Are Realtors soon to be obsolete?

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The need for an agent in the selling process is dead. Or so believes many investors that are getting their lawyers to do the hard work.

An increasing number of buyers and sellers are ditching their real estate agents in favour of lawyers to save cash.

Seasoned landlords say they get their lawyers to handle all of the paperwork and negotiation with the whole transaction costing, on average, around $1,000 including HST.

Private selling has become more commonplace as buyers become more informed and in-tune with the entire process.

But the issue ignited a huge debate amongst investors and service providers.  Agents argue that sellers “usually end up getting a lower price than an agent would have gotten for them. This is likely due to the fact that in a private deal, both parties recognize there’s money left out of the equation; the commission.”

Larry Frondall, a Calgary-based underwriter, said lenders get “nervous” when handling private deals as there is a greater potential for fraud. He says that buyers would have to undertake the role of the Realtor in such cases and do all of the “leg work” including the checking of all comparable properties in the neighbourhood and pulling a copy of the property’s title for review.

The issue of security, says investors, need to be also considered. “When you open the door of your home to a potential buyer, what do you as the seller know about that person?  Are they simply casing the joint for a robbery the minute you leave the place?” said one landlord.

  • Mark Balcar on 2014-06-25 1:34:03 PM

    I think it depends on the client. Some need that extra hand and help while others are seasoned or own commercial property and may not require a Realtor. When in doubt use one.

  • Mark Balcar on 2014-06-25 1:34:14 PM

    I think it depends on the client. Some need that extra hand and help while others are seasoned or own commercial property and may not require a Realtor. When in doubt use one.

  • A Broker on 2014-06-25 1:42:41 PM

    Good idea to keep the realtors out of it. Have an appraiser evaluate your home, contact a "real estate" lawyer (not just a lawyer friend of the family who does not handle real estate), have a professional sign printed up and advertise on Kijiji or similar site and always ask for ID and proof of financing approval. Keep in mind when a realtor shows your home either solely or on an open house they do not keep an eye on who is wandering through your house. If a professional thief is going to case a house they are going to see a lot more houses through a realtor's open house. Keep in mind also that realtors list your home, put it on MLS and hope that someone will have a buyer for it. How many tens of thousands of dollars does that cost you.

  • A Broker on 2014-06-25 1:42:44 PM

    Good idea to keep the realtors out of it. Have an appraiser evaluate your home, contact a "real estate" lawyer (not just a lawyer friend of the family who does not handle real estate), have a professional sign printed up and advertise on Kijiji or similar site and always ask for ID and proof of financing approval. Keep in mind when a realtor shows your home either solely or on an open house they do not keep an eye on who is wandering through your house. If a professional thief is going to case a house they are going to see a lot more houses through a realtor's open house. Keep in mind also that realtors list your home, put it on MLS and hope that someone will have a buyer for it. How many tens of thousands of dollars does that cost you.

  • Good Day on 2014-06-25 2:23:04 PM

    One day, mortgage broker will be also obsolete. Mortgage broker only gather information of the client, filled in the application form and submit to lender and hope that the lender will approve it.

    Client goes to bank and they can get the same thing.

    Is that right, Mr A Broker ??

  • Poor Mortgage Guy on 2014-06-25 2:32:30 PM

    Couple years ago, my client (Mr Buyer) was approached by his neighbor (Mr Seller) offering him his house at 750K, no Realtor involved and finally made a deal at 730K.

    At that time, the market price for that house was 800K (many sold comparable in the market) and obviously Mr Seller had no knowledge about the market price.

    Mr Seller focus on "Saving Commission" which everybody wants, right ? Commission for selling house at 800K is 26K.

    Recently, Mr Buyer told me Mr Seller asked if he can sell the house back to him at 800K ? The market price is now > 900K.

    Mr Seller realized that he had sold at 70K less than market while having smartly saved 26K commission !!

