[Dlbonivich]

I have found this thread very interesting. I have been a realtor for 27 years. I have always provided excellent service. I make sure as a listing agent that the home is listed properly, meaning that all the laws are followed and all the information is correct. I have insurance that I pay for that insures if I make a mistake that it is on me, not the seller. Many pitfalls that can be fallen into in Florida. Insurance issues, flood zones, sink holes, cdd, housing for 55+. etc. I also believe after 27 years, I know what photos are going to attract a buyer looking at an internet photo in Michigan is going to see and like, and is going to put your house on their list to see. I also believe that working with and compensating a buyers agent is a good thing. I am a great negotiator, when you have multiple offers I am able to professionally guide you through the contracts and help you accept a contract for the best price and one that will make it to the closing table. When you get one contract, I will be able to help you negotiate for your best interest. I know lending, inspections and how to negotiate repairs. I have many people you can rely on to help you get your house ready and to make any necessary negotiated repairs. I do believe many agents may not be doing everything they should be and they may not make it in this new environment. I believe people will still see my value. As a buyers agent, navigating loans, repairs, a different climate, area, insurance, cdd, taxes there are many confusing new things are all my job to help you with. Opening a door is just the beginning. Maybe I am wrong. I can tell you my job is a full time endeavor and each sale is different. I still run in to unique circumstances every week. Makes me believe a novice may not be doing much right. Good luck all. I’m not worried. I believe I am worth my commission.

[frayedends]

Originally Posted by Marine1974

I would be curious what you think all the things a listing agent is required to do other than hire a photographer , list house on MLS and hold a 2 hour open house ?

Pricing, preparing, staging, marketing, understanding offers and which are good. That includes knowing fha/va requirements, checking proof of funds, understanding appraisal issues. Negotiating. Making sure dates are met for contracts. Remember you are paying for experience as well as time.

[mcloud]

Originally Posted by APovi

NAR - Much ado about nothing? Realtor's Commissions.
Thanks to the many people who have asked me about the proposed changes in Real Estate commissions this summer.
The answer isn't very complicated.
Regardless of the 'rules', Realtors predominantly charge Home-Owners/Buyers a 6% commission based on the eventual sales price of the home.
Some say it's the Seller who pays because the final 'Net-To-Seller' is reduced by, for example $24,000 on a $400,000 sale.
Others say that it's the buyers who pay, because they are paying $24,000 more than they would for a direct "Seller-To-Buyer" sale.
For home buyers and sellers the proposed changes are a simple reminder that you set the commissions.
In the typical transaction, sellers pay a Realtor $12,000 for the simple process of typing the listing info into the local Multi-List.
(This, by-the-way, is less work than an Appraiser does for $500.00).
The other $12,000 goes to which ever Realtor makes the sale.
Is there a significant, mandated to change?
NO!
The plan is to prohibit the Listing Realtor from typing in the commission split they are offering to the Realtor who makes the sale.
That's it!
The other side of the deal is to force buyers to sign an agreement with their Realtor. But that agreement can simply say that their Realtor is being paid, just as they always have been.
Is there any likely positive outcome?
In my opinion there could be if Owners/Sellers would wake up!
Its the selling Realtor who does the work and gets the sale.
A 'Listing Factory' gets a $12,000 fee for a $500 job.
What to do?
When your listing expires, maybe there is.
Ccall a State Certified Residential Appraiser who is also a Realtor.
Give them $1,000 for a basic appraisal and entry of the data into the Multi-List.
Whomever gets you a buyer gets, the (3%) $12,000 commission.
The Seller saves $11,000.
The buyer saves $12,000
Who's the loser?
Not our Home Buyers and Sellers.
That's who we should be protecting isn't it?

If you THINK being a listening agent is “simply typing in info to MLS “ is all we do, then you are a highly uneducated individual . You have No idea what regulations rules of conduct, laws, codes of ethics we use and apply and advise sellers how to best sell their homes.
Not to mention the thousands of dollars spent a year advertising promoting our clients homes getting them the best money,deals conditions available. Not to mention vetting want to be buyers with sketchy credit, flimsy lender, letters, and bad deals being written to purchase our clients homes. 90% of a sellers agent Work starts once a contract is presented If you think it’s so easy, get your license and give it a try I’m sure your opinion will change.

