NAR Lawsuit Settlement BAD for buyers and Sellers 

I'm not a fan of NAR and how they operate, but I think so think that most buyers need representation. Buying a house is the biggest purchase that most people make in their lives. And it is very easy to make a mistake that can cost you tens of thousands of dollars. And paying someone to help you avoid a mistake like that can be worth it.

amen brother. well said. I am so thrilled about this... The amount of fees, taxes and commission paid for selling a home is INSANE. The only reason why platforms like REDFIN and forsalebyowner has not become the norm is NAR cartel unethical tactics

Redfin is wallstreet. You are clueless:

@@jimbooneway1808 Funny story. The guy who owns forsalebyowner.com couldn't get his house sold by himself. He hired a realtor who raised the priced and sold his house netting him more money that he would have made selling it himself. You can google it.

@@jimbooneway1808 actually NAR has nothing to do with that. FSBO has been around for years, people feel more comfortable with an agent. Redfin gives a fraction of the service.

I get you might think this. But I'm sure you haven't tried to buy a house in a place where buyers agents don't exist.... Like I mentioned in Puerto Rico. It's a whole new game when that is how it works. If you haven't bought property outside of the US you haven't experienced it.

My friend Agents worked for free for buyer and sellers until a deal was done that’s what changes child

@@TheRetirementality I would never trust anyone in the residential real estate world. Your industry has been corrupt for over 80 years.

@@TheRetirementality only agents are upset since it’s the end of easy money for them

It will be bad because it will open up consumers to more liability. I've seen unrepresented buyers have to shell out early $100k just to repair a derelict home that any agent would have spotted. Buyers will get so screwed it's unreal. Also sellers will leave so much on the table without an agent fighting for their net. What you're not thinking of is how the paves the way for big corporations to simply take over the process, make the whole process one sided, and screw the public over. You can believe it or not but consider other real estate lawsuits against ibuyers that are accused of nearly stealing consumers net and then turning around and selling it for what an agent could have gotten that seller. All because of spite of agents. Just find a good one.

Obviously you don’t own a home. It’s not easy when brokers will just keep them in house: The convenience you have today with tech and shared listings will be gone. You couldn’t do enough homework to see all the homes hidden from inventory:

This is priceless. An Attorney who charges people 40% says that a Realtor shouldn't charge people 5%. Tell me more about how you are worth 40%.

I had a client send me an article from CNN that says "this is the end of 6% commissions and now realtors commissions will be cut in half and it's finally a good time for the consumer". Ok that shouldn't be in quotes, but that is the gist of the article. AND it is all FALSE. But millions of people will see that and think that it is true. I'm actually going to do another video just on that article. Because I think its important to point out.

@@TheRetirementality sellers will be offering bonuses to buyers agents after they sit on the market.

Thank you. Maybe I should make some more videos on this topic.

There have been people who have tried this before. It just hasn't seemed to have worked.

The real estate agent fee should be the same for a $30,000 single wide mobile home or for a $30,000,000 home.

It shouldn't really change percentages. I think real estate should go on unchanged. It will just depend on if sellers only want to pay pay for the listing agents commission. The problem is that if you sell your house and you want to go and buy a new house, do you want to pay 3% out of your pocket to a buyer's agent? Because if you only want to pay a sellers agent you are asking anyone interested in your house to pay their own buyers agent. And buyers don't expect to have to do that. So no buyers agents will show your house.

You only pay your selling agent. Buyers agent isn't your problem.

I think this is going to have unintended consequences for sellers. If I don’t want to pay a buyers agent then I’ve lost a sale. If a sellers agent doesn’t want to share the sale then they will earn a full 6% of $0.00. You dont have a seller until you have a buyer. You just have a lister.

@@DunRovinRanch-1969 No. You dont offer 6%. You only offer 3% to your selling agent. Buyers agents are not your responsibility

@@ebutuoy5088 I’ve bought and sold a few properties in my time and in the contract it was always stipulated 3% for each. Are you going to turn away a buyer with an acceptable offer because you don’t want to pay 3%?