  • Angela Wong-Liao - Invis Inc on 2014-06-25 2:46:42 PM

    In view of all the potential mortgage frauds in the real estate market at this time, it is prudent to use a seasoned real estate professional. People think that a real estate lawyer can replace a real estate professional, but the truth is that real estate lawyer is not trained as a real estate professional and monitored by CREA or TREB. On the contrary, I find most of my clients get a better pricing for their purchases or selling by using a realtor because a seasoned realtor knows how to promote and sell the property properly. As a mortgage professional, I also find lenders do not like private sale and therefore, the turnaround time can be longer than a regular MLS listing property as lenders want to take extra due diligence in adjudicating a private sale mortgage transaction.

  • Joe on 2014-06-25 3:27:19 PM

    All is good until someone gets sued for something gone wrong. When using a Realtor, all the liability is transferred and their insurance covers any wrong doings or oversights. Guys, get it through your head… Realtors are important & here to stay; they're not going anywhere. I would never do a deal on my own, way too many moving parts. Everyone thinks it's easy until there is a problem. I found a GREAT Realtor & would advise everyone else to do the same.

  • Poor Mortgage Guy on 2014-06-25 3:52:13 PM

    Exactly ! Do a deal on my own is danger, we do not buy and sell property everyday, why save a bit money and turn out suffer a big loss ?

  • Ron Real Estate Broker on 2014-06-25 4:37:33 PM

    There have been many cases where sellers did not know the value of their homes and got taken advantage of by savvy shoppers privately. I had one a few years ago where the seller chastised me for pricing hers too high. She said "If I get $700,000 for it, I'll be shocked". She may have sold it for $650,000 if approached. I listed it and exposed it to the market, and got almost $800,000 for it. She could have been out almost $150,000. Was she better to list it or just go ahead and sell to the first that made an offer.

    She has her own business and specializes in her work. I would no even attempt it myself. She has the tools, experience, reputation, staff, etc. to do what she does properly, quickly and safely.

    Another client went to a bank to get a mortgage for his newly purchased house. His bank quoted him a rate which he thought was pretty good. I referred him to a mortgage broker who worked with one of his lender contacts, and got a mortgage approved with the same bank at a lower rate, and even arranged to have it administered at the same branch. The mortgage broker got paid by the bank (no charge to the client), the client saved more than the broker made as a fee, and SAVED HIS TIME. He was thrilled. There are many similar stories.

  • Poor Mortgage Guy on 2014-06-25 4:41:17 PM

    Yes, let the professional to do it.

    We all are professional here, do NOT think of eliminate the other professionals please.

    When I sell my property, I always give bonus to Realtors. It helps.

  • Ron Butler on 2014-06-25 5:49:22 PM

    It is interesting that everyone chimes in with stories of consumers being taken advantage of without the use of real estate agents or mortgage brokers. While I absolutely know their will always be these professionals to assist the consumer I need to remind everyone in the industry reading this that we don't get to make that call the consumer will always have the final say.

    Their is a growing group of consumers who find they can do enough research online to allow them to successfully execute these transactions without the requirement that professional be paid a full commission to achieve a good result. The truth is if the MLS system is ever forced to go "fully public" then everything about real estate sales will change.

    I wish that more industry professionals would figure out that railing against the idea that commissions will be reduced or eliminated by technology or different service options is like the old Yellow Pages Salesman insisting that everyone will always use this Yellow book to find service professionals....... forever.

  • Joe on 2014-06-25 6:27:00 PM

    At the end of the day I honestly think it comes down to this. Anyone can do the research to do pretty much anything in todays world. I can only speak for myself but I know that I could do any of the following: Landscaping, home renovations, painting, etc… However, myself and I believe most others do not have the desire, energy or time to want to. When I get anything done on my investment properties I gladly pay people to do what they have been trained to do (painting, etc…) You are paying professionals money to do what they do, so that is is done right, and so that you can spend time with your families or whatever it is you enjoy doing. Time is money. I don't want to do my open houses, put out ads, schedule viewings, or call people back. I want to come home and enjoy my home, as I already have a full time job.

