Realtors fight cost-cutters with rule to keep fees high
USAToday | 11 May
In the past decade the Internet has changed many things. Consumers today are more likely to book domestic flights online than through a travel agent. And they are as likely to trade stocks with a click of a mouse as with a call to a broker.
New technology has led to lower fees and better informed consumers in many industries. But you won't find many of its benefits in the business of buying and selling homes. You'll generally pay 5% or more to sell, no matter the price of the house, the speed of the sale or the cost of the Realtor's time.
Real estate agents have zealously protected their role as matchmakers by fighting off low-cost Internet brokers trying to revolutionize the business. To keep things that way, the National Association of Realtors (NAR) has proposed a rule allowing members to withhold listings from these upstarts.
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USAToday | 11 May
In the past decade the Internet has changed many things. Consumers today are more likely to book domestic flights online than through a travel agent. And they are as likely to trade stocks with a click of a mouse as with a call to a broker.
New technology has led to lower fees and better informed consumers in many industries. But you won't find many of its benefits in the business of buying and selling homes. You'll generally pay 5% or more to sell, no matter the price of the house, the speed of the sale or the cost of the Realtor's time.
Real estate agents have zealously protected their role as matchmakers by fighting off low-cost Internet brokers trying to revolutionize the business. To keep things that way, the National Association of Realtors (NAR) has proposed a rule allowing members to withhold listings from these upstarts.
More...
