The buyer's agent had no insensitive to buy low because their fee was a percentage of the price. I know bc our real estate scoundrel kept putting in higher offers against NO ONE. We found out 10 yrs later by accident in a conversation with someone who worked in the "seller's" office
@@ripvanrevs They lie. They want bigger commission like the poster said. They pretend there are other higher offers. How would you know if they are lying or not? You just take their word and hope they aren't lying as there is no way to verify short of calling the seller's agent and if the seller's agent tells the truth then you know your agent is a liar. If they are both in on it and both agree to lie and say there was other offers you would be screwed which I know happens way more than people would like to believe. Since everybody wins except the buyer with a higher price. They have a conflict of interest to be honest. Since when are sales people known to be honest and trustworthy?
Who in their right mind would want to buy a home now a days. As it is home prices and interest rates are over kill, just ridiculous. You want to be a debt slave, be my guest!!?......................
Just went thru escrow paid a grand to find out it's a no go 1350 month mortgage ....130 went to the cost of house the rest was fees interest insurance etc etc ...only 10 percent of amount paid a month wtf....crooks all thes tie wearing corporate criminals
Makes no sense to me that you cant basically sell and buy a house on craigslist without any middle men. I just dont get it. Somewhere some people made up some laws to screw people over like not being able to buy a car directly from the factory. There is no reason why I shouldnt be able to just buy my car from a Honda/Ford factory and just have it shipped to my house. I dont get it.
Well, you actually can buy a car "semi-direct" from the factory. If you work for a company like Honda, you can buy it through the company's Employee Purchase Plan. Other car companies probably have something similar. You can pick your options and actually track it's progress.
Where in "Cali" (people not from California are the only ones who say Cali 😇)? Market is dead? Is this up north? But it is true that the cost is ridiculous.
The market is not dead in California. Certainly not in any So Cal major urban area. It's been robust since 2010-2011 recovering from the home loan crash of 2008. Then home loan interest rates dropped to almost 1% and its been a Buyers market for around 10 years. This contributed greatly to the increase in home sales and the demand lead to a frenzy in construction of new housing properties, although still not enough units. Since then, the cost of buying a home has only risen. This was and still is a contributing factor for a lot of people to move elsewhere. The home prices in California are the highest in the nation with an average single family home in the $1.4M range in So Cal. This is what is making it difficult to afford a first time home for many. No one would call it a dead market. It's the opposite. The market is crazy with selling prices all over the place and buyers willing and able to pay the high prices. Inventory is low and this also drives up the price of existing homes coming on the market. Have you heard about the California housing shortage? It's real. The law of supply and demand in action. It's not just that there's not enough available houses of any type. It's also that it's just not affordable to most. Yet, there are still Sellers selling for all kinds of reasons such as downsizing, buying up, forever homes, or moving elsewhere. The Buyers are out there looking for their first time home, forever home, downsized home, vacation home, investment rental or flip home. It's busy with Buyers in all price ranges. Admittedly, it has slowed some the past month. Most likely due to Sellers and Buyers waiting to see the outcome of the Aug 16 Broker's commission settled and the Sept 17 Fed interest rate reduction. Now that those have happened as expected, the market is picking up more just as expected. Tons of Open Houses and price fluctuations. It's looking crazy again as usual. Nope, no dead market here.
@@donneoneyou're mistaken. I live in SLO county. One of the LIVELIEST markets in California. And yet, even it is dead. You know why it doesnt appear so? Thats simple. You see, it is in imitation of the theory behind the "Undead". The brain being dead, the body having missed the memo, simply neglects to lay down and act the part. Soon enough though the "magic" animating of the corpse stops. And just like that, the walking cadaver will all at once collapse in and down on itself like a stinking, sodden pile of rags dropped from height, a resounding, wet "SSLLLAAAAAAPPPP"! Echoing shaply and repeating as it rolls off into the distant horizon
@@MacRogersrealestatebrokerI live in SLO county, raised here born in SoCal. Sometimes even I refer to it as "Cali". Although I MOST often refer to it by "The Fifedom of Phuqtardistan (Formerly known as The Republic of Commieslavia)" which is its MOST accurate name AND descriptor.
I found a buyer's agent who charges a flat fee of $5900 regardless of the price of the property. Considering the median home price in California is $904000 that's a saving of $21,220.
Show homes and printing out the forms and making sure they're signed costs the same, no matter the cost of the home. A flat rate sounds pretty reasonable considering this.
