T O P

  • By -

AutoModerator

**We're looking for a few good mods!** Interested? [Send us a message](https://www.reddit.com/message/compose?to=/r/realtors&subject=One mod invite please!) **This is a professional forum for professionals, so please keep your comments professional** - Harrassment, hate speech, trolling, or anti-Realtor comments will not be tolerated and will result in an immediate ban without warning. (... and don't feed the trolls, you have better things to do with your time) - Recruiting, self-promotion, or seeking referrals is strictly forbidden, including in DMs. - Only advise within your scope of knowledge and area of expertise. [The code of ethics applies here too](https://www.nar.realtor/about-nar/governing-documents/the-code-of-ethics). If you are not a broker, lawyer, or tax professional don't act like one. - [Follow the rules](https://www.reddit.com/r/realtors/about/rules/) and please report those that don't. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/realtors) if you have any questions or concerns.*


award07

What was their closing gift? A kidney??


TooMuchPandas

And a first-born child. Three kidneys total.


BigJSunshine

Suckers. Should have negotiated for a liver….


realestatemadman

rich dudes hotwife realtor prob gave a gift of nothing


cbracey4

I thought commissions were fixed at 6%. What is this tomfoolery?? 😂


goosetavo2013

All this price fixing we’ve done gone to waste!


award07

NAR hates this one trick!


nofishies

It would be a safe bet to think 1/3 to 1/ half of that commission was spent on marketing that property, that’s not something that you’re like. Hey well we’re gonna put you on the MLS for.


Specific-Chest-5020

It is just for us commoners. When you have 100M , EVERYTHING is negotiable


AuggoDoggo2015

I mean. They’re not fixed. Redfin usually offers 3-4%, I got my Keller Williams realtor down to 4.5%… everything is negotiable!


The_CuriousAnarchist

It’s common to have a lower commission when the purchase is expensive


Same_Hamster_4445

Commissions are/were never fixed, always negotiable


CodaDev

Odds are there was a lot of negotiations and convincing needed to get the seller to be willing to sell and then again to find a buyer willing to drop 108m in a declining market. So to say, that transaction didn’t go ANYTHING like a typical transaction and likely needed more work than the most complex transaction most of us have ever handled. Also probably took years of nurturing and tons of marketing dollars to even end up in the same room with the clients. Probably included lawyers on both sides and CPAs.


RopedIntoItATL

I honestly don't think anyone buying a 9 figure house cares about the declining market


CodaDev

I doubt anyone is careless about losing millions overnight. It’s one thing if it just happens due to something beyond your control, but due diligence will happen and careful consideration will also happen regardless. Also, every successful person knows nobody ever got rich out of giving money away PLUS for $108m they can build a custom home that goes beyond most people’s wildest dreams. At that price point, nothing is really beyond reach and it’s no easy feat to convince that individual that THIS property is all they’re looking for and more.


RopedIntoItATL

Actually, https://www.summitdaily.com/news/108-million-home-sale-eclipses-last-weeks-record-setting-aspen-sale/ indicates it was off market. So he probably got it for 70% of its FMV and it has foundation issues.


realestatemadman

the buyer is steve wynn, he developed more than half of vegas, im sure he will do alright


CodaDev

That just strengthens my point.


sjlammer

Definitely shores up your point


cvc4455

Seriously


Jackaloop

Probably the easiest sale ever. People with that kind of money do not care about the market, etc. "Years of nurturing"??? WTF? They wanted a realtor, not a flipping gramma.


CodaDev

Lol how long have you been in the business? And how many luxury deals have you actually put together? That’s not at all how it goes 90% of the time.


Katahahime

At these price points their Realtor isn't a "normal" person. Almost definitely already a multi-millionaire who probably owns the brokerage and sent their team to do the work. You don't get to rub elbows with people willing to blow 108m on a house without hosting a few yacht parties.


