Anonymous
10/20/2023 22:07
Subject: Biden admin going after realtors!
Anonymous wrote:You mean Genocide Joe?
Someone explain how this response relates to DOJ anti-trust litigation.
You are drunk, or having a stroke, or both.... and lost from DCUM>Politics.
Anonymous
10/20/2023 21:47
Subject: Biden admin going after realtors!
You mean Genocide Joe?
Anonymous
10/20/2023 21:47
Subject: Biden admin going after realtors!
Anonymous wrote:Average American annual salary is $60,000. In an area where a teardown costs $1 million, there are lots of sales where the broker is getting more than that. Shakedown. Total scam. Houses here practically sell themselves.
Compensation in the rest of the world:
In some parts of the world, total commissions for each sale are significantly lower – around 2% in countries like Australia and the UK.
https://www.bloomberg.com/news/articles/2023-10-16/us-realtors-lucrative-fee-system-faces-mounting-antitrust-risk?embedded-checkout=true
Anonymous
10/20/2023 21:27
Subject: Biden admin going after realtors!
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:GOOD. Realtors are over paid for doing almost nothing in this market. Most never even went to college and just studied and took the state test.
Only 8% of realtors never went to college.
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics
It’s not even about education. It’s about earning a years salary for most people in a weekend. Absurd.
They're real estate agents, not hedge fund managers.
Average American annual salary is $60,000. In an area where a teardown costs $1 million, there are lots of sales where the broker is getting more than that. Shakedown. Total scam. Houses here practically sell themselves.
Anonymous
10/20/2023 20:25
Subject: Biden admin going after realtors!
Anonymous wrote:Anonymous wrote:Anonymous wrote:GOOD. Realtors are over paid for doing almost nothing in this market. Most never even went to college and just studied and took the state test.
Only 8% of realtors never went to college.
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics
It’s not even about education. It’s about earning a years salary for most people in a weekend. Absurd.
This is a moronic comment. Become an agent already if you are so envious.
Anonymous
10/20/2023 19:22
Subject: Biden admin going after realtors!
Anonymous wrote:Anonymous wrote:Anonymous wrote:GOOD. Realtors are over paid for doing almost nothing in this market. Most never even went to college and just studied and took the state test.
Only 8% of realtors never went to college.
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics
It’s not even about education. It’s about earning a years salary for most people in a weekend. Absurd.
Such BS. Then why don't you encourage your kids to all become realtors? Because you probably implicitly understand that that is not true - it takes lots of dedication and tenacity to make it in sales; there is a cyclical nature to the job; etc. Occasionally, you'll get some easy sales over time, just like you'll have customers who will want you to show houses for six months and then decide to stay in their current home.
The easiest way to make money on a risk-adjusted basis is probably what you recommend to your kids (STEM, medicine, law, etc.). So let's get off the unjustified complaints of excessive profits especially because, as others have noted, you don't even need to use a realtor if you don't want to (or you can use a discount broker).
Anonymous
10/20/2023 19:19
Subject: Biden admin going after realtors!
Anonymous wrote:Anonymous wrote:Anonymous wrote:GOOD. Realtors are over paid for doing almost nothing in this market. Most never even went to college and just studied and took the state test.
Only 8% of realtors never went to college.
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics
It’s not even about education. It’s about earning a years salary for most people in a weekend. Absurd.
They're real estate agents, not hedge fund managers.
Anonymous
10/20/2023 19:09
Subject: Biden admin going after realtors!
Anonymous wrote:Anonymous wrote:GOOD. Realtors are over paid for doing almost nothing in this market. Most never even went to college and just studied and took the state test.
Only 8% of realtors never went to college.
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics
It’s not even about education. It’s about earning a years salary for most people in a weekend. Absurd.
Anonymous
10/20/2023 18:14
Subject: Biden admin going after realtors!
