesn't use an agent... the other person's agent gets it all. The person without an agent doesn't get to keep their half... it just all goes to the other agent. Wtf...…
It's like this throughout the real estate and real estate development industries to be honest. Building my own house I expected plenty of savings over buying (and to be fair, I still did of course), but even beyond permitting (which is also more about who you know than what you know) I encountered things like this (roughly from most mind-boggling to least): - You can't build a septic system, you have to use sewer bec…
You got lucky. Houses with lift stations are a thing. Usually a bunch of houses will go to a common lift station, but that's not always the case.
My dad runs a company installing and servicing various sewage treatment solutions and I spent a lot of weekends as a child going to nice houses on service calls because their lift station threw an alarm and it wasn't pumping their sewage.
Real Estate in the US is like a bunch of little MLS fiefdoms still angry you have access to the internet. Eventually the Real Estate market will adopt like the music industry and others had to. Welcome to the 21st century. Brokers and agents are mostly sales people that drive around showing places. Its the lawyers, inspectors, insurance underwriters, loan originators, and title companies that do the real and/or legal…
There's not much to the article. > KANSAS CITY, Mo.—A federal jury on Tuesday found the National Association of Realtors and large residential brokerages liable for about $1.8 billion in damages after determining they conspired to keep commissions for home sales artificially high. > The verdict comes in the first of two major antitrust lawsuits that target decades-old industry practices and seek to drive down commiss…
Just sell it / or buy it yourself. It isn't hard by any stretch. You can use a $200 listing broker on a MLS site. That is the big secret. Then it gets on zillow,redfin, etc automatically.
Any way around that issue?
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I agree - especially for the last few years, when in order to sell a house all you had to do was put in on the market - and then get 10-15-20 offers at or above listing price - no agent deserves a 6% commission for simply getting something listed on zillow or MLS where in recent years, the houses just sold themselves.
That’s only true if you are in a competitive market. There is a whole swath of land in flyover country and rural America where it can take awhile to sell a house.
In flyover country, in the cities, it's been "OMG, this house just came on the market four hours ago... quick, send a full offer! Damnit, they already sold it for $20k over asking, again?!?!" for years, only letting up recently.
[EDIT] And I don't just mean like Chicago and Minneapolis, either—any metro area a million or larger, it's probably been like that, and even in some of the smaller ones.