The residential real estate industry in the US is broken. It is a business based on exploitation: buyers exploit agents, agents exploit sellers, brokers exploit agents and on it goes.
And what is the source of this exploitation? The magic 6% commission. A number irrevocably etched into the paradigm of our time. You would think that with liberation of housing information on the web and the efficiencies of technology that the magic 6% would have eroded over time. It has not. Not one bit. And why not? It is magic, and because there are too many parties feeding at the 6% trough to have it diminish simply by evolution alone. Even those trying to do something about it, like Redfin, are merely trying to reduce the degree of exploitation, not eliminate it.
ReaListing is dedicated to changing the way residential real estate is bought and sold in US. We envision an industry where agents no longer work for free, but receive progress payments for the work they have done (just like every other home service professional). And we long for the day that the magic 6% commission fades into obscurity and is replaced with a more fair and logical form of compensation. Real estate agents can still make a fabulous living without sellers relinquishing a big chunk of their hard-earned home equity.
Technology can be used to change the real estate industry for the better. All it takes is someone willing to bypass the trough. At ReaListing, we have no interest in getting our share of the trough. We just want to improve the industry. If it is us that does it, great, if it someone else, that is great too. Just as long as we fix the damn thing.
ReaListing is not a real estate agency. We are a service that helps buyers, sellers and agents work together more intelligently and more fairly. To learn more about the ReaListing approach, we encourage you to link to it here.
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