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June 07, 2008

Alternative fees for home buyers: Still the "Unfinished [r]Evolution"?

Four years ago, June 7, 2004, Banker & Tradesman quoted The Real Estate Cafe in a page one story entitled, "MLS Policy Statement Fuels Commission War."  The skip page read:

Unfinished Evolution

During the last decade or so, alternative services -- such as flat-fee, listing-only or fee-for-service models -- have been offered to home sellers, but there haven't been a tremendous amount of choice for buyers, according to Wendel. 

This is one of the untold and unfinished pieces of this [real estate r]evolution," he said.  Wendel, who charges $100 an hour rather than charging a commission, has been offering a full menu of services to both buyers and sellers for the last 10 years.

Do you think the residential brokerage community now offers enough alternatives to the traditional real estate commission?  What kind of money-saving options would you like The Real Estate Cafe to add to it's Menu of Fees & Rebates?  Should we bring back our $3,000 and $5,000 flat fees, first offered when we opened in 1995, or continue to focus on hourly fees?

Would you like to see the traditional, two-sided real estate brokerage commission uncoupled so home buyers and sellers can BOTH maximize savings in an open, competitive market place?  If you are not familiar with the issue, watch this 90 second video.  Why hasn't this happened already, and what will it take to get there?  Your ideas are welcome on the "divorcing" commissions section of our wiki, or in the comments section below. 

See what we mean about the "Unfinished [r]Evolution" in real estate brokerage fees?

Bill Wendel | 09:59 PM in Commission Reform, Fee-for-service, In the News, Inside The Real Estate Cafe, Savings & Rebates | Permalink

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This is a great idea. I'd love to see it grow into becoming widespread. I'm just not at all satisfied with the current system. Thanks for taking the time to promote this.

Posted by: First Time Home Buyers Loan | Jun 17, 2008 2:39:51 PM

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