this is a BS lawsuit.. and if I am going to represent both sides then I am going to neg... a higher commission because I will be working twice as hard.
This is true. Now we need to show sellers how many ways they can sell their property and how much they can truly get for it. When they learn this, It is game over for the middle man.
Highly doubt the lawsuit sticks. Jury is misguided. Can’t believe incompetent lawyers for NAR lost this case. Flat fee, limited listing service, and Buyer rebate brokers have been an option available to Buyers and Sellers for decades. There is no collusion to fix commission. Period. Any lawyer should have been able to cross examine any plantiff and ask why they voluntarily choose to list with a full service broker rather than a limited listing service.
You can’t list the seller for 3% and represent the buyer for free. Part of the settlement is the buyer is required to have a signed buyer agreement. . . You plan to sign a buyers agreement and represent them for free? Good luck to you with that strategy
I hope clients understand there is no way for both sides to be represented/negotiated with excellence with one agent representing both sides for only 3%. How does that saying go you get what you pay for? I think that agents should charge more than 3% when representing both sides (maybe give a deal 5% or 4.5%) to show the hard work that exists already on both sides. Educate the client on how much work goes into being a buyers agent. We have value as realtors and deserve to be paid for all work done. Would lawyers look for ways to represent both sides and only charge for one client. That's just my opinion.
Lol. That would be another lawsuit..Conflict of Interest..AsA buyer or Seller... whose interest would a Agent have as priority if they were Dual Representation...jeeez Not rocket science
It's a solid one! Lawyer involved in this class action suit stands to win 800 million dollars if the verdict stands firm (40 percent of the total amount) Can you imagine this!! Plaintiffs will each receive a paltry $2160. Total abuse of our justice system!
I agree, I think a lawyer should be on both sides of the deal. I know I will always have a lawyer on my side. 99% of real estate brokers and agents know nothing about real estate. You would NEVER find a Broker/Agent that know their job/real estate posting a video like this. This is 100% clown show.
I don't know where you do business, but in Dallas, Texas home sellers definitely know what's going on. And, I think that lawsuits related to dual agency will be the next big thing because most agents do not know how to explain it to their clients, or how to execute it properly. Not sure dual agency at 3 percent is worth the risk....at least not in Texas.
The lawsuit doesn’t go far enough. Those of us buying and or selling know exactly WTH is going on. Realtor commissions are unreasonable and need cut drastically. This lawsuit should 100% decouple buyers agents from sellers agents so that commissions are not allowed on the closing documents. Commissions need to go to flat fee per transaction that has nothing to do with the price of the property being sold. The industry needs gutted and NAR needs bankruptcy. That’s what the public wants.
@@InvestingWithAdamK I would rather just negotiate with the seller and save us both realtor fees. But if I have to pay a buyers agent. I would pay them 1000 for every 10,000 they negotiate down the price.
Why would we list for 3% why not keep the 6% why do we have to reduce the amount of our commission if the seller indeed didn’t know the other 2-3% went to the buyers agent
That's the actual reason...the fact you didn't educate them of the fact that the buyer agent commission was coming out of the 6% is why we are here. Moving forward at some point, you will have to tell the seller that the buyers agent commission is optional. What do you think they will say?
Key points I have heard nobody say and maybe I’m wrong so correct me but. 1. 6% commission is built into a house when the house is first built, so buying or selling a house that 6% is there. 2. They using an average person to drive this lawsuit but let’s not miss the fact that super $multimillion house who put $200-$1mill in commission are really driving this in the background. 3. You keep making fun of the lawyer, but he definitely won and will keep winning. So we should prolly take what he saying seriously. 4. People are happy till they realize there was another way. Which means, I’m happy with my agent today cause they did a good job then I realize it’s a better way todo it, now I’m upset. And rightfully so that’s ok. 5. Commission are going to go from a % to a fixed rate and with a cap for both sides being fair, $250k house = $1k each $500k house =$2500 each, $1mill = $5k each 6. You right, we are headed to fix this problem now but create a new one and in 15/20 years have another class action buy buyers because they was fairly represented in the transaction
Are you a broker or agent? Very few of them can even think like you and end up looking like a clown. (AKA this video) When I find a broker/agent that can think and knows their job. I will hire them. Problem I have is 99.9% do not even know what their job is. So I use lawyers and wholesalers. One thing is for sure. Most sellers are happy I do. They get more money and get it faster. 9 times out of 10.
