A few weeks back there was an article written by Damon Darlin, "The Last Stand of the 6-Percenters?" - New York Times. There were blogs all over that were commenting on this particular article because it had a lot to do with the dreaded Redfin. This article was claiming that Realtors were at the end of the 6% commission ride that we have had for "so long" and how Redfin was changing the real estate industry. I never commented on this article because Redfin is based out of Seattle and I felt that this article - regarding the 6% commissions, was not taking place in Queens, NY so why stick my nose where it does not belong. I know Redfin can not survive here in the Big City - I also know that there is no need currently for a "Buyer Broker" in my area. So, why am I chosing to touch on it now? Here is the thing, I don't want people to be mislead to think that the buying of real estate is like "Amazon". That would just be silly. I want to educate buyers and sellers and make it known that buying and selling real estate is much more than "opening the doors to a house". I am touching on this now because I wanted to have the letter that was written by the President of NAR, Thomas M. Stevens.
A Real Estate Agent’s Role
To the Editor:
Re “The Last Stand of the 6-Percenters?” (Sept. 3), about how home buyers are using the Internet to circumvent real estate agents:
Buying a home is not like buying a book, a CD or airline ticket. The Internet’s role in residential real estate is much more like WebMD than Amazon or eBay. It empowers and informs the consumer — which is good for everyone — but it doesn’t replace the need for a doctor’s professional services. Real estate agents provide a valuable service enabling sellers to get the best price for their homes and buyers to find the best home at the lowest price. They are knowledgeable about the community.
The real estate industry has been effectively harnessing the Internet for years, to the benefit of sellers and buyers alike. About three out of four buyers today use the Internet to begin their search for homes, and those using the Internet are more likely to work with a professional than those who do not.
Most real estate agents do good work and earn their clients’ loyalty. Some 85 percent of homebuyers surveyed said they would use a real estate agent again or recommend their agent to another. Homebuyers do see the value offered by their real estate agents. Thomas M. Stevens
Washington, Sept. 6
The writer is president of the National Association of Realtors.
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