Tired buyer's agent

[Anonymous]

I was not in a contract to buy a property with my RE agent but the demand for money just keeps on going up. We decided to put an offer on a property that we really like. We verbally spoke before about the fees and commissions and she agreed that there won't be any additional charges. When I saw her contract, there were about $2700 worth of additional fees on top of she getting her commission of 2%(for $1.3M property). She disclosed that additional charges are for documentation, administrative and travel fees to the closing office, etc. I asked her to take it off and she refused so I decided to not use her and found someone who gives some credit back from his commission. I don't understand why these agents need to start charging additional fees when commission is already healthy?

[Anonymous]

The market will settle eventually. Agents are trying to find the new normal. They don’t want a pay cut, same as you.

[Anonymous]

Agent here. Last weekend was the first weekend the commission change became real for agents. I am offering 1% to buyer agents on listings and any additional can be paid by the buyer or negotiated with the seller.

In three multiple offer situations, the three agents who wanted only the 1% commission got the deal. The offers were similar and the sellers took the offers that netted the must to them. Agents were angry but I told them that our industry had done it to them. If they want to succeed, they have to prove their worth to buyers and get paid by buyers.

[Anonymous]

Anonymous wrote:Agent here. Last weekend was the first weekend the commission change became real for agents. I am offering 1% to buyer agents on listings and any additional can be paid by the buyer or negotiated with the seller.

In three multiple offer situations, the three agents who wanted only the 1% commission got the deal. The offers were similar and the sellers took the offers that netted the must to them. Agents were angry but I told them that our industry had done it to them. If they want to succeed, they have to prove their worth to buyers and get paid by buyers.

Let me understand - 1% is what you paying buyers back or want it from them?

[Anonymous]

Anonymous wrote:Agent here. Last weekend was the first weekend the commission change became real for agents. I am offering 1% to buyer agents on listings and any additional can be paid by the buyer or negotiated with the seller.

In three multiple offer situations, the three agents who wanted only the 1% commission got the deal. The offers were similar and the sellers took the offers that netted the must to them. Agents were angry but I told them that our industry had done it to them. If they want to succeed, they have to prove their worth to buyers and get paid by buyers.

I think agents, be it on the buyer or seller side, are extremely useless and have no value, especially in a market like ours (houses sell themselves, effectively). They are, effectively (especially in this country given high commissions) leeches on society. So you saying that about other agents is ironic af.

Out of curiosity, if you offered 1% how much did you take? The 2.5 or were you greedy and took 4.

[Anonymous]

I have seen some agents keep just 1% and share with the buyers anything more they receive so like 1.5% if the commission is 2.5%.

[Anonymous]

I don't even understand why there has to be more charges when she is already making 26K commission. Her agency should be happy that business is coming and stop trying to rip people off from these useless fees.

[Anonymous]

Greed and just greed. They would not understand that a lot of business at lower commission is much better than no business at high commission.

[Anonymous]

The new rules will exit a lot of folks from the RE game. It will take time to settle. They’re just trying to make what they were before and the point is the maker has said no.

[Anonymous]

Anonymous wrote:Agent here. Last weekend was the first weekend the commission change became real for agents. I am offering 1% to buyer agents on listings and any additional can be paid by the buyer or negotiated with the seller.

In three multiple offer situations, the three agents who wanted only the 1% commission got the deal. The offers were similar and the sellers took the offers that netted the must to them. Agents were angry but I told them that our industry had done it to them. If they want to succeed, they have to prove their worth to buyers and get paid by buyers.

Thanks for the info, very interesting. Sounds like it's already having an effect, as predicted by everyone without a direct interest.

[Anonymous]

Anonymous wrote:Agent here. Last weekend was the first weekend the commission change became real for agents. I am offering 1% to buyer agents on listings and any additional can be paid by the buyer or negotiated with the seller.

In three multiple offer situations, the three agents who wanted only the 1% commission got the deal. The offers were similar and the sellers took the offers that netted the must to them. Agents were angry but I told them that our industry had done it to them. If they want to succeed, they have to prove their worth to buyers and get paid by buyers.

How did it already become real? The MLS still displays the commission and I haven’t seen any that are 1%.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Agent here. Last weekend was the first weekend the commission change became real for agents. I am offering 1% to buyer agents on listings and any additional can be paid by the buyer or negotiated with the seller.

In three multiple offer situations, the three agents who wanted only the 1% commission got the deal. The offers were similar and the sellers took the offers that netted the must to them. Agents were angry but I told them that our industry had done it to them. If they want to succeed, they have to prove their worth to buyers and get paid by buyers.

How did it already become real? The MLS still displays the commission and I haven’t seen any that are 1%.

Because the sellers that you saw last weekend signed with their listing agents weeks ago. I also understand that the MLS requirement was pushed into August. We’ve seen a number of sellers agents advertising just 2% total commission and a few advertising just 1%. I assume these offer zero to the buyers agent. We are in a hot market with nothing under $2 million.

Buyers will not be happy when they keep losing offers because their agent is trying to get 2.5 % from the seller. It’s simply an offer that is 2.5% lower than the others.

[Anonymous]

Losing bids not offers

[Anonymous]

If sellers can’t disclose commissions then the only thing that makes sense going forward is buyers just paying buyer agents an hourly fee.

I don’t see anyone functions otherwise.

[Anonymous]

Or maybe a flat fee that covers 10 hours of visiting houses and negotiating up to 2 offers or something with hourly fees after that.