Poll: Petition in Fairfax County to publicly disclose listing agent fee % (2014, house)

[spencgr]

Originally Posted by Carlingtonian

So how could revealing the truth about commission rates paid on recent sales be bad for anyone? Other than realtors who are afraid they can't compete if price is part of the equation? It's like when the car dealers had a conniption about TrueCar showing the actual prices paid.

I completely understand your point, but this is a professional service. Do you recommend that every accountant, lawyer, math tutor, physical trainer also must post their previous fees/ transactions for everyone else to see?

My other issue is that the OP is asking for the government to regulate and demand that this information is revealed. I like that you mentioned TrueCar. While this service provides customers historical knowledge of pricing, this wasn't due to laws or regulations. It came about because of the free market and someone starting a business to meet a customer need.

(By the way, the dealers didn't "have a conniption" with TrueCar. TrueCar is funded completely by dealers.)

[livinfairfax]

Originally Posted by spencgr

I completely understand your point, but this is a professional service. Do you recommend that every accountant, lawyer, math tutor, physical trainer also must post their previous fees/ transactions for everyone else to see?

My other issue is that the OP is asking for the government to regulate and demand that this information is revealed. I like that you mentioned TrueCar. While this service provides customers historical knowledge of pricing, this wasn't due to laws or regulations. It came about because of the free market and someone starting a business to meet a customer need.

(By the way, the dealers didn't "have a conniption" with TrueCar. TrueCar is funded completely by dealers.)

Thought you weren't going to read my post.

Accountants, lawyers, and physical trainers all charge by the hour. There is no "customary practice" to benchmark their fee against the selling price if you ever went to court.

[livinfairfax]

Originally Posted by spencgr

I completely understand your point, but this is a professional service. Do you recommend that every accountant, lawyer, math tutor, physical trainer also must post their previous fees/ transactions for everyone else to see?

My other issue is that the OP is asking for the government to regulate and demand that this information is revealed. I like that you mentioned TrueCar. While this service provides customers historical knowledge of pricing, this wasn't due to laws or regulations. It came about because of the free market and someone starting a business to meet a customer need.

(By the way, the dealers didn't "have a conniption" with TrueCar. TrueCar is funded completely by dealers.)

If you want to compare the TrueCar and their historical data, you should compare them to appraisers. They charge a fair value for their services. I don't mind professionals charge few minimal hours at prevailing rates since there should SOME floor to what they make. I think home inspection prices are also very fair.

Any time you start adding "points" to transaction prices, you are more likely to get "unfair" prices. (even though no price will ever be perfect)

[spencgr]

Originally Posted by livinfairfax

Thought you weren't going to read my post.

That was the other thread; and I was specifically responding to someone else in this thread.

Originally Posted by livinfairfax

Accountants, lawyers, and physical trainers all charge by the hour. There is no "customary practice" to benchmark their fee against the selling price if you ever went to court.

Well, they all don't charge by the hour. My accountant gives me a fixed fee for my taxes every year, and I paid a fixed fee for my wedding coordinator, and I just received a quote for a fixed fee for an architect. So, those aren't "by the hour"; should the government regulate them, too?

[livinfairfax]

Originally Posted by spencgr

That was the other thread; and I was specifically responding to someone else in this thread.




Well, they all don't charge by the hour. My accountant gives me a fixed fee for my taxes every year, and I paid a fixed fee for my wedding coordinator, and I just received a quote for a fixed fee for an architect. So, those aren't "by the hour"; should the government regulate them, too?

Fixed fee is much different than benchmark %. The latter actually affects the price away from the fair value.

[spencgr]

Originally Posted by livinfairfax

Fixed fee is much different than benchmark %. The latter actually affects the price away from the fair value.

It is not different. Both are starting rates that can be negotiated. I agree, that Realtor rates shouldn't be tied to purchase/ sale prices, but the market has kept this the norm. But the "norm" means nothing to most consumers. Negotiate, negotiate, negotiate. Some people choose not to, and that's fine. Some people get a better rate, and that's fine. We are all adults and don't need a big brother environment to tell me how to act or what to pay.

By the way you would pay MUCH more, should this be federally regulated, because then the government would then need to form the "Department of Realtor Regulations" which would add a huge amount to your fees.

[livinfairfax]

Originally Posted by spencgr

It is not different. Both are starting rates that can be negotiated. I agree, that Realtor rates shouldn't be tied to purchase/ sale prices, but the market has kept this the norm. But the "norm" means nothing to most consumers. Negotiate, negotiate, negotiate. Some people choose not to, and that's fine. Some people get a better rate, and that's fine. We are all adults and don't need a big brother environment to tell me how to act or what to pay.

By the way you would pay MUCH more, should this be federally regulated, because then the government would then need to form the "Department of Realtor Regulations" which would add a huge amount to your fees.

I guess deregulation of the mortgage industry worked SO well before 2007...let's root for pure capitalism...yay.

[spencgr]

Originally Posted by livinfairfax

I guess deregulation of the mortgage industry worked SO well before 2007...let's root for pure capitalism...yay.

not saying it did.

All I am saying is that professional services (ESPECIALLY one you never have to use) don't have to start being regulated. I'm not saying proposing to "de-regulate"; just not supporting adding more regulation.

[livinfairfax]

Originally Posted by spencgr

not saying it did.

All I am saying is that professional services (ESPECIALLY one you never have to use) don't have to start being regulated. I'm not saying proposing to "de-regulate"; just not supporting adding more regulation.

Based on one of your earlier posts, look at the amount of lobbying money spent by realtors to keep the regulation out of the scam currently going on in the country.

NRA spent less than $4M in the same year. (I was surprised this actually)

What if these realtors became nurses? Our healthcare cost would go waaaay down. This is really bad misuse of resources.


Rank Organization Total Lobbying
1 US Chamber of Commerce $124,080,000
2 National Assn of Realtors $55,057,053
3 Blue Cross/Blue Shield $22,218,774
4 American Hospital Assn $20,773,146
5 American Medical Assn $19,650,000
6 National Assn of Broadcasters $18,440,000
7 National Cable & Telecommunications Assn $17,460,000
8 Comcast Corp $17,020,000
9 Google Inc $16,830,000
10 Boeing Co $16,800,000

[spencgr]

Originally Posted by livinfairfax

Based on one of your earlier posts, look at the amount of lobbying money spent by realtors to keep the regulation out of the scam currently going on in the country.

NRA spent less than $4M in the same year. (I was surprised this actually)

What if these realtors became nurses? Our healthcare cost would go waaaay down. This is really bad misuse of resources.


Rank Organization Total Lobbying
1 US Chamber of Commerce $124,080,000
2 National Assn of Realtors $55,057,053
3 Blue Cross/Blue Shield $22,218,774
4 American Hospital Assn $20,773,146
5 American Medical Assn $19,650,000
6 National Assn of Broadcasters $18,440,000
7 National Cable & Telecommunications Assn $17,460,000
8 Comcast Corp $17,020,000
9 Google Inc $16,830,000
10 Boeing Co $16,800,000

None of my earlier posts mentioned lobbying...so I can't figure out your point here. Yup, realtors have a huge lobbying arm...point?