저자: Kevin · 외국인
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미국 전미부동산협회(NAR)의 중개수수료 합의로 매도자가 바이어 측 중개수수료를 제공할 의무가 사라짐. 리스팅 에이전트는 수수료 경쟁력을 위해 바이어 수수료를 제외하는 방향으로 빠르게 전환될 것이며, 그 부담은 주로 초보 주택구입자와 신규 투자자에게 전가됨. 주택가격은 거래 비교 기반이라 하락하지 않을 것이고, 수수료 인하가 주택 구매 부담을 줄이지 않는다는 견해.
다듬은 글
wow the game of Real Estate has just changed forever in this video I'm going to break down the full National Association of realtor commission settlement this is a huge game changer for the industry and it's a really bad type of change for one type of person and a really good kind of change for another in this video I'm going to break down exactly whom that person is and it might not be whom you're hoping it to be anyway here's first a background on how commission structures usually work this is actually really important to understand where do companies like Zillow and red finin come in and how does it compare to uh you know what is normal and then how does today's ruling change everything well let's talk about that so America has a very unique system it's a system we haven't really seen anywhere else in the world and it's one essentially where when a listing agent goes to a seller of a house the listing agent which keep in mind I've been a broker for over 11 years or real estate agent for over 13 years broker just means I can employ agents in case you're not familiar with that and then of course we can join the MLS we'll talk about that in just a moment that's how you become a realtor realtor is different from agent agent is State licensed realtor is membership so when you hear the phrase realtor just think member member of the multiple listing service C MLS All Right seller so ordinarily when I go to a seller I I would say say all right what we're going to do the seller will say what are the fees well your seller fees are usually going to be one to one and a qu% and those are going to be things for escrow Title Insurance maybe a home warranty plan if we decide to offer it then we're going to have the listing side commission that's usually 2 and 1 12% in my market in some markets that's 2% in some markets that's 3% usually you see higher percentages when the prices of properties are lower and so if you go luxury like $2 million properties you usually see a 2% listing commission but these are all negotiable right so 25% to the listing agent and we would usually offer 25% to the buyer agent that's the person representing the buyer and then what we would say is hey if I happen to represent you as the seller and the buyer which is allowed in Most states in the country though in some areas it's not allowed uh we would offer a minus 1% discount to that so the total commission would be four instead of 5% this this has been traditionally the structure we would use of course another seller fee would be any kind of repair costs uh that the seller has during escrow for credits or whatever it might be so usually we would see fees between 6 and 6 and a/ qu% of that 5% would be commissions now what's happened is you've had companies like let's say redin come in uh and these are what we generally in the industry call the discount agents they'll come in and say you know what we will list your property for 1% uh and then we'll still give 2 and a half% to the buyer agent because we don't want to discourage buyers so we're going to sell your property for that three and a half total as oppos to five uh you know total right two and a half two and a half outside the escro title number so that's an example of how discount agents uh would would would try to compete they would lower the fee they charge lowering the fee you charge is actually going to be a critical component of this settlement and you'll see exactly why in a moment uh now keep in mind that often times and I don't want this to be a video bagging on discount agents most Full Service agents will bag on discount agents saying well they do discount work discount agents respond and go no no no no we just do the same work at a lower fee right of course everybody's got their pitch and their shtick okay fine so what does this mean well right now this set has said instead of the seller offering 22% to that buy side and whatever it is to the listing side we're going to remove the obligation of the seller to offer anything to that buy side that has just disappeared which means if I'm a normal listing agent now I can go to a seller and say Hey you no longer have to pay 6 to 6 and a qu% for realtor escro and tile instead we're going to go with let's just call it to be a little more competitive let's just call it 1% for escro and tile right and then we're going to add 2 and 1 half% to list it we'll do 3 and 1 12% total to sell your house obviously minus whatever repairs get agreed to during the transaction now the seller might say but who pays the buyer's agent then because traditionally the seller always paid the buyer's agent and that has now flip-flopped to where the seller can say we aren't going to offer the buyer agent anymore any money I don't care who pays for the buyer's agent but it ain't going to be me so who's going to have to pay for that well the buyer is going to have to pay for that now you might think wait a minute if the seller can sell the property for lower fees that might mean sales prices might come down right well let's think about this for a moment so let's simplify this and let's say the old guard for seller was 5% plus escro tile repairs right now the new is as a listing agent I could tell the seller it's only 25% well that makes me much more competitive as an agent