The future for realtors, or a worrying development?

The future for realtors, or a worrying development?

The future for realtors, or a worrying development? With the potential for a slower year ahead what will this mean for realtors’ commissions? Real estate along with most other industries is becoming increasingly competitive and faces new challenges from disruptive technologies and business models. A new service has been launched from Oakville, Ontario that aims to be part of the real estate agent’s toolkit. Based online, feeDuck.com gives home-sellers the chance to start a bidding war between realtors. The vendor enters their details on the website for free and local agents who have signed up to the service can then put in their bid to handle the sale. The agent who has bid the lowest will be introduced to the seller 72 hours after the reverse auction starts. Although the seller is under no obligation to accept the bid Paulo Vital, Vice-president of Sales for feeDuck says: “Our research has found that over 80 per cent of these homeowners eventually end up listing with a real estate agent to actually make the sale. Homeowners are trying to save money but end up spending more in wasted time and resources.” So will this mean a boost to your business revenue or will you end up with more volume but lower income? 
15 Comments
  • Angela Wong-Liao - Invis 2015-01-16 7:37:32 AM
    Buying and selling a home is one of the biggest investment for most Canadian families, why penny wise pound foolish.

    It is prudent to use an experience and local real estate agent to list your house, so that you can get best pricing and smooth sale.

    Homeowners may pay more commission for a reputable, experience and caring real estate agent but in my opinion, it is money well spent to protect our biggest investment.
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  • Omer Quenneville 2015-01-16 7:40:23 AM
    These types of services have been around longer then the 25 years I've been in the business. The issues is, not all agents that list your property gets you the best price. Some agents should discount their fees, they don't do much. But when you get a good agent they are worth their weight in gold.
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  • Mike Brady 2015-01-16 8:21:57 AM
    Realtors make way too much to list a property. With the internet and now public access to MLS it is just not worth $10k+ to do a listing.
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