Real Estate Agents

[CoachKandSportsguy]

On the radio, I have been hearing real estate buyers agent advertisements. . . which end with the real estate license trusted . . . blah blah blah. In one ear and out the next. . . . not interested in buying anything and more interested in selling. .

so what, right?

So coachk's family home was sold upon her mom's passing to a carpenter / flipper. He renovated the house, not finished, but put it up for sale prematurely. Coachk's niece saw the advertisement on realtor .com and singed up for a viewing.

now the interesting part:

Realtor.com assigned her a buyers agent and she showed up, pushing mortgages from local companies. .

So now I am wondering, are the technology bros who filed the MLS fixed commission lawsuit trying to alter the system from selling agents to buying agents? Which would be home owners advertising on the tech site, no agent needed, just pictures and a price, and the on line platforms assigning buyers agents to finish the deal??

Reads like a whole lot of spaghetti for the technologists to get some sort of commission out of the real estate market using their platforms instead of the MLS platforms. . . trying to legitimize the new platforms through the courts to break the MLS monopoly

any other perspectives??

sportsguy

[melpetezrinski]

On the radio, I have been hearing real estate buyers agent advertisements. . . which end with the real estate license trusted . . . blah blah blah. In one ear and out the next. . . . not interested in buying anything and more interested in selling. .

so what, right?

So coachk's family home was sold upon her mom's passing to a carpenter / flipper. He renovated the house, not finished, but put it up for sale prematurely. Coachk's niece saw the advertisement on realtor .com and singed up for a viewing.

now the interesting part:

Realtor.com assigned her a buyers agent and she showed up, pushing mortgages from local companies. .

So now I am wondering, are the technology bros who filed the MLS fixed commission lawsuit trying to alter the system from selling agents to buying agents? Which would be home owners advertising on the tech site, no agent needed, just pictures and a price, and the on line platforms assigning buyers agents to finish the deal??

Reads like a whole lot of spaghetti for the technologists to get some sort of commission out of the real estate market using their platforms instead of the MLS platforms. . . trying to legitimize the new platforms through the courts to break the MLS monopoly

any other perspectives??

sportsguy

Whenever you show interest in a property listed on realtor.com or zillow.com, a buyer realtor usually contacts you in hopes of representing you as the buyers agent. These buyer agents pay a fee to the MLS websites to get these leads. These agents also get kickbacks from mortgage companies if the eventual buyer needs their funding. So, it's all about paying and getting paid for leads.

[Keefelane66]

Blah blah blah your niece called the agent, did you even think about offering to a family member first?

[retiredguy123]

I may pay an agent for their sales and marketing skills to represent me when selling a house. But, I would never pay an agent to represent me when buying a house. I know how to buy a house.

[MightyDog]

I don't know about all that and it doesn't interest me.

Unless it's an out-of-town real estate buy, in which case I will find my own buyers agent (BA) to assist, I don't use agents on the buy side and marvel that people still do. Unless they're inexperienced, then, I get it.

If you know what you're doing, don't use any buy side agent. It will save you thousands because you can negotiate the purchase price down by part or most of the fee that the seller would have had to pay if you did have a BA. I've done it twice. Ka-ching for me.

People should just contact the listing agent to see a house. They'll also know more about the house and seller than a BA will.

[Villager-2024]

On the radio, I have been hearing real estate buyers agent advertisements. . . which end with the real estate license trusted . . . blah blah blah. In one ear and out the next. . . . not interested in buying anything and more interested in selling. .

so what, right?

So coachk's family home was sold upon her mom's passing to a carpenter / flipper. He renovated the house, not finished, but put it up for sale prematurely. Coachk's niece saw the advertisement on realtor .com and singed up for a viewing.

now the interesting part:

Realtor.com assigned her a buyers agent and she showed up, pushing mortgages from local companies. .

So now I am wondering, are the technology bros who filed the MLS fixed commission lawsuit trying to alter the system from selling agents to buying agents? Which would be home owners advertising on the tech site, no agent needed, just pictures and a price, and the on line platforms assigning buyers agents to finish the deal??

Reads like a whole lot of spaghetti for the technologists to get some sort of commission out of the real estate market using their platforms instead of the MLS platforms. . . trying to legitimize the new platforms through the courts to break the MLS monopoly

any other perspectives??

sportsguy

Nothing new. When you sign up for a viewing you know you're being assigned an agent - after filling in your info you must click on a large button "EMAIL AGENT" button.

[Jayhawk]

These agents also get kickbacks from mortgage companies if the eventual buyer needs their funding.

This is illegal.

[manaboutown]

Was the niece just wanting to view the house to see what had been done to it and not a potential buyer?

[Lynnesail]

I don't know about all that and it doesn't interest me.

Unless it's an out-of-town real estate buy, in which case I will find my own buyers agent (BA) to assist, I don't use agents on the buy side and marvel that people still do. Unless they're inexperienced, then, I get it.

