Real estate deals online: U.S. Government fights for your rights

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It's about time...

I?m a former real estate agent and I have seen first hand some of the things the industry has done to fight innovations and protect the 6% commission as the standard throughout the country. I have also seen personally the effects on sellers who in many cases cannot afford to pay 6% of their sale to an agent because that 6% commission represents much or all of their equity.

Customers (and many real estate agents themselves) are in desperate need of new solutions and choices which are not forthcoming from the industry. Instead of embracing new business models and exploiting technologies to make the selling/buying process more efficient and beneficial to buyers and sellers, many in the industry are doing everything they can to protect their 6% commission despite its effects on their customers as well as most agents.

The National Association of Realtors and other industry groups would better serve their members if they came up with innovative ways to serve them along with buyers and sellers. With the new generation of real estate companies and for sale by owner sites such as fsboTimes.com gaining new traction, the message is clear that customers are looking for change. If the real estate industry as a whole does not find innovative solutions to keep them relevant, they risk becoming irrelevant in the near future.

I?m happy to see that the government is finally doing something to stop the efforts of the industry. Hopefully the government?s actions will lead industry groups to implement new rules and innovations which are more beneficial to customers. Sadly, I doubt this will happen.

Posted by: fsboTimes.com   Posted on: 09/25/06 You are currently: a Guest | Members login | Terms of Use

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