OpinionIndustry News

Long live full-service commissions

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

In the ongoing argument over the state of real estate commissions, I say long live 6 percent commissions. Technology hasn't replaced the agent, but it could help save the agent and justify the value the agent brings to the table if they choose to take on the challenge. Today's market sends waves of information at consumers, a confusing bath of foreclosures, fluctuating values, and changing lending rules. With all this information at our fingertips, it becomes clear that access to data alone will not enable the average consumer to find or sell homes. There is so much information, information that is not standardized for easy comparison, that consumers could, if leveraged correctly, appreciate the work of professionals more than ever. In fact, some like myself are even willing to pay a little more for it. And I don't think I'm alone. It has been nearly 10 years since consumers have had access to all sorts of housing data including MLS and real estate agents -- long ago be...