[Normal]

Originally Posted by frayedends

This is purely a speculative question. I don't pretend to know the answer. Say they do indeed remove buyer's agent fees from the listing. Do you think listing agents will lower their commission? What if they are no longer making the money as a buyer's agent (most agents do both). If they still charge ~5%, it doesn't really change anything except the buyer isn't represented.

If a buyer now can pay a fee, maybe a fixed fee, they will be paying more if the selling agents aren't lowering commissions. Keep in mind the agents need to make a living.

Percentages are the gimmick. That aspect needs eliminated. There are flat fee realtors out there now and they will take over the entire market eventually. A set fee is charged to sell ANY home regardless of its value. The flat fee is about 3-5 thousand dollars for these realtors right now.

[frayedends]

Originally Posted by Normal

Percentages are the gimmick. That aspect needs eliminated. There are flat fee realtors out there now and they will take over the entire market eventually. A set fee is charged to sell ANY home regardless of its value. The flat fee is about 3-5 thousand dollars for these realtors right now.

That’s a possibility I guess. But I don’t think this lawsuit will force anything like that. That would take a while to become standard as agents create competition. But it takes a lot more to sell a million dollar home than a $200k home. Maybe there will be set fees for different price ranges. Who knows. We are very close to retiring so it won’t affect us much. At 5000 each and 60 sales that’s not a bad living. But expenses can be high for an agent too.

[Normal]

Originally Posted by frayedends

That’s a possibility I guess. But I don’t think this lawsuit will force anything like that. That would take a while to become standard as agents create competition. But it takes a lot more to sell a million dollar home than a $200k home. Maybe there will be set fees for different price ranges. Who knows. We are very close to retiring so it won’t affect us much. At 5000 each and 60 sales that’s not a bad living. But expenses can be high for an agent too.

This is the perfect atmosphere for Flat Fee Realtors. There is one here on MarchBend . You can research the nearest to you no matter where you are selling. They have become quite popular.

There isn’t a reason a realtor should get a windfall jackpot for selling a house when all the paperwork is the same.

We are at a crossroads where kiosks are used at airports, restaurants and for various other services. It will come either way.

[frayedends]

Originally Posted by Normal

This is the perfect atmosphere for Flat Fee Realtors. There is one here on MarchBend . You can research the nearest to you no matter where you are selling. They have become quite popular.

There isn’t a reason a realtor should get a windfall jackpot for selling a house when all the paperwork is the same.

We are at a crossroads where kiosks are used at airports, restaurants and for various other services. It will come either way.

It’s not just about paperwork. There’s a ton more marketing for a million dollar home. It’s on the market for much longer. Pictures are much more money for larger homes. A 300k house can sell in days after 1 open house. A million dollar home can take 6 months or even much longer to sell. Not apples to apples.

[manaboutown]

Originally Posted by frayedends

It’s not just about paperwork. There’s a ton more marketing for a million dollar home. It’s on the market for much longer. Pictures are much more money for larger homes. A 300k house can sell in days after 1 open house. A million dollar home can take 6 months or even much longer to sell. Not apples to apples.

In Coastal Southern California the cheapest teardown house in a desirable area with even a small peek at the ocean is likely worth at least $3,000,000. A house there at that price could sell in hours with multiple backup offers within a day. Agents fall over themselves to obtain these listings.

[frayedends]

^^^
Every market is different of course.

[manaboutown]

Originally Posted by frayedends

^^^
Every market is different of course.

Yes but the agents there still want 6% to list a property even though selling one is like falling off a log as they have lists of buyers waiting in the wings. Demand is high and available homes for sale are scarce.

[manaboutown]

Wonder what the commission was on this one. Del Mar home sold for $44.1M breaks record set by Bill Gates’ home sale – NBC Los Angeles

[Normal]

Originally Posted by manaboutown

Wonder what the commission was on this one. Del Mar home sold for $44.1M breaks record set by Bill Gates’ home sale – NBC Los Angeles

Listening to the few realtors who responded on this OP, they would tell you it took millions to sell….lol. A 6% commission equates to $2,640,000 for the scam/percentage commission. We all know the home mostly sold itself. Banking wires and accounts (there were multiple) was the most difficult portion for title. The fees for those were next to nonexistent though.

The reality of this picture though is that no realtor was involved. A person from family, visitor or someone from a Christmas party liked the house and found out it was for sale. An accountant and lawyer (salaried) from the interested party and seller interacted for a price and it was signed off on.