If you buy a property by yourself what contract do you use? Do you know how to even write a purchase contract if you had the correct form? How do you search the title to see if there are any liens or encumbrances on the property? Do you know how to do a search to see if there back taxes owed? Do you know who to call to do a termite inspection? Who do call to check the foundation to see if there is settling? There is a lot more than just unlocking the door. How many properties do you own?

@@TheRetirementalityyou don’t think all of that can be automated through Redfin app? People screaming AI left and right but a simple purchase agreement would be hard to automate? Or if Redfin incorporates into their website how to pull different type of records automatically. All I know as that my agents send me a docusign where they change the address on it from customer to customer. It’s not like 20 years ago when an agent actually had to do physical work, like pull up MLS dictionary, and go page by page, or type up contracts by hand, and physically hand it to buyers and sellers. For that work they deserve 2.5% no doubt. But today either way everything automated and the agent sitting in his underwear at home and presses keyboard button and makes 30k bucks on a million dollar home. Give me a break.

Here in Florida, many buyers are not here, so the agent has to go look at the properties, take the photos, compare HOA's, know the communities, know the different buildings and guide the buyer. Compensation to the buyers agent is not going away. It's going to be simply negotiated between the seller and the buyer.

How many times does a buyer find a home on line and ask their agent to give look into it for them. The point is buyers want professional guidance.

I agree with this.

That is what I think. I don't see how anyone wins. You are free to tell me who you think will come ahead with this.

@@TheRetirementality The seller will come out ahead. They can assess the value of a listing agents based on the listing agent’s presentation and the representations they make. They can negotiate with the agent based on the actual value of their services; and compare it to what they offer on lower priced houses. Frankly with the sums involved a flat fee makes sense, assuming the broker lets the agent discuss flat fees. For the buyers they will go through the same process of evaluating services offered and what agent wants in compensation. Now who ultimately pays the buyers agent will be up for negotiation. In either case there is more transparency be decoupling the seller and buyer fees. As for how it affects listing and selling agents will be determined by how those agents handle the negotiation. If it’s 3% each or we’ll walk, I think they will only drive people to low cost agent services. Sure everything is theoretically negotiable, but it’s not going anywhere unless an agent will actually negotiate. All agents are entitled to be paid, but the level of services must be commensurate with the value of their services.

@@TheRetirementality I replied to this but suddenly disappeared when I checked back. Too long to post again.

Yea, it is difficult. I have a few ask me to do a video about how to look if properties are titled correctly in PR. I'm going to do that video, I just haven't gotten around to it yet.

If your area of interest in isla verde or condado, Ll i gotta say is good luck!! 😂😂

@@mannyp5823 so it’s just as bad as the real estate market on the rest of the island?

I really don't see who will benefit from this. I think it just makes it harder for everyone. Who do think will come out ahead?

Ok Bernie

I literally can’t wait to make realtors compete for having me sign a silly buyers agreement. You are on crack if you think I am going to sign a contract when I can go to open houses by myself. 3% for a buyer agent has always been an absolute joke. The RE agent racket did this to themselves. Lay in the bed y’all made…

@@Mrwatson185 The funny thing is that everyone wants to cry and say housing is too expensive and realtors make too much money. You don't have to use a realtor. FSBO have been around since the beginning of time. But people think that Realtors bring value to the table so they pay for them. Everyone hates lawyers too. They get 40% but when you go to court you are happy to pay them.

@@TheRetirementality if the 6% wasn’t illegally colluded to people would realize how useless most realtors are. This is an important step in that direction…

@@TheRetirementality Your industry has been violating the Sherman Antitrust Act for over 80 years. Face it, your industry is a deeply corrupt industry/cartel. Even a jury figured it out. Unanimous decision.

Technically, I think they do, but this is our system. I and I think changing will be worse for buyers and sellers.

@@TheRetirementality I believe we have done our clients a disservice by saying they are paying. The listing agent has always SHARED his commission and paid the buyers agent through his broker. Listing presentations need to get better.