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]

You're saying this isn't a lot of work to do and arrange? Why didn't you arrange any of these things?[/quote]
Exactly. You are also missing the hours she spent on thr brochure, hiring the photographer, doing the paperwork, etc. I spent a summer working for a top agent and there was tons of behind the scenes work. She would often be responding to emails non-stop until 11 at night and start at 6 again the next am. She made it look seamless so her clients didn’t see the million fires going on behind the scenes.

That thread on sketchy sellers on the bay had hundreds of shocked responses. We saw stuff like that a lot and the agent worked to protect the clients and keep it from getting as far down the line as that one did. Not saying there are not some awful agents - there are. I do believe without the good agents you’d have a ton of stuff like that bay house issue. Also, every time I see a settlement w/ a Redfin agent, there are issues and for the most part their clients got a worse deal than if they had paid the full commission and used an agent that actually was tops in their area [/quote][/quote]

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