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September
The fall of the discount broker..
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As if we all didn’t see this coming. Discount brokers are hitting hard times in the market and Foxtons out of New Jersey has stated that it might be headed for bankruptcy. Foxton’s announced that they will be laying off approximately ALL of their staff. I wonder if I can buy one of those cool minicoopers at a good price?
Discount brokers can only thrive in a market that is hot and where the liquidity of real estate is fast paced. The problem is that real estate is NOT a liquid asset, except in a boom such as the one we just had.
The reason owners pay a 6% Realtor commission is because in traditional markets, you need a professional to help sell your house. They have an in, they know of people looking to move in to the area, this is what you are paying for.
Although I know we all have mixed feelings on Realtors, I can assure you that the value of a good Realtor is becoming more important than ever.
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I’ve got a Mini Cooper - you’ll love it. Get the S model - much sportier.
I can’t agree on the real estate thoughts. It’s likely that a “traditional market” doesn’t exist anymore. The vast majority of people looking for a house just use the Internet now. So realtors don’t “know of people looking to move in” - the people chose the realtor, the area, and find most listings themselves, along with pictures, etc.
The value of a realtor - perceived and real - is clearly diminished - along with the need to pay a full commission. I would never pay more than 4-5% anymore. No need to.
I do agree that a GOOD realtor earns whatever commission is agreed to - more or less. But Good ones are few and far between. It’s just way too easy for any bored housewife, etc to get into the business. Most of them don’t know their trade are aren’t really all that useful.