Tired buyer's agent

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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?

Good for you! I'm doing the same. Turned down two agents who refused to budge on 2% fee. Interviewed 3 others, one offered 1%, one offered hourly rate, and still waiting to hear from the last one. Not sure if this was a coincidence but the two who insisted on 2% were older (60+), the kind of realtors who don't really need the money or worry about building a career, just coasting on established reputation/monopoly in a certain neighborhood. Most younger, mid-profession realtors will negotiate if they dont want to be competed out.

CHANGE IS COMING. THANK GOD!!!

Smart agents will charge the hourly fee without having it contingent on closing. So, if they're charging $200 an hour and they spend 10 hours with them, you will owe them $2,000 whether or not you ever put an offer on a property. That's where I see this settling: Hourly billing like a lawyer, likely with a retainer collected up front.

This will also reduce the casual shopping.

Keep in mind a lot of them will collect that hourly fee from companies relocating employees, etc.

I can't see individual families are agreeing to this. Houses fall through, offers don't get accepted, buyers discover they house is no good after inspection, etc. Buyers with a set amount of money they can afford to spend don't want to see it pissed away during the home search process. Yeah, i'd rather go with the seller's agent and get a RE attorney who I can top into to help me along the way if needed.

+1 I'm not spending a dime on a realtor when I'm looking to buy. Buyers agents are going the way of the buggy whip.

Then you stand to be screwed in the transaction. Just understand that.

The reason agents exist is to make the transaction arm’s length. All these people who think they can negotiate their own transaction from start to finish and arrange all the inspections and so forth and so on typically can’t if there’s any sort of hiccup.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

If I'm paying someone $200/hour, they better have a lot more letters after their name than "B.A."

As a teacher with an advanced degree (who makes less than half of that), I cannot pay someone with a high school diploma (which is what many of them have) $200 an hour. I don't think it's rocket science to get the RE licensure.

It’s harder than you think and actually involves a lot of weird math

Provide examples.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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?

Good for you! I'm doing the same. Turned down two agents who refused to budge on 2% fee. Interviewed 3 others, one offered 1%, one offered hourly rate, and still waiting to hear from the last one. Not sure if this was a coincidence but the two who insisted on 2% were older (60+), the kind of realtors who don't really need the money or worry about building a career, just coasting on established reputation/monopoly in a certain neighborhood. Most younger, mid-profession realtors will negotiate if they dont want to be competed out.

CHANGE IS COMING. THANK GOD!!!

Smart agents will charge the hourly fee without having it contingent on closing. So, if they're charging $200 an hour and they spend 10 hours with them, you will owe them $2,000 whether or not you ever put an offer on a property. That's where I see this settling: Hourly billing like a lawyer, likely with a retainer collected up front.

This will also reduce the casual shopping.

Keep in mind a lot of them will collect that hourly fee from companies relocating employees, etc.

I can't see individual families are agreeing to this. Houses fall through, offers don't get accepted, buyers discover they house is no good after inspection, etc. Buyers with a set amount of money they can afford to spend don't want to see it pissed away during the home search process. Yeah, i'd rather go with the seller's agent and get a RE attorney who I can top into to help me along the way if needed.

+1 I'm not spending a dime on a realtor when I'm looking to buy. Buyers agents are going the way of the buggy whip.

Then you stand to be screwed in the transaction. Just understand that.

The reason agents exist is to make the transaction arm’s length. All these people who think they can negotiate their own transaction from start to finish and arrange all the inspections and so forth and so on typically can’t if there’s any sort of hiccup.

I'd rather risk getting screwed by a seller's agent (still unsure how that happens if I bid based on comps I pull, choose my own inspector, and hire a firm for closing, but ok) that pay an agent with every incentive to run up the bill hourly. I think it will take a few buyers agents getting smacked down by audits and lawsuits or criminal charges and hourly compensation will disappear. Think about other professions paid that way- tradesmen charge while they are onsite and you can actually see them working, professionals either charge for time you are present (doctors/therapists) or have very strict codes of ethics with over sight bodies who will come down on them leading to very careful and incremental tracking (CPAs and lawyers). Real estate agents fall into none of these categories

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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?

