Biden admin going after realtors!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:link? clown

https://www.bloomberg.com/news/articles/2023-10-16/us-realtors-lucrative-fee-system-faces-mounting-antitrust-risk?embedded-checkout=true

I assume this is what OP is referring to.

Paywall

Surely you can read the headline and find a non-paywalled article. Or google realtor + DOJ and go to the news tab.

[Anonymous]

Realtors needs to be paid in alignment with their education and skills. Which is low.

[Anonymous]

Anonymous wrote:Ha! It was something that began under Trump. Lol:
https://finance.yahoo.com/news/real-estate-brokers-pocketing-6-185119778.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAABxo92bsLAG6gHZTLhJKEMs_JFwL0tpRHgNMxjqwlD2-JtpzWJLn_WTnDxZpKUdFqfRR-YPFT7Vq_zI5SFuDNDkwuNj_koex-aV4pu2PlHjAVPZcECxRadhilRnXtVyfcGY-QAb7Od9lcup7qcRFZTHv5eurWBn882WvP_pW368M

Not really. What Trump’s DOJ agreed to to make this go away wasn’t very much. “During the Trump administration, the Justice Department settled an antitrust investigation into NAR when the group agreed to modest rule changes. The Biden administration tried to withdraw from the settlement but was blocked by a federal judge; it has appealed the decision.”
https://www.wsj.com/us-news/law/real-estate-commissions-could-be-the-next-fee-on-the-chopping-block-4d8a68b?st=8cjdmbzfmnqkwdd&reflink=mobilewebshare_permalink

[Anonymous]

Anonymous wrote:This is very needed. Other countries don’t have realtors that take 6%. I think there’s so many ways to reform this. In my mind, buyers should have to pay for it and it shouldn’t be allowed to roll into their mortgage. After all, you can’t roll moving costs into your mortgage.

I can't read the article - behind a paywall. But the sellers should continue to pay for the realtor fees because the seller selects who to use to take pictures, list, possibly stage, etc.

With today's technology, I'm wondering if we even need buyer's agents anymore. We used to need them to even find out which homes are on the market. Now we just need one realtor to open the door. We've bought and sold multiple homes. We don't even use buyer's agents anymore. The last home we bought, we just called the seller's agent and they showed us the house and even wrote the offer for us (their preference, we've written offers ourselves).

Maybe the path forward is sellers pay 2% to one realtor? This would make it better for buyers and sellers. Less commission for the sellers to pay and it would close the gap between what buyers want to pay and what sellers want to get at settlement.

[Anonymous]

The path forward is not based on a percentage
commission it’s based on hours worked at a set fee with the possibility of success bonuses tied to speed and realization of best price. Oh yes, with a price cap of about $7500.

[Anonymous]

Anonymous wrote:The path forward is not based on a percentage
commission it’s based on hours worked at a set fee with the possibility of success bonuses tied to speed and realization of best price. Oh yes, with a price cap of about $7500.

What’s it like in your world of delusion?

[Anonymous]

Anonymous wrote:

I realize sellers pay commission, but the price is impacted by that commission.

Exactly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is very needed. Other countries don’t have realtors that take 6%. I think there’s so many ways to reform this. In my mind, buyers should have to pay for it and it shouldn’t be allowed to roll into their mortgage. After all, you can’t roll moving costs into your mortgage.

I can't read the article - behind a paywall. But the sellers should continue to pay for the realtor fees because the seller selects who to use to take pictures, list, possibly stage, etc.

With today's technology, I'm wondering if we even need buyer's agents anymore. We used to need them to even find out which homes are on the market. Now we just need one realtor to open the door. We've bought and sold multiple homes. We don't even use buyer's agents anymore. The last home we bought, we just called the seller's agent and they showed us the house and even wrote the offer for us (their preference, we've written offers ourselves).

Maybe the path forward is sellers pay 2% to one realtor? This would make it better for buyers and sellers. Less commission for the sellers to pay and it would close the gap between what buyers want to pay and what sellers want to get at settlement.

But the sellers agent is looking out for the best interest of the seller; their client.

I do like the premise of maybe 2/3% but the seller does put in the footwork; pictures and marketing. 6% is just ridiculous especially with the internet. When a buyer can look themselves and just need the realtor to open the door and do paperwork.

[Anonymous]

Anonymous wrote:Nice. No more 6% for those clowns.

The Biden Administration didn’t take any action. There’s a class action lawsuit.

My guess it’s gonna fail. The industry is very careful to make sure it doesn’t appear to collude.

Manage your expectations.

[Anonymous]

Anonymous wrote:The path forward is not based on a percentage
commission it’s based on hours worked at a set fee with the possibility of success bonuses tied to speed and realization of best price. Oh yes, with a price cap of about $7500.

I mean, you will get what you pay for.

Play that out a little. Since you so cynically believe agents work in their own interest, it stands to reason that now they’ll try to delay sales not get them quickly. How is that good for a seller? And when they hit the arbitrary cap, they stop working hard on the listing?

I understand the inherent principal-agent problem here, but I don’t think it’s good for sellers to create a disincentive to sell as quickly as possible using aggressive marketing.

[Anonymous]

Realtor lobby is very strong, consumers need to unite.

[Anonymous]

Anonymous wrote:Realtor lobby is very strong, consumers need to unite.

There’s really nothing to unite against.

This angst about how agents are paid doesn’t see the forest for the trees in terms of costs associated with real estate transactions. They’re marginal, not material.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Nice. No more 6% for those clowns.

The Biden Administration didn’t take any action. There’s a class action lawsuit.

My guess it’s gonna fail. The industry is very careful to make sure it doesn’t appear to collude.

Manage your expectations.

As someone who has only ever bought/sold with Redfin I don’t understand how it can succeed.

[Anonymous]

I'm sure there are great realtors out there, but in my personal experience they have been terrible and do not earn the fee.

But the industry lobby will never let this change, similar to CPA/tax preparers with simplifying tax returns and insurers/medical providers with healthcare reform.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Realtor lobby is very strong, consumers need to unite.

There’s really nothing to unite against.

This angst about how agents are paid doesn’t see the forest for the trees in terms of costs associated with real estate transactions. They’re marginal, not material.

Agree, consumers should be going after title agencies as well.