Reply to WSJ: Beware real estate cartel

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The DoJ is coming after you next:

https://www.wsj.com/articles/warning-to-the-real-estate-cartel-11625783854

Finally, hopefully consumers can get away from this ridiculous system that compensates brokers exorbitant sums of money for only a few hours of work. TBH, a vast majority of the process could probably be largely automated for a $20 fee anyway.  Ridiculous US consumers have so much wealth destroyed from insane fees, or are forced to buy less because of fees.[/quote]

Funny, I did a 5 hour home inspection today with a lawyer who is involved in this case.  Guess, I don't have to day anything else, and we will forgot about the twenty plus hours I spent with him at other houses, working out finances, and two previous pre inspections.  [/quote]

Then you are the exception. Last time I bought a house and had it inspected, it was me and the inspector. Agent wasn't there.

So you spent 5 hours with an inspector, you made a call or sent an email to set up the time, you took a few minutes to fill out the bid form (a template I might add) and you will sit in on the close, maybe? So that is what, 15 hours max, right? And for that, you are getting a 5 figure payout.[/quote]

No, I spent 20 hours showing him and his partner houses.  Then they zeroed in on a very popular area with no houses on the market.  I called or talked to every agent in the area and found two who had possible listings.  I met the agents at both houses and the large properties looking at the properties, taking photos and videos for my busy clients, and then discussed terms such as price, closing, rent back with each agent.  I  met with the buyers on as Saturday morning and reviewed the information with them They decided to make an offer on one of the houses and I spent another hour working with their lender to put together the terms of the financing.  On Sunday, I met the buyers at the house for at least 1.5 hours as they were determining renovations they might make to the house.  Then I met with their renovator on Tuesday for about three hours, so that he could determine what could be done to the house.  On Wednesday, I did fill in a boilerplate contract for the seller.  I met with on of them to sign the contract and sent it to the other for electronic signature.  I sent the documents to the agent. The next day we negotiated the offer with the seller and I made the agreed upon changes.  That took maybe another hour.  Then we ratified the offer and scheduled the 5 hour home inspection.

Since then I have met contractors at the house on three times for at least three hours each time.   I also have provided contacts for the sellers for a variety of items from movers to contractors, to organizers to childcare in the new area.

That's what I do.

But what I really did was get a house in a very desirable neighborhood for my clients that they would have had to spend more for in a likely competitive situation.  I did this solely because I am well regarded in the agent community.

My clients appreciate my hard work -- even if you do not.   But then you have nothing to offer me and I would never work with any of you. [/quote]

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