Reply to New Commission -3%

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][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]

C’mon, both agents are paid by the seller under the outgoing system. Most “buyer’s” agents work for the deal, the best interests of the buyer are secondary at best. The buyer’s agent does not get paid for achieving the best outcome for the buyer; they get paid for making sure the deal closes.[/quote]

This. We already stopped using buyer agents after getting sick of the corrupt, lying realtors and bought our last home without one. We're about to sell a home and expect whichever realtor we select to show the house and help write offers for any interested buyers without a realtor. This is really basic service for a seller's agent who has the fiduciary duty to do everything they can to sell the home. It's not "extra work" - it's their job. [/quote]

What if there is more than one unrepresented buyer? [/quote]

How would this make any difference? [/quote]

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