DIY homebuyers & FSBOs, want to save $1M in real estate commissions?

Million $ March 2012

This week, a leading real estate consulting firm urged their clients to “strip your search, bare your soul.”  They invited Realtors to enter into “a deeper examination of your value.”  But to me, it wasn’t clear whether their admonishment challenged a nation of lookalike websites to “soul search” about a deeper problem: a one-size, fits-all real estate commmission that home equity ravaged sellers can no longer afford and shouldn’t tolerate.

As we mark the 17th anniversary of our original lease, The Real Estate Cafe’smoney-saving mission now echoes across The Boston Globe’s new hyper-localsite and seeks to responds to the needs of one in three Americans trapped in negative equity.  Headlines this week revealed that another 400,000 homeowners were dragged into negative equity by falling housing prices.

What implications does that have for real estate professionals, and their obsolete, bloatedreal estate commissions?  Listen to this award-winning journalist, educator talk about “Eroding Equity the Coffin Nail for Percentage Commissions” and share this link with friends:

“The typical mortgaged homeowner has less the 13% equity in the property.  So what happens if they attempt to sell using the traditional percentage commission structure? After commission and closing costs, they might be lucky to net 2% on the sale. With so little cash available, the seller might be tempted to look to the real estate professional assisting him, who stands to pocket more than he does, and suggest that he take a commission-ectomy.”

Julie Garton-Good, International Association of Real Estate Consultants

So what’s our our plan to help 50 to 100 real estate consumers save $1 million dollars between March 1st and December 1st, 2012?  It’s too long and too compelling to fit into a single blog post, so we invite you to:

  • subscribe to this blog,
  • follow @RealEstateCafe on Twitter,
  • and / or fill out this form

Let us know if you’re a interested in saving money as a DIY home buyer, DIY seller (not just “for sale by owner” or FSBO), or both buyer and seller and we’ll email you a link to learn more about the Million Dollar March / Million$March.

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