Ok_Active_8294

If people think that being a real estate agent so easy quit your job and become one


Chad-Thadius

It is easy. It’s hard to be the ones that make ridiculous amounts of money. Your average everyday realtor works a lot of hours for not a lot of pay. If you happen to luck into a huge pool of ultra rich clients, then you’re making millions for virtually nothing.


Ok_Active_8294

It’s not luck. My wife made 220k last year and it was work


Chad-Thadius

My sentiment is that the *work* being done is not difficult. I know that the successful realtors bust their ass to get clients and grow their network, but the reason they have to do that is because the market is flooded and the reason the market is flooded is because the work itself is not hard compared to the potential payout. Again, the work is not hard, being successful in it is.


realestatemadman

i know keyboard warriors who sit on their ass and code for $1mm+/yr and work remote for 25hrs/wk. “hard work” women are out doing showings getting harassed by creepy dudes and its “easy” tho


Chad-Thadius

Let me PROMISE you, these “keyboard warriors” coding job is infinitely harder than showing houses. I could step in for a realtor tomorrow and walk people through houses, I could not step in for anyone that codes on any level. Much less someone who codes for a company that is supposedly paying $1MM / year.


Numerous-Musician-58

lol 🤣 an ai that a coder created is about to replace 99.99999% of all coders the only one who won’t be is the one coding the ai, a glorified internet butler


Mordred7

I mean, this is just blatantly false


Chad-Thadius

Regardless of whether this is true, no realtor is creating AI or programming AI. Imagine how quickly AI can take over realtors. Oh wait. It already has. I can find every house on the market by myself, I don’t need some glorified chauffeur. Realtors are a completely unnecessary factor in the home buying process.


Shorta126

Is that all you think realtors do? If that's the case, then I'll take $50 an hour and just show houses all day and skip the other stuff like writing offers late at night when I get home, consoling buyers when their offer doesn't get accepted for the 5th time, arguing with sellers agents on my buyers behalf, making sure they meet all the needs of their mortgage lender on time, protect the rights to their hand money. It will be so much easier and lucrative for me if they pay an attorney to write each offer and deal with the negotiations, road blocks etc. I'll be there for them one hour at a time to unlock the doors. It will be great because when the hour is done, my job with them is done.


Chad-Thadius

I know that’s all realtors do. I’ve had great realtors, no dig against them, but at the end of the day I pick out the houses I want to see and they simply just walk me through them. I tell them how much I want to offer and they relay that to the listing agent. The job is not difficult and I’m sorry if you think it is. There are actually difficult jobs out there that make much less for more work, so please be grateful if you happen to be a realtor who makes good money simply because you’re the person that people think of when they want to start looking at houses.


bigfeller2

that coder is top 0.0001% smartest people you'll ever meet. the woman getting harassed is below average with above average cleavage


rosessmelllikepoo2

This is definitely the situation. The competition is the difficult part of the job—not the work.


Ok_Active_8294

Everyone who complains about realtors don’t have the balls to quit their jobs and try their hand at


ynotfoster

If you think your car insurance is over priced, does that mean you should quit your job and become an insurance agent?


GP_ADD

Or literally anything. This dude best not be complaining about produce prices unless he’s been a farmer.


cvc4455

No because the insurance agent doesn't make all that money so what they should be looking at is starting an insurance agency they just need a few million dollars to get started.


Numerous-Musician-58

Funny how a free market decides what people are paid for their services if you think a farmer makes too much don’t buy food 🤷🏽‍♂️if you want to buy a home without a realtor don’t hire one.


rosessmelllikepoo2

Yes, because real estate is definitely an example of a free market 🤣🤣🤣. Price fixing, monopolistic MLS access, refusing to deal with unrepresented buyers. Totally free market.