If you know what you're doing, don't use any buy side agent. It will save you thousands because you can negotiate the purchase price down by part or most of the fee that the seller would have had to pay if you did have a BA. I've done it twice. Ka-ching for me.

People should just contact the listing agent to see a house. They'll also know more about the house and seller than a BA will.

Can I sell my own house without an agent?

[huge-pigeons]

It doesn’t matter if the buyer goes thru an agent or not to the seller. If you don’t go thru an agent buying a home, the seller will be paying the listing agent the same fee: 5 or 6%. If you as a buyer calls the listing agent, now the listing agent gets the whole 5/6% fee, if you go thru your own agent, the listing agent has to split the fee with you buying agent. The seller pays the same fee.
As for getting a deal for not getting an agent for yourself, you would have got the same deal maybe better if you have your own agent.

The only way a buyer will pay less for a house if they don’t use an agent is if the seller is selling it “for sale by owner” and even then, a lot of sellers put in the listing will pay 2.5% if the buyers use an agent, this still saves the seller 2.5%.
I’ve sold the last 2 houses myself, and I didn’t pay any fees to any agent. I did negotiate with a couple that wanted to use a relative who was a real estate agent, and I told them I will not pay any realtor fee, if you use them, and they expect some money for the negotiation, then you would have to pay them, I will pay $0 toward any fees.

[Bay Kid]

Most all agents work very hard for their buyers and sellers. Many times they never make a penny for their work.
If you are not happy using a re agent then don't use or bash them.
All these law suits are caused by lawyers that have made a fortune from these suits.

[NotGolfer]

FSBO.....(for sale by owner).

[Glowing Horizon]

Blah blah blah your niece called the agent, did you even think about offering to a family member first?

Generally It is a very bad idea to invest money or sell real estate to anyone who you would hold closer than at “arms-length” Doing business with family & close friends often ends previously loving relationships bc one of the them ends up feeling used.

[Glowing Horizon]

It doesn’t matter if the buyer goes thru an agent or not to the seller. If you don’t go thru an agent buying a home, the seller will be paying the listing agent the same fee: 5 or 6%. If you as a buyer calls the listing agent, now the listing agent gets the whole 5/6% fee, if you go thru your own agent, the listing agent has to split the fee with you buying agent. The seller pays the same fee.
As for getting a deal for not getting an agent for yourself, you would have got the same deal maybe better if you have your own agent.

The only way a buyer will pay less for a house if they don’t use an agent is if the seller is selling it “for sale by owner” and even then, a lot of sellers put in the listing will pay 2.5% if the buyers use an agent, this still saves the seller 2.5%.
I’ve sold the last 2 houses myself, and I didn’t pay any fees to any agent. I did negotiate with a couple that wanted to use a relative who was a real estate agent, and I told them I will not pay any realtor fee, if you use them, and they expect some money for the negotiation, then you would have to pay them, I will pay $0 toward any fees.

Your statements are correct until the law changes in July.

Then, the assumption that the seller pays a commission & the buyers agent gets some of it, will no longer be something a buyer can assume.

[retiredguy123]

Generally It is a very bad idea to invest money or sell real estate to anyone who you would hold closer than at “arms-length” Doing business with family & close friends often ends previously loving relationships bc one of the them ends up feeling used.
I agree. And, if you are a real estate agent, and a family member does not list their house with you, don't hold a grudge. It is their decision to hire whatever agent they want.

[Glowing Horizon]

I don't know about all that and it doesn't interest me.

Unless it's an out-of-town real estate buy, in which case I will find my own buyers agent (BA) to assist, I don't use agents on the buy side and marvel that people still do. Unless they're inexperienced, then, I get it.

If you know what you're doing, don't use any buy side agent. It will save you thousands because you can negotiate the purchase price down by part or most of the fee that the seller would have had to pay if you did have a BA. I've done it twice. Ka-ching for me.

People should just contact the listing agent to see a house. They'll also know more about the house and seller than a BA will.
Seller’s agents legally represent the seller ONLY. Any seller’s agent who shows property to a buyer & goes on to a sale with no buyer’s representative has a conflict of interest. Your Ka-ching would be an expensive lawsuit waiting to happen for that seller’s agent.

[retiredguy123]

Seller’s agents legally represent the seller ONLY. Any seller’s agent who shows property to a buyer & goes on to a sale with no buyer’s representative has a conflict of interest. Your Ka-ching would be an expensive lawsuit waiting to happen for that seller’s agent.
Huh? Whenever I have bought a house, I have never been represented by an agent. As a buyer, I can represent myself.

[frayedends]

Whenever you show interest in a property listed on realtor.com or zillow.com, a buyer realtor usually contacts you in hopes of representing you as the buyers agent. These buyer agents pay a fee to the MLS websites to get these leads. These agents also get kickbacks from mortgage companies if the eventual buyer needs their funding. So, it's all about paying and getting paid for leads.

