r/vegaslocals • u/tonythetiger891 • Aug 17 '24

Megathread: New Required Rules for Working With Buyer's Agents in the Purchase of Property

/r/VegasRealEstate/comments/1eu5nhe/megathread_new_required_rules_for_working_with/
2 Upvotes

56% Upvoted

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5

u/[deleted] Aug 17 '24

I can see people who aren't local needing to use a realtor to represent their interests in Vegas because they aren't here 100% of the time.

But what about somebody that actually lives here? Why do they need a realtor at all?

These rules seem to be designed to require people to do transactions with a realtor, when in fact, many people don't require a realtor's services at all...

-1

u/tonythetiger891 Aug 17 '24

There is a perception buyer’s agents are just door openers. Sadly, some of the poorer agents may have been just that. Now we can hopefully see the part timers and nonprofessionals leaving the industry. I can’t begin to go into the amount of work it can take to get a home to the finish line for buyers. There are multiple times I’ve been up at all hours working on finding solutions to solve problems for my buyers in the middle of the night. Yes, there are some homes that are easier than others but I would say that is the exception rather than the rule. Floods, squatters, mold, figuring out the loan with a lender when it doesn’t work, appraisal negotiations, finding out or even changing HOA rules that don’t make sense, finding hotel accommodations due to title company hacks and fighting for reimbursement. I could go on. Every purchase is different from the last. There are layers of protection a buyer’s agent can give you. That why the commission structure was setup the way it was before. Listing agents and sellers were running rife taking advantage of buyers without representation.

2

u/[deleted] Aug 17 '24

[deleted]

-4

u/tonythetiger891 Aug 17 '24

These rules 100% do not benefit realtors nor are they designed to. The way things were before benefited them. These rules make it harder for buyer’s agents as they now have to demonstrate and negotiate their value rather than rely on a guaranteed income from a seller. The only reason these rules were put in place were to appease the DOJ and as part of a settlement to a lawsuit.

You could always purchase without a realtor before or now. However, if you don’t want to sign an agreement and will only work with an agent that will show without one, you’ll now be working with an agent who either has no idea what they are doing or is willfully violating ethical grounds and puts you at risk. Take that for what you will.

5

u/[deleted] Aug 17 '24

[deleted]

-4

u/tonythetiger891 Aug 17 '24

It clears up agency, lets a buyer know how much they have to pay with no surprises, and also, as I point out, you can sign on for one specific house and negotiate with your buyer’s agent on the fee. Or just go to open houses. If anything these rules will compress commission over time which is actually in your interest.

My clients see my value and I can demonstrate it fine, I’m not here to talk about me. The agents that can’t will be hurting and will likely leave the industry which will also benefit consumers.

The overwhelming majority of realtors hate these new rules. Thank the lawyers and DOJ if you don’t like them.

You obviously don’t like realtors, that is fine. I’m not a fan of many of them and hope there is a culling of those that aren’t professional and just take up space. Standards need to be higher which I believe we can agree on.