right if I could say hey it's actually much cheaper to use me now I'm able to lock in my fee a lot easier because I'm not also advocating for the buyer agent anymore so I actually think and this is an important part right here a lot of people like Kevin is is this actually going to change anything yes I actually think listing agents are very quickly going to adopt to this change and they're going to say you know what we're just going to offer zero to the buyer agent because it makes me more competitive in that listing appointment remember if you're not in the industry that might seem confusing an agent who goes to a seller is competing to get that contract signed well if you can compete to get that contract signed by burning the other Buyer Agents because now you could do that well why wouldn't isue well may maybe you like your Buyer Agents friend that's true but in a capitalistic world the buyer agents are going to get burned the sellers agents are going to cut them out that way they can increase the odds of them getting the listing because the seller really only cares about one thing that's the house gets sold for the maximum possible net and if your net sheet shows that they get a bigger number you're more likely to get the listing so again listing agents are probably going to start advocating and mass we don't have to offer the buyers commission anymore now that's where the changes in the past if you offered if you took a listing commission and you put a property in the MLS you had to offer a buyer agent commission now that buyer agent commission could be as low as $1 but because everybody in the area would generally offer 2% 2 and A2 or 3% well everybody basically stuck to that so people didn't really have to offer 2 1.2% they just had to offer something and because they had to offer something and it was normal for everybody to offer 2 and a half% in my area let's say again it could be two or three somewhere else people would do that in fact what people used to do old school this is going to blow your mind listing agents and listing agents had to sell the seller on doing this so the listing agent would say give me 22% but it's such a hard market like 2011 or whatever let's offer the buyer agent 3% that's called a buyer agent incentive and it's basically trying to convince a buyer's agent to go please bring more clients to this property you will make more money now I know it shouldn't be that way right it should be best house for the best buyer and matching fits like that but this is capitalism that's not how it works we could debate the merits about being an agent or whatever in a different video I'm just explaining what's likely to happen here is the listing agents are going to completely remove themselves from the need to offer a buyer commission at all okay so now we have that bottom line secured listing agents are going to make themselves more competitive they're going to make themselves more competitive by lowering the total fees that they have to negotiate for by cutting out the buyer's agent which makes the seller look like they're getting a bigger net as soon as some agents start doing that in a neighborhood it is going to spread faster than the the first wave of covid because the agents advocating for the buyer agent aren't going to get listings anymore and they're going to go dang it I have to change my practices and then all of a sudden before you know it nobody's offering buyers agents commissions anymore all right bottom line secure buyers agents aren't getting commissions anymore what does that mean for buyers and home prices and who's the big winner and loser in all of this right let's analyze that okay so if buyers now have to pay the buyer Comm Mission what's going to happen is buyers are going to do one of two things buyers are going to well first of all on the listing side you're still going to have that 2 and a half% for the listing side so the listing agents still going to get their money they used to get the 2 and a half% anyway right so that that part doesn't really change it doesn't really affect the sell's agent so listing agents are pretty insulated here but Buyer Agents used to basically rely on the listing agents negotiating negotiation for their commission well now nobody's advocating for their 2 and a half anymore so that buyer agent is going to have to convince buyers themselves to pay for that 2 and a half% this is done through something known as a buyer broker a buyer's broker is kind of like a contract that a buyer enters into with their realtor and the buyer promises to pay their agent 2 1.2% now I know a lot of people are thinking to myself there's no way in hell I'm going to do that well who is most likely to need a buyer's agent most well frankly it's firsttime home buyers home buyers or new investors people who don't know anything about Title Insurance Home Inspections electrical panels sewer City permit requirements City inspection requirements zoning flood insurance best insurance agent best vendors in the area people who don't know these things whether it's crime rates or which areas have had the rebar taken out of it by the Builder in a fraudulent Manner and half of the neighborhood sucks and the other half doesn't because one half is basically having their foundations crumble away who's going to tell a buyer that well it's not going to be the seller so the buyer has to hire their own representation now there are two types of representation you can hire you could hire a consultant or you could hire a real estate agent that is paid on a commission