Monday, September 04, 2006

Too many "realtors"

Is it really impossible to sell or buy real estate without the intermediary activity of a realty agent? Is "realtor (TM)" really a true professional, like a journalist, a doctor or an engineer? Is it justifiable to charge a fixed 6% of sales price for every transaction independent of the amount of time or effort involved? Does a real-estate agent really spend time trying to get you the best sale or purchase price, or is he primarily concerned with making a quick buck on a fast deal?

One attorney, David Barry, is fighting a crusade against some aspects of this bogus industry. In a recent article, "Nine Pillars of the Citadel", he estimates that in a truly competitive and efficient real-estate market, the commisions would be 50% lower, the average realty agent would make 30% more and there would be 83% fewer realty agents.

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