Obviously you are going to defend your turf. What I’m hearing from the agents in this thread: lawyers suck, appraisers suck, title companies suck, etc. Most people here think agents play a role just not at a 5%-6% commission rate.
OT: Real Estage Agent Commission Changes
- Thread starter RU_03
- Start date
I'm a lawyer, but I am an exception to the rule, and I am exceptional. Just ask me! When I was in law school, I was a teaching assistant for legal writing, and I helped with grading papers. I was mortified- the majority of students could barely write a cogent paragraph. Writing is an attorney's stock in trade.
Your rule about lawyers in NY proves nothing. You do realize laws and regulations are written by lawyers? It is not surprising that they made a rule favoring lawyers.
That is a stupid rule. Lawyers and real estate brokers have two different skill sets. While there may be some that can have both skill sets, this is likely rare.
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There may be bad lawyers but even the worst practicing lawyer is smarter than the average Joe and finished 3 years of law school, passed a bar exam, maintains annual Continuing Legal Education (CLE) requirements, adheres to Rules of Professional Responsibility and ethical requirements, etc.
This thread isn’t about comparing lawyers and agents = it’s all about the ridiculous commission.
Some people should use a realtor, some people can do it themselves, and some people think they can do it themselves but should hire a realtor.
I bought and sold 3 places and done discount broker (YHD), FSBO and a regular broker. They all worked out well for me. I used a broker for the most expensive place.
I bought and sold 3 places and done discount broker (YHD), FSBO and a regular broker. They all worked out well for me. I used a broker for the most expensive place.
Totally disagree. It takes minimal smarts to get a JD and pass the bar exam. Heck, I passed 4 bar exams within one year with flying colors!! CLE requirements are a joke. Adhere to the rules? Bwa, ha, ha, ha. Nobody checks on that. The thread evolved, and the cost of all involved-the real estate agents, the title search, the attorney, etc are all relevant to the cost of the transaction.
You fail to recognize that there are quite a few real estate agents that add tremendous value to the home selling process, but you want to focus on the bad apples, while ignoring the fact that a large majority of attorneys are in that same bad apple basket.
BTW, the 6% commission for realtors supposedly went away in March. We had several listings long before this where we negotiated a lower rate, one being 4%. We had tried selling several homes FSBO with no luck. List on the MLS with a good broker, and the house sold quickly.
6% commission fees for real estate agents are going away. What to know about the new rule
The cost of hiring a real estate agent to buy or sell a home may soon change, along with decades-old rules that have helped determine broker commissions.
www.nbcnewyork.com
Isn’t it interesting and convenient how everyone else is a moron and only an agent can help? Hmm…..
😁
I see you decided to take this to a new level of ridiculous. No offense but you are registering pretty high on the BS meter. Everyone wants to talk sh!t about lawyers until they need one.
I dont understand this point. So all lawyers are idiots (besides you of course) so use a real estate agent instead because they I assume were all too smart to go to law school.Totally disagree. It takes minimal smarts to get a JD and pass the bar exam. Heck, I passed 4 bar exams within one year with flying colors!! CLE requirements are a joke. Adhere to the rules? Bwa, ha, ha, ha. Nobody checks on that. The thread evolved, and the cost of all involved-the real estate agents, the title search, the attorney, etc are all relevant to the cost of the transaction.
You fail to recognize that there are quite a few real estate agents that add tremendous value to the home selling process, but you want to focus on the bad apples, while ignoring the fact that a large majority of attorneys are in that same bad apple basket.
BTW, the 6% commission for realtors supposedly went away in March. We had several listings long before this where we negotiated a lower rate, one being 4%. We had tried selling several homes FSBO with no luck. List on the MLS with a good broker, and the house sold quickly.
6% commission fees for real estate agents are going away. What to know about the new rule
The cost of hiring a real estate agent to buy or sell a home may soon change, along with decades-old rules that have helped determine broker commissions.
I am not BS'ing at all. Seriously. I don't know why you hold attorneys in such high regard. There is nothing special about them. Are there some smart ones? Sure, I am one of them! But there are some very smart real estate brokers who earn their commission and provide tremendous value to their clients. Will you admit that?
No, that was not my point. My point is that lawyers are mostly useless in a large majority of real estate transactions where there are no issues. Houses listed with a realtor use a form contract, and often, there are no additional clauses added to the contract. Unless Google is wrong, I just found that an attorney is not required to close a real estate sale in NJ.
