I came across this article on The New York Times website and thought I would share it. Click here to read the story. Yes, if you are a Realtor charging 6 or 7 percent (some are even higher in this market, can you believe that?) you are in for a very rude awakening, and a lot sooner than you think.
I leave it up to you out there in cyberspace to make up your own mind. My business model of charging a maximum commission of 4.75% seems to be making more and more sense. But, you'll never get other Realtors to agree. They have to protect their 'Turf' and keep charging those high commissions.
Look at what the Internet has done for Amazon.com, E-Trade, and Geico. These are terrific examples of what technology can do. They have lowered their costs by using technology and pass the savings along to the consumer. That is my business model as well. You hear a lot of Realtors bragging about all the technology they use (sorry folks, searching the MLS isn't exactly something to brag about, my 12 year old can do a lot better than most of you) but how is it saving you money on a real estate transaction? That's the real question.
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