A New Slam on Real Estate Agent Commissions
competition is coming to the real estate agents market. Doing things like they’ve always been done will spell doom for the traditional agent. I’ve sold 3 cars on facebook marketplace, in a day or two…. i see redfin, Zillow, and other websites like sharks in the water. Pointing out that they are unfair with their teeth isn’t going to stop this change. Pricing is under pressure. If agents hold onto their 6, 7%, they will lose. Maybe it’ll take 10 – 20 more years, but surely the consumer is going to constantly push pressure to reduce that cost.
Wow!Great information, thanks so much for sharing.
So the last three offers I receieved from open door came in at a significantly lower price with them wanting their 3%, a 6 percent convenience fee and using their title company with the seller still responsible for their closing costs. I asked what in the heck was a convenience fee. They said for us paying cash. I laughed, and my seller said hell no and we sold and they netted a lot more than what open door was offering.
So if they would have taken their offer it would have been 12% and I am sure higher closing costs using their title company.
I also love when you hear the advertisements for Real Estate People I trust.com, (or the mortgage originators) who remind us that they DON’T work on commission basis – to me that would be a reason NOT to use them! GRRRR!!! Ask how many hourly or salaried people you know that would like to ‘volunteer’ showing homes or writing mortgages when they MAY or MAY NOT be paid in the end if the deal doesn’t get to the closing table.
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