  • Ron Butler on 2014-06-25 6:36:54 PM

    @ Joe........... that is a very intelligent comment. You made a conscious, logical choice to pay someone to provide the service. You weighed the options and decided that you are better off paying. That is entirely different than being told you will screw up if do it yourself or something bad will happen if you don't pay full pop. That is why I know full service professionals will always be here; the consumer does want choice.

  • Ron Real Estate Broker on 2014-06-25 6:48:23 PM

    Everyone should also note, that Realtors and Mortgage Brokers do not get paid a cent unless THE DEAL CLOSES! Clients pay what they think is a premium, but agents/brokers are highly motivated to do the job, and do it properly. We work nights and days, and weekends and holidays, etc and take all the financial risks in promoting the property. There's even the chance that a firm sale may not close and a commission that they worked hard to earn, is taken away at the last second. I'd like to see some of the complainers earn a living that way. The Realtor earns what seems like a big fee but much of it goes to overheard and time invested, so they can gain the experience to do the job right.

    The entire criminal code can be downloaded online and read by anyone, yet people still pay lawyers fees of $300.00 - $400.00 - $500.00 and I've heard as much as $1,500.00/ hour for their experience.

    I worked in a marina once. A customer came in and ordered parts to tune up his outboard. He wanted to save the $100.00/hour shop fee he would have had to pay to get the job done on the spot. It would have taken an hour. He screwed up, (he could find everything he needed to know on line of course), brought the motor back and it needed 3 hours labour and all the same parts again (he twisted them, damaged others, even parts that didn't need replacing to start with) to do the job and repair what he had damaged. and by the way, he made the same long trip three times instead of once, to get his repair done that he could have waited for in the first place. How much did it really cost him to do it himself? Figure it out. Hire a professional, get it done once and done right by someone with the knowledge, resources and experience to do it right in the first place.

  • Ron Real Estate Broker on 2014-06-25 6:54:30 PM

    Everyone's welcome to try it themselves of course. Their chances of success are reduced but still there. The risks are much higher. Also, buyers and sellers all want to save all of the same commission, so that can become a sticking point too.

    For Realtors, take note, a good source of of prospective sellers and buyers have have a private for sale sign or a discount/no service brokers' for sale sign on their front lawn. Follow up. If they succeed, great, if they don't, they'll be very frustrated and tired of it all and hire a pro.

  • Ron Butler on 2014-06-25 6:55:19 PM

    @Ron Real Estate Broker....... not so intelligent comment. Really now, another litany of scary stories about how everyone will screw up if they try "do it yourself". Seriously, stay away from the lawyer analogy because anyone who ever used a family lawyer in a separation suspects they were overcharged. There is no need to go the "scare" route. Consumers can make good decisions and as Joe pointed out often those decisions will favor paying a professional.

  • Ron Real Estate Broker on 2014-06-25 6:55:39 PM

    I do tend to go on, don't I?

  • Mortgage Agent Geoff on 2014-06-26 10:16:09 AM

    Sorry if this is too academic, but doesn't it kinda come down to one thing we learned in Econ 101...the Law of Comparative Advantage? Maybe a painter can do plumbing and the plumber can paint. But each can do their respective fields much more efficiently and with likely much better results. The overall net gain is beneficial to all.

    As @Joe rightly said, given enough time and inclination we could all learn the mechanics of doing something and do it sufficiently. But is merely sufficient the standard of performance we should strive for? Let the experts be just that, you in your chosen field, me in mine, and let us all benefit from a job very well done.

  • Silly Rabbit on 2014-06-26 11:29:30 AM

    Bottom line is realtor commissions are on the way down. Everyone knows they are overpaid for what they actually do and rising home prices magnify those amounts. My bet is 1%-1.5% will be the average realtor commissions in the coming years....

    Redpin, Zoocasa, etc. All dropping the bomb on greedy realtor commissions....

  • Silly Rabbit on 2014-06-26 11:32:07 AM

    Think about it. You're selling your Toronto home for $800,000 , do you really need to give up $40,000 for realtors? $40,000 !!