of you actually getting CL like a deal closed so when an agent gets a commission they're motivated to help you get the deal closed they're motivated to make sure that you fully understand what you're getting into and that problems get resolved every single real estate transaction has problems and it's usually between the seller uh the sell's agent rather and the buyer's agent in terms of how problems are solved buyers and sellers directly together like if we just did blockchain Real Estate it it probably wouldn't work mostly because because you look you could blockchain title insurance and certain like fees title insurance is going to go to blockchain that for sure but the actual emotional transaction of real estate is extremely difficult because there's so much involved and people are extremely emotional in real estate and there's so much of people are just unaware of that it's actually a very hard transaction people bag on real estate agents all the time because they say well when I bought my house it was easy that's the norm after a deal closes and it's an easy deal agents are usually like did did that just happen like usually deals aren't easy now again I'm not here to advocate for you having an agent or not I'm just saying a commissioned agent is Mo really motivated to get the deal done because they don't get paid until they close the deal a consultant might charge a buyer hourly now again I don't care which one you choose obviously hourly if you look at 10 homes you're going to pay a lot more money than if you look at one home maybe that's the fair model maybe that's the future right but who ultimately gets screwed by this and do home prices come down well let's Analyze This okay so the listing agent is still making their 2 and a half% so we know it's not the listing agent that's getting screwed at least before we talk about home price let's ask ourselves is the seller getting screwed by paying lower fees no of course not again we're going to talk prices in a moment but it's not the listing agent who gets screwed and it's certainly not the buyer or certainly not not the seller who gets screwed again on a fees point of view then you've got buyers and Buyer Agents well do buyers agents get screwed in part yes because now Buyer Agents need to prove their value upfront and actually convince a buyer to marry their basically real estate agent and no matter what property they buy they have to use that agent now that's the right thing to do anyway so maybe that's not that big of a deal so I'm going to say this is a about um maybe a half loss for the buyer's agent so so let's say half of the pain is carried by the buyer's agent okay who carries the other half the buyers absolutely the buyers get screwed here what kind of buyers get screwed well let me ask you this I run a real estate startup I've been doing this again for like 11 13 years 11 years as a broker 13 years as over 13 years as an agent property manager am I going to get screwed so if I have my real estate startup and we're buying real estate which by the way you can invest in it if you wanted to it's house act.com 2024 we're also creating ways to make it so that you could 1031 into a public security that you could just swipe up on Robin Hood and sell so you defer taxes up to that point which is pretty incredible you can learn more about that by emailing us at IR house.com but anyway let me ask you this somebody who's sophisticated who has their own real estate license are they going to get screwed no somebody who has their own real estate license who uh knows how to play the game who knows what they're doing who's a sophisticated investor who's done this many times before they're not going to get screwed look for example house hack by the way uh I just licensed my real estate startup so like here it is house hack here's our license ID number Status license so we are going to be just fine and any investor who knows what they're doing is going to be just fine in fact if we want to go buy real estate what do we do we just pick up the phone and call the listing a and we could write paperwork ourselves we don't even have to charge ourselves but that's very unique we're a buyer that's licensed and is a member of the Realtor Association we're not going to get screwed who gets screwed well it's not this kind of buyer it's the firsttime home buyer it's the firsttime home buyer and the non-licensed brand new investor who's trying to get started they're the ones who get screwed now why do they get screwed because they Kevin Kevin they could just they could still have an agent they could pay for the agent themselves really okay let's think about that for a moment most buyers when they get started they put down 32% to 5% that's their down payment let's assume they're going to put down 5% now a buyer agent says by the way I'm so glad you just came up with $25,000 to put 5,000 or 5% down on your $500,000 house but we're now going to need you to come up with another 50% of your down payment or $12,500 so that I can help you buy this home uh buyers and first-time investors are usually cash strapped you just shifted a massive burden to the Buyer Agents buyers okay so the buyers get screwed here because they have to come up with the cash now wait a second they're already cash strap because they're financing most of the deal the homeowners are selling most of the time with equity and if they're not financing their sale with equity and paying their fees with Equity they're going to a bank and short selling and then the bank is paying the fees so shifting