All Forum Posts by: Bill Schrimpf

Most people in the US just don't negotiate, on much of anything.  I was just in Mexico, super touristy area.  Most people from the US would ask street vendors how much or pay the sticker price for whatever trinket.  No negotiation, its cultural, in my opinion.  Yes, some people haggle, most dont.

A very small percentage of agents or brokers handle a majority of transactions, so using averages of about 4 transactions leads to a false conclusion.

Comparing US commission to foreign commissions is an apples to oranges comparison.  Its like asking why the French dont speak Mandarin.

I do this frequently, it's a great tool for my out of state buyers - BUT only with buyers that have a signed buyers brokerage agreement and I've talked to their loan officer (or seen a bank statement).  I strongly suggest they actually visit in person during the due diligence period.

Interesting Idea. In Nevada, as a Licensed Real Estate Agent, I can loose my license for pocket listings (e.g. driving for dollars) or taking a commission from an off-market (non-mls) listing. Add to that, our MLS rules require that an MLS user, always uses MLS. MLS's are often owned by regionals Realtor's associations, and Realtor's want all agent's to be Realtors...

Great question!  After 3 days, 55 replies, we have one instance where lawyers got involved but insurance took care of things in that situation.  

The only actionable "yes" had to do with some privacy protections.

The lawyers always get paid! Does not matter if they are set up the LLC, trying to pierce it or harassing insurance! I should'a been a lawyer!

To any agent or brokers out there, have or will you modify your practices, simply to not get caught in in the suit?  You know what happens next, bottom feeder lawyers looking for their next victim based on Sitzer decision.

Sitzer / Burnett decision ink isn't dry yet, yes NAR will appeal, lots still happening but this is a big deal. Our broker had some very specific advice about how to word contracts going forward. The most interesting being to not use round numbers such as 2.5%, 5% 6% etc.

Taken literally, this decision leaves the buyers agent in the wind. How does that impact appraisals if commission is "baked in"? Will lenders lend to the buyer to cover buyers agent fees? How do VA buyers get impacted?

Maybe I open my own brokerage, market huge savings to sellers and offer peanuts, or zero to buyers agents.  Become a pariah to all my colleagues!  

Its going to be fascinating to see how this lands, who and how will the industry be disrupted.  

Surprised there isn't already lengthy discussion on this.  What are your thoughts, questions, fears, and most importantly, opportunities!

@Drew Smith - Its been a break even situation for me. I'm on my 3rd round, so I'm not wow'ed but not hating it. The leads are marginally better than other lead platforms like Zillow. Basically, lots of low quality leads when BP advertises the program on social media such as LinkedIn or PPC. For me, if the lead has a somewhat filled out BP profile, it's probably decent quality, otherwise its an aspirational investor, rather than an investor. Maybe the aspirational leads turn into something someday, but Im buying the lead today, so I want an ROI that is measured in months, not someday, maybe. Your mileage may vary.

@Branden Wintermyer - What your really asking about is something called dual agency.  The idea that you dont know that, tells me that you should use a buyers agent, dont call the listing agent.  

Some states prohibit dual agency by law, and many brokers prohibit it by office policy because it's considered by many to be unethical, or potentially opens up lots of liability and conflict of interest concerns.  On the flip side, others argue it can be done correctly and ethically.

Here is a decent article from Nerd Wallet...  Dual Agency

@Jake Andronico - Are you a real estate agent in Nevada?  I looked up your name in the NV Real Estate Division, and no records were found.

https://red.prod.secure.nv.gov...

@Nathan Gesner

@Jake Andronico - Welcome to BP, it's a great place.  I saw you hitting up the Reno threads, even old ones, which is kinda cool.  Be careful about soliciting, the mods take it seriously.  I had a post removed a few years ago and was upset at the time.  Looking back, I'm glad they take good measures to keep that activity down.  My unsolicited $0.02, avoid sales'y activities, bring real value and advice, you will do great!