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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Woo hoo, about time!! I look for real estate listings myself and I contact listing agents myself. Why do I still need to pay someone $60,000 (3% of $1 million) for that service? I was going to do FSBO but if the commission goes down to 1% I might consider using an agent.

NAR will also no longer get exclusive access to MLS. [/quote]

Just the fact that you wrote this explains how ignorant you are about the process. You will still be paying that 60k. Do you really think that sellers are going to cut their price 60 K for you? The only difference is now you will be paying that baked in commission without actually having an agent.

Also, you could have always paid one percent. The commissions are not fixed and have never been.[/quote]

Well, there was enough funny business going on with commissions that there was a successful lawsuit over it that is forcing a big change in business practices — as well as a $400+ million settlement. You can’t deny the obvious.[/quote]
Unfortunately, uninformed buyers don’t know what they don’t know and will forego representation for a perceived upfront savings. They will then deal with a listing agent that is required to be honest, but not fair working on behalf of their principal, the seller. After they realize they don’t get a good deal and didn’t do their due diligence, they will cry wolf and regulation will need to be added. It will be a mess and so short-sighted. [/quote]

Your example could work for so many things -- buying a used car, hiring a contractor to renovate your kitchen, doing your taxes, getting a divorce. If "uninformed" people want to do these things on their own, they can. If they feel like they need representation, they can pay for it. And if there are enough problems, regulation can happen. None of this requires that everyone in these situations pay a mandatory, fixed fee for someone to represent their interests.[/quote]

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