  • Ron Butler on 2014-06-26 12:04:58 PM

    @ Mortgage Agent Geoff... respectfully I have seen many people do a better painting job in their own homes than many professional painters. However I do agree there is often a reason to use a professional and pay for it, I do not want DIY surgery. I think we just need to be careful in saying that just because a profession or service providing group exists it has an eternal mandate to continue forever in spite of consumer or technological changes.

  • Joe on 2014-06-26 12:06:23 PM

    Guys, if it's so easy and all gravy then go ahead and try it out! I think after making your attempt you will have more respect and understanding for what it is that Realtors actually do. The average Realtor in Canada makes somewhere around $30,000 per year. The public only sees the top performers, the nice cars, the quick paycheque, etc... They don't see all the challenges and fires that are being put out behind the scenes. Sales people in general are paid very well, and that is because it's not easy; they do not get benefits, pensions, guaranteed paycheques, paid vacations, etc... Sales people have the drive and determination to make their mark, and go after their dreams. They get paid on results & if there aren't any, then they better have a plan B. With great risk, there may be great reward. So instead of hating on Realtors, why don't you build up the courage to make your own mark and quit crying about it.

  • M. Robertson on 2014-06-26 12:33:39 PM

    I believe that more consumers are starting to explore options other than using a realtor for a couple of reasons. (1) Realtors research sales in areas to determine market value. 15 years ago this information was not available to the consumer, but today a quick search online or through the municipality will net you that same information. It is more work yes, but people are more willing to DIY – especially the younger generation of consumer. (2) If I am buying a 1 million dollar home and I can save at least 20 thousand in commissions… well that is university tuition for my kids. Could a realtor have perhaps sold my home for more? Maybe. But the market is pretty hot right now. I can advertise anywhere that a realtor can online with the exception only of MLS, and that could change – if it does… well that changes things again.

    Realtors claim that they will spend thousands on marketing, but most don’t that. Print advertisements are almost useless in the major markets, so that leaves online. A realtor will advertise a home on Craigslist, Kijiji – those are free listings and any consumer could do it. Companies like Century 21 have very robust websites, and that is a definite boon for the consumer, plus of course MLS. It will always at the end come down to service, and the younger generation has very high expectations of what that service looks like. They want to know what they get for every single dollar they pay – telling them “service” or “Professional Advice” isn’t going to be enough in the future. Realtors in Canada make significantly more on a transaction then they do in most countries in the world. As an example… In the UK estate agents make about 1/3 of what a Canadian Realtor makes on a transaction. That estate agent does just as much work to sell that home as a realtor does here.

    As for the legal aspect, if I have a contract lawyer review my sale/purchase agreement I am covered against losses folks. They have E&O insurance, and then there is the various bar associations that closely monitor lawyers in this country. Advice from a lawyer or a realtor, either way as the consumer I am protected. The difference is the Lawyer is typically going to be cheaper (who ever thought that would be the case?!?!)

    Lastly. Be careful throwing the fraud word around. In the past decade all of the largest real estate fraud cases in Canada have involved realtors and mortgage brokers.

  • Keith on 2014-06-26 12:39:16 PM

    Relators are desperately trying to save their jobs - they are still stuck in the 70's and 80's in terms of what they offer the consumer. Websites do not equal being "with the times" - in almost every country around the world realtors have experienced a huge shift in how they serve the consumer, and how much they get paid (less). It is only a matter of time for this to also happen in Canada.

    People who continue to fight change are going to wake up one day and realize that the world has left them behind with nothing.

  • Evan on 2014-06-26 12:41:23 PM

    This is kinda funny - the whole stream of chatter. Canada has to get with the times. Realtors are not omnipotent - in a lot of countries around the world their role has changed, it only makes sense that it will also come to Canada.

    Last stop for the gravy train!