Good for you! I'm doing the same. Turned down two agents who refused to budge on 2% fee. Interviewed 3 others, one offered 1%, one offered hourly rate, and still waiting to hear from the last one. Not sure if this was a coincidence but the two who insisted on 2% were older (60+), the kind of realtors who don't really need the money or worry about building a career, just coasting on established reputation/monopoly in a certain neighborhood. Most younger, mid-profession realtors will negotiate if they dont want to be competed out.

CHANGE IS COMING. THANK GOD!!!

Smart agents will charge the hourly fee without having it contingent on closing. So, if they're charging $200 an hour and they spend 10 hours with them, you will owe them $2,000 whether or not you ever put an offer on a property. That's where I see this settling: Hourly billing like a lawyer, likely with a retainer collected up front.

This will also reduce the casual shopping.

Keep in mind a lot of them will collect that hourly fee from companies relocating employees, etc.

I can't see individual families are agreeing to this. Houses fall through, offers don't get accepted, buyers discover they house is no good after inspection, etc. Buyers with a set amount of money they can afford to spend don't want to see it pissed away during the home search process. Yeah, i'd rather go with the seller's agent and get a RE attorney who I can top into to help me along the way if needed.

+1 I'm not spending a dime on a realtor when I'm looking to buy. Buyers agents are going the way of the buggy whip.

Then you stand to be screwed in the transaction. Just understand that.

The reason agents exist is to make the transaction arm’s length. All these people who think they can negotiate their own transaction from start to finish and arrange all the inspections and so forth and so on typically can’t if there’s any sort of hiccup.

Any person with common sense can arrange an inspection are you kidding me. Realtors must think people are that dumb. There is literally nothing to do but call someone like you're making a doctors appointment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What is reasonable on a buyers side? Folks have been saying use a RE attorney, but if not that route, a flat fee more so than a percentage correct?

Just ask the seller's agent to show you the house. The seller is already paying them to sell the house. I've done this many times and never had a realtor refuse to show me the house.

I bought a house about a month ago, and the seller's agent refused to show me the house. Not my first house purchase. So, I found an agent to open the door and submit the offer for me. For that she made 2%. Ridiculous.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is reasonable on a buyers side? Folks have been saying use a RE attorney, but if not that route, a flat fee more so than a percentage correct?

Just ask the seller's agent to show you the house. The seller is already paying them to sell the house. I've done this many times and never had a realtor refuse to show me the house.

I bought a house about a month ago, and the seller's agent refused to show me the house. Not my first house purchase. So, I found an agent to open the door and submit the offer for me. For that she made 2%. Ridiculous.

PP again. And she wasn't around to do the final walkthrough or closing with me. Did I mention she made 2%?!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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?

Good for you! I'm doing the same. Turned down two agents who refused to budge on 2% fee. Interviewed 3 others, one offered 1%, one offered hourly rate, and still waiting to hear from the last one. Not sure if this was a coincidence but the two who insisted on 2% were older (60+), the kind of realtors who don't really need the money or worry about building a career, just coasting on established reputation/monopoly in a certain neighborhood. Most younger, mid-profession realtors will negotiate if they dont want to be competed out.

CHANGE IS COMING. THANK GOD!!!

Smart agents will charge the hourly fee without having it contingent on closing. So, if they're charging $200 an hour and they spend 10 hours with them, you will owe them $2,000 whether or not you ever put an offer on a property. That's where I see this settling: Hourly billing like a lawyer, likely with a retainer collected up front.

This will also reduce the casual shopping.

Keep in mind a lot of them will collect that hourly fee from companies relocating employees, etc.

I can't see individual families are agreeing to this. Houses fall through, offers don't get accepted, buyers discover they house is no good after inspection, etc. Buyers with a set amount of money they can afford to spend don't want to see it pissed away during the home search process. Yeah, i'd rather go with the seller's agent and get a RE attorney who I can top into to help me along the way if needed.

+1 I'm not spending a dime on a realtor when I'm looking to buy. Buyers agents are going the way of the buggy whip.

Then you stand to be screwed in the transaction. Just understand that.

