Talk of The Villages Florida

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-   -   Nat Assoc of Realtors found guilty of commission collusion (https://www.talkofthevillages.com/forums/current-events-news-541/nat-assoc-realtors-found-guilty-commission-collusion-345101/)

PjLyness1965 11-01-2023 10:27 AM

Quote:

Originally Posted by margaretmattson (Post 2270132)
You are being paid a possible commission to sell a home FROM THE SELLER. Therefore, A realtor always represents the seller. He or she is the one paying you to sell the home.

Example: you go to a car dealership. A sales rep helps you but you decide to look around. Does he try to convince you that you are now obligated to buy only from him? Does he try to control you through manipulation? No!

A realtor is nothing more than a representative who sells homes. That fact that you believe this is not the case, is unethical.

Wrong. A realtor can represent a seller or a buyer, but in most states cannot represent both at the same time on the same transaction. A realtor can in fact work with buyers. Where are you getting this information?

Finchs 11-01-2023 10:29 AM

That's sad but true. In Florida, all agents work to achieve a closure for the transaction; the listing agent supposedly works for the seller--ha ha--but in reality noone represents buyer or seller, the agents are in collusion to get a sale completed. And get their commission

Normal 11-01-2023 10:52 AM

Technology Should Make Things Cheaper
 
Quote:

Originally Posted by Priebehouse (Post 2270241)
When I was in real estate in the late 70's/early 80's there was a lot more work involved. Developing an accurate Market Analysis, advertising, maintaining a book of active buyers, cold calling, SHOWING homes to clients, etc. was all done by the agent so you worked for your commission. Now it's all done on the web. That's how I found my home in TV. The RE Industry needs to realign the structure now that this case has been settled. Otherwise, the backlash will be tremendous.:sigh:

I agree. Gone are the days of printing flyers and stapling them up, walking neighborhoods, going to courthouses for records, and the draining of resources to filter searches for a buyer. Most of the leg work now is done by computer. Commissions don’t need to be 50 thousand for the sale of a million dollar home. The handout is an insane amount.

BrianL99 11-01-2023 12:15 PM

Quote:

Originally Posted by PjLyness1965 (Post 2270307)
Wrong. A realtor can represent a seller or a buyer, but in most states cannot represent both at the same time on the same transaction. A realtor can in fact work with buyers. Where are you getting this information?

WRONG

In 42 states, a BROKER can represent both a Buyer and a Seller at the same time (dual agency). That sounds like "most" to me?

Just a moment...

A "Realtor®" is a trademarked term. Not all brokers are Realtors®

To quote: "Where are you getting your information" ?

frayedends 11-01-2023 01:53 PM

Quote:

Originally Posted by Finchs (Post 2270308)
That's sad but true. In Florida, all agents work to achieve a closure for the transaction; the listing agent supposedly works for the seller--ha ha--but in reality noone represents buyer or seller, the agents are in collusion to get a sale completed. And get their commission


A buyers agent that colludes with a sellers agent and screws the client would quickly lose all their business. Word of mouth is strong. Good agents are ethical and provide proper guidance to their client. Shady agents don’t last long.

PjLyness1965 11-01-2023 02:03 PM

Quote:

Originally Posted by BrianL99 (Post 2270337)
WRONG

In 42 states, a BROKER can represent both a Buyer and a Seller at the same time (dual agency). That sounds like "most" to me?

Just a moment...

A "Realtor®" is a trademarked term. Not all brokers are Realtors®

To quote: "Where are you getting your information" ?

Pardon me for being mistaken. I used to be a Realtor a long time ago and how many states had dual agency wasn’t on the on the real estate exam. 😉
If you were paying attention, I was responding to the comment who suggested that a Realtor could not represent a buyer at all. This is in fact incorrect.
There is no need for you to get upset, but I’m sure you will get over it.

retiredguy123 11-01-2023 02:12 PM

Quote:

Originally Posted by BrianL99 (Post 2270337)
WRONG

In 42 states, a BROKER can represent both a Buyer and a Seller at the same time (dual agency). That sounds like "most" to me?

Just a moment...

A "Realtor®" is a trademarked term. Not all brokers are Realtors®

To quote: "Where are you getting your information" ?

So, in the link you provided, Florida does not allow a dual agency.

OrangeBlossomBaby 11-01-2023 02:16 PM

Quote:

Originally Posted by retiredguy123 (Post 2270056)
Note that "The Properties of The Villages" is not a member of the NAR, and none of their agents are Realtors.

They are, however, fully licensed Real Estate Agents.

OrangeBlossomBaby 11-01-2023 02:26 PM

Quote:

Originally Posted by retiredguy123 (Post 2270059)
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.

We did. We went to The Villages sales office for our Lifetime visit and hooked up with an agent to help us find a pre-owned home. We didn't need it to be listed by The Villages, but we wanted a Villages rep to help us because they specialize in this specific community, they don't buy or sell for any other community, so they are more likely to know the answers to questions about this community.

The home we chose was listed by an outside real estate agent. Our agent didn't get a commission. He did the initial walk-through while we were up north, recommended a couple of folks to do the appraisal, helped us get in touch with our selected appraiser and set up appointments. He helped me make sense of the logistics of switching our Xfinity account AND plan since we were cutting the cord after the move. He even received a delivery of our brand new coffee machine the week before the closing, so we'd be able to enjoy a cuppa on our first morning in our new home.