  • Leo Bradshaw on 2014-06-26 3:16:22 PM

    After 35 years in selling Real Estate I have seen it all. You will have everyone trying to convince people to sell Privately. I use the example of a Builder who tried to sell his New home with one of the private companies. It was a monumental failure. He said he had 3000 hits on the web and no offers. He was much smarter than the rest of us. He then listed the property with an out of the area discount agent. Another failure so he finally listed the property the other day with an area agent and it will now sell. This agent and many like him are experts in the area. All the time wasted has now made a money making project into one where he will possibly lose money all because he was smarter than the local agents. AGENTS ARE WORTH EVERY PENNY OF THEIR COMMISSION. We get paid for our skills in negotiations and selling advice. It has taken decades to develop Real Estate Boards that now can keep the public up to date with current trends. Lawyers and private sale companies cant do all of this properly.

  • Dave on 2014-06-27 8:22:18 AM

    @GoodDay

    No it's not right. A lot more work than that. Are you a realtor? Your post was probably the most unintelligent post so far this week.

  • Leo Bradshaw on 2014-06-27 10:29:22 AM

    Dave if you ever worked as a Real Estate Agent you would realize that your comment is not only insulting but quite typical of someone who lacks the experience to see what I was saying. Try reading it again and see if you can grasp what was said. Agents do a fantastic job and have been praised by those that see their benefits. There are those that only see the negative in everything and spread it like a virus. I can only assume you are one of those.

  • A Realtor on 2014-06-27 11:03:35 AM

    Listing Realtor got offer right after first open house, client asked if he can reduce commission since HE HAS ONLY DONE ONE DAY WORK.

    i.e. do it smart and quick = less income

    ok, how about the listing sits there for 365 days, numerous showings like average once daily and then sold.

    Will the client pay more commission or bonus because the Realtor worked so hard ?

  • GoodDay on 2014-06-27 12:03:46 PM

    Mr Leo, Mr Dave is referring my comment, not yours.

    Mr Dave, I am both a Realtor 11 years and Mortgage Broker 6 years.

    For mortgage, the total time spends on one deal (not include the background knowledge and your studying time getting licence etc...) is typically one or two days.

    Say meeting the client, gather document, filogix, submission, request appraisal, branch fulfillment (if any), getting approval.

    Basically, most of the work can be done in office.

    1% commission for mortgage (average).

    For a Realtor, especially buyer's realtor (selling realtor) spends much much more time on a client then mortgage broker.

    For many times, I showed more than 100 listings to a client. It can be 1 year or even 2 years work.

    I am sure that the time spends on a client is much much more than mortgage.

    Most of the work cannot be done in office.

    I got 1.2% commission (Vancouver).

    To me, if there are same amount of income, I prefer to be mortgage broker rather than realtor.

  • follow-up comments on 2014-06-27 12:33:18 PM

    follow-up comments

  • A rich mortgage gal on 2014-07-22 3:13:12 PM

    Good Day: regarding your comments about brokers becoming obsolete at some point...congrats on being a youthful and starry eyed 20-something because you obviously are too young to remember the days before mortgage brokers existed and the big banks controlled the interest rates with zero competition - that was a lot of fun!
    Google is a wonderful font of historical facts, you should check it out so that you can thank your youthful butt that brokers are here for the long haul...

  • Good Day on 2014-07-22 3:33:27 PM

    Miss A rich mortgage gal

    May be I did not express myself in a correct way.

    I ABSOLUTELY NOT mean one day the mortgage broker will be obsolete, I also do NOT want to see realtor to be obsolete.

    I am both realtor and mortgage broker.

    I am working hard to become a rich mortgage guy like you. :-)

  • Leo Bradshaw on 2014-07-22 3:51:26 PM

    All of those people who want Real Estate agents to cut their commissions should ask their Lawyers to reduce their hourly rates by at least $100 per hour and see what would happen or should I say wouldnt happen. You get what you pay for. Remember that and ack why is an agent cutting his commission. The answer is he cant compete and has to rely on the good agents to bail him out. You get what you pay for.

