The last deal I did was direct with owner who insisted no broker but attractive pricing reflected that. Deal went fine. Who needs them???
6% never made sense to me. A median home is $189k. 6% of that is $11,340. Yes, it get split 2 ways but selling 1 home a month gives you an above median income. How many hours a month does an agent have to work to do 1 transaction a month?
Then it’s insane when you look at the BA where $1M is median. That’s $60k/transaction. Are our realtors really doing 5x the work of a realtor in other areas? 2-3 homes a year is a median BA income. No wonder so many people here get their realtors license.
My real estate buyer’s agent knew about the paperwork & what kind of deadline to give(offer expires in 24 hours) etc, & general information on inspections etc.
However, he had no domain expertise on specific geographical areas, no opinion on Which houses are good vs bad, rather according to him every house was great. His only objective was for us to buy a home ASAP. We visited almost 100 OPEN houses over 4 months in our target area+ pricing(we- husband/wife went alone without the agent). Within a month/month&half, I knew more about houses in that area than he did(because I actually went to open houses every weekend unlike him). At the end of the process he even suggested to me to join Redfin to work as a realtor over the weekend.
I still gave him 5 stars(because he was generally nice guy, with no tantrums), but in reality deserved only 3 max.
Redfin refunded me @ 0.775% of the listing price, which was one reason kept me going, hence the net in this transaction came to around 5.225%
Talk to a realtor in an open house. He was previously with Google and then Facebook. I ask him why he wants to work as a realtor. He said, “You call this work?”.
Realtors spent a large part of their time and money on marketing and ads…The amount of time spent on transactions may be even less…