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Old 11-01-2023, 11:04 AM
 
7,269 posts, read 4,209,432 times
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Quote:
Originally Posted by MikeJaquish View Post
So, when the agent spends 100 hours with a buyer, showing multiple houses, writing multiple offers (including the attendant research), jumping when callled at mealtimes, and on evenings and weekends, and giving good guidance, how much should the agent gross and net?

And when an agent lists a house and it goes under contract in one or two days -- how much should both the selling agent and buyers agent gross and net ?
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Old 11-01-2023, 11:14 AM
 
Location: Ocala, FL
6,470 posts, read 10,332,410 times
Reputation: 7899
Quote:
Originally Posted by illtaketwoplease View Post
And when an agent lists a house and it goes under contract in one or two days -- how much should both the selling agent and buyers agent gross and net ?
Do you realize that is the exception and not the norm in most real estate transactions ?? As a former realtor I found that on average, I spent much more time merely showing homes than actually closing on them. If it does happen to close quickly, does that mean that my time was worth less $ somehow? In that case, do I owe you a pound of flesh as well? It seems as if some folks think that is how it should work.
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Old 11-01-2023, 11:31 AM
 
7,269 posts, read 4,209,432 times
Reputation: 5466
Quote:
Originally Posted by dontaskwhy View Post
Do you realize that is the exception and not the norm in most real estate transactions ?? As a former realtor I found that on average, I spent much more time merely showing homes than actually closing on them. If it does happen to close quickly, does that mean that my time was worth less $ somehow? In that case, do I owe you a pound of flesh as well? It seems as if some folks think that is how it should work.

in a fast-sale instance -- why should a seller or buyer care about your past history ?
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Old 11-01-2023, 11:42 AM
 
7,269 posts, read 4,209,432 times
Reputation: 5466
Agents control the buyer pool. Yes buyers agents steer clients...

https://finance.yahoo.com/news/datad...153000146.html

*(buyer agency agreement or not)


A little lite reading dating back to 2005. Good thing for agents change moves slowly...
https://www.justice.gov/sites/defaul.../05/213351.pdf
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Old 11-01-2023, 11:54 AM
 
Location: Sarasota/ Bradenton - University Pkwy area
4,612 posts, read 7,529,570 times
Reputation: 6026
As to who's right and who's wrong on these current class action lawsuits, I will leave for the courts to decide. No system is perfect and should always be open to change as needed.

However, I do question the motives of why these major lawsuits are happening now. Yes, the law firms are claiming consumers will benefit from the law firms getting even richer, but somehow I have a feeling that the consumers, NAR, the MLS & real estate agents may all end up losers to some extent once the law firms have destroyed the current MLS system with no thought as to what will replace it.




This article is older, from 2015, but it's words have merit today:

https://thenewamerican.com/print/cla...or-businesses/

Manufacturers of consumer goods in the United States have a lot to fear from the government, and becoming the target of a class action lawsuit is right up there in the first tier of those concerns. An astounding 52 percent of major corporations are engaged in class action litigation right now.

The real goal of many of these lawsuits is to extract a large attorney fee for the law firm bringing the case. The class of alleged consumer victims — their clients — is often a secondary concern, and is usually left with relatively little financial benefit, sometimes merely a few cents.


and

In the rarefied world of the large class action law firm, cases are selected exactly backward from what the well-meaning person would expect. Law firms now do research to identify a suitable target company, write a lawsuit against that defendant (without that company knowing anything about it), and then — and only then — find a “lead” plaintiff to represent the class of “victims.”

Once the case is in place and filed in court, the lawyers pressure the target defendant company to negotiate some sort of token compensation for the users of the product, plus a large attorney’s fee, which is in essence a payoff to drop the matter.

The law firm then departs after obtaining its thousands or millions of dollars from the defendant company, and the consumers who bought the product may get a few dollars apiece, or a coupon for some more of the offending items, along with a cumbersome process to obtain their meager winnings.


plus

There is no practical constraint on lawyers who use the class action business model to get rich. There is no fee-shifting rule that would make them pay the legal fees of the target companies if they lose, or to be accountable if they bring a frivolous lawsuit. Only the defendant ends up paying its own massive defense costs, even if the attacker loses. With no consequence for lawyers who bring these suits, even in bad faith, it attracts a lot of participants to the field, and intensifies their foraging for new business segments or products to attack. No one running a medium- or large-sized business is safe from the sudden lawsuit falling out of the sky on them with no warning.
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Old 11-01-2023, 12:19 PM
 
Location: Cary, NC
43,265 posts, read 77,043,330 times
Reputation: 45612
Quote:
Originally Posted by illtaketwoplease View Post
And when an agent lists a house and it goes under contract in one or two days -- how much should both the selling agent and buyers agent gross and net ?

