Real estate: end of sellers paying for buyer's agent??

[mkd]

https://finance.yahoo.com/news/housing-market-jason-oppenheim-warns-of-an-armageddon-in-the-real-estate-industry-175226121.html

interesting how this guy says it maybe the end, where only the seller will get representation as a fiduciary, where they only have to pay for their agent, not the current situ where we pay for the buyer's, too..
 Seems to me the current situation is both agents are fiduciaries to the seller and conspire to inflate the price and thus the commission.
 I kinda hope the lawsuit succeeds. Maybe Im wrong.
what say you?

[YoDoug]

A lot of us have been saying for the last year that real estate was heading for a crash. It could have been significantly less than it's going to be if greedy investors did keep lying to uninformed buyers about the real situation. All of last year I would see article after article from real estate industry "experts" about how this is different than 2008 and it will only be a small correction. I called BS on that a long time ago. 

[Del.]

I've never seen a buyer have to pay a realtor.

[Leehound]

I sold my last house as "By Owner". It worked out great. If we ever decide to sell our current house, I will do that again. I refuse to pay someone something I can do myself. I know this isn't necessarily option for everyone because you need to be available to do it.

[CNCAppsJames]

I will probably do that when we get outta this shithole called Kommieforniastan. With the value of my house being over $1,000,000... no way am I just conceding that much money for so few hours of actual work. Screw that. 

[Incogneeto]

I will probably do that when we get outta this shithole called Kommieforniastan. With the value of my house being over $1,000,000... no way am I just conceding that much money for so few hours of actual work. Screw that.

Bwahahaha I would worry more about the Exit Tax, There is No way they are gonna let ya leave with a Full wallet.

[CNCAppsJames]

Bwahahaha I would worry more about the Exit Tax, There is No way they are gonna let ya leave with a Full wallet.

There WILL be ways around that. Guaranteed.

[YoDoug]

As I think about this article I have to laugh. The real estate insiders are calling it Armageddon because they may lose their easy 3% money for very little work yet they make no mention of all the equity that home owners are going to lose in this market. That alone shows why they need to abolish the % commission structure in real estate.

I have bought three houses and sold two so far in my life. Each time the value was nearly double than the previous house. Each time it meant bigger commissions for the realtors. However, with more and more info being online, our realtor actually did less work. On top of that, in every sale their was some kind of hiccup or issue that the realtor tried to convince us to just accept at the tune of thousands of dollars out of my pocket. They don't act in the buyers or sellers best interest. During one of my sales we had moved out of state. The buyers agent kept coming back asking for more addition items in the sale because they though I was up against a wall figuratively and needed to sell fast. They for one repair, we did it, money out of my pocket. They asked for a second, we did it, more money out of my pocket. They asked for a third, I told them take it or leave. My realtor said I was going to blow up the deal and they going to walk. I said fine, I'm not dishing out any more cash. My realtor was pissed and threatened to drop me as a client. I told him fine, realtors are dime a dozen. After a few days, the buyers agreed to take it without any more concessions. Had I listened to my realtor it would have been more cash out of my pocket with no impact on his commissions. The whole realtor/broker structure is set up for their benefit. Their incentives are to close the deal fast and hold commissions. That doesn't align with the buyers and sellers best interests. All in all, with the changes in technology, internet, and the level of education of buyers/sellers, the industry is ready for a change. It's kind of like travel agents, they are not really needed in the same capacity they once were. IMO, realtors/brokers are at that same crossroads.

[CNCAppsJames]

If you don't know anything travel agents and realtors are great. If you know what you want, where you want it, how much you want to pay, what you want to do, they are unnecessary and expensive.

I used to have to use a travel agent when I first started where I'm at. That lasted about a year. After the 3rd time they screwed up my TSA (several flights that didn't have my Pre-Check info in it), that was it. That cost me time and 2 missed flights. Hours to make a flight change when I have minutes. I'm much happier making my own arrangements. I'm going ot make a push to do it ourselves next time.

[YoDoug]

The biggest problem with listing your house yourself is the protectionism in the industry. Realtors are taught not to show houses to buyers that are not represented by a broker/agent. Some brokers won't let realtors take deals that don't have broker/agent on both ends. You can list your house on MLS and buyers that know how to search will find it, but it will get far less in-person viewings because buyers agents won't take people to see it. that is protectionism that borders on racketeering.

[Del.]

Realtors are like sharks with blood in the water when they see a by owner listing