Realty guru foresees shrinking commissions
Realty guru foresees shrinking commissions | Chron.com - Houston Chronicle: "DENVER - Dave Liniger, Re/Max International co-founder and chairman, predicts real estate commissions will drop to about 4 percent over the next five years as house-hunting becomes more efficient.Many real-estate brands, including Denver-based Re/Max, are enabling home buyers to access multiple listing services from their Web sites, which saves time and will push commissions down.
'By educating the consumer, Realtors can charge lower commission rates because they don't have to work as many hours with each consumer,' Liniger said. 'The agent doesn't have to show as many properties.'
Commissions now average 5.1 percent, down from 6 percent 10 years ago, he said.
Liniger also said the residential real-estate climate will shift from a seller's market to a buyer's market as the inventory of resale and new homes rises.
Re/Max has agencies in about half of the top 50 markets signed on to its program to create a national listing service on its Web site. It expects to have about 75 percent of the top markets and numerous smaller markets enlisted by the time it launches in March.
In addition to aiding the consumer, a national listing service also will put Re/Max in a better competitive position, said Steve Murray, editor of the trade publication Real Trends.
'It will put him in a better position to control the experience people have when they come to Re/Max.com and will generate more leads and inquiries to his people than letting customers go elsewhere,' Murray said."
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