ZipRealty tool reveals commission rates
Offers to buyer agents tallied by ZIP code
By Inman News, Tuesday, September 1, 2009.ZipRealty is offering new online tools for sellers that show the commission rates offered by sellers and the number of active buyers shopping for homes in a neighborhood.
ZipRealty's online seller tools allow users to type in their ZIP code and see the average commission offered to buyer agents, based on offers of compensation reported in the multiple listing service (MLS). The tool allows sellers to gauge how close the total sales commissions for real estate agents is to the traditional 6 percent level, the company said.
Sellers can also see the number of active ZipRealty users who have searched for homes in their neighborhood in the last nine months, and get valuation estimates from Zillow, Cyberhomes and eppraisal.com.
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Submitted by Robert Watson CRB, ePro @TopBrokerOC on September 1, 2009 - 9:45am.
Transparency in the real estate business takes another giant leap forward.
Submitted by Jonathan Benya on September 1, 2009 - 11:10am.
How is it their business? Do I get to know how much the last 15 people in my town paid for their new car? I don't see how this will help make the picture any clearer. Yes, we know some agents only charge 6%, and some will charge much less or more. I charge what I charge, and if you want to you a discount agent, please, by all means, that is your right; but what right do people have to know about their next door neighbors pocketbook?
Submitted by Ronald Ogden on September 1, 2009 - 1:47pm.
Agents who can adequately justify their commission fee to their clients will continue to charge their preferred fee. This new ZipRealty disclosure will have no impact. Further, I think most people selling homes have a fairly good idea of what the prevailing commission fee is for their area; so, again, no big revelation here.
Finally, this new disclosure may be less pervasive than you might first believe. I know that my MLS system does not provide the commission offered on homes for sale as part of its IDX feed, so for most of Utah, this problem is moot.
Ron Ogden, Associate Broker
RE/MAX Metro - Salt Lake City, Utah
Salt Lake City Utah Real Estate
Dwell Utah Real Estate Blog
Submitted by Don Fabrizio-Garcia on September 1, 2009 - 2:31pm.
I checked it for my area. Doesn't seem very accurate...
Don Fabrizio-Garcia
Real Estate & Appraisals
Greater Danbury/Candlewood Lake area
Connecticut
Submitted by jim canion on September 1, 2009 - 6:43pm.
THIS IS CLEARLY A SALES TOOL TO PROMOTE ZIPS CUT RATE COMMISSION. IT WILL PROBABLY APPEAL TO MANY UNINFORMED BUYERS BUT IN THE LONG RUN WILL MORE THAN LIKELY BY LOOKED AT AS A GIMMICK.
JIM CANION
Submitted by Jim Lee, Portsmouth New Hampshire Realtor on September 1, 2009 - 6:51pm.
"Currently, we do not have recently sold home information for this area."
Looks like they don't know very much about my area.
I do. ;)
Jim Lee, CRS, ABR, GRI, NAR Certified e-PRO Trainer
Realty Executives Associates, Knoxville, Tennessee
www.KnoxvilleHomeCenter.com mailto:Jim@JimLee.com
(865) 693-3232, My Personal Toll Free # 1-800-662-2488 ext. 163
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Submitted by Judy Orr on September 1, 2009 - 7:19pm.
I didn't register on the Zip site so I'm not sure if that's the only way to see the commissions or if they don't show them in my area. However, they'd only be able to show the buyer's agent commissions and that doesn't tell the whole story. I've seen an agent take a 6% commission and give out a cooperative commission of 2%.
Judy Orr
Classic Realty Group
Oak Lawn Homes For Sale
Submitted by Ruthmarie Hicks on September 2, 2009 - 6:45pm.
How on earth can the details of private contract between the seller and the listing agent be ANY business of the buyer? This is invasive and very inappropriate.