Offered 1% commission for listing

[Anonymous]

Just last year we paid 2% to buy and sell. I feel ripped off now, LOL

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am just amazed to see how low the commission has come down. A couple of years back, useless agents used to quote 5-6% of the listing price and now it is 1% or close to that.

With technology and companies like Redfin it took longer time than I expected.

Because it was a monopoly. That’s exactly why it was found to be illegal. With Redfin and tech, the fees should have been 1-2%, but they hadn’t budged at all off the 6% they’d been for 50 years. The only reason is because of price collusion/monopoly in the industry.

If houses still cost $100,000, you would not be seeing 1%.

Sellers are so greedy. They got all this equity doing nothing but now are all resentful that someone performing a professional service also benefit from inflated prices. They act like they’re being cheated or something out of money they earned. It’s pathetic.

No, I am not an agent. (Since invariably some pea brained twatwaffle resorts to that retort).

Yeah, I pretty much agree with this.

The other place we see this is with financial advisors – so much irrational hatred for them, it’s insane.

And I also have to second that I am neither an agent nor a financial advisor since PP is correct that you automatically get accused of being in one of those professions if you don’t foam at the mouth with hatred toward them.

Probably you are the spouse of a realtor then. Most people are anti-parasite.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am just amazed to see how low the commission has come down. A couple of years back, useless agents used to quote 5-6% of the listing price and now it is 1% or close to that.

With technology and companies like Redfin it took longer time than I expected.

Because it was a monopoly. That’s exactly why it was found to be illegal. With Redfin and tech, the fees should have been 1-2%, but they hadn’t budged at all off the 6% they’d been for 50 years. The only reason is because of price collusion/monopoly in the industry.

If houses still cost $100,000, you would not be seeing 1%.

Sellers are so greedy. They got all this equity doing nothing but now are all resentful that someone performing a professional service also benefit from inflated prices. They act like they’re being cheated or something out of money they earned. It’s pathetic.

No, I am not an agent. (Since invariably some pea brained twatwaffle resorts to that retort).

You are forgetting about the buyers who now not only have to pay the overinflated prices but also the overinflated realtor commissions baked into them. Why is nobody thinking of them? And of course most sellers are also buyers do they are not simply cashing the equity from their house but need to spend it on a house that likely appreciated in the same way as their own house. The realtor commissions in this context just help pushing the prices up without any real contribution. Minimizing their remuneration to what they actually contribute will be very good for both buyers and sellers. Realtors should instead start looking for employment in which they can actually add some real value.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am just amazed to see how low the commission has come down. A couple of years back, useless agents used to quote 5-6% of the listing price and now it is 1% or close to that.

With technology and companies like Redfin it took longer time than I expected.

Because it was a monopoly. That’s exactly why it was found to be illegal. With Redfin and tech, the fees should have been 1-2%, but they hadn’t budged at all off the 6% they’d been for 50 years. The only reason is because of price collusion/monopoly in the industry.

If houses still cost $100,000, you would not be seeing 1%.

Sellers are so greedy. They got all this equity doing nothing but now are all resentful that someone performing a professional service also benefit from inflated prices. They act like they’re being cheated or something out of money they earned. It’s pathetic.

No, I am not an agent. (Since invariably some pea brained twatwaffle resorts to that retort).

Wait, what? You think that an agent deserves to share in the same price appreciation that the homeowner does? Just because….. the homeowner didn’t do anything to earn the price increase so the agent likewise should get a piece? This makes no sense.

+1 It only makes sense to realtors.

Hey, what about my house cleaner, landscaper, nanny, Fios, etc? Are they also entitled in the bounty?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am just amazed to see how low the commission has come down. A couple of years back, useless agents used to quote 5-6% of the listing price and now it is 1% or close to that.

With technology and companies like Redfin it took longer time than I expected.

Because it was a monopoly. That’s exactly why it was found to be illegal. With Redfin and tech, the fees should have been 1-2%, but they hadn’t budged at all off the 6% they’d been for 50 years. The only reason is because of price collusion/monopoly in the industry.

If houses still cost $100,000, you would not be seeing 1%.

Sellers are so greedy. They got all this equity doing nothing but now are all resentful that someone performing a professional service also benefit from inflated prices. They act like they’re being cheated or something out of money they earned. It’s pathetic.

No, I am not an agent. (Since invariably some pea brained twatwaffle resorts to that retort).

Should I share my other sources of unearned income (e.g., stocks) with an agent as well, or just that resulting from house appreciation?

You haven’t ever heard of 2 and 20, eh?

Or maybe you aren’t wealthy enough.

