Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can't wait for buyers to have to pay for their own agents. When we get buyers' agents out of the picture (because most buyers won't pay for one), it will be a much more honest system.

Services will become a la carte for buyers.

This ruling is really going to make RE attorneys a lot more valuable in the process. Most buyers were relying on their agent to advise on various aspects of the process. When, really, they should've been working with an attorney on the contract and ensuring they were not getting taken for a ride.

The contracts are boilerplate - you fill out the various pieces: price offer, contingencies, lender info, etc. I had to make all those decisions myself - my Redfin agent just filled it out.

My agent then talked to the other agent....and that was it. Contract accepted, here's the dates we are thinking of closing, etc.

Then the closing is all done with a title company in your jurisdiction....there's nothing for your agent to do.

So really the only important thing for a buyers agent is to fill in the blanks on a NAR standardized contract according to your directions. That's about it. And it should probably be a RE attorney doing that for you, not some agent who has no fiduciary duty and can have only a HS diploma.

It's been such a stupid system for a looooooooooong time.

I agree that the system has been messed up for a long time, but I don't think that a la carte services or RE attorneys paid for by buyers is the solution. There's just no need for that. There's a standard form and the buyer makes selections. The process would become more transparent for the buyer. Then the title attorney handles the legal aspects and coordinates with the lender.

The best solution is to just have one realtor for each home. The seller selects the realtor and pays 2%. Buyers contact the seller's agent to see the property, and the seller's agent shows it to the buyer. There would be fewer realtors. The realtors left would make 2%, which is close to their current standard of 2-2.5%. They would do a little more work to earn it though.

Some people have a very misguided understanding of what a buyer's agent actually does for you. They don't look out for the buyer or provide any legal support. NRA is banking on the fear and neediness of first-time buyers, but this hand-holding is unnecessary and results in higher costs for the consumer.

Am I correct that you’re proposing having a joint buyer/seller agent as the norm? Wouldn’t this create conflicts of interest and even more ethical problems?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can't wait for buyers to have to pay for their own agents. When we get buyers' agents out of the picture (because most buyers won't pay for one), it will be a much more honest system.

Services will become a la carte for buyers.

This ruling is really going to make RE attorneys a lot more valuable in the process. Most buyers were relying on their agent to advise on various aspects of the process. When, really, they should've been working with an attorney on the contract and ensuring they were not getting taken for a ride.

The contracts are boilerplate - you fill out the various pieces: price offer, contingencies, lender info, etc. I had to make all those decisions myself - my Redfin agent just filled it out.

My agent then talked to the other agent....and that was it. Contract accepted, here's the dates we are thinking of closing, etc.

Then the closing is all done with a title company in your jurisdiction....there's nothing for your agent to do.

So really the only important thing for a buyers agent is to fill in the blanks on a NAR standardized contract according to your directions. That's about it. And it should probably be a RE attorney doing that for you, not some agent who has no fiduciary duty and can have only a HS diploma.

It's been such a stupid system for a looooooooooong time.

I agree that the system has been messed up for a long time, but I don't think that a la carte services or RE attorneys paid for by buyers is the solution. There's just no need for that. There's a standard form and the buyer makes selections. The process would become more transparent for the buyer. Then the title attorney handles the legal aspects and coordinates with the lender.

The best solution is to just have one realtor for each home. The seller selects the realtor and pays 2%. Buyers contact the seller's agent to see the property, and the seller's agent shows it to the buyer. There would be fewer realtors. The realtors left would make 2%, which is close to their current standard of 2-2.5%. They would do a little more work to earn it though.

Some people have a very misguided understanding of what a buyer's agent actually does for you. They don't look out for the buyer or provide any legal support. NRA is banking on the fear and neediness of first-time buyers, but this hand-holding is unnecessary and results in higher costs for the consumer.

Am I correct that you’re proposing having a joint buyer/seller agent as the norm? Wouldn’t this create conflicts of interest and even more ethical problems?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can't wait for buyers to have to pay for their own agents. When we get buyers' agents out of the picture (because most buyers won't pay for one), it will be a much more honest system.

Services will become a la carte for buyers.

This ruling is really going to make RE attorneys a lot more valuable in the process. Most buyers were relying on their agent to advise on various aspects of the process. When, really, they should've been working with an attorney on the contract and ensuring they were not getting taken for a ride.

