NO More 6% Realtor Commissions When You Buy Or Sell A Home.

If you wanted to buy or sell a house, there was a big fee involved, usually about 6% of the house's price, that went to both sides of the real estate transaction. But now, that's changing. In November the housing market was rocked by the 1.87 billion dollar lawsuit. The National Association of Realtors (NAR), which represents over a million real estate agents, decided to settle several lawsuits by agreeing to pay $418 million and changing some rules that made these fees so high. They're going to stop making it a rule to list agent fees on house listings, which should help (in theory) make buying and selling houses cheaper. This could lower the cost of real estate agent fees by 25% to 50%, making it easier (according to some experts) for different kinds of services that help people buy and sell houses to compete. This could make houses more affordable for everyone. Some people are excited that this could mean a lot of new ways to buy and sell houses, making things better and cheaper for buyers and sellers. Today we will speak with Sir Ashley a realtor and realtor, Also, Ray Ellen a realtor in Arkansas to get their take on the new commission rules passed down by NAR.
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Kristina Smallhorn
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eXp Realty LLC,2900 Westfork Dr. Suite 401, Baton Rouge LA 70817
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Kristina Smallhorn is a licensed REALTOR® with the state of Louisiana, License 0912122918
Disclaimer:
LIVE STREAMS ARE OPINIONS EXPRESSED BY LICENSED REAL ESTATE AGENTS IN DIFFERENT REAL ESTATE MARKETS. DO NOT BASE YOUR HOME PURCHASE OR SALE ON THE OPINIONS EXPRESSED IN THIS STREAM. ALWAYS CONSULT YOUR LOCAL REALTOR FOR YOUR MARKET CONDITIONS.

[GENITAHILL]

My most disastrous real estate transactions happened because my realtor was more interested in closing a deal than fighting for repairs, negotiations or changing language in the contract. My last one even asked did she need to show up to closing.

[Maxxmentum]

In AZ here. I have had a few agents, never had an experience of the "personal care" discussed. I found 90% of the properties, did the research, My last agent never had answers, was absent during closing, most promises turn to vapor. One house I wanted was lost to the backroom deal I suspect. It is impossible to know the quality of the realtor until under contract. Not sure this judgment is the answer, but my experience has been very unsupported.

[proudliberal-svwo]

Out of the 10 real estate agents I have worked with or interacted with, I would say only 3 were decent. The other 7 were poor or outright lousy. They were unfamiliar with the homes they listed or showed me, they were pressuring me to make an offer on every place I viewed, and they often did not listen to any of my requests. For example, I qualified for $500k, but told them not to show me anything over $450k and they would only show me 500k homes.

[tammymiddleton]

You went thru that too. I literally found my home on my own. Called the agent and told her to meet me to show the house. I went thru looking at multiple houses that i found on my own. Every house she sent me was WAY OVER MY PRE-APPROVAL and it was in the wrong cities I told her I was looking for. She was really looking to put me in more expensive houses yo get a greater commission. What exactly do real estate agents do? I do agree with the beginning of this video where she said that the public is unclear with the role of real estate agents because they dont provide thorough information about their role

[ravenkitty]

Flat fee, up front price for what service you will perform to sell my house & what % will go to buyers broker. If you do nothing to market my house beyond an mls listing and photos, thats not worth me paying you thousands of my equity.

[sunny]

I’ve sold 2 houses without a real estate agent & bought my current home without an agent & the house was sold to me without seller using an agent. But when buying my current home directly from seller, his term of sale was no inspection & I pay the price asked no negotiation. There was a housing shortage then too. I agreed as the area was very desirable & I had owned other houses. No surprise though that there were some issues I didn’t see that cost me $15, 000 to repair & that was in 2001, I have no regrets, I was lucky to buy the property.

[Cityturnedcountry]

I bought my house last year my agent was shit. It worth a dime of their commission. I did all the research, did the negotiation (my agent didn’t want to push back), and followed up with all the parties about paperwork that needed to be completed.

[CroisMoi]

I sold my house in 2009. I had numerous realtors come to my house before I chose one. Absolutely horrible people. I even had one agent yell at me that if the buyer wanted me to put new windows in, I had to do it. He did not understand the concept of negotiation. The seal in a few windows was not great. I am still surprised by how many people in the comment section hate realtors.

[Ultrajamz]

I think realtors have done quite a bit to earn some distrust. Like now I see when houses sell on Zillow in TX, they hide when it sells under listing. Buyers agents often don’t try hard to get price down if they think their client will just pay the higher price because of the perverse inventive.

[Lauracarreira-ljtr]

They DO NOT fight for the client. They are a thief and WILL get a very big chunk of peoples money. I think it is very hard to control a thief in paper work. I just thought 6% was all inclusive and towards the end of the contract she told me "OH, and there is $3, 000 or more in paper work on top of the 6% . When I dropped my price $46, 000 and they drop commission very little. The home did not sell and the last day when the contract ended she called and said someone wants to see the house, but you need to sign a day contract for the appointment. I told her NO that I did not feel comfortable signing anything. I was waiting for this contract to END for 6 months and NO. I feel dumb in trusting. I had a lady say I give 3% to an agent that sells my listing and I take 1 1/2% plus she has ADD ON in the contract. I thought get a contract, let someone else be be the door opener and sell it and I (the 1 1/2%) gets a cut without be a door opener that gets 3 1/2% . People always justify the cut and that is what you guys did in this video.

[ricky]

Bussinesses shouldnt be allowed to buy homes for investment purposes.

[youngone]

Large firms buying up homes are actually "net selling." It's what large professional Wall Street traders do when they force retail traders out of stop losses. So yes, lower income buyers are going to get forced out of better home equity positions.

[dubiousinvirginia]

Bought and sold most of my own homes, information is readily available to do this. Good title company is a must and get an independent inspector. I suppose some folks just cannot handle this type of selling, put too high a price initially etc. But it can be done. Did not have any realtors when used who were any more detail oriented and knowledgeable then me.

[andredaedone]

I sold my last house in Florida by owner with no realtors.involved and the same title company was agreed upon. Easy peasy.

[Stephanie_]

No way are most Real Estate agents worth 6%. They are not transparent on what they actually perform to earn their commissions. These 2 gentlemen place scenarios that examples of possibilities, not actual real world.

[MaryThiboudeax]

With the cost of housing and the interest rates, buyers are doing their own research that was previously done by the agents. Your average agent simply is not worth 6%.

[nspencer]

Reading these comments makes me realize we completely lucked out with our real estate agent 😮 She was amazing and worked so hard for us. We were first time home buyers and knew nothing.

[lauraleayoung]

Every experience I have had with agents has been HORRIFIC NOT worth 6%. Agents are arrogant and have a puffed up value of their services. 6% of 100, 000 is a lot different than 6% of of $500, 000 or $1, 000, 000.

[Joce]

Friends selling now are only paying 2% commission..SAVED THOUSANDS.

[billlabbe]

You really don't need a real estate agent, particularly on the buying side. I've known a few people that sold their homes themselves and said it was very easy process and didn't encounter any problems. Real estate agents will either adapt to the changes in their industry or go broke. The smart ones will offer services to buyers based on a flat fee. If buyers want to look for the house on their own and want an agent to write up the offer, an agent could charge a small fee for that. Agents better get creative and offer services that are beneficial to their customers or just change professions!