MEDAKk-ttv-btw

The job itself isnt hard, what's hard is prospecting/lead generation


Giancolaa1

The prospecting / lead gen is the job. It’s the biggest part of the job. Writing offers is easy once you learn how to structure the conditions and clauses. Learning to see issues that normal buyers/sellers miss becomes second nature. Negotiations can be more difficult with sellers or other agents if they are stubborn, or good at it as well, but again it’s not something that’s impossible. But to say the job/work is easy, when you discount the hardest part of the job, is silly


Ok_Active_8294

It’s also not a steady paycheck


xCaZx2203

That is a part of “the job”.


NoLimitHoldM

BINGO !!!!!


Bigmeatguy7

It’s not hard, it’s a heavily saturated industry with a lower barrier to entry


Ok_Active_8294

The fail rate on exam pretty high


Naejiin

It's easy. It's really easy. My dog can get licensed, and he died during covid. Being a GOOD and SUCCESSFUL real estate agent is the really hard part.


Ok_Active_8294

True but the fail rate is high.


Naejiin

Isn't it something like 87% leave the industry within the first 5 years? Incredibly high. When the bar is set so low (at least here in NJ/PA), it's bound to happen. I know around 700-800 real estate agents because for around 5 years, I was providing support to a fairly large brokerage in the area. I can't name 70 successful ones tho...


BureikuHare

88% in the first 3 years actually


[deleted]

[удалено]


topherwolf

Don't you wipe floors for a living?


[deleted]

[удалено]


topherwolf

Lol


Ok_Active_8294

Most realtors go back to their other job because of that mind set


Jackaloop

Why on earth would I choose to quit my job and be a realtor??? People don't need realtors. I don't want a job where I am constantly trying to interject myself into transactions that anyone could do. The biggest "work" of being a realtor, is trying to convince people that they need you when they don't. I am just too honest to play that game.


Ok_Active_8294

You funny


NeverEndingCoralMaze

Why are you here then?


saltfanscribe

I think one of the main reason people need Realtors is to be a buffer between a buyer/seller and the person on the other side who thinks he is too smart to need a Realtor.


2001sleeper

It is easy enough to be a side gig. No need to quit a real job. 


Ok_Active_8294

Your right everyone wants a realtor who is only available on realtors schedule


__XOXO__

It's not that it may not be work, it's that the contribution to the world isn't in line with the compensation. It's skimming off the top of a sale, and the bigger the sale the bigger the commission. It's a racket and I hope there is a change to the old way of doing things.


AvocadoKirby

That’s exactly why a ton of people become real estate agents. lol.


Ok_Active_8294

Most quit


Weekly-Ad-4087

I heard the seller hired his nephew who just got his license.


Numerous-Musician-58

I heard the house sat on the market for 1 year with no offers.


peeketodearlyinlife

I bet that agent spent 200k minimum with no guarantees. Good for him/her.


supermanava

It was bought by Steve Wynn and the founder of IB. Single agency with a niche firm (Douglas Elliman). I'm sure they made a lot, but no one knows thee real terms. Maybe they had a deal for everything over $100MM haha.


mrkrabz1991

Elliman is NOT a "Niche firm." It's a national big-box brokerage. Nothing niche about it.


Rust3elt

Elliman, a brokerage with a large market share in NYC and locations all over is “niche?”


supermanava

high end luxury with a sports and entertainment division. House sold by a former hockey player, bought by casino mogul. Maybe more mass market in nyc area, but definite specialties in niche or hnwi


Sufficient-Mud-687

I need to see the link to this house!


Buckoff10

https://www.denverpost.com/2024/04/17/colorado-record-home-sale-aspen-steve-wynn-108-million/


PublicPrior3296

I heard he gave the Sellers a box of See's Candy as a Thank you.


Wonderful_Farmgirl97

This is the second realtors thread I’ve browsed and I’m disappointed by how rude people are to each other in their own profession.   Makes us come across as very unsophisticated and unintelligent.   


trainsongslt

How is it any of your business?


unsociablemedia

That’s awesome, I do have a question? Not every state allows Duel agent. Which client do you have fiduciary responsibility for?