  • Good Day on 2014-07-22 3:56:52 PM

    Buyers now ask Realtor to pay kickback or rebate , it can be 50% of the commission !

    It sounds like your boss asks you to work hard but reduce 50% salary.....



  • Ron Butler on 2014-07-22 4:01:04 PM

    Mr. Bradshaw, respectfully, Real Estate lawyers charged about $1500.00 for a purchase and a mortgage 10 years ago and they are about $1700.00 today; so lawyers are a bad example, technology change and cut throat competition pushed their earnings way down over the last decade.

    Here's the simple truth, if MLS became a totally open source system in 5 years average real estate commissions would fall 50%.

  • Joe on 2014-07-22 4:07:33 PM

    Ron Butler, if MLS became Open Source it would no longer be funded by Realtors. Accuracy would become a nightmare, and it would just become another Craigslist or Kijiji. Disclosure issues would run rampant. Careful what you wish for. People have no idea how much money has gone into creating the MLS system we all have today and how we are the envy of North America for its efficiency & accuracy. Do people really think it just maintains and runs itself??? Lol.

  • Good Day on 2014-07-22 4:12:01 PM

    I think MLS is only a way to let everybody knows there is a property for sale.

    One very important thing a Realtor does is to make the deal done. So I don't think Realtor will be obsolete.

    The only thing that would make the commission reduced is the competition between Realtors.

  • Ron Butler on 2014-07-22 4:23:32 PM

    Again, respectfully Mr. Good Day, it is NOT like your boss asking for a 50% salary reduction. Real Estate services are an event driven contracted service, the client is not "employing anyone.

  • Ron Butler on 2014-07-22 4:33:40 PM

    @ Good Day.............. I never said realtors are obsolete, I disagree with the idea real estate agents will vanish, costs will come down as efficiencies occur that is precisely what would happen.

    @ Mr. Joe ............... Rogers or Bell WOULD run, maintain, supervise and do quality control on MLS completely FOR FREE as long as they could sell advertising on the site. That is a fact. I think the MLS system here is the envy of all North American realtors for the high commissions that have been maintained.

  • Good Day on 2014-07-22 4:36:28 PM

    Ron, I know you are not saying that realtors are obsolete.

    Actually, I do not understand why the MLS should open to public.

    The database belongs to our realtors, it is like I have to open my house to welcome everyone who wants to live in !

  • Ron Butler on 2014-07-22 4:50:05 PM

    Good Day, respectfully, any organization that has been as relentlessly pursued by the federal government as anti-competitive needs to accept the fact that some folks will feel your highest interest is to maintain your commission levels. Bottom line is the consumer supplies the information that goes on MLS it was not researched and gathered by realtors on their own they get it from their clients so why not open up MLS and let Rogers run it. Your annual fees to the Board would go way down. Perfect solution.............. right?

  • Joe on 2014-07-22 5:04:27 PM

    Rob Butler:

    FACT - Realtors in BC charge the least amount of any region in North America.

    FACT - Realtors do not get their info from the Seller.

    FACT - Rogers/Bell, running anything scares the crap out of me!

    Food for thought - Sellers providing their own info is scary, all of a sudden an 10x10 room now somehow becomes a 11x 13 room... If a Realtor makes that statement and it's not accurate, they are accountable. A seller is not held to that standard, and a lawyer sure as hell isn't going to go measure it. That doesn't seem like much, but that's 43 square feet. Don't be naive, most Seller's will not be totally honest as everyone has the nicest home on the block, and if it takes fudging the numbers to make it so, Seller's will do just that.

  • Ron Butler on 2014-07-22 5:42:14 PM

    FACT - Rogers and Bell would take over MLS and send independent inspectors out to measure every property, take photos, check title for FREE all just for the ability to sell ads on MLS.

    FACT - if Rogers and Bell scare you so much Depends are available.

    FACT - No matter how low your charges are the consumer ultimately wants to pay less.

  • Joe on 2014-07-22 5:45:32 PM

    Ron Butler:

    LOL. It's good to have a dream.

