Quote from @Russell Brazil:
Quote from @V.G Jason:
It's incredibly hard to tell what will happen.
I do think we see a slight uptick in listings, but it's hard to decipher how much of that is from this ruling. This will consolidate a lot of the real estate teams & agents, you'll see some systematic models and approaches being created like ala carte online tools that you pay as you go with it for a buyer. I just don't see how the entry home buyer is going to be able to overcome this, this is just now another hurdle. Or am I off?
The buyer doesnt have to overcome that hurdle. The commission will simply be included in each offer, as opposed to listed on the MLS.
In less than 24hrs there is articles coming out from Real Estate know-nothings reporting on it declaring there "knowing" on how this will so radically change things, with a narrative as if buyer agency just magically became free, lol.
I have seen major news outlet's with articles saying things as dumb as now real estate transactions will cost only 1-2% in total, lol.
So for those not in the know, in simplest terms what was just done is the function between sellers and buyers has been severed. So now, each side must work more independent of the other. Meaning listing a home for sale will require MORE actions, efforts, energy, intelligence. And a buyers agent will have to also do MORE, be smarter, more experienced, intelligent, AND will have to integrate direct billing.
That = MORE expense, not less. More = MORE, not less.
Less buyers = more work to get the buyers. And the childish notion that prices will plumet is ignorant of fact of sellers CHOICE on what price is worth it to sell at. If sellers don't get a worth-it price, THEY DONT SELL, it's just not complicated people. Less homes for sale does not reduce prices, it holds them UP.
Novice agent's who don't have the chop's for negotiations, who don't comprehend how to negotiate seller concession, there gone baby GONE! So less agent's. Again, less does NOT = cheaper.
And my personal funniest one I read, on how the various discount/flat-fee brokers are gonna win, LMAO. There gonna loose the MOST. There done, this is an extinction level event for discount/flat-fee brokers because there discounted system was reliant on an ocean of ready buyers/buyer agents bringing buyers because that's literally how they could be discount, they just listed on MLS, did the bare minimum.
Now, in a world where listing agent's are doing way more, spending more, interacting more with more people, namely unrepresented buyers, it's not gonna be some big fire-sale of listing fee's.
End of day I see it as a change of some paperwork and that's about it, at least for me. How I do listings changes very minimally, because I already did most of what this change will require. Biggest change will be intaking a lot more unrepresented buyer inquiries and thus a lot higher % of dual agency transactions.
And that alone, dual agency, scares the hell out of 50%+ of retail brokers/agents because they are not of the professional level.
I see a LOT of novice agent's leave and being shown the door, because there scared, not up to the job, or brokers have no faith that agent ___ won't mess up dual agency so there not worth the risk. For me that's going to be my #1 biggest change, adding in new scrutiny that agents are NOT allowed to act alone or as primary on transaction until they can prove mastery of dual agency.