But yeah, if you are in a hedge fund like me, you are paying 2 and 20. Maybe more if the fund is a quant.

I hope you understand the difference between MANAGING money over time in a hedge fund versus a one time sale transaction. Maybe you’re not quite as sharp as you think you are.

Of course, most realtors like yourself aren’t making hedge fund money regardless.

[Anonymous]

Anonymous wrote:Hey, what about my house cleaner, landscaper, nanny, Fios, etc? Are they also entitled in the bounty?

Depends. Are they involved in a price fixing scheme?

Fios yes. House cleaner, landscaper, nanny - probably not, but possible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am just amazed to see how low the commission has come down. A couple of years back, useless agents used to quote 5-6% of the listing price and now it is 1% or close to that.

With technology and companies like Redfin it took longer time than I expected.

Because it was a monopoly. That’s exactly why it was found to be illegal. With Redfin and tech, the fees should have been 1-2%, but they hadn’t budged at all off the 6% they’d been for 50 years. The only reason is because of price collusion/monopoly in the industry.

If houses still cost $100,000, you would not be seeing 1%.

Sellers are so greedy. They got all this equity doing nothing but now are all resentful that someone performing a professional service also benefit from inflated prices. They act like they’re being cheated or something out of money they earned. It’s pathetic.

No, I am not an agent. (Since invariably some pea brained twatwaffle resorts to that retort).

Yeah, I pretty much agree with this.

The other place we see this is with financial advisors – so much irrational hatred for them, it’s insane.

And I also have to second that I am neither an agent nor a financial advisor since PP is correct that you automatically get accused of being in one of those professions if you don’t foam at the mouth with hatred toward them.

Because they have created an "industry" where they have convinced the average person that they add a lot more value than they actually do. They are preying on people who don't have a lot of knowledge about a specific area (understandably) and think it's more complicated than it actually is, and take advantage of that misunderstanding to make outsize returns on what they actually offer. Don't get me wrong, plenty of lawyers do this also!

It's a huge deadweight loss to society.

[Anonymous]

realtor commission is one of the reasons house prices are a inflated.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am just amazed to see how low the commission has come down. A couple of years back, useless agents used to quote 5-6% of the listing price and now it is 1% or close to that.

With technology and companies like Redfin it took longer time than I expected.

Because it was a monopoly. That’s exactly why it was found to be illegal. With Redfin and tech, the fees should have been 1-2%, but they hadn’t budged at all off the 6% they’d been for 50 years. The only reason is because of price collusion/monopoly in the industry.

If houses still cost $100,000, you would not be seeing 1%.

Sellers are so greedy. They got all this equity doing nothing but now are all resentful that someone performing a professional service also benefit from inflated prices. They act like they’re being cheated or something out of money they earned. It’s pathetic.


WTF why should some random agent doing very little skim off a big chunk of equity? Price collusion for commission has resulted in an unfair marketplace.
No, I am not an agent. (Since invariably some pea brained twatwaffle resorts to that retort).

[Anonymous]

can you start suing your agents for negligence?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Op here. There is a good demand for houses in my neighborhood and my agent suggested that we let buyer's agent ask for commission. He suspects that some of the buyers won't ask for commission for their agent to make their offer more competitive.

How is that written in your listing agreement?

we have asked them to be available for showing in case a potential buyer reaches out to them. There is no buyer commission in my listing and we let buyers decide if they want to ask us or handle it themselves to make their offer look more competitive.

So you are only paying the listing agent brokerage 1%. I guess the buyer will be unrepresented.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Op here. There is a good demand for houses in my neighborhood and my agent suggested that we let buyer's agent ask for commission. He suspects that some of the buyers won't ask for commission for their agent to make their offer more competitive.

How is that written in your listing agreement?

we have asked them to be available for showing in case a potential buyer reaches out to them. There is no buyer commission in my listing and we let buyers decide if they want to ask us or handle it themselves to make their offer look more competitive.

So you are only paying the listing agent brokerage 1%. I guess the buyer will be unrepresented.

DP

PP said "Let the buyer decide".

"Let the buyer decide" does not mean unrepresented. It means let the buyer decide.

[Anonymous]

that's good. I think a lot of buyers are educated and really don't an agent to take 2-3% for writing a contract with 15-20 mins. People need to push the bargain hard and understand that all the work from these agents are not needed.

[Anonymous]

Anonymous wrote:Just last year we paid 2% to buy and sell. I feel ripped off now, LOL

A total of 2% is still ok.

[Anonymous]

Not Op. I am seeing a new trend and won't be paying 2% at all for the total commission. $30-40K is a lot of money for these losers to charge me for worthless service.