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They are undercutting. Online brokerages like Redfin and Opendoor are challenging the 6% fee. Their success has led to the "standard" fee now being 5% in many m

by ak217 8y ago

They are undercutting. Online brokerages like Redfin and Opendoor are challenging the 6% fee. Their success has led to the "standard" fee now being 5% in many markets, but if you use these platforms on both the seller and buyer side, you may now be able to get down to 2.5%. I expect the fees will continue to drop. As the article points out, the realtor cartel works to de-platform individual realtors who undercut the fee by shutting them out of associations (broker networks) and in some cases removing local MLS access. By law, you have to be a licensed realtor to broker real estate sales.

jrs235 8y ago
I keep seeing people incorrectly using the word 'Realtor'. A Realtor is a member of the National Association of Realtors. Not all real estate agents are Realtors. And not all Realtors are real estate agents (some are appraisers, home inspectors, etc.) The "realtor cartel" will not de-platform individual Realtors as much as they will deplatform non-realtor real estate agents. To get access to MLS you must be a Realtor though. They do not have to be a Realtor to broker real estate sales. They need to be licensed real estate brokers. Being a Realtor is optional. Source: am a non practicing licensed sales person in my home state. I can't do anything without a broker supervising me. Also I am no longer a Realtor, I was when I was an agent for a broker who was and required NAR membership.
- ak217 8y ago
  Thanks for the correction. I'm not in this industry, so still learning and dialing in my terminology :)
- dustindiamond 8y ago
  I am able to get MLS access as a licensed real estate agent as long as I am a member of the local board and pay for that membership and MLS access. I am not a realtor. Also, it may be different where you are, but 25% is the standard for referrals (from the buyer or seller side). To me, it seems easier to generate quality leads, and then refer them to a buyer agent.

by ak217 8y ago

jrs235 8y ago

I keep seeing people incorrectly using the word 'Realtor'. A Realtor is a member of the National Association of Realtors. Not all real estate agents are Realtors. And not all Realtors are real estate agents (some are appraisers, home inspectors, etc.) The "realtor cartel" will not de-platform individual Realtors as much as they will deplatform non-realtor real estate agents. To get access to MLS you must be a Realtor though. They do not have to be a Realtor to broker real estate sales. They need to be licensed real estate brokers. Being a Realtor is optional. Source: am a non practicing licensed sales person in my home state. I can't do anything without a broker supervising me. Also I am no longer a Realtor, I was when I was an agent for a broker who was and required NAR membership.

ak217 8y ago
Thanks for the correction. I'm not in this industry, so still learning and dialing in my terminology :)
dustindiamond 8y ago
I am able to get MLS access as a licensed real estate agent as long as I am a member of the local board and pay for that membership and MLS access. I am not a realtor. Also, it may be different where you are, but 25% is the standard for referrals (from the buyer or seller side). To me, it seems easier to generate quality leads, and then refer them to a buyer agent.