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]

For comparison, commercial real estate lawyers with ten years of experience and degrees from Harvard, etc. working on $10-50 million deals usually charge less than $750.

For a real estate agent, $200 is probably more reasonable.  [/quote]

No lawyer who ordinarily works on $10-50 million RE deals is charging less than $750 for their services (unless you're talking by the hour).

You mind sharing whatever it is you're smoking? It's the weekend, after all...[/quote]

I think most of us understood that this was $750/hour.  Let’s be generous and say a realtor puts in 40 hours in selling a $1M house, earning a $50k commission.  That amounts to $1250/hour.  Realtors don’t have nearly the education, experience or knowledge that a lawyer does, but they get away with charging these fees due to their lobby. This has to end. [/quote]

There should be a small flat fee for this work. It is ridiculous that they suck people's hard earned money like this. It is a cartel and need to be broken. Also, why should seller pay for buyer??[/quote]

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