6 percent is dead

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Editor's note: This month, Inman News is focusing attention to the issue of real estate compensation. Click here to find out more. In this guest essay, CondoDomain.com founder Anthony Longo offers a perspective on the percentage-based real estate commission structure. Yes, the day of the standardization of 6 percent commissions is dead. How long will it take for the industry to realize this? That is the new question. Now, don't get me wrong, I am not attacking the industry, commission dollar amounts or high-paid all-star agents (many who are worth every penny). I am simply talking about the "percentage-based commission structure." If a top real estate broker in New York City is on average making $50,000 per transaction, I am not staking the claim that they should not be making $50,000 per transaction -- they may, in fact, be worth it -- possibly even worth more. My belief and statement is that the "standardization" and commonality of the 6 percent comm...