Don't even bother engaging. This guy has drank so much kool-aid he's busting through walls at this point. |
+1 We're about to sell a home and have three price scenarios that we would accept: 1) The market value if we list it and the buyer has their own realtor. 2) The market value minus the buyer's agent comp if the buyer doesn't have their own realtor and our agent would only take their cut their close the deal. We could pass on savings to the buyer to close the deal without affecting our bottom line). 3) Market value minus 2.5% if someone wants to buy it before we list it. Of course we'll take as much as we can get, but there's more room to negotiate if we're only paying one agent. Realtors are trying to create this fear of conflict of interest, when in fact realtors never did act in the best interest of buyers. Buyers aren't losing anything unless they're foolish enough to sign an agreement with a buyers agent guaranteeing them a certain percentage of commission. |
I’m well positioned to chime in on this one bc I’m doing scenario 2 right now. I am repping a seller at 3 percent and I gave 1.5 back to the buyer and we took it off the sales price. So I’m representing them for free. Anyway, these buyers would be so much better off with a separate buyers agent. There are so many conflicts of interests when representing both sides of the transaction. It is no surprise to me that a lot of brokers do not even allow it. Instead of advocating for both sides, I’m basically a messenger. I’ll say “well the seller wants this, what do you want to do? You could try to ask her for this and see what she says.” In a separate transaction, I am representing a buyer in a regular situation. We found the property off market and i’m aware of both the low range and the high range of what the seller wants. There was a $30,000 spread between them bc there is a “coming soon” about to list on the high end. My client wanted to go in full at the high end, but I encouraged her to go in at the low end. And they accepted. So right off the top I saved her $30,000 and in addition I’m giving her a massive rebate towards closing. |
You're not representing the buyer for free. The seller is paying you to sell their home, so this is part of the job. 99.99999% of realtors look out for themselves, not their client despite what they claim. |
You are incorrect, but that’s OK. I’m just trying to share my perspective. I don’t really have a dog in this fight. I’m a part-time Real Estate Agent. I just do it because I really enjoy it. And I give huge rebates to my clients all the time both on the buy and sell side. I just wanted to share my perspective doing a dual transaction that just because the buyer MIGHT be shaving a little off the sales price it doesn’t mean that they are saving money in the short run or the long run. I continue to think that buyers are the ones who are getting burned by this. However, the buyers on this form don’t really seem to care so whatever. Just offering my perspective. |
https://www.nytimes.com/2024/04/05/realestate/doj-realtors-nar-inquiry.html
Another DOJ investigation |
Link without needing a subscription.
https://www.reuters.com/legal/litigation/realtors-association-must-face-us-justice-dept-probe-us-appeals-court-says-2024-04-05/ |