The 6% they charge doesn't include escrow fees and a million other fees.I think the real estate commissions are too high.When you look at the price of homes today it should be a lower number in my opinion. With that in mind however i've dealt with seven gables realty an Orange County with an agent named Gilda and that particular case.She was more than worth the fees.She did such an excellent job.I didn't mind it a bit. We refer to several people and everybody's been happy with her.
At the risk of getting killed here, lol. I totally hear you-6% can feel like a lot (and it is a lot), and it’s understandable to question it. The reality is, a significant reason for this is liability. A lot goes towards legal and compliance work that protects both buyers and sellers. There’s a lot of liability involved, and agents have to ensure everything is handled correctly to avoid legal issues down the line. It’s not just about showing homes; it’s about navigating a complex process that involves a lot of risk and responsibility. Commissions are negotiable, and I always advise buyers and sellers to push the envelope when negotiating fees. It’s crucial to find the right agent who provides real value and will work hard to achieve the best outcome for you. Don't hesitate to ask tough questions and make sure you feel good about the service you’re getting-because at the end of the day, the right agent should more than earn their keep.
@@MacRogersrealestatebroker I agree. I've sold about 100 houses over the last 30 years. Using a realtor allows me to have an arms length transaction. I rarely meet or know the buyer until closing. A lot of closings now are done separately and I never meet the buyers. The realtors I use are worth every bit of what I pay.
I tried to negotiate with a buyer agent to return 1% to me. I just need her to put in an offer. She said NO she works hard so no reduction or discount. So I went with another agent who gives me some back.
I totally get it! It can be frustrating when you're just looking for a little flexibility. Every agent runs their business differently(often times dictated by the office)-some are willing to negotiate on fees, and some aren’t. It’s great that you found someone who was willing to work with you on that. At the end of the day, it’s all about finding the right fit for you and your needs. Hope it worked out well for you!
I keep hearing realtors on RU-vid saying that the agent fees are negotiable. But have you ever tried it? Most buyer agent don’t have a mind set of negotiation
Would love to see how this all works out. The old way was actually a great system, now its very confusing and open ended. How can I buy a house, not knowing if the seller is paying the buyers agent, now I have to pay them, so of course I want to take that from the sale price... and what happens during a multiple offer situation. This is a cluster!
I've met a few of those agents in my time... and yeah, they definitely exist! But hey, are my only choices really between a used car salesman or a snake? 🤣 It can feel like that sometimes, but I promise, not all of us are like that. There are agents out there who genuinely care and want to do right by their clients. The key is finding someone who’s honest and actually has your back-you deserve better. Everybody does.
@@MacRogersrealestatebroker Then Please direct this philosophy to London Properties,,Century 21, Compass , Remax and ALL these brokers who have stated that they don't care about the Buyers agents consideration ... It's all about squeezing out every drop !!!! Sales Tactics ensuring max control and keeping the customer in a vise will make the consumer go to Flat rate realty only transation , just wait...
keep looking and do some research. you will find that as soon as the agents see that you know some things the greasyness starts to drip off becuase they know they cant swindle you!
So now buyers will be locked out of deals because they cannot come up with an initial fee up front to look at a house. So the corporations are the ones that benefitted the most from this settlement. The average buyers are screwed again.
Buyers and sellers were unaware commissions were negotiable. The broker and realtor are. So, why wasn't that disclosed. Due diligence - right? What happened when it was the realtors listing? Just took 3%. Yeah...good one. Ever try to negotiate a lower commission? Another good one. Realtors didn't show your house. Just go to the listing agent and use them as a go between for negotiations between the buyer and seller. After all everything is by the book now. No more shenanigans - right? If the sellers agent says no move on
Never met an agent worth what they make. They always only have their commission first a forth most ahead of everything. I find they only convolute a traction.
So great to hear there is someone out there, like Mr.Hickman, who speaks the truth about most real estate agents' behaviors, which is more about profiting them than earning consumers' trust and providing the best and most transparent services. Finally, consumers, sellers & buyers, are acknowledged, respected, and appreciated.
If you DON'T agree to pay a buyers agent, you are only allowing the selling agent to sell your property. If you do agree to pay a buyers agent, you are allowing hundreds or thousands of other agents to help sell your property. If your agent has 0 buyers, you aren't going to sell your house. If other agents bring many buyers, you will sell your home quicker and for more money. What would you choose?