this to buyers with loan low down payments really sucks so then you might say Okay Kevin but why don't they just ask for a credit back so what we'll do is we'll go ahead and say the house price is going to be 512 500 and the buyer is going to ask for a credit back of 125 now as long as the property appraises for uh uh 5125 we can give the buyer a credit back for $112,500 which can then go to pay the buyer's agent that's great but what did you just kill you just killed the fact that most buyers are limited to 3% in credits or the down payment right that's usually where you're limited unless you're VA then you can get like 3% with zero down it's kind of crazy but anyway if you now blew that potential to get a credit on a commission you're not able to use that credit to finance upgrades on the home like oh no the panel's broken let's replace the panel or the sewer or whatever you're now limiting credits that buyers can get because lenders put a Max on the amount of credits you can get when a buyer finances a home which most buyers especially first-time home buyers and investors obviously they finance their homes who doesn't finance homes cash buyers cash buyers sophisticated investors investors who have their licenses they don't care about this this doesn't matter these are sophisticated people who could just call the the listing agent and have faith that the agent's maybe not going to do much for them anyway and they'll just represent themselves like a big boy or big girl okay well again that's great for sophisticated people but who does It screw home buyers and early investors and then of course in part Buyer Agents so I think the and then we're going to talk prices in just a moment who benefits here sellers listing agents who's hurt buyers and buyers agents if you're going to be a real estate agent you want to be really really successful in the long term you probably got to focus solely on listings now that's not to say if there's a buyer who really wants to work with you they won't pay you your fee that will happen it's going to be a lot harder to negotiate that especially amongst cash strap buyers maybe you'll open up a whole new breed of Consultants I don't know about that now we have to talk home prices with a quick note about the MLS some people are suggesting this is the death of the MLS no being a member of the MLS is critical my real estate startup we're a member of almost all the mls's that we work in we do that on purpose so we could get the best data and we can get the California Association of realtor legal contracts or if we're buying in Utah we could get the Utah Legal contracts whatever wherever we're buying we could use the standard forms in some of the best contracts that exist the California Association of Realtors as an example they're really good they have some of the best paperwork that exists you want to be a realtor to be able to use those forms and you want the best data available on the MLS is it possible that that best data is going to end up at you know places like Zillow maybe probably not in the near term because I don't think this ruling changes anything for people being part of the MLS or not what this changes is buyers and buyers agents that's it that's where the problem is what about prices some people say well if a seller can now save 22% or 2% or 3% on the value of their home will they sell their home for Less no I do not think that home prices are going to go down as a result of this I understand it seems logical that if a seller can sell their home for Less because they have lower fees that prices might come down and maybe buyer purchasing power will fall a little bit because now they have to pay for all these fees or maybe they don't right that's not how the market works though the real estate market is based on sales compared comparisons if 10 homes in the last 6 months in one neighborhood sold for 500 Grand just because fees just went away doesn't mean the seller is not also going to expect $500,000 and the appraisers probably aren't going to look at that as well so I don't actually see Home Ownership getting more affordable as a result of this I actually think what you did is you just made and I'm not saying this this ruling shouldn't have happened I'm not anti- the ruling like let's be real the reason the California Association of Realtors and the National Association of Realtors and different realtor associations throughout the country advocated for a buyer agent commission was actually to help buyers get into deals to make it so that look here's an agent for you you don't even have to pay for them we already got that handled for you I understand why courts are like yeah well we can't mandate that I totally get it but yet just fed firsttime home buyers and homeowners who were moving and early investors I'm convinced by that you just made those transaction a lot harder now I want to give some respect here to some public comments that I saw so let's take a look at some of these public comments here somebody says I have 40 years of experience at practicing real estate as an attorney it seems to be that most of these comments on Reddit are made by people who do not know what's involved in the sale and purchase of a home having worked with many real estate agents and Brokers I could say most of them not all like all other Industries there are a small percentage of people who give everyone a bad name are very hardworking individuals in order to make make a living as an agent you're working 247 365 the phone rings you answer it whether it's at 11:00 p.m.