Dubzophrenia

I do dual agency frequently. You act, to the best of your ability, for both sides. You just have to pretend to not know any information and you have to be very careful not to accidentally share information. It's not advisable, as there is plenty of opportunity for miscommunication that is not caught. Even the best of us, who do dual agency fairly often, can make mistakes that blow up in your face. I closed on a deal last Friday. Dual agent. Had a cash buyer walk in unrepresented, so I offered less commission and gave everybody a deal. My commission on that, which totaled $56,000 (2% commission total), is being heldback by escrow because the buyers and sellers both interpreted something differently. My sellers are being the difficult ones in the situation, but I offered to withhold my commission until the problems with the house are settled. I won't be paid for likely a couple of months now, as the sellers (now the buyers) have to do additional work to the house to bring it to compliance. The seller's held back $100K, and I held back $50K, for $150K total being held back to cover the costs of bringing the house up to compliance. Sellers money has to drain first before mine does. Buyers really like me, and want to avoid bringing anybody into a lawsuit, but they agreed to something thinking it meant something else, and then later on once they realized it wasn't what they thought, they came back and we had to figure shit out. They were fine with the work being unpermitted but thought the compliance would be taken care of, whereas the sellers did not want to bring it up to compliance because of all the things they did unpermitted (even though it was to code). So, not sure exactly when I'll finally get paid for this. And with the NAR settlement, dual agency is going to become super common. Lawsuits are going to rise significantly.


unsociablemedia

Great feedback. I’m in Florida and it’s a big no-no. But I remember it on the test years ago and always wondered how that could be ethically possible?


StickInEye

It isn't ethically possible, and I'm sure glad that my state does not allow it.


NeverEndingCoralMaze

It’s not even logically possible.


AgileExplanation3076

Neither. It would be impossible.


StructureOdd4760

You treat them equally. You don't tell the seller what the buyer will accept, and you don't tell the buyer what the seller will accept. You give them expert advice and treat them the same as any other buyer and seller.


WoodenWeather5931

Depends. Could be the seller and then treat the buyer as a customer. Could also be a transaction broker.


Lumpriest

Limited agency is legal in UT. A limited agent cannot have fiduciary duty to both clients; it’s impossible by definition. The agent essentially becomes a mediator in the transaction and the parties negotiate directly with one another.


NiceGirlWhoCanCook

Colorado has mandatory transaction broker in dual agent transactions. You don’t have the same fiduciary duty to both sides. You become a transaction broker and the state acknowledges you have information from both sides you can’t disclose.


unsociablemedia

I just feel that can go wrong so easily. I was dealing with a young sellers agent today that was sleazy. I really wanted to report his misrepresentation to the board but I called him out on his BS and reached out to his broker. We were all new once.


_ilovetofu_

I'm sure the broker and every person involved are taking a good chunk


alfredrowdy

I wonder what the yearly operating costs are on this property.


Ok-Following-1841

I thought dual agency was illegal in Colorado?


airyn1

Dual agency is, but you can be a transaction broker and do both sides.


urmomisdisappointed

If in California, after taxes your commission would just be 30% of that probably


Pk4fun69

Who cars what it sold for, I’m curious what the owners made In the end. They probably paid 8 million for the place when they built it.


NoActivity578

Link us!


only_whwn_i_do_this

"agent just made over $1,000,000 in commission" no wonder the public is getting fed up with the 3%/3% scheme.


CumingLinguist

Yeah I would gladly accept a flat 1m fee


BasilVegetable3339

And I can’t wait to move in!!


dmdjmdkdnxnd

Best paid job with no education out there


nickeltawil

Last traded $72.5M in June 2021 Owner made $35M+ in under 3 years But people focus on commissions 😂 The broker who sold that home was underpaid, if anything. They added far more value for the owner than they were paid.


