MemphisAg1 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.
I bought several houses over the last 25 years as we moved many times for my career. We did all the homework and selected the houses we wanted to see from internet listings. Then we contacted an agent to arrange showings. We didn't think about fees because we weren't paying them.
If I were buying a house today, we would do the homework again but then arrange the showings ourself by calling the listing agent directly. No way I'd pay a 3% fee on a $500k to $1M house just for arranging a showing.
This is good. 6% baked-in RE commissions were a racket sustained through a monopoly approach. Going forward commissions will be earned on a value-added basis.
Hint: it won't be 6%
So, you want to call up the selling agent directly? The agent who has a fiduciary responsibility to the sellers? The sellers are paying your [buyers] agent. It isn't costing you a penny to have an agent represent you as a buyer. If you don't have an agent, not only are you going to be doing all of the legwork, you will losing money as a buyer.