I have a Real Estate license and have a suggestion that I know works. Rather than dropping the the commission, there are two ways to go. First, set the commission rate at 7% at the listing. Give the listing agent 2.5% and 4.5% for the selling agent. If your property is already listed, raise the commission to 7% giving 4% to the selling agent. Your listing agent won't like this but tough beans. Tell them if THEY sell the house, they get the full 7%. See, basically, Realtors are lazy and greedy. Picture this. You are working with one buyer and only one buyer that will buy a house. That is your only paycheck you will get for some time. If you can sell a house with a exta one or one and a half percent commission, which one will you show? As for Realtors getting rich, thats not true. On a $200,000 house with a 6% commission, here is the breakdown. Selling agent, $6,000. Buyers agent, $6,000. Most agents get 50% of that. Now that comes down to $3,000. Pay the govt 25% and you have $2,250. It costs approx $1,400 for board membership and multiple listing membership. You pay your own advertising, phone and fuel and pay extra money on your car insurance. Catch my drift?---Thats why I give it up. I hope my "splainin" makes sense.