He gave us a lovely gift bag, which was a Villages thermal grocery bag (the big funny-shaped supremely-padded ones with the top zipper), filled with Villages towels and other goodies, including a gift certificate for a free hanging address sign for our front light pole.

And he attended the closing, which was remarkable and incredibly appreciated, especially considering he wasn't allowed to earn a single dime in commission off our home purchase and they don't charge any fees for potential buyers to use their expertise when looking for resales.

Kelevision 11-01-2023 02:33 PM

Quote:

Originally Posted by retiredguy123 (Post 2270056)
Note that "The Properties of The Villages" is not a member of the NAR, and none of their agents are Realtors.

Try getting a job selling homes here without a realtors license and let me know how that goes. Oh wait, you can’t nevermind.

OrangeBlossomBaby 11-01-2023 02:36 PM

Quote:

Originally Posted by retiredguy123 (Post 2270124)
See Post No. 22. This is not semantics at all. There is no buyer agent in the legal sense, and the only legally binding contract that exists is between the broker and the seller. The buyer has no legal recourse, and is never responsible to pay a commission.

They are always responsible to pay the commission. The cost of the commission is built into the sales price, therefore it is always the buyer who ends up paying it.

If the homeowner needs to clear $100,000, and their agent requires a 5% commission, then the homeowner needs to get a minimum $105,000 sales price. The buyer pays that $105,000 - the homeowner keeps the $100k and the extra $5k goes into the agent's pocket. OR it gets split between the agent and the buyer's agent, if they have one.

The decision on who gets the $5000 is between the listing agent and the buyer's agent, if there is one. They duke it out amongst themselves, but it's the buyer who's footing the bill only because it's built into the price they pay for the privilege of buying that house.

retiredguy123 11-01-2023 02:43 PM

Quote:

Originally Posted by Kelevision (Post 2270368)
Try getting a job selling homes here without a realtors license and let me know how that goes. Oh wait, you can’t nevermind.

To clarify, there is no such thing as a "Realtors" license. Florida issues real estate licenses that allows people to sell houses for a commission. That is not a "Realtors" license, it is a real estate sales license. A Realtor is a member of the National Association of Realtors (NAR) which is a private association that has nothing to do with the state of Florida. The Properties of The Villages is a licensed Florida broker and is not a member of the NAR, and none of their sales agents are Realtors.

OrangeBlossomBaby 11-01-2023 02:51 PM

Quote:

Originally Posted by Kelevision (Post 2270368)
Try getting a job selling homes here without a realtors license and let me know how that goes. Oh wait, you can’t nevermind.

Not only can you, but you must. You don't need a "realtors license." But if you want to be employed by the Villages as a sales representative selling their homes, you must have a "real estate" license. "Realtor" is an official title. The owner of a real estate company can be a Realtor, and all his employees be "licensed real estate agents" without being Realtors themselves.

Realtors have different a different set of requirements than licensed real estate agents.

retiredguy123 11-01-2023 02:53 PM

Quote:

Originally Posted by OrangeBlossomBaby (Post 2270369)
They are always responsible to pay the commission. The cost of the commission is built into the sales price, therefore it is always the buyer who ends up paying it.

If the homeowner needs to clear $100,000, and their agent requires a 5% commission, then the homeowner needs to get a minimum $105,000 sales price. The buyer pays that $105,000 - the homeowner keeps the $100k and the extra $5k goes into the agent's pocket. OR it gets split between the agent and the buyer's agent, if they have one.

The decision on who gets the $5000 is between the listing agent and the buyer's agent, if there is one. They duke it out amongst themselves, but it's the buyer who's footing the bill only because it's built into the price they pay for the privilege of buying that house.

Now that is semantics. Legally, the entire commission is paid by the seller. Just read the settlement statement where the commission is listed on the seller's side of the statement. Whatever money changes hands between the brokers is a private agreement between them. Under contract law, the buyer could never sue the broker to get back a commission because he never paid a commission.

BrianL99 11-01-2023 04:49 PM

Quote:

Originally Posted by OrangeBlossomBaby (Post 2270371)
Not only can you, but you must. You don't need a "realtors license." But if you want to be employed by the Villages as a sales representative selling their homes, you must have a "real estate" license. "Realtor" is an official title. The owner of a real estate company can be a Realtor, and all his employees be "licensed real estate agents" without being Realtors themselves.

Realtors have different a different set of requirements than licensed real estate agents.

Why do folks who have little or no knowledge, insist on posting about subjects they know little or nothing about?

There is no such thing as a "REALTOR®" license. A REALTOR® is simple a Broker, who joins the National Association of Realtors and agrees to adhere to their ethical requirements ... and pays their fees every year.

There is no way to be a REALTOR®, without belonging to the Association and paying dues.

In most states, there are two levels of Real Estate "professionals". Sales People and Brokers. There are no states that offer a License as a "Realtor" ... that's a made up word, by the Nation Association of Realtors.

Think of them as the difference between a Master Plumber and a Journeyman Plumber. The Journeyman can do most every job the Master can do, but he can't have any employees working under him. A Real Estate Salesperson can do most anything a Broker can do, but must work under the auspices of a Broker.

In most states, a non-licensed person can work directly for a Developer or Home Builder, selling homes or property.


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