The reason agents exist is to make the transaction arm’s length. All these people who think they can negotiate their own transaction from start to finish and arrange all the inspections and so forth and so on typically can’t if there’s any sort of hiccup.

I’m willing to hire someone to make these arrangements for me like my secretary does at work. For that I’ll pay a secretary’s wage for the few hours of work they do. Not more than my secretary makes in a whole year…

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

If I'm paying someone $200/hour, they better have a lot more letters after their name than "B.A."

As a teacher with an advanced degree (who makes less than half of that), I cannot pay someone with a high school diploma (which is what many of them have) $200 an hour. I don't think it's rocket science to get the RE licensure.

It’s harder than you think and actually involves a lot of weird math

Provide examples.

Sure. Try the 50-question practice exam here: https://realestatelicensewizard.com/real-estate-math/

Be sure to post your score.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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?

Good for you! I'm doing the same. Turned down two agents who refused to budge on 2% fee. Interviewed 3 others, one offered 1%, one offered hourly rate, and still waiting to hear from the last one. Not sure if this was a coincidence but the two who insisted on 2% were older (60+), the kind of realtors who don't really need the money or worry about building a career, just coasting on established reputation/monopoly in a certain neighborhood. Most younger, mid-profession realtors will negotiate if they dont want to be competed out.

CHANGE IS COMING. THANK GOD!!!

Smart agents will charge the hourly fee without having it contingent on closing. So, if they're charging $200 an hour and they spend 10 hours with them, you will owe them $2,000 whether or not you ever put an offer on a property. That's where I see this settling: Hourly billing like a lawyer, likely with a retainer collected up front.

This will also reduce the casual shopping.

Keep in mind a lot of them will collect that hourly fee from companies relocating employees, etc.

I can't see individual families are agreeing to this. Houses fall through, offers don't get accepted, buyers discover they house is no good after inspection, etc. Buyers with a set amount of money they can afford to spend don't want to see it pissed away during the home search process. Yeah, i'd rather go with the seller's agent and get a RE attorney who I can top into to help me along the way if needed.

+1 I'm not spending a dime on a realtor when I'm looking to buy. Buyers agents are going the way of the buggy whip.

Then you stand to be screwed in the transaction. Just understand that.

The reason agents exist is to make the transaction arm’s length. All these people who think they can negotiate their own transaction from start to finish and arrange all the inspections and so forth and so on typically can’t if there’s any sort of hiccup.

I’m willing to hire someone to make these arrangements for me like my secretary does at work. For that I’ll pay a secretary’s wage for the few hours of work they do. Not more than my secretary makes in a whole year…

Your arrogance is hilarious.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

If I'm paying someone $200/hour, they better have a lot more letters after their name than "B.A."

As a teacher with an advanced degree (who makes less than half of that), I cannot pay someone with a high school diploma (which is what many of them have) $200 an hour. I don't think it's rocket science to get the RE licensure.

It’s harder than you think and actually involves a lot of weird math

Provide examples.

Sure. Try the 50-question practice exam here: https://realestatelicensewizard.com/real-estate-math/

Be sure to post your score.

OMG this is so easy!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

If I'm paying someone $200/hour, they better have a lot more letters after their name than "B.A."

As a teacher with an advanced degree (who makes less than half of that), I cannot pay someone with a high school diploma (which is what many of them have) $200 an hour. I don't think it's rocket science to get the RE licensure.

It’s harder than you think and actually involves a lot of weird math

Provide examples.

Sure. Try the 50-question practice exam here: https://realestatelicensewizard.com/real-estate-math/

Be sure to post your score.

Wow that is plastered with ads. Trying to make up for lost revenue?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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?

Good for you! I'm doing the same. Turned down two agents who refused to budge on 2% fee. Interviewed 3 others, one offered 1%, one offered hourly rate, and still waiting to hear from the last one. Not sure if this was a coincidence but the two who insisted on 2% were older (60+), the kind of realtors who don't really need the money or worry about building a career, just coasting on established reputation/monopoly in a certain neighborhood. Most younger, mid-profession realtors will negotiate if they dont want to be competed out.

