BrokerageIndustry News

Agents: Compete with real estate rebates

Use video, rich data to defend your commission rate

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Editor's note: This is the second part of a two-part series. Over the last few years, requests to lower real estate agents' commissions have died down due to the tough marketplace.As some markets are starting to improve, the call from some consumers -- especially buyers -- for agents to lower their commission rate has returned. What's a full-service agent to do? I recently had dinner with agents from a full-service brokerage who were experiencing a challenge with an online real estate company that rebates buyer commissions. The agents were upset that this online brokerage was using the multiple listing service Internet Data Exchange (IDX) feed and then posting one of their agent's pictures on the listing that belonged to the full-service firm. The online company has a robust platform, and younger buyers are drawn to the rich variety of data. The agents said that if they can get in front of the buyers they could easily show them the benefits of working with a full-service br...