Latest / Connor with Honor: AI, Real Estate and Real Life / Real Estate Commissions, Market Shifts & Santa Clarita Housing Trends: What You Need to Know
Transcript
- 0:00SPEAKER_00: February 5th, 2025.
- 0:02SPEAKER_00: I hope everybody's fantastic.
- 0:04SPEAKER_00: Is everybody ready?
- 0:05SPEAKER_00: We will get into today's show here in just a moment, but I wanted to talk a little bit about commissions and what's happened with regard to that lawsuit.
- 0:13SPEAKER_00: If you have been involved in real estate for any period of time, maybe you sold a house in the recent past.
- 0:18SPEAKER_00: There was a lawsuit that went through Missouri against the National Association of Realtors and a lot of other real estate companies as well, besides them, but also the companies themselves.
- 0:28SPEAKER_00: There were big payoffs, and it was regarding agents not basically communicating that the commission structure is negotiable on all fronts.
- 0:37SPEAKER_00: It's kind of resembles a lawsuit where a buyer actually sued an agent because they lost value in their home over time, and they stated that the agent never revealed to them that when they buy real estate, it actually come up and well go down.
- 0:53SPEAKER_00: So that was a lawsuit that was handled a while back, and now we have this one.
- 0:57SPEAKER_00: And it was supposed to change, I guess, the entire commission conversation.
- 1:01SPEAKER_00: And what it actually did was it added to the conversation.
- 1:05SPEAKER_00: It gave grave gave great emphasis to that conversation where now buyers and sellers are having a conversation with their agent exploring the agent's value.
- 1:15SPEAKER_00: Because if they're going to have to pay them, they're not going to just pay them whatever the market rate traditionally was.
- 1:21SPEAKER_00: They actually want to pay them according to their value.
- 1:23SPEAKER_00: And it actually works out great for agents because as a real estate agent, you should know your value.
- 1:31SPEAKER_00: You should know why somebody should hire you.
- 1:33SPEAKER_00: You should be able to give experience from your past sales.
- 1:37SPEAKER_00: You should be able to talk about the market.
- 1:39SPEAKER_00: You should be able to talk about first and foremost how to keep that client safe.
- 1:43SPEAKER_00: And if something goes awry in the process, something that's going to be detrimental to your client, let them know it and let them know you're not scared to have them exit the transaction and start again with something else.
- 1:56SPEAKER_00: That is incredibly important.
- 1:58SPEAKER_00: That's what buyers and sellers want to see when they're hiring a real estate representative.
- 2:02SPEAKER_00: Let's talk about the Santa Clarita market now.
- 2:05SPEAKER_00: As we've been increasing in listings, as of the beginning of January, I did do a report a couple weeks ago talking about how our December sales figures were much higher than we closed out in January by over 40%.
- 2:18SPEAKER_00: That's market slowdown into January as a result of the fires and other things.
- 2:23SPEAKER_00: But the fires mainly, plus the election, could have had something to do with that because with all these changes in the government, a lot of people are a little unsure about where their tomorrow is going to be.
- 2:34SPEAKER_00: What's going to end up happening though is we are seeing more inventory added to the market.
- 2:38SPEAKER_00: We will see Santa Clarita start to pick up here in the next few months, adding extra inventory and hopefully getting that higher buyer drive as well.
- 2:45SPEAKER_00: So we will still have that nice solid competition amongst sellers and also home buyers.
- 2:50SPEAKER_00: I'm Connor with Honor.
- 2:51SPEAKER_00: If you want to see more, go to Santa Clarita Openhouses.com.
- 2:55SPEAKER_00: We'll see you in the next one.
- 2:57SPEAKER_00: Take care.