If you believe your agent isn't providing that value then don't use one. FSBO is common. But if the buyer brings an agent you're still paying that if you want the sale.
Right but why does the agent have so much power. Seems like a conflict of interest where the agent only shows you properties where he or she makes more commission.
So you have a buyer's agent not a seller's agent? They will show you whatever you want. The seller (often the seller's agent) pays their commission (and it shouldn't be 6% for a buyer's agent). My experience was If you want to buy a FSBO house where the owner won't pay the buyer's agent fee then you are going to have to pay it or pass.
Helllooooo Zillow
Terrible company. Look at stock
I think it's mostly to prevent fraud and manipulation, but is mostly an antiquated system that still exists because enough people depend on it for employment, like car dealerships.
But fraud can be avoided without agents. You need to just have a good closing attorney or an escrow company to handle the closing. You can draft your own sell- purchase contracts.
Yes and you can do that today. But an attorney won't give you tours, advice, neighborhood info, etc. Agents "protect" you by telling you what you're actually buying and sanity checking the price. In actual practice they're a bunch of fucking morons.
That's the whole thesis behind Opendoor. We're doing pretty well so seems like you're on to something...
Sort of. But it's not like sellers still don't get hit with fees. OD's average 8.1% and go up to 13% (before repair costs). If 6% bugs OP this isn't really an improvement. I like your business model but it's not substantially (or at all, likely) cheaper for a seller that has time to sell or the ability to carry two mortgages for a while.
No, our model is more "agents don't really do anything so you may as well use Opendoor and get something of value out of the money you pay"
In other developed countries the commission rate is 1-2%.
I'm wondering why the market here isnt efficient to drive the cost of sales down
I bought thru an agent who charged 1%. I sold my old home thru the same agent for a fixed payment of $10k and I listed buyers agent commission as 1%. You just need to negotiate and hold your ground, like you do for com negotiations 😊
Try upnest. I interviewed with them. Horrible product and CEO.
OP has clearly never bought or sold a home. It's a tremendous amount of work and requires a lot of hours.
Work by who? I can do all the research myself
Again, buyer does not pay. Seller does.
I purchased two houses in Bay Area and I never cared much for my agents input. 1. They are usually very slow to show houses. I can see like 5-6 hoses in a day in 2 hours. 2. My agent(s) always told me I was paying more and would ask me to lower price and we were getting overbid. Finally I started using them to fill my price on contract and we were able to score the house. I would do research and see houses. Not entirely sure why they need to be paid 40-50k??
RE agents are a scam in my opinion. Most of them entered the profession because they couldn't get a normal job. I met some smart ones too but they are few and far between. function as glorified receptionists
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I discussed this with a friend. We ended up on the idea it's very hard for people to trust something online
Hmm seems like we trust many other things online and the trend is increasing...
It's not gonna be easy to send someone 1million$ over internet