There has been a lot of discussion lately about Realtor commissions, and what sellers should expect for the commission they are going to pay. More and more startups are popping up to cut the Realtor out altogether.
So for our Aug. 3 Friday Question, we asked real estate professionals — and our readers — to tell us what they thought about commissions.
It didn’t take much to find a whole fistful of articles (some written by us, even), that discuss the topic of Realtor commissions and disruptors like Open Door and Door. In the past three years or so, we’ve written stories about Door and other companies looking to change the way people sell their homes.
And then there’s this article in Forbes this month, which asks, “Are Real Estate Agents Still Relevant In The Age Of Tech?” The article begins by talking about Zillow and other sites that allow prospective buyers to look through houses themselves, seeing multiple pictures, finding out all kinds of information about renovations, materials used, etc.
“But though tech has allowed homebuyers to do all this legwork themselves, in most cases, they’re still forced to go through agents to finalize the transaction,” the piece said. “And those agents? They get the same 3 percent commission they did decades ago—for seemingly doing a fraction of the work.” (more…)