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This one goes out to every realtor that told a client to shop me.
Interested to hear how "you get what you pay for" from Realtors, but at the same time, on the mortgage side, people should myopically focus on nothing but rate/fees.
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I can read the article.
Says the kid is charging a $5k flat fee per transaction as a realtor, but buyer agents are still getting their cut of the 6% commission when they bring a buyer to a Door-listed property.
Interesting concept, though I'd love to see flat-fee conveyancing like the UK has. Closing costs here are absurdly high, and there's no good reason for it. I'm glad to see this kid is trying to change the game and I wish him all the luck in the world.
This is the start of a tend to see real estate fees drop finally. The key point in the article is that millennials are becoming the biggest buyers who are comfortable doing a large amount of the work.
When I bought my first place 6 years ago I didn't haggle on the brokers commissions. As I look to sell and buy a bigger place, I am not working with anyone who charging more than 1%.
This one goes out to every realtor that told a client to shop me.
Interested to hear how "you get what you pay for" from Realtors, but at the same time, on the mortgage side, people should myopically focus on nothing but rate/fees.
You get what you pay for applies to many things like toasters and mattresses. In service industries sometimes cheap is bad and sometimes it is just fine. It just really depends on that person. Flat rate models have been around for decades and the biggest reason why they haven't stuck around for the long term is profit. They haven't been able to be profitable as a whole and make it through bad markets. They always bounce back in good markets, and then fail in the bad ones. I mean we had a 3% (1% listing, 2% to buyer agent) guy in my area that did great business during the boom. He went out of businesses within one year when the market shifted during the bust to longer days on the market, short sales, and foreclosures.
Flat rates can be a great option in hot markets. It can be a viable business model in the long term as long as that $5k gets paid whether the home sells or not. It isn't a viable business model if the owner is dropping the rate, but not the risk (of not getting paid).
This is the start of a tend to see real estate fees drop finally. The key point in the article is that millennials are becoming the biggest buyers who are comfortable doing a large amount of the work.
No. It isn't. Real estate fees will drop when sellers are willing to pay for an agent's time regardless of whether or not the home sells or not. Consumers struggle with that concept though.
No. It isn't. Real estate fees will drop when sellers are willing to pay for an agent's time regardless of whether or not the home sells or not. Consumers struggle with that concept though.
I think agents will be needed less and less as time goes by. There will always be the need for some but not nearly the amount there are now. Someone will eventually come up with a solution that works! This is at least a good try.
I think agents will be needed less and less as time goes by. There will always be the need for some but not nearly the amount there are now. Someone will eventually come up with a solution that works! This is at least a good try.
There isn't demand for all the agents that we have right now. There already needs to be fewer agents.
I think more consumers will hire agents hourly. I've done hourly rates for a decade and this year, I have a bunch. All of them have been buyers buying a FSBO or a seller selling one. I have my first seller paying me from start to finish from home prep, to marketing to close, hourly. He will pay a few thousand, but otherwise the most anyone else has paid has been $950. I bill those monthly.
It's a culture thing. Consumers have grown up with the idea that you don't pay agents unless they perform even when it costs them more money, a lot more money. When consumers can shift their thinking to paying agents as they go along, you will see fees drop substantially.
And I believe a realtor is a great resource. When I use/need one, I am always happy to pay the fee. In my next sale I will need one, but sometimes I do fine with a flat fee listing. There are some variables that factor in what is the best use of one's money.
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