How To Avoid Paying Real Estate Commission
Efficient house buying or selling twenty years ago was nearly impossible without an experienced real estate agent. The average consumer simply didn’t have access to the information needed to make an informed decision. Things have changed, though. In my book “Death of a Real Estate Salesman”, I discuss the idea that people have access to the tools they need to sell or find and purchase their own home if only they’re willing to go out there and seize the opportunity to do it on their own, but they’re still paying real estate agents to cover their end of the transaction because real estate, both everyday practices and the laws that govern them, is so far behind the times in many aspects.
Say you’re a prospective home buyer. You’ve already been house hunting without a real estate agent, and you’ve put a lot of effort into researching how the home buying process is going to work for you. You’ve found the perfect property and you’re ready to put in an offer, but you’re well aware of the risks of lacking the safety net of representation that a real estate agent represents. Essentially, you’ve done most of the work by yourself, but in order to make the very last mile, it’s seeming like you’re going to have to hire an agent. No problem, right? The seller almost always pays that commission. However, because this is the norm, sellers must account for both sides’ commission in their asking prices. It costs both sides in the end, even if it’s hidden from the buyer’s perspective.
For the most part in the current process, brokers are wholly in control of exactly how your home buying or selling experience is going to go. The idea that you could carry out a real estate transaction on your own is anathema. Most states warn against it. Hiring a lawyer is usually necessary at the very least to ensure you don’t wind up on the wrong end of a shady transaction.
Really, it doesn’t seem very fair. There’s bound to be a better way, but you can’t figure out how to avoid paying real estate commission without giving up the protection and structure that hiring an agent offers.
Tech Takes Consumer Control in Real Estate to the Next Level
Real estate tech tools like EasyKnock are the key to handing power in the industry over to the consumer, allowing them to do their own due diligence and providing legal protection at the same time. It not only offers a DIY alternative to the traditional real estate process, it also empowers people to take back that control that brokers have held on to for so long.
The difference between a site like EasyKnock and a search engine’s worth of answers on how to avoid paying realtor fees while buying or selling a property on the up and up is simply that safety net that hiring a broker can provide. It means that you’re taken care of legally and provided with accurate information while eliminating many negative aspects and keeping all the positives associated with a FSBO transaction: not paying someone to do something you could do yourself, not shelling out high commissions that in turn drive asking prices up, and having the freedom to handle listing, showing, and offers your way without pressure.
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