And I never once said real estate agents were "all too smart to go to law school." Not even close. Many real estate agents did not go to college. But that does not mean they are not great real estate agents.
Somehow it seems someone is equating years of college and law school as smart and adding value.
Is it Mandatory to Have a Real Estate Attorney for a Home Sale or Purchase in NJ?
You can do it on your own, but retaining an experienced real estate attorney can help avoid later issues with your sale or purchase in NJ. Here's how.
chamlinlaw.com
Before the internet agents were worth every penny. Now totally diff story.No, that was not my point. My point is that lawyers are mostly useless in a large majority of real estate transactions where there are no issues. Houses listed with a realtor use a form contract, and often, there are no additional clauses added to the contract. Unless Google is wrong, I just found that an attorney is not required to close a real estate sale in NJ.
And I never once said real estate agents were "all too smart to go to law school." Not even close. Many real estate agents did not go to college. But that does not mean they are not great real estate agents.
Somehow it seems someone is equating years of college and law school as smart and adding value.
Is it Mandatory to Have a Real Estate Attorney for a Home Sale or Purchase in NJ?
You can do it on your own, but retaining an experienced real estate attorney can help avoid later issues with your sale or purchase in NJ. Here's how.
like any profession there are incredible ones and true idiots.
A lot of agents suck too lol I don't disagree but the good ones are worth every dollar they make.
I look at it this way--we made an immense amount of money because of a relationship we had with a local realtor in buying and selling real estate. We were flipping houses before flipping houses became a thing. That same realtor also guided us through the math on purchasing two rental properties that we thought we could never afford--we now own them outright, and we are making great secondary income on the rental. Could we do that math and work ourselves now? Sure. But back then, when we did not know all of the expenses, write offs and many other aspects of owning a rental property, we would not have bought the two rental properties we currently own. I'm OK with the realtor making a total of $15,000 in commission on those two properties.
See my post above. This comes from the same poster who hates EVs, when we explained several times that EVs are not for everyone. However, they are perfect for people with daily commutes and have home chargers like us. We are saving tons of money not paying for fuel and on no maintenance in 2 years on an EV. Painting everything bad with a broad stroke never makes sense.
The point is there is no need to use a broker to buy a house. I can use a lawyer (if I choose) to go through the contract, get my own inspection company etc and title insurance. Why should I need to pay someone to buy something, it makes no sense?No, that was not my point. My point is that lawyers are mostly useless in a large majority of real estate transactions where there are no issues. Houses listed with a realtor use a form contract, and often, there are no additional clauses added to the contract. Unless Google is wrong, I just found that an attorney is not required to close a real estate sale in NJ.
And I never once said real estate agents were "all too smart to go to law school." Not even close. Many real estate agents did not go to college. But that does not mean they are not great real estate agents.
Somehow it seems someone is equating years of college and law school as smart and adding value.
Is it Mandatory to Have a Real Estate Attorney for a Home Sale or Purchase in NJ?
You can do it on your own, but retaining an experienced real estate attorney can help avoid later issues with your sale or purchase in NJ. Here's how.
No one here has said that ALL realtors are useless and ALL lawyers are great, people on both sides have said the opposite. But if I am buying the most expensive thing I will ever own I will have a lawyer go through the contract and advise me if something bad happens, what my recourse is, it just makes sense. I have purchased 5 houses in my life, and I did not feel any of those realtors did anything special for me that I couldn'd do myself. I have sold 3 houses and do believe the realtor was valuable in those transactions.
And nobody is forcing you to list with MLS or buy through MLS. You can shop FSBO only. It's a free country. However, most people list with a licensed realtor though MLS, and the commissions are what they are. People have a choice if they don't want to use a realtor.
I’ve bought and sold 3 homes and never used a realtor. If you have what someone wants, you don’t need one.
If you are referring to me, I accept your response that EVs are not for everyone. Although seems like they aren’t for anyone these days as hybrids (I bought two this year) are crushing EVs because you get the best of all worlds. Others will follow Ford and pump out hybrids until an EV infrastructure is in place.
That's correct if you are trying to buy a house listed on the MLS by an agent. If it's a FSBO, no you don't.
Same logic applies to realtors. Buy or sell a house without a realtor. It is (still for now) a free country. Do what you want. If people want to use a realtor, that's their choice. If they want to drive their EV to a realtor-sponsored open house, that's a better choice! 😏
