A new class-action lawsuit takes aim at real estate agents and their 6% fee
Where you stand really depends on where you sit.My wife recently became an agent, and prior to that I was all about disrupting the industry.But I’ve come to see the 3% on each side as an almost market clearing price. It’s really hard work, with low barriers to entry, and significant upfront costs.In a tight market, being a buyers agent can be a blessing or a curse. She’s been working with one client for nearly a year, submitting over 20 offers and going all over the metroplex with nothing to show for it. On the other hand, she’s had buyers who found something within a month. It works out to a decent standard of living, but it takes a long time to develop a pipeline. Most agents quit within a year.I’m all for disruption, and it’s an industry with a lot of legacy, slow moving players. Buts it also a complex one with lots of challenges on the individual agent level.