You could not create the real estate industry from scratch as it is practiced today. Nobody would stand for it. And yet it persists.
There is a little secret in the industry that everyone knows but nobody talks about: there are too many real estate agents.
Much of the reason why home sellers pay too much to sell their home is that the real estate industry has convinced them it is so difficult to do.
Real estate agents learn early on to use half-truths and outright lies to convince you that paying their hefty commission is the best thing you can do.
If you can find a way to get a dollar for every time you hear the line “You get what you pay for,” you may not need to sell your home.
There is no reason why anyone should pay $20,000 or $30,000 or $40,000 to sell their home. Not with today’s technology.
Just because you need help selling your home does not mean you want to get ripped off.
The proportion of home equity a seller is expected to sacrifice to sell their home is way out of line with the service they receive to sell it today.
As long as buyers and sellers remain passive, uninformed and intimidated about the home buying and selling process, the ability of technology to change things will be severely limited.
How do you feel about splitting the equity in your home with an agent when you spent twenty years paying the mortgage and they spend 20 hours helping you sell it?
The history of the real estate industry is littered with the dead carcasses of companies that tried to solve this problem.
Only in the wacky world of real estate can eliminating consumer choice be spun as a benefit for consumers.
Dual agency is often branded and marketed to naïve consumers, by the large, national brokerage firms, as a thing of value.