Internet-Based Home Sales and Cheap Commissions Rock Residential Brokers

Today, the real estate broker as an intermediary is facing intense competition from internet sites that connect buyers and sellers directly. A good analogy can be found in the travel agent industry, in which travel consumers have turned to the internet for a vast portion of their purchases and information needs, and travel agents have been forced to downsize or become providers of enhanced services, unique expertise and value-added packages.

The days of 6% commissions for real estate brokers are under pressure thanks to maverick real estate brokers such as Foxtons in London. Instead of the usual 6% commission, a small number of upstart brokers’ fees are as little as 3% of the selling price. They are able to cut costs by capitalizing on the power of the internet to advertise homes for sale, listing homes with accompanying photographs and virtual tours, but not always including services such as conducting in-person showings and open houses or negotiating prices.

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Internet-Based Home Sales and Cheap Commissions Rock Residential Brokers, Business and Industry Trends Analysis

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