CHANGE IS COMING. THANK GOD!!!

Smart agents will charge the hourly fee without having it contingent on closing. So, if they're charging $200 an hour and they spend 10 hours with them, you will owe them $2,000 whether or not you ever put an offer on a property. That's where I see this settling: Hourly billing like a lawyer, likely with a retainer collected up front.

This will also reduce the casual shopping.

Keep in mind a lot of them will collect that hourly fee from companies relocating employees, etc.

I can't see individual families are agreeing to this. Houses fall through, offers don't get accepted, buyers discover they house is no good after inspection, etc. Buyers with a set amount of money they can afford to spend don't want to see it pissed away during the home search process. Yeah, i'd rather go with the seller's agent and get a RE attorney who I can top into to help me along the way if needed.

+1 I'm not spending a dime on a realtor when I'm looking to buy. Buyers agents are going the way of the buggy whip.

Then you stand to be screwed in the transaction. Just understand that.

The reason agents exist is to make the transaction arm’s length. All these people who think they can negotiate their own transaction from start to finish and arrange all the inspections and so forth and so on typically can’t if there’s any sort of hiccup.

Any person with common sense can arrange an inspection are you kidding me. Realtors must think people are that dumb. There is literally nothing to do but call someone like you're making a doctors appointment.

It is pretty funny. We bought without an agent 7 years ago. Asked some friends who they used for inspection, and searched a bit online. Found someone good, called him, he was out 3 days later. Inspection was rigorous, found an electrical safety issue actually. Insurance company accepted it without any issues. Spent 30 minutes finding him, 15 minutes to schedule, and 5 to pay him. Really not that deep.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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?

Good for you! I'm doing the same. Turned down two agents who refused to budge on 2% fee. Interviewed 3 others, one offered 1%, one offered hourly rate, and still waiting to hear from the last one. Not sure if this was a coincidence but the two who insisted on 2% were older (60+), the kind of realtors who don't really need the money or worry about building a career, just coasting on established reputation/monopoly in a certain neighborhood. Most younger, mid-profession realtors will negotiate if they dont want to be competed out.

CHANGE IS COMING. THANK GOD!!!

Smart agents will charge the hourly fee without having it contingent on closing. So, if they're charging $200 an hour and they spend 10 hours with them, you will owe them $2,000 whether or not you ever put an offer on a property. That's where I see this settling: Hourly billing like a lawyer, likely with a retainer collected up front.

This will also reduce the casual shopping.

Keep in mind a lot of them will collect that hourly fee from companies relocating employees, etc.

I can't see individual families are agreeing to this. Houses fall through, offers don't get accepted, buyers discover they house is no good after inspection, etc. Buyers with a set amount of money they can afford to spend don't want to see it pissed away during the home search process. Yeah, i'd rather go with the seller's agent and get a RE attorney who I can top into to help me along the way if needed.

+1 I'm not spending a dime on a realtor when I'm looking to buy. Buyers agents are going the way of the buggy whip.

Then you stand to be screwed in the transaction. Just understand that.

The reason agents exist is to make the transaction arm’s length. All these people who think they can negotiate their own transaction from start to finish and arrange all the inspections and so forth and so on typically can’t if there’s any sort of hiccup.

I’m willing to hire someone to make these arrangements for me like my secretary does at work. For that I’ll pay a secretary’s wage for the few hours of work they do. Not more than my secretary makes in a whole year…

Your arrogance is hilarious.

Then explain it to me. Tell me why when I bought my house for $1.5mil my agents commission was almost $50K for what amounted to about 10 hours of work. Okay, granted, some of that goes to her broker. So let’s say she earned $20K of it. That’s still $2000 per hour. No.

[Anonymous]

Anonymous wrote:

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.

2.5% has not been the number for years. We bought last year and the commission was 2% to seller's agent and 2% to buyer's agent. We paid 2.5% 12 years ago.

[Anonymous]

Anonymous wrote:
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.


2.5% has not been the number for years. We bought last year and the commission was 2% to seller's agent and 2% to buyer's agent. We paid 2.5% 12 years ago.

The times they are a changing.