Tired buyer's agent

[Anonymous]

Anonymous wrote:


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!

Yeah, this is 8th grade math. You don't need to get to calculus to do this or anything.

[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…

+10. Buyer's agent role is clerical...opening doors, filing out preprinted forms, asking questions of the listing agent (they call that negiotating (not!), making a few phone calls and collecting a commission check. Many administrative staff have college degrees; some buyer's agents do as well, some don't. So for a clerical job, pay clerical rates.

[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.

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.

The self righteousness in this post is so unattractive.

I don't care for RE agents either, but your level of haughty sanctimony is really ugly and not a good look.

[Anonymous]

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

Then former buyers agents should find a salaried or hourly pay job.

[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.

A home you listed sells for $500,000. In the transaction your broker receives 3% of the sales price and you receive 75% of their check. How much commission do you receive in this transaction?

This would be challenging for a 4th grader.

[Anonymous]

Including the time spent driving in traffic, I am certain our RE agent spent less than ten hours on our house search/practice. I would happily pay an hourly wage if we were to buy again.

[Anonymous]

Anonymous wrote:

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

Then former buyers agents should find a salaried or hourly pay job.

If they want to paid for the work they do...get a regular job.

[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.

When we bought last year, our agent did a lot more work in helping us buy a home than in helping us to sell it (our old house was under contract in two days and closed in two weeks - we did appreciate that she included staging and had the house cleaned, but she didn't have to do much at all).

[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.

+1 I've arranged my own inspection for all four homes I've bought. It's a conflict of interest to use the inspector the realtor recommends anyway so I've never done it.

[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.

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.

+1 I've arranged my own inspection for all four homes I've bought. It's a conflict of interest to use the inspector the realtor recommends anyway so I've never done it.

This. Both agents want the deal to close so they can get paid. Assume that anyone they recommend either has that goal in mind or has a financial arrangement with the agent or their broker

[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.

You didn't need to assign homework to answer that question.

But you did answer. I would not characterize that math as "weird". But you answered.

[Anonymous]

Anonymous wrote:

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.

You didn't need to assign homework to answer that question.

But you did answer. I would not characterize that math as "weird". But you answered.

Whoever posted that while bragging about knowing weird path (which are just basic percentages) underscored how overpaid agents are

[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.

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.

The self righteousness in this post is so unattractive.

I don't care for RE agents either, but your level of haughty sanctimony is really ugly and not a good look.

That's what happens when unemployable SAHMs get access to the interwebs.

[Anonymous]

Anonymous wrote:

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.

Why did you use an agent? You sound really stupid if you couldn't handle this simple transaction yourself.

[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.

Don't you mean "an educator." Trying to re-label yourself to justify your existence. Just another parasite government employee who will be gone with the 2025 Project.

Go back in your hole.