Could be big implications for home buyers in Silicon Valley. With standard-issues houses now casually in the $2M+ range, it's outrageous that the selling and buying agent each pocket $60K+ for a few days of easy work.
As a buyer if I don't use an agent I don't get the 2.5%. Why is the seller's agent entitled to it all if I am not part of their cult?
I hop this makes it for sellers and buyers to switch to fixed fee services, as there is ZERO difference to selling a house in Bel Air or in Mission Hills.
A buyer's agent also has a pervasive incentive to avoid places that for sale by owner. They are avoided.
Also notice 'Realtor', which is a registered trademark. Ever spoken to one? How they talk about their team? And their 'programs' to help lower interest rates? It's not that different from an MLM.
I second this, as someone who did this 5 years ago and ended up closing at a higher sale price than the realtors even promised in interviews, with a total of... $500 in fees. This is absolutely the way to do it.
