Reply to WSJ: Beware real estate cartel

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The DoJ is coming after you next:

https://www.wsj.com/articles/warning-to-the-real-estate-cartel-11625783854

Finally, hopefully consumers can get away from this ridiculous system that compensates brokers exorbitant sums of money for only a few hours of work. TBH, a vast majority of the process could probably be largely automated for a $20 fee anyway.  Ridiculous US consumers have so much wealth destroyed from insane fees, or are forced to buy less because of fees.[/quote]

Funny, I did a 5 hour home inspection today with a lawyer who is involved in this case.  Guess, I don't have to day anything else, and we will forgot about the twenty plus hours I spent with him at other houses, working out finances, and two previous pre inspections.  [/quote]

Funny how you cherry picked and only highlighted this one transaction. Are you suggesting there are no transactions that take less than 20 hours beginning to end?  I’ve purchased/sold several homes both with realtors and on my own with a flat fee attorney. Realtor fees should be by the hour. $750 an hour will motivate buyers to be more precise with their search. [/quote]

More like 75 cents an hour.  We handed our agent the key to our house and she had it painted, floors refinished, deck and some other repairs done, had a new garage door installed, carpet cleaned in the basement, and had windows and house cleaned. She had the house staged and had photos, floorplans, and a tour done.  She spent three hours sitting on her ass at an an open house and then made us respond to offers a few days later.  She didn’t do anything after that except meet the appraiser, termite inspector, and our movers.  She spent maybe a couple hours making sure the movers got everything out of the house and then took all our old paint to the County.  She spent a lot of time with the settlement because we were in two places. For that she made over $9,000.  She should  have gotten $750 for the little she did.   My neighbors were all impressed  but she didn’t do any of the work [/quote]

Aren't you funny. I've bought and sold many houses and have employed different agents for everyone. I have never had an agent do any of these things you've documented. I had to deal with our appraiser who made a serious mistake in our documentation in which he left information on a page related to a different house. My agent did nothing. No one I know has ever had an agent do more than the minimum. Anyone can become a agent.[/quote]
PP’s description sounds a bit over the top, but last time we sold, our agent took care of hiring painters, somebody to put in new countertops, photos, staging, new carpets, cleaning, re-glazing the tub, and probably other stuff I’m forgetting. We paid her 2.5% of the sale price (the buyer’s agent got the other half). I still think it was a lot for the work put in, but honestly, it would have taken me so much longer to find the right people to do the work and be around for all the appointments. We probably got to market earlier and sold faster because of her work. [/quote]

Your case isn't the norm.[/quote]

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