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REALITY: The RE commissions historically charged by traditional real estate companies are a thing of the past. The days of a top producing agent saying "I just won the lottery" at the expense of homeowner equity will soon no longer be heard.
When real estate values were in the < $100K range a...
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REALITY: The RE commissions historically charged by traditional real estate companies are a thing of the past. The days of a top producing agent saying "I just won the lottery" at the expense of homeowner equity will soon no longer be heard.
When real estate values were in the < $100K range a 5-6% sales commission made some rational sense. With values in the $1 million range or higher these commission rates are no longer fair for sellers. Trust me, homeowners are tired of seeing their real estate agents living in bigger houses, driving more luxurious cars and renting yachts for their vacations.
The time for reasonable and fair fees has come. If you are a successful real estate agent you will soon be forced to consider charging reasonable fees for your services. Frankly, if I were the seller of a $1.5 million home I would not pay a 5% ($75,000) commission to an agent for selling my home. I simply would not do it.
Our clients deserve quality service at rates that are commensurate with the work and service we provide. Lets be honest, "full service" is just not that special regardless of the marketing one throws at the listing. A fair fee for selling a home is and should be subject to negotiation at all times. Going forward, real estate practitioners should prepare to see commission structures that are creative, fair and affordable for homeowners.