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New York City Council Votes to End Broker Fees Squeezing Renters

(www.bloomberg.com)
258 points JumpCrisscross | 1 comments | 13 Nov 24 21:38 UTC | HN request time: 0s | source
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zjp ◴[14 Nov 24 00:00 UTC] No.42131619[source]▶
Based. Why the fuck do you deserve $10,000 for unlocking the door to an apartment I found myself?
replies(2): >>42132034 #>>42132172 #
nxm ◴[14 Nov 24 01:02 UTC] No.42132034[source]▶
Same thing could said of real estate agents
replies(3): >>42132138 #>>42132174 #>>42133136 #
lolinder ◴[14 Nov 24 01:16 UTC] No.42132138[source]▶
Our real estate agent more than earned her commission when we bought in 2021. There was zero chance we'd have landed a house that year without her help, and landing when we did got us a record-low mortgage rate that has more than covered the commission already.
replies(6): >>42132212 #>>42132397 #>>42133158 #>>42133722 #>>42134194 #>>42134733 #
abduhl ◴[14 Nov 24 01:31 UTC] No.42132212[source]▶
>> There was zero chance we'd have landed a house that year without her help

Of course there was zero chance. Real estate agents regularly refuse to show homes to or entertain offers from buyers that are not represented by a real estate agent (unless they’re hoping to represent the buyer too - then they get both commissions!).

“I never would have been able to do business in a monopolized market without doing business with a monopolist.”

replies(2): >>42132451 #>>42132488 #
1. lotsofpulp ◴[14 Nov 24 02:11 UTC] No.42132451[source]▶
It was the opposite. Home sellers paid both the home buyer’s agent’s commission and the seller’s agent’s commission, so buyers’ agents would not show houses they wouldn’t earn commission on, and simultaneously, buyers would choose to use an agent because they would not save any money by not using an agent.

Now, I believe since the National Association of Realtors is not allowed to require their selling agents to share their commission with buyers’ agents, that everything is up for negotiation, and home buyers can save money by not using agents.