Are realtors done? No more 6% commision

[chief_keef_stan]

Damn that sucks for them....Back to bottle girl/stripping they go I suppose

Samara Charlotin - RESF RESF

Real estate at the speed on Now!

resf.com

damn as soon googled her name

folks can be relators like that? Lol

 

[Neuromancer]

damn as soon googled her name

folks can be relators like that? Lol

She has a septum ring. Checks out.

 

[the cac mamba]

Yeah I don't know why people are automatically thinking this will hurt Real Estate agents. This could indirectly encourage Real Estate agents to charge higher fees and not be restricted by the 6% commission barrier

because realtors dont fukkin do anything

anyone can take 20 pictures of their house, throw it on redfin, and hold an open house. anyone can find a house to buy on redfin, and go to that open house, and agree on a price with the seller

so sure, we throw realtors a few percent because they make the process easier. of course they bring some value. but realtors are NOT in the position right now to start charging more for their "services". the internet replaced most of what they were doing

the model doesnt even make any sense. a realtor does the same exact amount of work to sell a 500k house or a million dollar house. so why should they take 30k on the first house, and 60k on the second house?

 

[UpAndComing]

because realtors dont fukkin do anything

anyone can take 20 pictures of their house, throw it on redfin, and hold an open house. anyone can find a house to buy on redfin, and go to that open house, and agree on a price with the seller

so sure, we throw realtors a few percent because they make the process easier. of course they bring some value. but realtors are NOT in the position right now to start charging more for their "services". the internet replaced most of what they were doing

the model doesnt even make any sense. a realtor does the same exact amount of work to sell a 500k house or a million dollar house. so why should they take 30k on the first house, and 60k on the second house?

From your perspective, you are seeing the Realtor as 1 person dealing with you as 1 person. When from the Realtor's perspective they are dealing with 30-40 people at a time. Let's play along that Realtors "don't do anything". If all they do is open doors, negotiate with the seller, and take pictures.... imagine doing that 30 to 40 times a week, with 30-40 different clients, in 20-30 different locations... Not easy at all

The burn rate of a Realtor's expenses is crazy with the amount of travel and open houses they have to fulfill to make 1 sale. Marketing material, software fees, Realtor licensing fees, gas mileage, their Broker taking a cut of their profits, etc etc... On top of that, a sale that takes 3 months to close. And this is assuming they only do those 3 things you mentioned (which they obviously don't)

 

[the cac mamba]

From your perspective, you are seeing the Realtor as 1 person dealing with you as 1 person. When from the Realtor's perspective they are dealing with 30-40 people at a time. Let's play along that Realtors "don't do anything". If all they do is open doors, negotiate with the seller, and take pictures.... imagine doing that 30 to 40 times a week, with 30-40 different clients, in 20-30 different locations... Not easy at all

The burn rate of a Realtor's expenses is crazy with the amount of travel and open houses they have to fulfill to make 1 sale. Marketing material, software fees, Realtor licensing fees, gas mileage, their Broker taking a cut of their profits, etc etc... On top of that, a sale that takes 3 months to close. And this is assuming they only do those 3 things you mentioned (which they obviously don't)

and yet here we are, openly acknowledging that what they bring to the table is worth less than 6%

 

[UpAndComing]

and yet here we are, openly acknowledging that what they bring to the table is worth less than 6%

That new law in the OP might actually increase their value though lol

 

[the cac mamba]

That new law in the OP might actually increase their value though lol

no, it will not

 

[re'up]

From your perspective, you are seeing the Realtor as 1 person dealing with you as 1 person. When from the Realtor's perspective they are dealing with 30-40 people at a time. Let's play along that Realtors "don't do anything". If all they do is open doors, negotiate with the seller, and take pictures.... imagine doing that 30 to 40 times a week, with 30-40 different clients, in 20-30 different locations... Not easy at all

The burn rate of a Realtor's expenses is crazy with the amount of travel and open houses they have to fulfill to make 1 sale. Marketing material, software fees, Realtor licensing fees, gas mileage, their Broker taking a cut of their profits, etc etc... On top of that, a sale that takes 3 months to close. And this is assuming they only do those 3 things you mentioned (which they obviously don't)

it's usually not 30-40 people, but your point is correct. Someone dealing with that many clients in one week would probably be extremely successful and have a whole team under them. The key is forming a connection and a bond, but as a buying agent, you don't have a lot of leverage. There's no real way to make them buy the house with you. But experienced buyers know that you don't always just deal with a selling agent, because while there is that whole client relationship shyt, they are more loyal to the seller. So hard to negotiate that. I have worked both ends of a deal before, not houses, but $$$ and it's easier, but harder for both sides to trust you.

but for one agent, working with lets say 6 people on a given week, or 8, is an insane amount of work. Open houses can take your whole day. And then you follow up with all the leads. You set up showings. And anyone can pull out of the deal up until the final few stages, for whatever reason.

My homie used to point out real estate agents driving, setting up open houses, and he could just see the discouragement in their body language lol
shoulders slumping, taking down the signs.

 

[jay83]

The woman who thirst trap online with real estate might be a bit more quiet.

 

[jadillac]

Funny thing is I wonder if this works in reverse. Can Real Estate agents now charge even more than 3%-6% on each sale? That would be interesting

I'm sure that happens with some of these top ranked realtors already

 

[Geek Nasty]

This is going to put a lot of people out of work. They were barely hanging on as it is with this economy and interest rates.

The industry did it to themselves. You can’t build a business model on extorting customers then cry when regulators step in and cut off the spigot.

 

[CrimsonTider]

Buying agents will struggle to get buyers to pay them, unless they structure it in loans I imagine.. selling agents probably gonna continue to eat and they probably gonna eat MORE as less competition..

WE GON EAT REGARDLESS!

Buyers don’t agents Anyway

 

[ogc163]

 

[dora_da_destroyer]

and yet here we are, openly acknowledging that what they bring to the table is worth less than 6%

It’s not worth less because of their work, I believe it needs to come down because of how high housing has gotten, especially in high COL areas. Real Realtors, not 3rd and 4th side hustle realtors, still know more about all the local requirements, inspections, zoning laws, contingencies and legalese than any avg buyer, and there are still a bunch of listings not on shyt like Zillow, so thinking they deserve nothing because you found your own open house to go to really isn’t justification given all the other work they do.

 

[the cac mamba]

It’s not worth less because of their work, I believe it needs to come down because of how high housing has gotten, especially in high COL areas. Real Realtors, not 3rd and 4th side hustle realtors, still know more about all the local requirements, inspections, contingencies and legalese than any avg buyer, and there are still a bunch of listings not on shyt like Zillow, so thinking they deserve nothing because you found your own open house to go to really isn’t justification given all the other work they do.

fine, then cap it which is i think what you're saying

my parents have a pretty normal 3/4 br, 2500 sq ft house, probably worth about a million because it's in the northeast. the idea that these shytheads should be walking away splitting 60 grand from that sale is laughable

and for the same amount of work that it takes to sell a 300k condo