Regarding kickbacks from mortgage company that is untrue. They recommend local companies they know have a robust prequalification process. Deals fall apart all the time because places like Quicken and BOA give prequals to everyone without doing all the right credit checks.

[Glowing Horizon]

Huh? Whenever I have bought a house, I have never been represented by an agent. As a buyer, I can represent myself.

Look like those days are over as of July 1 ,2024

Florida'''s real estate agents could see changes in their pay | WUSF (https://www.wusf.org/economy-business/2024-03-25/florida-real-estate-agents-national-association-of-realtors-commission-settlement)

[TeresaE]

Whenever you show interest in a property listed on realtor.com or zillow.com, a buyer realtor usually contacts you in hopes of representing you as the buyers agent. These buyer agents pay a fee to the MLS websites to get these leads. These agents also get kickbacks from mortgage companies if the eventual buyer needs their funding. So, it's all about paying and getting paid for leads.

Kickbacks from mortgage companies to real estate agents is illegal. Look up RESPA No brokerage gets anything from a mortgage company. Buyers agent may refer a mortgage company in order to help the buyer qualify for a purchase. But no money is ever exchanged. BTY. The average income for a real estate agent is $30k a year. And they work very hard for that money.

[TeresaE]

Can I sell my own house without an agent?

Yes. But typically you will end up with less than if you hired an agent. Especially in today’s market which is becoming a buyer’s market

[retiredguy123]

Look like those days are over as of July 1 ,2024

Florida'''s real estate agents could see changes in their pay | WUSF (https://www.wusf.org/economy-business/2024-03-25/florida-real-estate-agents-national-association-of-realtors-commission-settlement)
I don't fully understand the new law, but, if I, as a seller, needs to share the commission with a buyer's agent, I will not list my house. I will sell it myself and offer a 3 percent commission to agents who bring me a buyer. If I hire an agent, the agent must represent me only, not the buyer.

[massachusettskid]

I may pay an agent for their sales and marketing skills to represent me when selling a house. But, I would never pay an agent to represent me when buying a house. I know how to buy a house.

The only problem the public needs to realize is because of this lawsuit an agent will not be able to show you a listing if a buyer's agreement is not signed. It is the law going forward. That agreement can be for just that house or a period of time but will need to be signed

[melpetezrinski]

Kickbacks from mortgage companies to real estate agents is illegal. Look up RESPA No brokerage gets anything from a mortgage company. Buyers agent may refer a mortgage company in order to help the buyer qualify for a purchase. But no money is ever exchanged. BTY. The average income for a real estate agent is $30k a year. And they work very hard for that money.

Yes, everyone plays by the rules and abides by all the laws in thier applicable industry. Kickbacks, tickets to the Yankees game, free dinners, call it what you like but there ARE "agreements" in place. However, that's not how every single realtor operates and I commend the ones that act ethically and in the best interest of their clients.

[CoachKandSportsguy]

The only problem the public needs to realize is because of this lawsuit an agent will not be able to show you a listing if a buyer's agreement is not signed. It is the law going forward. That agreement can be for just that house or a period of time but will need to be signed

Ah, that is what I was looking for when starting this thread. . . that is why I am seeing / hearing what is now different about the new law going forward. .

thanks to another mass man for explanation. . there were a lot of plain process answers which just repeated what happened.

sportsguy

[MightyDog]

Seller’s agents legally represent the seller ONLY. Any seller’s agent who shows property to a buyer & goes on to a sale with no buyer’s representative has a conflict of interest. Your Ka-ching would be an expensive lawsuit waiting to happen for that seller’s agent.
Nope. Not an issue, I've done it. It's not complicated just more work and due diligence

I've also transacted directly (no agents) as a seller and as a buyer. Those transactions were dramatically less stressful and more above-board than when agents are involved.

[MightyDog]

Ah, that is what I was looking for when starting this thread. . . that is why I am seeing / hearing what is now different about the new law going forward. .

thanks to another mass man for explanation. . there were a lot of plain process answers which just repeated what happened.

sportsguy

Well, I don't know that Mass Kid has it right. I read that linked article and, according to it (I haven't searched further), nothing seems to be concrete yet.

There is plenty of vagueness in the article so, things don't seem to be finalized yet or implemented.

[CoachKandSportsguy]

Well, I don't know that Mass Kid has it right. I read that linked article and, according to it (I haven't searched further), nothing seems to be concrete yet.

There is plenty of vagueness in the article so, things don't seem to be finalized yet or implemented.

I didn't see a link, must go to find it. . .

However, if there are rules changes, laws, whatever, a lot of past process experiences may be irrelevant, maybe. . . . . people don't like change and the adoption takes a bit of time. .