befitter said:
johnnyblaze36 said:
befitter said:
Typically the buyers agent makes 3% and the sellers agent makes 3%. Now...the buyers agent is no longer a part of that deal meaning the buyer is on their own with no representation....because why would an agent want to work for a buyer if they are not going to make a dime.
Good luck with that buyers.
I am not a real estate agent.
This couldn't be more inaccurate. The amount of fake news surrounding this topic is wild but I guess that's to be expected with all of the clickbait headlines circulating out there.
How is it not accurate?
-6% commissions (3% for Sellers Agent and 3% for Buyers Agent) is still used today. The NAR agreement has not yet been approved. Commissions have always been negotiable. Nothing has changed.
1) Buyers Agents are still being used and still will be used. Buyers Representation Agreements have already been in place for years. The only change is that a buyer will have to sign one BEFORE the agent can show them the property.
2) The big change is that the MLS (Multiple Listing Service) will no longer display/advertise any information on their website about how much commission listing and buyer agents are making for any particular property. That information can been placed anywhere on other webpages or advertisements, just not on the MLS website.
3) You are free (and always have been) to try and negotiate the commissions paid. There are plenty of "Discount Brokers" out there that will do things for less and thus offer less services and less support. You get what you pay for...
4) If you don't want to mess with a Realtor when you sell your house, you have always been able to do FSBO (For sale by owner). Statistics show that FBSO homes typically sell for 23% LESS than similar properties that were properly marketed and exposed by a licensed Realtor.
Quote:
For Sale By Owner (FSBO) Statistics
- FSBOs accounted for 7% of home sales in 2023. The typical FSBO home sold for $310,000 compared to $405,000 for agent-assisted home sales.
- FSBO methods used to market home:
- Friends, relatives, or neighbors: 20%
- Yard sign: 19%
- Third party aggregator: 14%
- Social networking websites: n/a
- For-sale-by-owner website: 5%
- Open house: 7%
- Online classified ads: 4%
- Multiple Listing Service (MLS) Website: 5%
- Other website with real estate listings: 1%
- Video hosting websites: 1%
- Most difficult tasks for FSBO sellers:
- Preparing/fixing up home for sale: 4%
- Getting the right price: 15%
- Understanding and performing paperwork: 7%
- Selling within the planned length of time: 7%
- Having enough time to devote to all aspects of the sale: 4%
- Attracting potential buyers: 4%
- Helping buyers obtain financing: 5%