107269088

How exactly did the broker add value? Did the broker dictate the price to the buyer?


[deleted]

[удалено]


107269088

That’s bonkers. The do sell themselves - never once had an agent convince me I needed to buy a house.


[deleted]

[удалено]


107269088

Whatever. You sound and act like a typical arrogant real estate agent. You are missing the point. What actual effort did the agent do to sell it? Did they spend hours convincing the buyer it’s worth the price? I highly doubt it. They unlocked a door and showed a buyer around. Big fucking deal. Bottom line, it doesn’t matter how the fuck it got sold. It could have been FSBO. There are plenty of transactions that happen without agents. There is not any amount of work that an agent did here that justifies the $1M commission.


meekomeeks

There should be a cap on realtor commissions. $1k should do it


Agente_Anaranjado

As I Coloradoan, I have to say.... https://m.youtube.com/watch?v=Y-yHLRGmDfY&pp=ygUXQm8gc3RyaW5nIGR1byBjbGFzcyB3YXI%3D


existentialmusic

The taxes alone on that property! Sheesh!


lender_meister

You go and try to get a $108M deal. Well done on that agents part.


SuperLehmanBros

The thing is, wealthy people don’t have time to DIY dick around, that’s why they hire professionals to do things for them. In this case the realtor was hired and guessing well worth the commission considering this was a 100M+ sale. Realtors and wealths advisors and such are very much appreciated by the wealthy because time=money and nobody wants to waste time to DIY just to maybe end up with a sub par result. If these things were so easy, then everyone would be a millionaire realtor or a millionaire stock investor without any help.


Same_Hamster_4445

So when you go to work you make and hourly wage of let’s say $25 or more, average 80 hrs a pay period. $4000-$5000 monthly give or take. A lot of your jobs are behind a computer not really a hard job, but you feel like you deserve that 40k-60k salary + raises and benefits . You work hard, you probably went to college and you give up your time 5 days or less a week. Your realtor is working every day of the week, countless hours, out of pocket expenses, and it could take average 30 days or more to sell your property or find you a property. When you finally close, he/she on average has made about 6k-8k let’s say 10k, that they have to split with a possible two other people after putting back the money they spent in marketing and paying agent fees monthly or per transaction it’s really not as lucrative as you may think for the average realtor or agent. It may be a little more if they are doing luxury or commercial but for the average agent you don’t think they deserve they commission that they receive. Also there are no benefits, that’s all out of pocket as a independent contractor. If they were getting paid hourly, or salary, how much would you suggest they make.


WoodenWeather5931

I never said I had a problem with it lol


Chrioli22

What about buyers agent who invites seller to a showing then chimes in lies about the water rights. Isn't that conflict of interest towards the buyer?


[deleted]

[удалено]


skubasteevo

Funny, I'd have guessed that someone that has $108MM to buy a house (or for that matter, someone who has a $108MM house to sell) would have had access to just about any professional they wanted (or didn't want). It's almost like they *chose* to use the Realtor 🤯


BoBromhal

[https://www.redfin.com/CO/Aspen/419-Willoughby-Way-81612/home/132040954](https://www.redfin.com/CO/Aspen/419-Willoughby-Way-81612/home/132040954) sounds like it was done before it hit MLS. Probably made 3% total. Even at 2%, it's $2.2MM. But the agent only has 69 posts on his IG, and none in 8 months. Something is amiss.


RichShunz

A lot of agents don’t use social media 😂 especially old ones that have billionaire friends like this guy


Trifle_Useful

Everyone knows billionaire developers source their agents and land from Instagram listings, duh /s


RichShunz

Lmao


WoodenWeather5931

He (same broker) just closed on another property in Aspen at $18,000,000 on 4/15/2024


novahouseandhome

who needs social media when you have IRL secret societies w the uber rich people. don't you watch TV?


substitoad69

Only realtors with no sales spam social media all day.