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Real Estate agents speaking out of school could end up getting expensive by The SantaClaritaOpenHouses affilates · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Monday, July 1st, 2024.
• 0:02
  SPEAKER_00: I'm Connor McIver.
• 0:03
  SPEAKER_00: Connor with Honor, Santa Clarita Openhouses.com.
• 0:06
  SPEAKER_00: This is your Santa Clarita Real Estate update.
• 0:09
  SPEAKER_00: We do this every day, almost every day, but this is going to be your seven-day history.
• 0:15
  SPEAKER_00: We have 448 active units on the market for sale.
• 0:19
  SPEAKER_00: I did post up a video that other real estate agents that watch this might be interested in.
• 0:24
  SPEAKER_00: That's going to be a lawsuit that was apparently filed because of an agent telling a seller, potentially via another agent or via an app, too much information with regard to what their home buyer, the home buyer working with that agent, too much about what they thought about the seller's property, thereby putting the seller on defensive.
• 0:49
  SPEAKER_00: And this happened in such a way that apparently there was some injury that's able to be proven.
• 0:58
  SPEAKER_00: For example, in this particular scenario, apparently the agent representing the buyer didn't have the buyer's permission to give feedback about what they thought about the pricing of the seller's house.
• 1:12
  SPEAKER_00: Now they ended up writing an offer, having that offer accepted, apparently, including through escrow.
• 1:16
  SPEAKER_00: So this came out at the end of it where the agent had a lawsuit from their buyer filed against them because apparently what they said was a sticking point and created injury for the home buyer, whereby they thought that they would be able to have maybe had more negotiated for them in the process.
• 1:37
  SPEAKER_00: But finding out that the seller learned of what they thought of the residents at the beginning, thinking that it was overpriced prior to writing the offer was apparently a problem because the seller didn't want to do anything else.
• 1:51
  SPEAKER_00: That's how that one currently played out.
• 1:54
  SPEAKER_00: We'll have to find out how that's going to end.
• 1:56
  SPEAKER_00: And again, I picked this up on the wire, but it's interesting because something very similar happened.
• 2:02
  SPEAKER_00: I'm doing the whole video again.
• 2:04
  SPEAKER_00: Had an open house, had a gentleman walk in, very nice, represented by another agent.
• 2:09
  SPEAKER_00: He pulls me aside.
• 2:11
  SPEAKER_00: And before I can tell him, talk to your agent, I'm at the open house.
• 2:14
  SPEAKER_00: I'm not trying to be disrespectful.
• 2:16
  SPEAKER_00: So I was about to do it, but he got real close and got real quiet.
• 2:20
  SPEAKER_00: And you know, when people do that, they say, hey, let me let me ask you a question.
• 2:24
  SPEAKER_00: You know how they do that?
• 2:25
  SPEAKER_00: Then you kind of want to quiet down, kind of like you're in a library, you're about to hear something important.
• 2:30
  SPEAKER_00: You know, when that cat talks, everybody listens.
• 2:32
  SPEAKER_00: Meryl Lynch.
• 2:34
  SPEAKER_00: He got real close and he said, Hey, what would the sellers take?
• 2:38
  SPEAKER_00: How much do you think they'll take for this?
• 2:40
  SPEAKER_00: I said, Well, it's priced at this particular price.
• 2:43
  SPEAKER_00: I gave the listing price.
• 2:44
  SPEAKER_00: He said, No, no, just between us, what do you think they'll take?
• 2:47
  SPEAKER_00: I said, Unfortunately, I don't have the authorization from them to tell somebody that they would take less than the listing price.
• 2:54
  SPEAKER_00: All I can tell you is what they'll take, and that's been established at the listing price.
• 2:58
  SPEAKER_00: Whatever you want to write, you write.
• 3:00
  SPEAKER_00: That's always your ability.
• 3:02
  SPEAKER_00: But at this point, I cannot go against the understanding and relationship we have.
• 3:08
  SPEAKER_00: And that's the same thing.
• 3:09
  SPEAKER_00: In that case, I was representing the seller.
• 3:12
  SPEAKER_00: I'm also representing the buyer.
• 3:14
  SPEAKER_00: I don't have any authority from my buyer to tell them, tell the seller what they thought of the seller's house, unless I talk to my buyer and say, hey Jack, Jill, you mind if I tell the agent because they're asking for feedback what you thought about the house?
• 3:28
  SPEAKER_00: And then what did you think?
• 3:29
  SPEAKER_00: Instead of just assuming the sale or assuming that it's okay, giving that information, it's really not.