Anonymous wrote:GOOD. Realtors are over paid for doing almost nothing in this market. Most never even went to college and just studied and took the state test.
Only 8% of realtors never went to college.
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics
Anonymous
10/20/2023 17:39
Subject: Biden admin going after realtors!
Anonymous wrote:The only thing that will happen if you untie the two fees is that buyers will lose free representation, and sellers will keep 2-3 percent more profit.
Provided they use Zillow:
Real Estate Attorney (simple transaction): $500 to $2,000
Real Estate Attorney (complex transaction): $5,000 to $14,000
Buyers Agent: 500,000 x 2.5% = $12,500
Buyers Agent: 1,000,000 x 2.5% = $25,000
So, the buyer(s) budget would be reduced by approximately $4,000/$10,000. Many factors but we're ballparking here.
It's not nothing. It's also not market changing. Long term effects of untying fees have market changing potential.
Anonymous
10/20/2023 17:23
Subject: Re:Biden admin going after realtors!
I think a good test case is the new construction industry. Because it is an industry where many buyers are already unrepresented. And speaking firsthand, you should see some of the horrible stuff builders get away with with unrepresented buyers or buyers represented by agents who are not knowledgeable about new construction.
In a new construction transaction in the DC area, if a buyer brings an agent to the transaction, the builder pays the commission for the Agent. Many times the agent is even able to offer a rebate to the buyer. Meanwhile, the builders around here, do not generally offer concessions to this buyers were not represented by agents.
I’m sure builders would absolutely love to do away with the model where the seller pays the buyers agent. So basically, the only buyers, who will bring real estate agents to the table are those buyers who can afford to bring real estate agents to the table. And unfortunately, those are the people who probably least need a real estate agent.
Do you really think that a builder is going to cut their sale price by two or 3%? They will not. They will price at the absolute highest at the market can bear. So, same sales price for them, higher profit because they are not paying agents. And buyer sees no benefit and has no representation unless they are willing to pay for it as they go.
I think the problem is the overall analysis assumes that it is due to agent fees that home sales prices are inflated. But really, all the commission does is take money out of the sellers net profits. There is not a one for one correlation between agent fees and Home prices. You can see it in the industry today. For sale by owners always insist on the comparable price. Are you really going to list your home as a for sale by owner and price at 3% less because you don’t have an agent? No, you’re obviously not. You’re going to list it at the highest comparable price and probably still insist that you are not going to pay the buyers agent.
This whole thing would be great for sellers, not good for homebuyers though
What is meant by “overall analysis”, “this whole thing”? The pending NAR lawsuits and anti-trust action by the DOJ/FTC, I assume. Your post does not specify exactly.
[E]specially homebuyers who are first timers, and do not know much about the process and don’t have cash on hand to hire an agent.
Your overall concern seems to be the outcome that anti-trust litigation – prohibiting realtor fee “tying”, “steering” regulation, etc.. - will have on builders of homes and some buyers of new construction, buyers who require agents but cannot afford their services.
But if the current real estate practices violate anti-trust law, is the remedy to ignore regulations designed to promote competition and drive down consumer prices because the prosperity of the building industry depends on them being ignored? ( No if you are pro-consumer and pro-rule-of-law; Yes if you are pro-building industry )
The subset of buyers who require buying agents but cannot afford them will choose more affordable living alternatives. That mat not be ideal for the building industry, but that is a them problem; I’m confident the US construction industry would adjust to equilibrium and substitution effects.
Many countries do not have the real estate arrangements presently under scrutiny in the United States. As I understand, they build homes. They buy and sell homes, often at roughly half the commission cost. Those who cannot afford to purchase a home have the option to lease.
Anonymous
10/20/2023 17:22
Subject: Biden admin going after realtors!
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:This is very needed. Other countries don’t have realtors that take 6%. I think there’s so many ways to reform this. In my mind, buyers should have to pay for it and it shouldn’t be allowed to roll into their mortgage. After all, you can’t roll moving costs into your mortgage.