or whatever yes in a sell's market being a listing agent is relatively easy but representing a buyer is very difficult when houses sell fast buyers need help getting their offer put together and present it as fast as possible or they will not have a chance at getting their contract signed this is true you got to be fast and you need to know how to talk to the listing agent and you need to know the questions to ask and you need to know how to present the offer and you need to know how to follow up it is a job to get an offer accepted it's really really hard okay but anyway when houses okay we talked about that likewise when it's a buyer's market a knowledgeable listing agent can be invaluable in getting your home sold there's so much more involved than what's seen on HGTV that's true that's a nice one about agents okay what over here when I bought my first home I was a very very busy woman I worked with a realtor who presented who presented well and I liked her but I expected her to do the work of me the right home I was too busy and I knew that she stood to receive thousands of dollars once I purchased I expected her to work for that money and she didn't when I was considering a condo I wanted her to get a hold of the info uh for the homeowners association and research how healthy the HOA was financially and what plans there were and she just didn't do it another time basically an agent tried to sell her home cheap and it sold with multiple offers blah blah blah this is very common you get these sort of feelings very frequently from uh buyers who are like you know I'm paying you and even though the seller was paying them I'm paying you therefore you better find my home for me or whatever like you you do get that kind of attitude and I understand where that expectation comes from uh it used to be in like the 80s that Buyer Agents would be like hey let's go look at these five homes I think these have your name on it well now with the Internet it's actually much easier for people to spend 5 minutes a day and go any homes come up in my neighborhood and then where the buyer agent really comes in isn't necessarily finding the home unless it's off Market it's negotiating the deal presenting the offer winning the offer and then of course closing the deal that's mostly where I would say most of the buyer agent pay comes in now again actually winning the contract not so much finding the home or unlocking the door some people do say that they're like oh they're overpaid door unlockers uh cost just got significantly less for the I buyers and private Equity behemoths uh good luck USA get your rent checks ready for Blackstone this will have no impact on pricing yep I think this person literally just nailed it uh costs did just get significantly lower for big companies and they're right I buyers basically companies who are are flipping Like An Open Door cost just got a lot cheaper for them because they don't have to offer that buyer agent commission anymore which gives them potentially more of a spread but they're able to get less of a spread UPF front remember when Open Door goes and buys a home they're like hey we're only going to charge you you know whatever our fee is versus is what you would be paying Realtors well they're going to pay for that fee upfront so I actually don't think the I buyers win as much as people think really again it's sellers who win sellers are going to be able to demand more dollah Halas for their properties uh somebody here says feels like a mixed blessing blah blah blah okay uh so there there's a lot of commentary around this uh somebody here is talking about oh the association of realtor sets a code of ethics blah blah blah Okay so very bottom line out of all of this what would I do if I'm a an investor well i' just have my own license and write my own forms but that's what I do and that's what I do with my real estate startup uh what would I do if I'm an investor or wanting to become an investor well the first thing that I would do is I would make sure to sign up for my event on June 21st to June 23rd in Vegas we are going to hold a 3-day event where we talk Finance Innovation and a lot of real estate I'm going to teach you how to go from zero to millionaire in real estate and and actually how to compete in this day and age how to get your offers accepted how to manage real estate how to actually find a good deal we're going to go through all of that and we've got other speakers coming as well for different parts of the event so stay tuned go to meetkevin.com to sign up get your ticket now the prices will be going up over time now what about if you're not going to go run out and get your license and you're just a home buyer well if you want the best representation possible you have two potential choices you could find the best possible real estate agent that maybe you've used before and you're just going to have to sign the buyer's broker maybe they'll sell your home too if you're moving up that's the way it is alternatively you could try to negotiate a Consulting agreement where hey you're going to end up saying I'm going to work with the listing agent but I want to run the deal by you and maybe ask somebody to come look at it can I pay you a few thousand and that'll buy me you know maybe three phone calls for advice and a visit to the property whatever it is right maybe that's too much okay maybe that's 10 phone calls right in visit property I don't know whatever it is I'd probably think about that especially if I'm a first-time home buyer as a first-time home buyer I think you really out reamed here I really really feel bad for first-time home buyers because first-time home buyers are going to be like I don't have any more money for all of these fees what the hell and so now with mortgage rates at 7% and you're you know it's being hard to save up for down payment now you to pay even more just to get representation whereas the listing agent has representation built in that sucks so really do feel bad for those first-time home buyers and uh I'll probably just try to hold more of these events or or put more content out on YouTube to really help first- time home buyers because I do think that buying real estate is the greatest and fastest way to real wealth and it's non-speculative that's my opinion but uh and I'm not looking for clients right I've got a big client that's called House hack it's myig baby and that's all I focus on but as far as first time home BS I'm sorry
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