Quote:
Originally Posted by MikeJaquish View Post
So, when the agent spends 100 hours with a buyer, showing multiple houses, writing multiple offers (including the attendant research), jumping when callled at mealtimes, and on evenings and weekends, and giving good guidance, how much should the agent gross and net?
I asked first.
You show me yours and Ill show you mine.

Last edited by MikeJaquish; 11-01-2023 at 01:15 PM..
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Old 11-01-2023, 12:31 PM
 
26,208 posts, read 49,012,208 times
Reputation: 31756
Quote:
Originally Posted by MikeJaquish View Post
NY Times article. The comments are evidentary regarding how little consumers grasp, and how silly REALTORS are about their entitlement:

https://www.nytimes.com/2023/10/31/r...smid=url-share
I love the NY Times as their comments are pre-moderated before publishing and the result is great comments.

Comments on this article closed 2 hours ago.

I always hire a realtor. The good ones are well worth the cost.

What I don't like about Realtor.com is when I asked just for one clarification about the HOA in an area of interest, nothing more, and I was bombarded with phone calls trying to sell me a mortgage, be my realtor, list my home, etc.

All I wanted to know is if that HOA maintained all the grounds on all four sides of homes, a feature that appeals to me at age 75. I just hate yard work and really hate spending thousands of dollars for lawn and garden equipment -- tools, hoses, nozzles, chemicals, sprinklers, nippers, clippers, saws, hatchets, shovels, rakes, spreaders, mowers, gas cans, seeds, gloves, ear plugs, goggles, knee pads, etc, etc, etc. Just about every SFH homeowner in the USA has to do. BTDT and had enough of it. Tens of millions of garages or lawn sheds look like a damn big box hardware store.
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Last edited by Mike from back east; 11-01-2023 at 05:16 PM..
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Old 11-01-2023, 01:19 PM
 
Location: Round Rock, Texas
13,447 posts, read 15,466,742 times
Reputation: 18992
I think each party should be responsible for paying their own agent's fees.

I think my sellers agent was definitely worth her cut of the 6% commission - she worked really hard on my behalf.

No offense to the buyer's agent, but what did he do on MY behalf to earn the same percentage? He acted on his clients' interests, not mine. What he did do was act as a facilitator, bringing his clients in to the deal. That is not insignificant, but now that I think on it, shouldn't be a cost borne by me as the seller.
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Old 11-01-2023, 01:46 PM
 
Location: Cary, NC
43,265 posts, read 77,043,330 times
Reputation: 45612
Quote:
Originally Posted by riaelise View Post
I think each party should be responsible for paying their own agent's fees.

I think my sellers agent was definitely worth her cut of the 6% commission - she worked really hard on my behalf.

No offense to the buyer's agent, but what did he do on MY behalf to earn the same percentage? He acted on his clients' interests, not mine. What he did do was act as a facilitator, bringing his clients in to the deal. That is not insignificant, but now that I think on it, shouldn't be a cost borne by me as the seller.
Factually, the seller passes all fees on to the buyer.
Buyer covers all brokerage fees.
Americans who aren't enlightened in finance are easy marks for self-serving lies they have been told by NAR members.
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Old 11-01-2023, 01:58 PM
 
Location: Round Rock, Texas
13,447 posts, read 15,466,742 times
Reputation: 18992
Quote:
Originally Posted by MikeJaquish View Post
Factually, the seller passes all fees on to the buyer.
Buyer covers all brokerage fees.
Americans who aren't enlightened in finance are easy marks for self-serving lies they have been told by NAR members.
Mike, no need for the insult.

There are many who are unelightened as myself because as presented on the seller's statement, commissions are a debit from the purchase price and it's natural to feel the purchase price are proceeds that a seller would receive.
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