Except they won't. So buyers will be unrepresented. This shit show is never going to happen so all of you agent haters can go pound sand.
You do know in many states like NY buyer and seller are required to have a lawyer. Real estate agents do not write up offers. NY calls that practicing law without a license. In NY realtors literally just get buyer. The lawyers do the work,
Spoken like a true idiot lawyer. The reason that top salespeople in all industries are among the highest-paid members of society is that "just getting buyers" is what makes the world go round. Filling out some nonsense paperwork that is the same in 99 cases out of 100 is in no way the "real work."
DP when I find the house I want to see and ask to see it then decide to buy it, exactly what are you doing for me? For $59,000 you write an offer that has me to waive an inspection, offer more than they’re asking and let the seller live in free for three months. What was worth $50,000 here? The key code to let me see the house???
It’s not 50k out of your pocket though. You paid nothing for whatever services you received.
?? it's built into the asking price for the house silly.
Is it though? If you sold your home without an agent, would you price it at 3 percent less?
Are Redfin houses sold cheaper than comps? No. So, no. Prices would not come down a few points. Y’all are delulu.
Anonymous
10/20/2023 17:19
Subject: Biden admin going after realtors!
The only thing that will happen if you untie the two fees is that buyers will lose free representation, and sellers will keep 2-3 percent more profit.
Anonymous
10/20/2023 17:17
Subject: Biden admin going after realtors!
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:This is very needed. Other countries don’t have realtors that take 6%. I think there’s so many ways to reform this. In my mind, buyers should have to pay for it and it shouldn’t be allowed to roll into their mortgage. After all, you can’t roll moving costs into your mortgage.
Except they won't. So buyers will be unrepresented. This shit show is never going to happen so all of you agent haters can go pound sand.
You do know in many states like NY buyer and seller are required to have a lawyer. Real estate agents do not write up offers. NY calls that practicing law without a license. In NY realtors literally just get buyer. The lawyers do the work,
Spoken like a true idiot lawyer. The reason that top salespeople in all industries are among the highest-paid members of society is that "just getting buyers" is what makes the world go round. Filling out some nonsense paperwork that is the same in 99 cases out of 100 is in no way the "real work."
DP when I find the house I want to see and ask to see it then decide to buy it, exactly what are you doing for me? For $59,000 you write an offer that has me to waive an inspection, offer more than they’re asking and let the seller live in free for three months. What was worth $50,000 here? The key code to let me see the house???
It’s not 50k out of your pocket though. You paid nothing for whatever services you received.
?? it's built into the asking price for the house silly.
Is it though? If you sold your home without an agent, would you price it at 3 percent less?
Anonymous
10/20/2023 16:38
Subject: Biden admin going after realtors!
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:This is very needed. Other countries don’t have realtors that take 6%. I think there’s so many ways to reform this. In my mind, buyers should have to pay for it and it shouldn’t be allowed to roll into their mortgage. After all, you can’t roll moving costs into your mortgage.
Except they won't. So buyers will be unrepresented. This shit show is never going to happen so all of you agent haters can go pound sand.
You do know in many states like NY buyer and seller are required to have a lawyer. Real estate agents do not write up offers. NY calls that practicing law without a license. In NY realtors literally just get buyer. The lawyers do the work,
Spoken like a true idiot lawyer. The reason that top salespeople in all industries are among the highest-paid members of society is that "just getting buyers" is what makes the world go round. Filling out some nonsense paperwork that is the same in 99 cases out of 100 is in no way the "real work."
DP when I find the house I want to see and ask to see it then decide to buy it, exactly what are you doing for me? For $59,000 you write an offer that has me to waive an inspection, offer more than they’re asking and let the seller live in free for three months. What was worth $50,000 here? The key code to let me see the house???
It’s not 50k out of your pocket though. You paid nothing for whatever services you received.
?? it's built into the asking price for the house silly.