Story said the industry has batted these down before.
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They have a strong lobby, so my guess is they'll win again.?ÿ However, many attorneys have records of incomplete and often illegible closing documents.?ÿ Many clients, including myself, have records of negligence on the part of their real estate agent.?ÿ As the article mentions, many buyers are using fairly basic websites to accumulate lists of homes to visit making the fundamental value of a REA questionable.?ÿ The MSL monopoly would be a poor long-term argument of their value.
Real estate agents need to step it up in order to justify their fees.?ÿ Answering the phone after 5pm and on a Saturday isn't worth 6%.?ÿ The disincentive for REAs to try to get sellers a couple a few thousand dollars more should be addressed.?ÿ Perhaps a tiered percentage that increases a REA's percentage proportionate to the increase in sale's price over market value.
Overlooked here is the huge profitmaking in the title insurance world.?ÿ As the market prices go up, they make more and more money for the same low rate of ever making even a partial payment.?ÿ Everyone forgets about how much they get on real estate sales.
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I'm in the process of selling - I went through the same realtor from when we bought the house, she knows the local market and was able to set the appropriate pricing for us to consider, and I consider her commission, in my case, to be fair. She definitely earned it I think because even though the asking price was quite a bit below what i thought we could get, she hit the sweet spot, got full price offer after only 7 viewings over two days. The asking price was well below what i thought we could get just based on similar properties in the area, but those continue to be on the market. I also look to the expertise that a good realtor can offer, even though I've been involved in land sales, like we all have in our line of work, she pointed out quite a few things that I was not aware of in the buying/selling process as she is way more aware of changes in the industry than I. Like just about any other business though why should the government be able to dictate how much anyone can charge for their services, as long as they're legal and negotiated in good faith with the customer.
negotiated in good faith with the customer.
That's what much of the complaining is about. Their organization will essentially put them out of business if they negotiate something other than the percentage deemed standard.
They have a strong lobby, so my guess is they'll win again.
yeah. trying to imagine how many clicks/views WSJ got for floating that story.
