Anonymous wrote:Either real estate commissions are going to bottom or there are going to be standards...

This class action case has the potential return more damages than any legal case in history, with a verdict in the tens of billions of dollars.

Anonymous wrote:

Anonymous wrote:We are selling my parents house in a wealthy New York suburb. The listing agent is 1% and they buyer agent is 5%. The agent told us... it is networking that brings the buyer. The buyer agent gets more.

If "networking" brings the buyer (which can be one factor) then why the 5% incentive when the already inflated standard buyer commission is half that? If anything the seller with the network of buyers would receive more compensation, because you are paying for a network.

Because of the compensation structure sounds like agents want to rep buyers rather than sellers and those agents have relationships with buyers.

Anonymous wrote:We are selling my parents house in a wealthy New York suburb. The listing agent is 1% and they buyer agent is 5%. The agent told us it is hard to find a buyer and it is networking that brings the buyer. The buyer agent gets more.

I assume this is in a town with very high property taxes. Those houses are easy to list hard to sell.

Why should a RE agent get $50k for selling one house and $12k for selling another when they both probably take similar levels of very minor work. RE agents are leeches anyway that take massive amounts of peoples’ equity they paid for or built up over the years. Such a rip off.

Anonymous wrote:Selling Sunset won’t survive this kind of change!

I know, right? Where will those agents be without their $$$$ commissions?

Anonymous wrote:We are selling my parents house in a wealthy New York suburb. The listing agent is 1% and they buyer agent is 5%. The agent told us... it is networking that brings the buyer. The buyer agent gets more.

If "networking" brings the buyer (which can be one factor) then why the 5% incentive when the already inflated standard buyer commission is half that? If anything the seller with the network of buyers would receive more compensation, because you are paying for a network.

We are selling my parents house in a wealthy New York suburb. The listing agent is 1% and they buyer agent is 5%. The agent told us it is hard to find a buyer and it is networking that brings the buyer. The buyer agent gets more.

Selling Sunset won’t survive this kind of change!

In a more transparent state I sold my house with following deal.
I find buyer, show house, no realtor work for that realtor gets 1 percent
Realtor gets buyer on own she gets 3.5 percent
Realtor resorts to dual agency commission is 5 percent but split I she only gets 2.5 percent.

In that state lawyers do closing so realtors mainly connect buyers and sellers

Anonymous wrote:First Missouri, now Texas. Inflated real estate commissions are being attacked. Does that mean they'll lock them at a flat rate - $15,000 or prorated no matter how much the home is worth?

Texas home sellers have sued the Texas Association of Realtors, and several regional associations including in Austin and Houston, over inflated broker commissions, per Reuters. - UW

There are a ton more cases to come. The key is not that there be a new agreed upon way of charging commissions. The key is that there be no agreement, and that instead there be some competition.

I mean Redfin and Zillow have been trying to get this done for a while. In DC do you really need an agent?

Anonymous wrote:

Anonymous wrote:First Missouri, now Texas. Inflated real estate commissions are being attacked. Does that mean they'll lock them at a flat rate - $15,000 or prorated no matter how much the home is worth?

Texas home sellers have sued the Texas Association of Realtors, and several regional associations including in Austin and Houston, over inflated broker commissions, per Reuters. - UW

Good news for all the lawyers who will be put out of work by AI. They can now work for settlement companies at $15 an hour and do what real estate agents used to do.

This compares with some of the dumbest takes on this thread, and there have been some really, really dumb takes.

Anonymous wrote:First Missouri, now Texas. Inflated real estate commissions are being attacked. Does that mean they'll lock them at a flat rate - $15,000 or prorated no matter how much the home is worth?

Texas home sellers have sued the Texas Association of Realtors, and several regional associations including in Austin and Houston, over inflated broker commissions, per Reuters. - UW

Good news for all the lawyers who will be put out of work by AI. They can now work for settlement companies at $15 an hour and do what real estate agents used to do.

First Missouri, now Texas. Inflated real estate commissions are being attacked. Does that mean they'll lock them at a flat rate - $15,000 or prorated no matter how much the home is worth?

Texas home sellers have sued the Texas Association of Realtors, and several regional associations including in Austin and Houston, over inflated broker commissions, per Reuters. - UW

Either real estate commissions are going to bottom or there are going to be standards...