[CoachKandSportsguy]

Missouri jury finds NAR, brokerages guilty of conspiring to inflate commissions - HousingWire.

It was fun for them while it lasted, now go search for a cheaper realtor!

[Normal]

The NAR was due for this fall. They are a monopoly in a sense. 5 and 6 percent commissions on million dollar homes along with shadowing what might not benefit the realtor the most are so unfair, and certainly not egalitarian.

The savoy seller just lists their homes on Zillow and Realty.com. When they sell all they need to have is a title company or lawyer. The whole thing costs less than a couple thousand.

Their scams reflect the life insurance salesmen of the 70s or the insurance writing offices of the 80s. They got a whole lot of cash for doing nothing.

[dewilson58]

Aren't those the ethical ones................the ones who took a test and signed something??

[retiredguy123]

Note that "The Properties of The Villages" is not a member of the NAR, and none of their agents are Realtors.

[Normal]

Originally Posted by dewilson58

Aren't those the ethical ones................the ones who took a test and signed something??

Ya, you know the ones, “We don’t work for the seller, we work for you.”

LOL

[retiredguy123]

Originally Posted by Normal

Ya, you know the ones, “We don’t work for the seller, we work for you.”

LOL

Yes. The biggest real estate scam is for a seller's agent to convince a buyer that he/she is representing the buyer. I cringe every time a see a poster refer to an agent as "my agent". In almost every real estate sale, the buyer does not have an agent.

[manaboutown]

This is long overdue.

[Two Bills]

I have always been amazed at how high US. estate agent fees are.
In UK wife and I have never paid more than 1% agent fee.
Sold last two houses ourselves just using a Conveyance agent
Cost under $850 all in.

[Topspinmo]

Originally Posted by Two Bills

I have always been amazed at how high US. estate agent fees are.
In UK wife and I have never paid more than 1% agent fee.
Sold last two houses ourselves just using a Conveyance agent
Cost under $850 all in.

What???? Crown don’t get their cut?

[Stu from NYC]

Originally Posted by Topspinmo

What???? Crown don’t get their cut?

The king does not have the power he used to have

[frayedends]

Haters always going to hate. Realtors can absolutely be buyer's agents. The commission structure was that the Seller's agent lists the property in MLS with the commission structure (such as 2.5% to seller agent, 2.5% to buyer agent). The buyer's agent should absolutely be representing the buyer's interest. Of course, they want to get a property under agreement and sold, but if they don't do a good job representing the buyer then word of mouth quickly makes that agent lose sales and not do well.

Now as far as this lawsuit it won't change anything really, except how the commission structure is presented. Currently it all comes out of the seller's proceeds. What could happen going foward is the buyer's agent charges commission to the buyer. The seller has a lower price because maybe they aren't paying 5 or 6%. It all comes out in the wash.

Realtors can't work for free. I've seen a buyer's agent take a buyer to over 70 homes over the course of 6 months. People expect that and then not pay them anything when they buy something?

[margaretmattson]

Originally Posted by frayedends

Haters always going to hate. Realtors can absolutely be buyer's agents. The commission structure was that the Seller's agent lists the property in MLS with the commission structure (such as 2.5% to seller agent, 2.5% to buyer agent). The buyer's agent should absolutely be representing the buyer's interest. Of course, they want to get a property under agreement and sold, but if they don't do a good job representing the buyer then word of mouth quickly makes that agent lose sales and not do well.

Now as far as this lawsuit it won't change anything really, except how the commission structure is presented. Currently it all comes out of the seller's proceeds. What could happen going foward is the buyer's agent charges commission to the buyer. The seller has a lower price because maybe they aren't paying 5 or 6%. It all comes out in the wash.

Realtors can't work for free. I've seen a buyer's agent take a buyer to over 70 homes over the course of 6 months. People expect that and then not pay them anything when they buy something?

The job of a realtor is to sell the home. This would mean any realtor represents the seller. You can not play (and charge) both sides of the fence.

[frayedends]

Originally Posted by margaretmattson

The job of a realtor is to sell the home. This would mean any realtor represents the seller. You can not play (and charge) both sides of the fence.

It seems you are referring to an agent that has the listing, the buyer comes in without an agent and the Listing agent does the deal alone. In that case, the listing agent is possibly taking both sides of the commission (unless they pass along the savings). But they have an ethical duty to tell the buyer that they are representing the seller.

That's not how buyer's agent works. Now, I will admit I'm in Massachusetts and don't know what could be different in Florida. But a buyer contacts an agent and wants to see a home. If that agent is not the listing agent then he/she becomes the buyer's agent. They may or may not sign a buyer's agent contract. That agent should be advising the buyer on home value, helping with financing needs and legal needs, etc. They should be bringing the buyer to similar homes, working with inspection. They need to know the rules for FHA loans (you wouldn't believe how many realtors miss that info).

The agent I know works tirelessly, on the phone at all hours, out at appointments all day and night, 7 days/week, working with their buyers (or sellers if they have the listing). She works way more hours than my 9-5 job that's for sure.

It really aggravates me when people say they get paid for nothing. They have no idea how much work is involved.

[Two Bills]

Originally Posted by Topspinmo

What???? Crown don’t get their cut?

They don't need it.
"Crown Industry" runs at a profit, and pays millions into Government coffers.
How much does a President cost to run?

[margaretmattson]

Originally Posted by frayedends

It seems you are referring to an agent that has the listing, the buyer comes in without an agent and the Listing agent does the deal alone. In that case, the listing agent is possibly taking both sides of the commission (unless they pass along the savings). But they have an ethical duty to tell the buyer that they are representing the seller.

That's not how buyer's agent works. Now, I will admit I'm in Massachusetts and don't know what could be different in Florida. But a buyer contacts an agent and wants to see a home. If that agent is not the listing agent then he/she becomes the buyer's agent. They may or may not sign a buyer's agent contract. That agent should be advising the buyer on home value, helping with financing needs and legal needs, etc. They should be bringing the buyer to similar homes, working with inspection. They need to know the rules for FHA loans (you wouldn't believe how many realtors miss that info).

The agent I know works tirelessly, on the phone at all hours, out at appointments all day and night, 7 days/week, working with their buyers (or sellers if they have the listing). She works way more hours than my 9-5 job that's for sure.

It really aggravates me when people say they get paid for nothing. They have no idea how much work is involved.

And, this is how a lawsuit was won. A realtor cannot be a buyer's agent. The job of a realtor is to represent the seller at all times. A potential buyer does not need to contract with a realtor.