Boston condo broker fees – the last word (hopefully)
The Kansas City jury sided with 500,000 home sellers in Missouri who accused NAR and some of the nation’s largest brokerages of conspiring to hike commission costs. The verdict in the Sitzer/Burnett case includes $1.8 billion in damages, which could be tripled among the defendants for more than $5 billion in damages
Are realtor commissions negotiable?
Sure….how high do you want to go?
Boston condo for sale commissions aren’t all the same, just like agents aren’t all the same. Different agents charge different rates because they do different things for the consumer. Commissions/fees range from 2% to 6%. Nice range!
So if all that matters is paying less for your agent, then shop around – there are plenty of discount agents around. You might consider hiring the very best agent you can find – one who pays for themselves, and more.
This is the question that has never been answered by the industry:
“If agents employ different skill sets and services, why do they all get paid the same?”
What are real estate brokers saying
Many brokerage leaders haven’t jumped in on the conversation over the legal developments likely to upend the industry as many firms size up their involvement in the case, a similar class action suit set for trial early next year, or a lawsuit filed just minutes after the verdict was released.
But for those that are chiming in, concern over the future of buyer’s agents is paramount.
Freedman emphasized the importance of buyer’s agents, who are often responsible for putting together board packages and advising clients in one of the world’s toughest markets.
“Many of them hustle and they only get paid on deals that get done,” Freedman said. “There is this horrible misconception that technology can replace a good buyers’ agent, and I am sorry, but that is just not true.”
Appearing on CNBC’s Last Call just hours after the verdict, Freedman pushed back against the plaintiffs attorney Michael Ketchmark’s claim that NAR operates as a “cartel” and that brokerages are “corporate machines taking over real estate.”
“What is being said is completely untrue,” Freedman said. “It’s ridiculous.”
“I do not collude with any other agent or brokerage to fix the commissions I negotiate with my clients to pay,” Steinberg said in the post. “Do I have the option not to work for someone who does not pay me what I am worth? I hope so! And I know they have that option too.”