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by GFischer
3268 days ago
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The real economic question is whether they can keep charging 6% commissions as the internet evolves That's the point. In pre-internet ages, there was a huge information imbalance that kind of validated that 6% (also, there wasn't such a ridiculous housing bubble). Someone mentioned a real estate agent making 1250 dollars/hour. I would be willing to jump whatever hoops were needed to make that kind of money if I were in the U.S. |
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Well, the percentage is only part of the point. Some commenters in this thread are truly perplexed why the agents even _exist_.
They exist because sellers want them to exist. I'm saying it's naive to think that a new revolutionary website with a slick UI/UX would make agents obsolete. Agents may make less money (e.g. forces of free market lowers their median income from $45k to $20k) but the agents won't go away. If you have a population of people that don't want to do something (hassle work of selling) and a segment of population willing to specialize in relieving that hassle, then boom, you inevitably end up with agents. A new website or smartphone app doesn't remove the desires for that business relationship.
>Someone mentioned a real estate agent making 1250 dollars/hour.
Most agents don't make much money[1]. (Median is ~$45k.) There are a handful of superstar agents selling multi-million dollar mansions but most agents are selling more modest properties.
[1] https://www.google.com/search?q=average+real+estate+agent+in...