The contracts are boilerplate - you fill out the various pieces: price offer, contingencies, lender info, etc. I had to make all those decisions myself - my Redfin agent just filled it out.

My agent then talked to the other agent....and that was it. Contract accepted, here's the dates we are thinking of closing, etc.

Then the closing is all done with a title company in your jurisdiction....there's nothing for your agent to do.

So really the only important thing for a buyers agent is to fill in the blanks on a NAR standardized contract according to your directions. That's about it. And it should probably be a RE attorney doing that for you, not some agent who has no fiduciary duty and can have only a HS diploma.

It's been such a stupid system for a looooooooooong time.

I’m a lawyer and I’m very sure that:

1) you’re indulging yourself in wishful thinking here
2) you are not a lawyer

As an agent, I would love for about 80%of the nonproductive agents to disappear. It would make the business much more professional. With teams becoming more common in the last 5 to 10 years, a large number of people are people lured into a business where they have no hope of doing more than enriching the person at the top of the team. IMHO, teams are now the real problem in real estate. They form joint ventures with settlement companies, mortgage companies, even pest control companies and there are fees which only increase prices to the consumers.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can't wait for buyers to have to pay for their own agents. When we get buyers' agents out of the picture (because most buyers won't pay for one), it will be a much more honest system.

Services will become a la carte for buyers.

This ruling is really going to make RE attorneys a lot more valuable in the process. Most buyers were relying on their agent to advise on various aspects of the process. When, really, they should've been working with an attorney on the contract and ensuring they were not getting taken for a ride.

The contracts are boilerplate - you fill out the various pieces: price offer, contingencies, lender info, etc. I had to make all those decisions myself - my Redfin agent just filled it out.

My agent then talked to the other agent....and that was it. Contract accepted, here's the dates we are thinking of closing, etc.

Then the closing is all done with a title company in your jurisdiction....there's nothing for your agent to do.

So really the only important thing for a buyers agent is to fill in the blanks on a NAR standardized contract according to your directions. That's about it. And it should probably be a RE attorney doing that for you, not some agent who has no fiduciary duty and can have only a HS diploma.

It's been such a stupid system for a looooooooooong time.

I agree that the system has been messed up for a long time, but I don't think that a la carte services or RE attorneys paid for by buyers is the solution. There's just no need for that. There's a standard form and the buyer makes selections. The process would become more transparent for the buyer. Then the title attorney handles the legal aspects and coordinates with the lender.

The best solution is to just have one realtor for each home. The seller selects the realtor and pays 2%. Buyers contact the seller's agent to see the property, and the seller's agent shows it to the buyer. There would be fewer realtors. The realtors left would make 2%, which is close to their current standard of 2-2.5%. They would do a little more work to earn it though.

Some people have a very misguided understanding of what a buyer's agent actually does for you. They don't look out for the buyer or provide any legal support. NRA is banking on the fear and neediness of first-time buyers, but this hand-holding is unnecessary and results in higher costs for the consumer.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can't wait for buyers to have to pay for their own agents. When we get buyers' agents out of the picture (because most buyers won't pay for one), it will be a much more honest system.

Services will become a la carte for buyers.

This ruling is really going to make RE attorneys a lot more valuable in the process. Most buyers were relying on their agent to advise on various aspects of the process. When, really, they should've been working with an attorney on the contract and ensuring they were not getting taken for a ride.

The contracts are boilerplate - you fill out the various pieces: price offer, contingencies, lender info, etc. I had to make all those decisions myself - my Redfin agent just filled it out.

My agent then talked to the other agent....and that was it. Contract accepted, here's the dates we are thinking of closing, etc.

Then the closing is all done with a title company in your jurisdiction....there's nothing for your agent to do.

So really the only important thing for a buyers agent is to fill in the blanks on a NAR standardized contract according to your directions. That's about it. And it should probably be a RE attorney doing that for you, not some agent who has no fiduciary duty and can have only a HS diploma.

It's been such a stupid system for a looooooooooong time.

I agree that the system has been messed up for a long time, but I don't think that a la carte services or RE attorneys paid for by buyers is the solution. There's just no need for that. There's a standard form and the buyer makes selections. The process would become more transparent for the buyer. Then the title attorney handles the legal aspects and coordinates with the lender.

