“Real Estate, by far, is the most screwed-up industry in America.”
-Glenn Kelman, CEO of Redfin
Here’s a list of things that are broken with the real estate industry in the US:
- Commission is proportional to the price of the home, not the effort to sell it
- Realtors have to risk working for free
- Inexperienced agents charge the same fee as long-term super-stars
- Home buyers don’t pay for the person serving them
- Buyers get to see how long a home has been on the market
- Real estate agencies spend 90% of their time recruiting new agents and 10% helping their customers
The remarkable thing about this list is that it was complied by a real estate agent: Greg Hauge (the Muhammad Ali of real estate). Greg, among other things, is a realtor. And Greg gets it.
The only question I have is, if one realtor can see it, why can’t they all?
Also published on Medium.