Realtors Mass QUITTING Over Commissions! NAR Lawsuit Explained!

Large number of Realtors are leaving the Real Estate industry. Here is the NAR Lawsuit explained and why Realtors are leaving the industry.

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[Stuntfish]

A lot of agents got into the market because it was semi easy work. Once the market changes, that separates the pros from the amateurs.

[Uwolz]

I saw agent talk about this in the news two days ago. She goofed up and said the standard rate is 6 percent. Which is the whole reason why this lawsuit happened. There is no standard rate. It’s always been negotiable, but Agents did not disclose this or lied about standard rate.

[rockingredpoppy]

It's the buyers agent that writes up the offer and presents the offer, counters, disclosures, meets with the inspectors etc. - the listing agent hangs a lock box on the door, enters the property in the MLS, does the photography. Why would anyone think its the Selling Agent that does all the work!

[aBusinessCat]

My brother's friend has been working on selling my house since April. We're finally slated to close next month. Otherwise he's already burnt TFO. Ready to call it quits and go do something else but he wants to at least have that 1 sell under his belt before he does. He hasn't had a paycheck since January living off savings and whatever his fiance (who just gave birth) brings in. At this point he's like a stay at home dad.

[michgo]

Since the internet, I have found my last four houses myself online which included driving around without an agent so I can check out the neighborhoods. This is how many people do it now I don't want to waste time with an agent driving them around and feeling pressure or obligation.

[waterbug]

Of course. Most agents are horrible. Without the lie "seller pays my commission" there is no way most agents can ever trick a buyer into giving them $15, 000+ for doing almost nothing but giving crap advice.

[DEG]

I am only going to consider buying a house in which the seller pays for both agents like I had to do when I sold my house. It is not fair to pay twice for the buyer agent.

[RobLawrenceTeam]

As an agent in the Philly area, I am happy about the changes. It’s making listing presentation’s easier because they feel like they are paying me less and just helping the buyer out. We are allowed to advertise a concession, so going to be doing that. As a buyers agent, just explaining that every offer we make will request covering the commission. They may not offer, but you can always request it with the contract.

[BIGED]

These new rules hurt the consumer. Especially the Buyers and First Time Home Buyers. But also the Sellers. Their population of potential buyers just got significantly smaller.

[jerrybuffington]

I'm a realtor too and I agree with the part about more lawsuits around unrepresented buyers. It is not in anyone's best interest to entertain those offers and I feel comfortable telling my clients that. It is our fiduciary duty to the sellers to tell them all the info they need to get a transaction through to closing. We all know the stats/ failure rate dealing with unrepresented buyers. It will be interesting to see how many people actually try to negotiate directly with listing agents.

[Newsinrealestate]

I think you guys are off.. I don’t think buyers will want to pay a dime. I think they will ultimate just go through listing agent. And ask listing agent to present offer.. they will find lawyers or someone to help them write the offer..

I have been in real estate x20 years I believe I’m worth a commission but I think they have been too high for tooo long..

[AgiSunflowerVentures]

In 2023, prior to knowing the depths of the NAR lawsuit, I quit the board of Realtors, which disconnected me from NAR. I was a “listing agent” for most of my 30 year career in real estate. I relied heavily on buyer agents to sell my listings. I am now an independent broker and offer a flat fee FSBO plan with high level professional assistance. I essentially do what I did as a Realtor and save sellers up to 40% with real estate fees, which includes compensating buyer agents. The amount for buyer agent compensation is determined after the seller reviews the estimated net proceeds. I believe my hybrid model will be a game changer with listing and selling real estate. I have to say, I love that I am no longer affiliated with NAR‼️

[dancox]

I don't think the lawsuit is the reason the pizza delivery guy who was moonlighting as a real estate agent on the side is now back to full time pizza delivery.

[TheInvestor]

Wholesalers. Have also ruined the industry for professional services, it's a very bad and shady part of real estate

[richardhay]

I never used a buyer's agent. For many years there were only listing agents. It worked just fine. I'm 82. I made a number of transactions that way.

[alanalvarado]

I was a realtor in north Dallas for 2 years. Learn a lot, but also met a lot of money hungry, steering agents. All I have left now is this sweet profile picture lol.

Jeremy, I’ll be calling you when me and my partner decided to relocate to Austin.

[Swagalious]

Its only getting harder because most agents are scared about disclosing to the seller they are paying thousands to the buyers agent.

[timothysilcox]

Most don’t care about clients. Had to deal with many being in the mold business on Hilton Head. Today is a good day😀

[RiaRamdass]

I Completely agreed with everything that you all stated. It just seems like comon sense and the Domingo effects it will have on agents, buyers, seller and the economy. Why can’t everyone else see this?!!

[mmmz]

Will there be more buyers forgoing a buyer realtor and going directly to the sellers realtor? And if so, will a buyer still have to pay a fee to anyone ? Nowadays, a majority of buyers find their own house online and meet the realtor at the prospective home . Although buyer realtors unlock doors and negotiate the buyer is well aware of what they are willing to pay. There is also steering on the buyer side as well because the higher the price the more commission the buyer makes .