Anonymous
Post 07/22/2024 12:30     Subject: Tired buyer's agent
If I'm paying someone $200/hour, they better have a lot more letters after their name than "B.A."
Anonymous
Post 07/22/2024 11:16     Subject: Tired buyer's agent
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.
Anonymous
Post 07/22/2024 11:14     Subject: Tired buyer's agent
Am i the only one who thinks that even 2% or 26k is unreasonable? Unless she spent months of her time with you, 40 hours a week, that’s an insane price.

Only new home buyers need extensive hand holding and they should have to pay for it. Everyone else can get lawyers to draft and read contracts. For like $2500
Anonymous
Post 07/22/2024 11:08     Subject: Tired buyer's agent
Anonymous wrote:Agents offering a flat fee or a T&M structure are going to win out over percentage at this point. No way someone should make $30K if I buy a $1mil home just because you showed it to me and wrote and offer. I’ll pay you $5K for that.


Why would you pay $5K for that? That's insanely high even for one offer that gets accepted, let alone making multiple offers.
Anonymous
Post 07/22/2024 10:40     Subject: Tired buyer's agent
Anonymous wrote:Agents offering a flat fee or a T&M structure are going to win out over percentage at this point. No way someone should make $30K if I buy a $1mil home just because you showed it to me and wrote and offer. I’ll pay you $5K for that.


yes, this is going to be the future.
Anonymous
Post 07/22/2024 10:33     Subject: Tired buyer's agent
Agents offering a flat fee or a T&M structure are going to win out over percentage at this point. No way someone should make $30K if I buy a $1mil home just because you showed it to me and wrote and offer. I’ll pay you $5K for that.
Anonymous
Post 07/22/2024 10:11     Subject: Tired buyer's agent
Anonymous wrote:Yes to 13:28 and 13:30.

Also, a buyer can ask for "closing cost assistance" and it can be applied to any line item they wish. But as a seller, you will not win over other offers without the help, but that's just normal practice anyway.


As a seller, I'm taking the deal that nets me the most money. If you want closing cost assistance, I don't care as long as your offer is high enough to make up for it
Anonymous
Post 07/22/2024 10:05     Subject: Tired buyer's agent
1% total is what people pay in other countries
Anonymous
Post 07/22/2024 08:50     Subject: Tired buyer's agent
Anonymous wrote:What is reasonable on a buyers side? Folks have been saying use a RE attorney, but if not that route, a flat fee more so than a percentage correct?


Certainly no reason to pay more than 1%. Once the fee structure change is fully baked in, you're probably best off forgoing an agent and making an offer without requested concessions for agent compensation.
Anonymous
Post 07/22/2024 08:47     Subject: Tired buyer's agent
Anonymous wrote:What is reasonable on a buyers side? Folks have been saying use a RE attorney, but if not that route, a flat fee more so than a percentage correct?


Just ask the seller's agent to show you the house. The seller is already paying them to sell the house. I've done this many times and never had a realtor refuse to show me the house.
Anonymous
Post 07/22/2024 07:02     Subject: Tired buyer's agent
What is reasonable on a buyers side? Folks have been saying use a RE attorney, but if not that route, a flat fee more so than a percentage correct?
Anonymous
Post 07/21/2024 14:04     Subject: Tired buyer's agent
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!!!
Anonymous
Post 07/21/2024 13:54     Subject: Tired buyer's agent
Home prices are at an all time high. Houses require less marketing to sell now than years ago.

Technology allows buyers and sellers to connect. Agents are obsolete.
Anonymous
Post 07/21/2024 13:46     Subject: Tired buyer's agent
Yes to 13:28 and 13:30.

Also, a buyer can ask for "closing cost assistance" and it can be applied to any line item they wish. But as a seller, you will not win over other offers without the help, but that's just normal practice anyway.
Anonymous
Post 07/21/2024 13:40     Subject: Tired buyer's agent
Your agent wqs greedy and deserves getting fired. Mine was too.