Latest News Who Pays Real Estate Agent Fees Revealed 2022
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Latest News: Who Pays Real Estate Fees - Revealed
Barb, many people buying and selling real estate are often confused about how the real estate industry divides up commissions in a transaction. We have read about the DOJ going after the National Association of Realtors for lack of transparency and Anti Trust, tell us the latest…
This started a few years ago with:
Anti-trust lawsuit brought on by some Chicago home sellers about:
“Why am I paying for the buyers agent to fight against me in the transaction?”
This opened the investigation into the “Industry Norm and Standard
Significant Anti-Trust Law Violations
WHAT IS AT STAKE
This Needs to be Viewed from a Courtroom Situation
Who is My Advocate?
Lawyer for Plantiff – Buyer Trying to Get Stuff
Lawyer for Defendant – Seller Trying to Sell and Maintain the Existing Contract
Why Am I Paying for Opposing Counsel?
THAT IS THE WAY IT ACTUALLY WORKS!
Suit Revealed
Minimum mandates of commission to buyer’s agent
Agents were telling home Sellers:
“If you DON’T offer the buyers agent X commission, the agents will not show it to their buyers
Reveal: Buyers lack of transparency about commission offered
Image if you hired an Agent to Represent You and you found out…
Your agent was filtering out listings that did not offer what the agent considered to be their “minimum fee”..
Reveal: Some MLS Systems do NOT allow NON-NAR members to input their listings (PPAR) or SHOW their listings
If I do not follow ALL of their Rules and Judgments,or if I do not want to be a member of NAR they can bar me from putting my listings into the Pikes Peak MLS.
Its Equivalent to being a Union vs Non-Union Member.
If I not a member, I can join and show other homes but I CANNOT put my listings in the system
DOJ Anti-Trust Case Charges:
Disclosure to consumers about buyer broker commission
Mis-representation to buyers that co-commission is FREE
DOJ Anti-Trust Case Discrimination Charges:
Agents can filter homes in the system by amount of commission offered
MLS limited lock box access to local members only
EFFECTIVE IN MARCH
The amount offered to the Buyers Agent MUST BE MADE PUBLIC
REX Factor:
Off Market – Own MLS Shunned by NAR & Z
Story of NE Listing Sold to them by REX
Zillow Factor:
Owns Your Contact Info Thru Showing Time
Swiping Buyer Leads from our Listings and Selling them to Multiple Agents that purchase leads by Zip Code.
Different Methods & Costs of Selling a Home
Traditional Listing:
Pros:
Access to a majority of buyers
International Web Exposure on other Agents Sites
Cons:
MLS Makes your Home Generic – Nothing Special
Its Value is Compared to Other homes
Sanctuary Example
Benefits of your home may not be identified by average agents
Pressure from outside agents to reduce price to give concessions
Agents will do Desparate Things to Get a Contract:
Offer WAY MORE then beat seller down on price later
Or Worse yet, tie up property then change their mind
Offer Before Seeing
Then Change their Mind!
Offer AS IS OR “Inspection for Information ONLY:
Then try to get $10K upgrades once UC and call it “negotiation”
Note the Seller took that contract over another based on the terms.
Now the other buyer moved on!
You Want to Hire the Team That can Get YOU the MOST Money and Fight FOR You!
If You are Thinking of Making a Move In the Next 3 – 6 Months and..
What to Do to Get Ready
What NOT to Do to Get Ready
How We Give You ACCESS to ALL The Buyers
World Class Marketing That Attracts Best Buyers
What Your Home Will Sell For
How Much You Will Put in Your Pocket
If call us I’m Barb Schlinker (spell it) Call 719 301 3900 or visit:
https://www.BarbHasTheBuyers.com
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