• 3:35
  SPEAKER_00: It belongs to the buyer, and now I'm in a contractual obligation with the buyer because that whole dynamic has changed.
• 3:43
  SPEAKER_00: We have some problems, folks.
• 3:45
  SPEAKER_00: So watch out for that.
• 3:46
  SPEAKER_00: Alright, so coming soon, listings 10, new listings 85, price change is 58, back on market properties 24, active under contract 28, 43 pending, 71 closed, 9 expired, 7 canceled, 8 put on hold 3 withdrawn.
• 3:58
  SPEAKER_00: That gives us a total residential market for sale in all of Santa Clarita Valley at 448.
• 4:05
  SPEAKER_00: Rising mortgage rates are definitely causing an issue in our local market.
• 4:09
  SPEAKER_00: We're watching as these mortgage rates, it was rumored they were going to drop down into the forest.
• 4:14
  SPEAKER_00: Haven't seen, in fact, nobody's really talking about ever having made that statement in the beginning.
• 4:20
  SPEAKER_00: We will find out how this year is gonna tap out and finish.
• 4:23
  SPEAKER_00: But I will tell you this we do see some stability.
• 4:27
  SPEAKER_00: We are watching that sellers aren't so difficult where they're not reducing prices for properties that have been on the market a while.
• 4:35
  SPEAKER_00: But we are watching we have eight properties that have been put on hold, three have been withdrawn, and the most important number is seven have been canceled.
• 4:42
  SPEAKER_00: Why have they been canceled?
• 4:45
  SPEAKER_00: And it could be that that was a case of them being oversold at a particular price, or they believed their house was worth more than they were able to get.
• 4:54
  SPEAKER_00: There might not be able to move forward with the marketing, advertising the residents, pulling it off of the market.
• 4:59
  SPEAKER_00: And finally, the other thing that could have happened, their agent just could be somebody they don't want to work with anymore, so they're waiting on the contract to withdraw or actually finish, and maybe that's something that the cancellation is something that they got approval on.
• 5:14
  SPEAKER_00: It's not always the case that the listing isn't gonna come back, though.
• 5:17
  SPEAKER_00: These are listings that your agent should be monitoring if they're working for you as your buyer's agent, because these listings could be something that you could go in with your agent and maybe pick up and maybe pick it up at a discount, but it's gonna depend on how well your agent negotiates and then what those commissions look like when they're offered or what is discussed and negotiated.
• 5:40
  SPEAKER_00: Because pretty soon you're not gonna see any offering of commission anywhere with certain circumstances that will allow it.
• 5:47
  SPEAKER_00: But for the most case, real estate's gonna be sold upon agreements, of course, contracts and everything.
• 5:53
  SPEAKER_00: But as far as agents being able to discuss what that commission offering is looking like, it's not gonna be able to put public facing.
• 6:00
  SPEAKER_00: Of course, you could ask and they'll tell you, but as far as putting it out there on video, this property's offering 3%, this property is offering four, again, that's something that's gonna be changing.
• 6:10
  SPEAKER_00: It's not gonna be out there for public purview, and again, it's gonna take the agent representing you to call the other agent and find out if the seller is paying a commission, and if not, then the agent coming to you, the seller's not paying.
• 6:23
  SPEAKER_00: I will attempt to get it, but then you're gonna have to pay my fee, as we probably have already talked about via the buyer-broker agreement.
• 6:30
  SPEAKER_00: You should have it all explained.
• 6:32
  SPEAKER_00: It's not complicated, but it is something that is a change.
• 6:38
  SPEAKER_00: While everything, the entire process of real estate has always been negotiation, it's always been that way.
• 6:44
  SPEAKER_00: Unfortunately, it hasn't always been clear what parts could be negotiated.
• 6:49
  SPEAKER_00: Now it's all up.
• 6:50
  SPEAKER_00: So you as real estate buyers and sellers need to make the decisions.
• 6:54
  SPEAKER_00: I'm Connor with Honor, thank you for watching.
• 6:56
  SPEAKER_00: July 1st, I know I just started the show with that.
• 6:59
  SPEAKER_00: July 1st, 2024, time just is liquid, right?
• 7:02
  SPEAKER_00: I'll talk to you soon.
• 7:03
  SPEAKER_00: I hope that lawsuit, I hope that information about the lawsuit helps you understand the way the dynamics of real estate are.
• 7:13
  SPEAKER_00: And if you need my help, I'm here.
• 7:14
  SPEAKER_00: I'm Connor with Honor.
• 7:15
  SPEAKER_00: Thanks for watching Over and Out.