Times are tough. The US housing market in it's worst downturn in recent memory. The real estate industry has been forever changed and those who are clinging onto the past will fall fast and hard. The new model for real estate will consist of a realistic approach towards the homeowners that are in trouble. The new way of business will be some kind of "flat rate" scenario. Gone will be the commission structure that most old school agents and brokers are used too. They will however retain the selling commission but in order to attract the buyer they will have to think outside the box and use unconventional tactics of advertising. Don't get me wrong I would love to see the 6% commission again but in this world we live in today it is certainly not realistic!
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RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert
I don't think 6% commision is gone. Most BANK OWNED homes are paying 6% total. I do agree there will be a BIG shift in how we do business. Realtors most be ready for this now.
Oct 07, 2008 03:00 PM
LPT Realty - Orlando, FL
LPT Realty
Hi Craig;
I do not agree that the 6% commission is history, most sellers will pay the 6% commission for quality services. We must work harder and be honest to our clients, they will appreciate your hard-work and honesty.
Oct 07, 2008 03:28 PM
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