Forty-four percent of new home buyers now begin their home search online as opposed to through referrals, according to the National Association of Realtors. The same organization found that 35 percent of brokers say they are relying on virtual tours to sell homes.

And yet, despite technology shifting the power dynamic from brokers to buyers in the real estate industry, real estate commissions — notoriously higher in the United States than in other developed countries — haven’t budged.

NYT Real Estate @nytrealestate

More people have begun buying homes online during the pandemic. And many are wondering why they are still paying so much in commissions to brokers. Are Broker Commissions Too High?Online home buyers do much of the work involved in acquiring a house. So why are brokers’ fees still calculated under the old system?nyti.ms

February 19th 2021

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