Hmm... I wonder why 80% of new realtors leave the business after two yearsNo wonder so many realtors drive luxury cars and wear Hermes scarves.
Thanks.Pay her 7% and 2.5%. Buyers agent gets 46.5% of that
You'd have thought with the Internet and other disruptive ideas/companies like Uber and Airbnb we'd have seen the demise of realtors by now. With the ludicrous commissions they charge it will happen one day.I agree with Jimtan,
So, an average house in Vancouver is worth 1.5 million (estimate). Commission paid will be $42,000? These places sell instantly. One open house & multiple offers. I would think even if the commission was cut in half its still a huge payout for the small amount of time the realtor puts in to sell the place.
I think they should lower the commission for the portion of the price over 500K. Drop to 1% maybe? I mean let's face it whether a house is 1million or 2M does the realtor really have to spend more time to sell it? I don't think so.
They've probably retired.Pay her 7% and 2.5%. Buyers agent gets 46.5% of thatHmm... I wonder why 80% of new realtors leave the business after two yearsNo wonder so many realtors drive luxury cars and wear Hermes scarves.
its on a percentage basis because the higher the price of the home the more they make then everyone wins
I think with the internet today and the posting of pictures and videos online you could argue that the realtor's job has become much easier. By posting the pictures online most of the buyers who make an appointment to see the house in person will already have a very good idea of what the property is like, reducing the number of people actually having to look at the house in person. Realistically though if you are making $15,000 commission on a $1,000,000 lower priced house in this hot market how much time is required to show the house to buyers over a few weeks or better yet have a few open houses.What others are saying is the realtor % was fair when a house was 300K but it doesn't make sense when houses are over 1 million. Realtors are not doing more work nor are they spending more time to sell a house as compared to before. Therefore, they should not get paid double even though house prices have doubled. The market has earned the sellers are higher not sale. The realtor has not.
By your logic I can tell my boss to double my salary even though I work the same hours as before and I produce the same amount of work as before. I wonder what my bosses response will be. LOL.