[VillagerNut]

Your post is absolutely not the correct information regarding the real estate proposed changes.. It’s obvious you’re not a licensed Florida real estate agent. The commission has always been negotiable. The only thing this agreement is doing is to make it clear of who gets paid how much. Also, it will protect the buyer’s agent to make sure they are being paid for the transaction. If you think the listing agent only enters the listing and that’s all they do, I would love for you to shadow a productive REALTOR one week! Overall the successful REALTORS will make more money because they will be able to show Customers their value. If you have any questions about the agreement, feel free to private message me. Yes I am a licensed Florida real estate agent here.

Originally Posted by APovi

NAR - Much ado about nothing? Realtor's Commissions.
Thanks to the many people who have asked me about the proposed changes in Real Estate commissions this summer.
The answer isn't very complicated.
Regardless of the 'rules', Realtors predominantly charge Home-Owners/Buyers a 6% commission based on the eventual sales price of the home.
Some say it's the Seller who pays because the final 'Net-To-Seller' is reduced by, for example $24,000 on a $400,000 sale.
Others say that it's the buyers who pay, because they are paying $24,000 more than they would for a direct "Seller-To-Buyer" sale.
For home buyers and sellers the proposed changes are a simple reminder that you set the commissions.
In the typical transaction, sellers pay a Realtor $12,000 for the simple process of typing the listing info into the local Multi-List.
(This, by-the-way, is less work than an Appraiser does for $500.00).
The other $12,000 goes to which ever Realtor makes the sale.
Is there a significant, mandated to change?
NO!
The plan is to prohibit the Listing Realtor from typing in the commission split they are offering to the Realtor who makes the sale.
That's it!
The other side of the deal is to force buyers to sign an agreement with their Realtor. But that agreement can simply say that their Realtor is being paid, just as they always have been.
Is there any likely positive outcome?
In my opinion there could be if Owners/Sellers would wake up!
Its the selling Realtor who does the work and gets the sale.
A 'Listing Factory' gets a $12,000 fee for a $500 job.
What to do?
When your listing expires, maybe there is.
Ccall a State Certified Residential Appraiser who is also a Realtor.
Give them $1,000 for a basic appraisal and entry of the data into the Multi-List.
Whomever gets you a buyer gets, the (3%) $12,000 commission.
The Seller saves $11,000.
The buyer saves $12,000
Who's the loser?
Not our Home Buyers and Sellers.
That's who we should be protecting isn't it?

[Pamalla12]

Obviously this person has no idea what a real estate agent does. There is more than simply putting a home owners home in the MLS and having open houses. It is people like this that cause lot of problems for everyone in our industry to have problems because all of a sudden they think they are experts in everything going on and yet they know nothing. Leave the real estate agents to do there job, just like an accountant knows his job and doctors know there jobs. Would you take your car to a dentist for repairs or your boat to a barber shop to be fixed? Well this is the same and taking information on a site like this from some one who knows nothing about what a professional real estate agent does or spends money on to get your home sold is the same thing!

[rustyp]

Originally Posted by Dlbonivich

I have found this thread very interesting. I have been a realtor for 27 years. I have always provided excellent service. I make sure as a listing agent that the home is listed properly, meaning that all the laws are followed and all the information is correct. I have insurance that I pay for that insures if I make a mistake that it is on me, not the seller. Many pitfalls that can be fallen into in Florida. Insurance issues, flood zones, sink holes, cdd, housing for 55+. etc. I also believe after 27 years, I know what photos are going to attract a buyer looking at an internet photo in Michigan is going to see and like, and is going to put your house on their list to see. I also believe that working with and compensating a buyers agent is a good thing. I am a great negotiator, when you have multiple offers I am able to professionally guide you through the contracts and help you accept a contract for the best price and one that will make it to the closing table. When you get one contract, I will be able to help you negotiate for your best interest. I know lending, inspections and how to negotiate repairs. I have many people you can rely on to help you get your house ready and to make any necessary negotiated repairs. I do believe many agents may not be doing everything they should be and they may not make it in this new environment. I believe people will still see my value. As a buyers agent, navigating loans, repairs, a different climate, area, insurance, cdd, taxes there are many confusing new things are all my job to help you with. Opening a door is just the beginning. Maybe I am wrong. I can tell you my job is a full time endeavor and each sale is different. I still run in to unique circumstances every week. Makes me believe a novice may not be doing much right. Good luck all. I’m not worried. I believe I am worth my commission.

With your vast experience how many actual hands on work hours would you estimate you put into the average sale here in TV in today's environment ? If possible for us laymen could you break that estimate down into major activities. At a very high level - example 4 hours at a closing, 3 open houses = 6 hours, maybe 12 hours total telephone time, etc.

