Carolina Fever
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Already seems there are way too many of them.
Can someone explain, simply, the new realtor rules?
- Thread starter Batt Boy
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SnoopRob
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While I think you could be correct on some level, with a purchase as important as a house there will likely always be a need for human assistance for many folks.
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And such transactions become increasingly complex over time. There are far more pitfalls to buying a home right now than there have been in my 20 years in the industry. Real Estate Brokers suffer from the same issue that many professional services do....too many with the license and not enough good ones. The public hasn't really figured out how to sort out the ones who truly do make a difference in the outcomes for their clients. I can't tell you how many buyer clients I have had over the years who were absolutely brilliant in their own careers but completely about to be taken for rides by lenders, sellers, builders, etc in the transaction process.
Like travel agents? Think of Expedia for houses
SnoopRob
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I think that's really a good analogy.
If I'm doing any kind of significant travel, I've reached the point where I have a trusted travel agent who handles most of the planning plus all of the details of making reservations and deals with any changes/headaches that come up. It costs a bit, but it's worth it to me to (a) not have to do it and (b) to have an expert do it better.
I think there will be places that technology can provide RE agent=like services to folks at a deep discount if they're willing to do all the work themselves and to take on the additional risks (in fact, I think a lot of this already exists). But I think there will also always be a place for good RE agents to add value to the buyer's experience by taking the working off of them and by providing expertise.
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That was the concept behind Redfin.
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How SHOULD it work?
The listing agent should show you the property and warn you that they represent the seller. Keep in mind, of course, that they will likely try to line your showing up with any other unrepresented buyers who want to see the same property for convenience. Buyers who wish to have the convenience of an agent who can arrange showings around their schedule are probably better suited having a buyer's agent.
Carolina Fever
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I guess I don't really see why someone looking to buy needs an agent these days.
Batt Boy
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I imagine in theory, to look out for your interests? I don't care to take the time to review an associations capital reserves if I'm buying a condo or what to really look for in an inspection report, etc. That's my guess at least.
4thgenheel
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its been said in this thread already by @wmheel1287 but a good agent will make sure that you don't get taken to the cleaners on a whole laundry list of things.
of course, not all agents are created equally - there are some poor ones out there. there are also plenty of good ones who will look out for your interests and make sure that you don't make a life altering commitment to a lemon and/or on poor terms.
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I think that there's a pretty big difference between a first time home buyer and someone that's been thru the process before, and so for the former I think an agent can be very valuable and well worth it. For the latter I think it's not so clear cut and can depend on a lot of different factors.
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Ahhh, I mistakenly assumed it was a NC only thing.
Has anyone filed a claim to join the class action payout? FAQ | Burnett et al. v. The National Association of Realtors et al.
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Batt Boy
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this is helpful
www.cnn.com
What The Realtor Rule Changes Mean for You - CNN One Thing - Podcast on CNN Audio
A series of new rules have gone into effect that overhaul the way Realtors get paid to help people buy and sell their homes. In this episode, we’ll explain what prospective homebuyers and sellers need to know – and why some Realtors are worried the changes could prompt their colleagues to leave...
www.cnn.com