Are Agent Commissions Worth It?
We've been following the agent commission suit and have strong feelings about it. Here's our take:
We're obviously biased, but we work extremely hard and believe we deserve our commission. We've been in this industry for 20+ years, and we bring a lot of experience to the table. Just to list a few things, we:
Have extensive knowledge of the greater Seattle area
Understand and can counsel clients on the pillars of a good, long-term investment
Can explain how the neighborhoods have changed and the pros and cons of each local school our clients are considering
Understand local transportation, the economic effect of our local industries, quality vs. non-quality construction, aesthetics, long-term trends and curb appeal
Provide guidance on changes our clients should make to increase the value of their home
Respect the psychology and motivations of both purchasers and sellers
We own, rent, and have purchased and sold properties throughout the area, so we really do have an in-depth knowledge of how this market works. On top of that, we have long-term relationships with our clients, and therefore, we genuinely want their experiences to be great and feel like we’ve earned and deserve our commission.
The problem with the real estate industry is that thee are few barriers to obtaining a real estate license, and it's easy enough to keep it long-term, despite what each individual does. If the National, Washington, and even King County Realtor Associations could develop and hold a much higher bar for real estate agents, both in terms of licensing and ethics, etc., we'd have better brokers overall.
We have worked with a lot of excellent agents who truly represent and care about their clients. However, we have also worked with a lot of really bad agents, and the bad ones are really awful. We all get the same commission in the end, and it's those bad agents, and their brokerages, who should have to answer these calls for lower commissions. Our industry really needs to weed out the agents who are only in this business for themselves; the ones who don’t even try to provide the white-glove, ethical, and positive experience every client deserves. We've heard that an estimated 2% of real estate agents work with 99% of the buyers/sellers.
Here's the bottom line folks...Good agents are hard to come by, so we encourage you to do your research. Experience goes a long way and there are agents out there who work really, really hard. You just have to find them. It'll be worth it.