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Realty agents average commission for home sales heads down toward 5 percent


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2017 Jan 12, 12:18pm   1,859 views  10 comments

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https://www.yahoo.com/news/m/591f2a3f-3215-3fff-9042-53eb93f13019/realty-agents%E2%80%99-average.html

I'm waiting for 1%. That is about what your average Real Estate Salesperson is worth.

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1   zzyzzx   2017 Jan 12, 2:30pm  

jvolstad says

I'm waiting for 1%. That is about what your average Real Estate Salesperson is worth.

They are not worth that much!

2   Strategist   2017 Jan 12, 4:19pm  

$3,000 flat fee for each house is more than fair. Anything more than that is a ripoff.

3   Shaman   2017 Jan 12, 4:43pm  

As a data point, I sold my house this past year and our realtor (who did a great job) listed it with 5% to realtors fees.
Maybe there is something to this story.

4   Strategist   2017 Jan 12, 4:50pm  

Quigley says

our realtor (who did a great job)

All they do is:
Give you the bullshit
Fill out the forms
Wait for the phone to ring
Collect a big check

5   Shaman   2017 Jan 12, 6:51pm  

We had to sell it fast to satisfy the contingent deal, while getting the best price to satisfy our requirements for he down, and fast is what we got. Four days on market before we entered escrow at $5k over asking. Plus she was our buyers agent with the other deal. Yep she did well for herself but kicked back a few k to us for a thank you.

6   Strategist   2017 Jan 12, 6:58pm  

Quigley says

We had to sell it fast to satisfy the contingent deal, while getting the best price to satisfy our requirements for he down, and fast is what we got. Four days on market before we entered escrow at $5k over asking. Plus she was our buyers agent with the other deal. Yep she did well for herself but kicked back a few k to us for a thank you.

I'm glad it worked out for you.
The key to the realtors monopoly is the MLS. In an internet age, that closely guarded information can be easily penetrated with the internet. I really don't see the value of a realtor beyond doing the paperwork.

7   Strategist   2017 Jan 12, 7:23pm  

Ironman says

Strategist says

The key to the realtors monopoly is the MLS. In an internet age, that closely guarded information can be easily penetrated with the internet. I really don't see the value of a realtor beyond doing the paperwork.

Exactly, the only work is getting it listed on the MLS, after that, the house sells itself.

If a prospective buyer can look in the internet and find the homes that are available for sale, the value of the realtor is greatly diminished.
It's the same when it comes to rentals. Every time i have a vacancy, I put a free advertisement on Craig List, Zillow, Trulia. It mysteriously shows up on other web sites too. And I end up getting call after call from the best potential tenants. The lease agreements are widely available on the internet. I don't need to pay a realtor one month fee for finding a tenant.
I've noticed, i can rent a condo faster than those listed on the MLS. I'm not kidding.
The realtor is soon to be commoditized. Trust me on this.

8   RC2006   2017 Jan 12, 7:34pm  

Its a total sham every person I know used Redfin or similar to find thier house, agents don't do shit but a few hours of work to list the house. A 3k flat fee is more than fair, and would also eliminate 95% of realitors because 3k per house would not sustain the current real estate model.

9   Strategist   2017 Jan 12, 7:47pm  

rpanic01 says

Its a total sham every person I know used Redfin or similar to find thier house, agents don't do shit but a few hours of work to list the house. A 3k flat fee is more than fair, and would also eliminate 95% of realitors because 3k per house would not sustain the current real estate model.

The average agent from what i remember only does 4 transactions a year. There is no way that average agent has the experience or the expertise to do an optimal job.
They spend most of their time doing nothing. A minority of the agents get all the business. The 80/20 rule...where 20% of the agents make 80% of the money.

10   Ceffer   2017 Jan 12, 7:53pm  

The nice thing about Realtors is that you can rely on them to be devious, scheming sociopaths even without a commission.

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