I think it is the buyer that needs better representation and protection. The NRA squished the for sale by owner portals...which hurt sellers and buyers!
I think the real problem here today is the listing price has gone up by 30~40%, regardless of how much the interest rate has or will come down. Everytime I looked at the house searching websites, I'd asked myself, "Do I really want to pay this much more even if I'm making 500k a year?"
It's going to be interesting to see how this shakes out, but many people didn't realize that unless a Buyers Agreement was signed with the buyer, the buyers agent legally represented the seller. The new law at least clarifies the relationship between the buyer and buyers agent.
Yes, it’s called dual agency-one agent represents both the buyer and seller. They’re technically doing both jobs, so they get paid from both sides. But I get the feeling you’re asking if one agent could handle both for a reduced commission, right?
The problem here is that there is a conflict of interest. Actually, the reality is the agent doesn't care about the seller or the buyer, they just want the sale to go through to get paid. But think about how that goes negotiating when the middle man represents both sides, but has a vested interest in the price being as high as possible as they are paid based on a percentage of the sale.
@@jroysdon true. This is actually one of the hardest thing when representing both sides. Avoiding conflict of interest. As for the "the agent doesn't care...." I'm not speaking for everyone but when I am doing it, I am sooooooo worried about what you just said "conflict of interest". So much so that now, I will refer out the other side to another agent. This is not a popular opinion among real estate brokers but if you ask me I believe it should n't be allowed.
This is interviewing the fox how he feels about the henhouse. Realtors have a host of price fixing and monopolizing practices they do. Hiding the buyers agent fees is just one of them. The MLS was designed to exclude non-"licenced" realtors because they would have no access to listings. Zillow and other companies broke that monopoly. The other one is that once you pick an agent to show you houses in a given area, that agent OWNS you. No other agent will work with you. Further, the buyers agent actually used to search for houses for you. That is no longer necessary. The buyers agent does nothing you could not do by browsing though Zillow listings, but gets %3 of your money for doing that (and make no mistake, YOU pay, even if indirectly). Finally, sellers are duped into believing they can't sell a house without a realtor. These days you can list a house yourself and not pay an agent.
You’re right! At the end of the day, the commissions are usually baked into the home’s price, and most buyers cover that indirectly through their loan. It’s one of those things that’s a part of the overall deal, but it still feels like a lot when you see those numbers! The key is making sure you’re getting value (NEGOTIATE) from the agent you’re working with, whether that’s through their service, advice, or even some flexibility on fees.
Sample: OLD way when buying on a 500,000 home Seller paid 6% comm (30k) seller netted 470,000 , Buyer was into it for 500,000.. NEW way on that SAME 500,000 home, the Seller now pays 3% comm (15k) nets now 485,000 (higher amount) Buyer pays own comm @ 3% (15k) ADDED to 500K making it 515,000 total cost, A HIGHER amount,, SO NO,,,, Realtors use this lie to justify this new way.. the Home is BASED on Comps of similar homes, not commissions ( I know Commission is Neg.)
Thank you for this program, the information and your guest. I was so confused and misinformed about this topic and try to read about it but the jargon made it difficult to understand. The host and the guest speaker spoke in plain simple English, I appreciate it. Saved it to my favorites to go back and use it as a reference.
We have been trying to sell our home since 2022 in California. I never imagined that realtors were so incompetent and sleazy. You do not need a realtor in today’s market. Do everything yourself and deal with the title company directly. If you have a smartphone it’s quite doable.
So, with the Agent compensation fee ruling change, does that make the Seller's pre-Aug 16 Listing Agreement now void regarding having to pay both the Seller's and Buyer's Agent fees at 2%?
I love my realtor. We’ve purchased multiple properties and her knowledge of markets is exceptional. Her office handles everything and I don’t have to worry. She is wealthy already and doesn’t need to the commission. She’s always negotiated in my best interest. Worth her weight in gold.
There is zero need for a buyer's agent. All of the form processing should be done online by a computer system. Any legal advice or direction should be coming from a real estate lawyer, not a real estate agent. Real estate agents give bad advice all the time and aren't liable for it; but those they represent have no idea about this. Those buying/selling would be better off knowing they are on their own for legal info and/or could decide to higher a lawyer.
This whole thing is garbage. It is a transfer of wealth from younger people to older people. Right now most home owners are older and now they have to pay less to sell their home. That means that buyers are now taking on that cost. It is a transfer of wealth. Do not let this man trick you into thinking it is anything else.
