Real Estate Agents
 

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.

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

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.

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.

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.

This is illegal.

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

Can I sell my own house without an agent?

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.

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.

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

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.

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.

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.