I am not a fan of the real estate business as a whole. It added value back in 1800’s and 1900’s when the real estate agents rode horses to “spread-the-word”. However today it doesn’t really add any value. On the contrary , agents sometimes “work” with home inspection, small financing business etc.. And we all know whose interest they have in mind when they do that.
After buying my first home, I realized why this business is still around to this day in the internet and AI era and i couldn’t help but be pissed at their evil strategy. They lure the buyers in by offering them services with no commissions. However , now the sellers are forced to use agents , because the buyers are coming through agents. There are very few agents everywhere else in Europe , India , China. But here in the US , we have 4% of the worlds population , but 70% of the worlds real estate agents , roughly close to 2 million. Which also means a lot of really smart people are wasting their life chasing “easy money” without adding proportionate value to the marketplace. And please don’t argue about how hard you have to work , or its not an easy job. etc. There are COUNTLESS open source software libraries and even Operating systems ( UNIX / Linux ) , which took people a hell lot more time to write and they did it just to add value while passionately working in the evening.
And people who think this bill will cut the real estate business in half are mistaken. It is the straw that will break the camels back. Wait what happens when the buyers are forced to pay someone a brokerage , while they themselves are searching the homes online. Like the rest of the world, people will start paying a listing fees online, just like dating sites here in the US. NO MORE 70% OF THE WORLDS REAL ESTATE AGENTS HERE IN THE USA.