[frayedends]

Originally Posted by rustyp

With your vast experience how many actual hands on work hours would you estimate you put into the average sale here in TV in today's environment ? If possible for us laymen could you break that estimate down into major activities. At a very high level - example 4 hours at a closing, 3 open houses = 6 hours, maybe 12 hours total telephone time, etc.

You want to break it down to hourly pay. It doesn’t work that way. What hourly rate for never having a weekend or vacation off? How about the pay for answering the phone at 6 am for a seller asking some question that had no urgency, or at 10 pm. How about the years of experience you are paying for. Or the marketing the realtor spent money on? Or the pictures she laid out $800-1000 up front out of pocket. How much is it worth for you to never have an uninterrupted meal? To leave date night with your spouse because you have to take this call. To split that “hourly pay” with the brokerage and maybe the referral realtor? I’m not a realtor but my wife is. You folks think it’s such an easy money maker job then go for it. Most people fail in real estate.

[dawabeav]

Originally Posted by oneclickplus

FSBO + appraiser + title company is all you need. 6 houses bought / sold since 1984 and haven't paid any realtor commissions as a buyer or seller. 6% commission is ridiculous especially as prices have risen. Would you pay a $3000 commission to sell your used car? There is simply no reason that any party (or parties) should collect $36000 on a $600,000 home sale. That's most of an annual salary for many people.

You took the words right out of my mouth.

[Robnlaura]

Well it’s really simple, the selling buyers agent needs to get a commission agreement from any buyer, and include a “fee”
I don’t see anyone wanting to pay a fee to an agent. Now what I do see is companies like Zillow taking over the market of selling homes and marketing themselves to buyers agents who will show homes for a fee they dictate. I predicted this would happen years ago. Altisource back in the last recession had a selling site and a closing company plus it used in-house contracts electronically.
All I see is that expanding.. no one will take buyers out for nothing.

[rustyp]

Originally Posted by frayedends

You want to break it down to hourly pay. It doesn’t work that way. What hourly rate for never having a weekend or vacation off? How about the pay for answering the phone at 6 am for a seller asking some question that had no urgency, or at 10 pm. How about the years of experience you are paying for. Or the marketing the realtor spent money on? Or the pictures she laid out $800-1000 up front out of pocket. How much is it worth for you to never have an uninterrupted meal? To leave date night with your spouse because you have to take this call. To split that “hourly pay” with the brokerage and maybe the referral realtor? I’m not a realtor but my wife is. You folks think it’s such an easy money maker job then go for it. Most people fail in real estate.

First I was just curious - simply seeking an education
Second you just described many jobs in America some of which put their lives on the line

[Robnlaura]

Originally Posted by APovi

NAR - Much ado about nothing? Realtor's Commissions.
Thanks to the many people who have asked me about the proposed changes in Real Estate commissions this summer.
The answer isn't very complicated.
Regardless of the 'rules', Realtors predominantly charge Home-Owners/Buyers a 6% commission based on the eventual sales price of the home.
Some say it's the Seller who pays because the final 'Net-To-Seller' is reduced by, for example $24,000 on a $400,000 sale.
Others say that it's the buyers who pay, because they are paying $24,000 more than they would for a direct "Seller-To-Buyer" sale.
For home buyers and sellers the proposed changes are a simple reminder that you set the commissions.
In the typical transaction, sellers pay a Realtor $12,000 for the simple process of typing the listing info into the local Multi-List.
(This, by-the-way, is less work than an Appraiser does for $500.00).
The other $12,000 goes to which ever Realtor makes the sale.
Is there a significant, mandated to change?
NO!
The plan is to prohibit the Listing Realtor from typing in the commission split they are offering to the Realtor who makes the sale.
That's it!
The other side of the deal is to force buyers to sign an agreement with their Realtor. But that agreement can simply say that their Realtor is being paid, just as they always have been.
Is there any likely positive outcome?
In my opinion there could be if Owners/Sellers would wake up!
Its the selling Realtor who does the work and gets the sale.
A 'Listing Factory' gets a $12,000 fee for a $500 job.
What to do?
When your listing expires, maybe there is.
Ccall a State Certified Residential Appraiser who is also a Realtor.
Give them $1,000 for a basic appraisal and entry of the data into the Multi-List.
Whomever gets you a buyer gets, the (3%) $12,000 commission.
The Seller saves $11,000.
The buyer saves $12,000
Who's the loser?
Not our Home Buyers and Sellers.
That's who we should be protecting isn't it?