  • Joe on 2014-07-22 5:45:47 PM

    Ron Butler:

    LOL. It's good to have a dream.

  • Joe on 2014-07-22 5:46:42 PM

    Ron Butler:

    I want to pay less for gas, groceries, cell phones, and everything else under the sun. Just don't think it's in the cards bud.

  • Joe on 2014-07-22 5:51:20 PM

    Ron Butler:

    BTW, I love how you're now speaking on behalf of Rogers & Bell… LOL. Are you for real??? Any other companies you want to represent? Time to go back to sleep my friend.

  • Ron Butler on 2014-07-22 5:56:21 PM

    Joe, I understand your fears but please understand it's not your decision to make. Technology, disintermediation and consumer knowledge and education will cause these changes to occur, you and I have nothing to do with it.

  • Joe on 2014-07-22 6:07:04 PM

    Ron, I'm not scared. You definitely have me entertained though! Can you focus on the gas prices though? I think more people would benefit if you and your FANTASTIC ideas took on the oil industry. Even better, start up a wireless company, my bill is too high. Maybe you could get one or all of the BIG 5 banks to get into the communications sector?

  • Ron Butler on 2014-07-22 6:12:41 PM

    Joe, I realize you are in BC, I can only assume you are simply unaware of Bell and Rogers interest and activities in the real estate sector. Their pursuit of these ventures on the web is actually fairly well known.

  • Joe on 2014-07-22 6:18:49 PM

    Ron, I am very aware of their involvement as brokers in the industry, "as brokers." Brush up on your facts.

  • Ron Butler on 2014-07-22 6:27:15 PM

    Joe, if you think it just ends at " as brokers" I can't continue the conversation, its just too silly. Seriously just "as brokers" I mean .......... seriously?? Multi Billion dollar companies who just want to be another "broker" ....... really?? No other agenda? No other goals? You made some sense in earlier posts but I have to call it quits now.

  • Joe on 2014-07-22 6:30:41 PM

    Thank god brother. Go work on another conspiracy theory.

  • Joe on 2014-07-22 6:31:42 PM

    Ron,

    PS - The moon landing was real...

  • Leo Bradshaw on 2014-07-23 6:43:47 AM

    If Real Estate Agents were in a union and not Independants you would see a complete mess. BELIEVE IT OR NOT WE WORK HARD FOR OUR MONEY. Lawyers and others do so also. If each owner has to realize that if their boss asked them for a 50% reduction in their pay they would walk. The public doesnt realize that it costs a good agent up to $50,000 or more to run his or her business. Selling Real Estate isnt a game for Amateurs.

  • Good Day on 2014-07-23 12:29:48 PM

    people only see Realtor took tons of money from them but only did LITTLE job.

    my manager told me that it is like the duck in the water, you don't see it work very hard, but it swims all the time, cause you don't see their feet working.


  • Hugo Dos Reis on 2014-07-23 4:21:16 PM

    This is a very interesting post. My thoughts on this are that as long as there is real estate to sell there will be real estate agents. The same goes for mortgage brokers on the financing side.

    There will of course be more DIY options available as the technology progresses and allows for this. You'll have some consumers who will want to put in the time to research the process and market their properties to hopefully save some money on the sales commission. You'll also have those individuals who want to complete a mortgage application online on their own without a broker/banks assistance.

    At the end of the day (most) real estate & mortgage professionals have a lot of value that can be provided to clients that might result in them saving much more vs the DIY route. You get what you pay for in life and this applies here as well. If you choose a mortgage strictly on rate, but don't complete your due diligence on the remaining features and small print you might end up with penalties down the road, which could have been avoided with the help of a broker. Same goes for listing your property on your own and potentially missing out on earning more from the sale handled through an agent.

    The one difference between the two is that in most cases mortgage brokers aren't charging a fee to clients, so there is a larger benefit for clients to pursue their services.

    Just like bank tellers are still available, despite the option for online banking, the professionals that continue to provide value to clients will be here for the long-term too.

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

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