Comments on: Chipping Away At Realtors' Six Percent
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- Finally! Great piece, Lesley. I hope Mr. Dobbs add this to his already abundant subjects of "The war on the middle class".
We see it too often from shows like 'flip the house' where often times with some minor cosmetic upgrades a house can double and triple in price in a snap of a finger with a help a 'appraiser' - REALTOR who will ROB 6 percent PROFIT from the sale!!!
It is just really sad to see all these foreclosure. Really, it should never happen in the first place. Home prices are just too inflated - and you know by WHO. - Reply to this comment
- Didn't Prudential acquire eRealty in 2004. I would hardly call that going belly up. I'm surprised the Prudential realtor who posted comments didn't point that out.
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- Just finished watching, and I'm shocked at the biased reporting of Stahl. Her body language alone is frightening... I know all Real Estate brokers are evil (but not as much as Lawyers or Reporters..), but it's amazing to see people lying with a straight face.Brokers who do NO WORK for the commission (where can I get THAT job?? The AVAERAGE real estate professional makes $35,000 per YEAR according to gov't figures..) $3000 to post my own photos and description on a website, with absolutely no other help?? And I STILL have to pay a 3% comission to the buyer's broker? I also noticed that buyers going through this comapny have to use their mortgages... so, it THAT where they get the profit?? I hope Leslie doesn't need to sell her home anytime soon..
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- Just finished watching, and I'm shocked at the biased reporting of Stahl. Her body language alone is frightening... I know all Real Estate brokers are evil (but not as much as Lawyers or Reporters..), but it's amazing to see people lying with a straight face.Brokers who do NO WORK for the commission (where can I get THAT job?? The AVAERAGE real estate professional makes $35,000 per YEAR according to gov't figures..) $3000 to post my own photos and description on a website, with absolutely no other help?? And I STILL have to pay a 3% comission to the buyer's broker? I also noticed that buyers going through this comapny have to use their mortgages... so, it THAT where they get the profit?? I hope Leslie doesn't need to sell her home anytime soon..
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- I find it sickening that realtors are trying to justify their 6% comissions when just about every business you can name, including theirs (the selling of homes) has gotten easier as technolgy as increased. Maybe 30 years ago when they had to carry people around to view a home, go to the local courthouse to gather sales data, etc. somehow justified a 6% comisison..not to mention when housing hadn't quadroupled in some cases over the last 10 years...Yet today there is the 'net for shopping, emails for discussing info, online searches of courthouse records, etc. So why are we still paying 6%...simply because realtors are greedy and somehow "we" as a society have brushed it aside and just "caved in."
The bottom line in my opinion is EVERY other business is either regulated with respect to fees or has changed it's methods of doing business. I for one am 150% in favor of federal regulation limiting the sales comission to 3%-4%. - Reply to this comment
- The danger in this story is that the consumer will think they can save money only to be unprotected. The "Realtor" in your story who said she spent 10 hours on a transaction without ever seeing the house is a disgrace to the definition of the word Realtor. No professional Realtor would close on a deal without seeing the house with the buyer or seeing the house before listing it. Furthermore, the people willing to gamble with the largest purchase in their lives by buying a house sight unseen are being grossly duped. A Realtor makes sure you get a home inspection, makes sure you are represented in negotiations, makes sure your home is marketed and not just on the web. My last listing was with a woman whose ex-husband died and she had to fly in from Texas to settle the estate. She left without even clearing out the entire contents of the house. With her permission, I hired a cleanout service, a window repairman and a company to clean the house and ready it for sale. Is Redfin or any other online realty company going to take on those responsibilities? Let me know when they do!
Patty Hartman, Realtor
Prudential Fox & Roach
Delaware - Reply to this comment
- It is to bad that you don't hear both sides of the story.
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- I've always enjoyed 60 Minutes and it's reporting. That's why I'm so disappointed at the slanted, unresearched story you've done on the "6% commission". The average commission rate is far below your 6 percent example. You did say some commission rates are negotiated in a .5 second blur but did not relate the real cost of doing business as a Realtor. No attention was paid to the fact that most Realtors do not get to keep the entire commission. In fact, most agents keep approximately 60 percent of one half of the commission unless they list and sell the home themselves. One more unfortunate part of your piece was that you only interviewed one agent who didn't seem to have many of the answers to your questions that could have easily rolled off the tounges of many agents.
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- Leslie has to check her facts, there is no "6%" commission rate, I have seen as low as 1% and as high as 10%, there is no standard rate - wake up and actually head out to see the commission rate - it is all about competition, the more competition there is the lower the commission is. Agents offering "full-service" are different than a partial service agent... if you pay a higher % than you should get more. The consumer knows what they are paying for. What you fail to mention in your report is that over 80%% of home sales involve a Realtor. For whatever % a broker offers, they offer the services they have - Redfin offers it piece by piece, other brokers give it all or nothing... it is a different way of doing business.
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