Who’s gonna take buyers out for $1000? So you think it’s ok to tale buyers to home after home for a $1000 bucks? Now I see the guys who started this lawsuit places like Zillow coming up with a program like they have done for years. Selling leads to agents now it will be selling buyers to agents but this time a fee will be paid or some idiot to take people out to see home after home. Good luck..

[Two Bills]

Originally Posted by JWGifford

It would be interesting to hear from one of our British neighbors. My understanding is they pay significantly less fees in Britain. Wondering if there is a difference in the level of service. Just curious.

In UK many sellers now use a 'Conveyancing' business.
They take care of all the paper work, list on all the main property selling sites, will send a photographer, and do all the deed work. Cost about $1200 to £2500 according to property.
Seller shows buyers round, in most cases.

Before legislation, the main online property search sites were exclusive to Estate Agents, which made self sell near impossible. Now those sites are open to all.

Estate agents are all negotiable on fee. I have never paid more than 1%. Over 2%, unless a large property, you are getting ripped off. They handle listing, photos, showing buyers round, and most have an in house or local solicitor (lawyer) to handle the deed transfer and money for closing deal. Somewhere between $650 and $1500 as a rough estimate extra for legal work.

Never heard of, or known, anyone to use a buying agent.
Buyers basically look online, see something they like, call the seller's agent, and book a viewing.
Another system gaining popularity, at least where I live, is "offers over £££££££££" then sealed bids on a closing sale date.
These are usually 'doer uppers' or quick probate sales.
Bad properties, those very hard to shift, and near derelicts usually finish at auction.

[miadford@gmail.com]

You all don’t seem to understand who gets what as far as the commission goes:
Let’s just use a sale of $100,000.
For a 6% commission that would be $6000
Let’s even assume that the split between brokers is even. So both sides receive 3%=$3000.
Seller’s broker gets the $3k and then has an agreed upon split with the listing agent and we wi say 50% so the agent then gets $1500 and their broker gets $1500.
The same happens on the buyer representation side.
So if the splits are all even, (which in most cases it isn’t), the real estate agent is splitting any commission they receive 4 ways. And they still have to pay percentages to lead creating companies such as Zillow and many others. So out of $6k, the agent may get to keep about $800.

[vintageogauge]

Originally Posted by GizmoWhiskers

I had a Villages sales listing agent that came recommended by a friend. His house sold itself in a day during the covid gold rush mass exodus to Florida phenomenon. I THOUGHT she was good based on my friend's experience with her. Boy was I wrong. There is no way to know "GOOD".

This villages sales agent realtor attempted to slip in a 6 mos sales contract as if I were oblivious to contracts. She did nothing but trash talk my 3 yr old home in DeLuna at the only open house SHE did.
Note to Village realtors, neighbors do go to open houses to check up on you!

Closing number two she had someone else do for her while she was on vacation. The last of her obligated three, no one showed up to do. She was always a day late on connectivity as well.

It made me sick to pay her commission at closing. She fought with me on price from the get go. Tried to convince me a house at the southern tip of TV new area at the time , which was on the north side of the turnpike at 470 was worth more than one a mile from Brownwood via golf cart. Wake up call... incorrect!!

Glad I stuck to MY guns relative to her obnoxious, condiscending pushiness, I did great. It astounded me that after 5 days she thought I should drop my price. Deeply regretted using her as an agent as the last thing a seller needs is the stress of a useless agent.

The Buyer agent is the one who brought the sale. Who needs a selling agent other than as a data entry clerk for the website. I didn't. Mine was useless! Was glad to hear she was moving out of T V and state. Saves other sellers in T V from a lot of frustration!

One bad apple, you know the rest.

[rsmurano]

For the ill informed or rookies in the stock market, they still pay loaded funds and high expense funds, this hasn’t changed.

Same goes for the real estate sector. The main objective of the listing agent is to list your home, sit around while someone else sells your home, all while your listing realtor makes 2.5-3%

I sold my last 2 houses by putting them on the subdivisions web page. The house before here, I got 6 calls within a couple of hours wanting to see the house. Friends of residents bought the house, and it was very easy to do. You need to get a couple of forms from a lawyer on the contract, and then the disclosure form. Then you close with a lawyer of yours or your buyers.
With talk of the villages app, Nextdoor, Facebook marketplace, I would think it would be easy. Also placing your house on nyc/LA/San Francisco Facebook marketplace pages.