David Sidoni (YouTube) discusses a major real estate lawsuit and argues many people — including older homeowners — misunderstand how realtor commissions are structured. He warns that treating agents as merely door-openers undervalues their role, and contends hiring a competent realtor can prevent costly transaction problems, outweighing any commission discount.
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The number one thing that's most interesting about this giant real estate lawsuit is that a bunch of boomers who have bought and sold tons of homes have no idea how the commissions work. I just heard a well known Gen Xer and a boomer people in their 50s talking about how the commissions work. They were talking about how this big lawsuit is going to cut commissions in half and who wouldn't want to pay less. They just show up and show you the home. I understand why maybe first time home buyers think this and I'm trying to help them with education but the fact that a boomer who has been through the process multiple times is still thinking that the main thing that you hire a realtor for is to open the door to the home. I know a lot of realtors suck and have given our industry a bad name but once you go through one transaction that falls apart, you'll realize hiring the best realtor can save you 10 times any amount of discount that you think you can get.