The National Association of REALTORS® (NAR), in choosing to settle commission lawsuits filed by sellers that have dogged the industry for five years (along with the cascade of copycats added over the past six months), framed the decision as being an effort to “protect our members to the greatest extent possible.”
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wow….pathetic NAR is
How many agents do these 87 +/- brokerages account for? It seems that there are a significant number of agents that the NAR settlement does NOT cover.
A Realtor works many hours, gets not health care, no assurance of a sale, spends a lot of money on advertising, supplies etc. A good realtor gains the respect from their clients, explains all of the many forms they have to sign. Now we will have another form which will hurt the buyers, make for more confusion in a process that has worked well for many years.
Realtors have driven prices up, up and up and made a lot of money. It’s time for them to take a pay cut and stop whining!!
You have no idea what you are talking about . It once took me 13 yrs to sell one of my buyers a house . & i shared her with two other realtors. So i got 1/3 of the 2.5 % commission . I made appx. $3,000 a year and I drove to an pre viewed every property for her in advance before driving again and showing it to her. I made less then $20 an hr.
The way it’s described in this article makes it sound like extortion … If you want our protection, you’re going to have to pay for it. “Whoever holds back the negotiator is the hidden hand behind it” – The Godfather
Follow us around for one week and you will go running back to your corporate job…realtors work 24/7 from 5 in the morning (builders) to sometimes after 10 at nite.(writing up contracts).. we all worked thru Covid…brave icy roads and bad weather and 70% of the time never make a penny..I have always held my clients, both Sellers and Buyers, in the utmost esteem and have seen over the 39 years I have been in business, that they do not honor me in the same way..this market is unbelievably tough with supply at an all time low and demand at an all time high so its the Sellers who are making record profits not the Realtors who may write offer after offer and never win the sale….if you only knew what a small percentage of the commission recvd at the closing table goes to the selling or listing realtor you would be shocked..I worked in corporate all my life before becoming a realtor, worked on a military engine build with United Technologies and recvd a ck every 2 weeks, a 50 cents on the dollar savings plan, a 401K, insurance, sick pay and vacation pay..none of which I receive as a Realtor..I do continue to do what I do because I feel that I can make a difference and help all people realize their dream of owning a home but its getting harder and harder every day..pls be kind to your Realtor, they are working very hard for you!!
Great response!
Jesse- In my reading of your most recent articles on the NAR lawsuit settlements, it appeared that the only remaining litigant is HomeServices. But you went on to list what seemed like an additional 87 smaller brokerage firms (firms smaller than the behemoths like HomeServices, Keller Williams, et al.) who are still vulnerable to litigation. When I scanned that list of 87 brokerages, I was surprised to see so many brokers operating as Berkshire Hathaway and HomeServices affiliates, along with other brands such as Harry Norman, Realtors (the brokerage I represent as a Realtor), that are also owned by HomeServices. Wouldn’t all those firms be connected to the outcome of the HomeServices litigation? Or is that what your list represents, that the liability of these 87 firms’ is still uncertain BECAUSE of their connection to HomeServices? If not, what am I missing?
One lawsuit, one regulation one layer of headache or delay after another, the goverment and our corporate cleptocracy have finally succeeded. For years the government has dreamed of doing away with the home mortgage interest deduction, for that matter they have dreamed of doing away with the American Citizen alltogether, but they have succeeded in almost ending the average American from owning a home. And they can proudly boast that today 87% of all the real estate in the US is owned by either hedge funds, or foreign entities. So in the same way they destroyed the American indian, they are destroying the American way of life. During the great overreach of 2009, the power grab in which the deep pocket banks took over lending almost exclusivly and added layers of delay so that “high risk borrowers” , you know the working people who struggle,,they have to wait 7 days to close and add a mountain of paperwork to the process. Made it easier to “just sell it to a cash buyer” So, now that were here enjoy it.