The best solution is to just have one realtor for each home. The seller selects the realtor and pays 2%. Buyers contact the seller's agent to see the property, and the seller's agent shows it to the buyer. There would be fewer realtors. The realtors left would make 2%, which is close to their current standard of 2-2.5%. They would do a little more work to earn it though.

Some people have a very misguided understanding of what a buyer's agent actually does for you. They don't look out for the buyer or provide any legal support. NRA is banking on the fear and neediness of first-time buyers, but this hand-holding is unnecessary and results in higher costs for the consumer.

Anonymous wrote:

Anonymous wrote:Can't wait for buyers to have to pay for their own agents. When we get buyers' agents out of the picture (because most buyers won't pay for one), it will be a much more honest system.

Services will become a la carte for buyers.

This ruling is really going to make RE attorneys a lot more valuable in the process. Most buyers were relying on their agent to advise on various aspects of the process. When, really, they should've been working with an attorney on the contract and ensuring they were not getting taken for a ride.

The contracts are boilerplate - you fill out the various pieces: price offer, contingencies, lender info, etc. I had to make all those decisions myself - my Redfin agent just filled it out.

My agent then talked to the other agent....and that was it. Contract accepted, here's the dates we are thinking of closing, etc.

Then the closing is all done with a title company in your jurisdiction....there's nothing for your agent to do.

So really the only important thing for a buyers agent is to fill in the blanks on a NAR standardized contract according to your directions. That's about it. And it should probably be a RE attorney doing that for you, not some agent who has no fiduciary duty and can have only a HS diploma.

It's been such a stupid system for a looooooooooong time.

Anonymous wrote:https://www.wsj.com/real-estate/jury-finds-realtors-conspired-to-keep-commissions-high-awards-nearly-1-8-billion-in-damages-b26f9c2f

Roasted pig on the menu!

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can't wait for buyers to have to pay for their own agents. When we get buyers' agents out of the picture (because most buyers won't pay for one), it will be a much more honest system.

Services will become a la carte for buyers.

This ruling is really going to make RE attorneys a lot more valuable in the process. Most buyers were relying on their agent to advise on various aspects of the process. When, really, they should've been working with an attorney on the contract and ensuring they were not getting taken for a ride.

The contracts are boilerplate - you fill out the various pieces: price offer, contingencies, lender info, etc. I had to make all those decisions myself - my Redfin agent just filled it out.

My agent then talked to the other agent....and that was it. Contract accepted, here's the dates we are thinking of closing, etc.

Then the closing is all done with a title company in your jurisdiction....there's nothing for your agent to do.

So really the only important thing for a buyers agent is to fill in the blanks on a NAR standardized contract according to your directions. That's about it. And it should probably be a RE attorney doing that for you, not some agent who has no fiduciary duty and can have only a HS diploma.

It's been such a stupid system for a looooooooooong time.

I’m a lawyer and I’m very sure that:

1) you’re indulging yourself in wishful thinking here
2) you are not a lawyer

Anonymous wrote:

Anonymous wrote:Can't wait for buyers to have to pay for their own agents. When we get buyers' agents out of the picture (because most buyers won't pay for one), it will be a much more honest system.

Services will become a la carte for buyers.

This ruling is really going to make RE attorneys a lot more valuable in the process. Most buyers were relying on their agent to advise on various aspects of the process. When, really, they should've been working with an attorney on the contract and ensuring they were not getting taken for a ride.

The contracts are boilerplate - you fill out the various pieces: price offer, contingencies, lender info, etc. I had to make all those decisions myself - my Redfin agent just filled it out.

My agent then talked to the other agent....and that was it. Contract accepted, here's the dates we are thinking of closing, etc.

Then the closing is all done with a title company in your jurisdiction....there's nothing for your agent to do.

So really the only important thing for a buyers agent is to fill in the blanks on a NAR standardized contract according to your directions. That's about it. And it should probably be a RE attorney doing that for you, not some agent who has no fiduciary duty and can have only a HS diploma.

It's been such a stupid system for a looooooooooong time.

Anonymous wrote:This Missouri class action lawsuit will spur copycat suits in all 49 other states + DC.

https://finance.yahoo.com/news/missouri-jury-finds-nar-brokerages-170500477.html

Anonymous wrote:Can't wait for buyers to have to pay for their own agents. When we get buyers' agents out of the picture (because most buyers won't pay for one), it will be a much more honest system.