ICYMI: Are Broker Commissions Too High?
The New York Times investigates the realty cartel's decades-old practice of fleecing the American consumer now that technology has rendered traditional brokers obsolete
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.
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