Thursday, March 02, 2006

Conform or Be Cast Out

A Realtor down in North Wildwood wants to advertise that he will charge a 2% commission. He is apparently catching some grief from other Realtors because of his plan. Read the entire story and tell me if this whole thing sounds like price fixing, or collusion or worse on the part of the real estate industry.


“But one local agent is finding that while he's free to reduce his rates, letting potential clients know is a little more difficult.

Donovan Rankin, owner and broker of Coastline Agency in North Wildwood, had his ads, pitching a 2 percent commission plus a reduction fee, rejected by two real estate guides because the pitch was deemed “too controversial.”

“They told us they couldn't run them because other agents would get upset,” Rankin said Tuesday.

The ads, which have appeared in other, non-real estate publications, argue against paying brokers the almost-standard 6 percent commission rate and promise sellers the same access to buyers.

Frank Vogel, publisher of the Wildwood Properties guide, initially accepted Rankin's ad, but then scuttled it after mulling it over with other advertisers.

Vogel told Rankin he couldn't run the ad because he was taking a lot of heat for it.



Anonymous Anonymous said...

I recently was trying to sell my home (Jersey Shore). I wanted to reduce the asking price to have it sell quickly...
The response I got from the realtors. "Keep your price and RAISE the commission (plus, add a selling incentive/bonus $1000k)that way our agents will show it more!"

These realtors are greedy and disgusting.
I'd love to give the broker's name, but I am sure he'd sue me! If he can't make a living selling houses, he'll cash in some how at our expense.

Thursday, March 02, 2006 6:56:00 PM  
Blogger pesche22 said...

look face it the real estate folks
are shameless. and i going to get
worst for them. keep in mind,,, their are more real estate agents
than doctors in the us.

at least you have to go to med. school to become a doc.

what do you have to do to become a real estate agent. its about one step up from being a car salesman.

Friday, March 03, 2006 10:36:00 AM  
Blogger njcoast said...

I don't get why realtors believe they deserve their high commissions, now more than ever prospective buyers are doing all the legwork themselves. When I bought a home recently I found the home on the internet, did all my own DD by looking up comps and county records on the house, I did all my own negotiating, I contacted the listing realtor and all she did was show up at the closing-oops she didn't even go to the closing- and got 6% of the purchase price from the seller! The seller could have paid a flat fee to have his house listed on the MLS and saved alot of money. I was lucky with the house I sold, I did not use a realtor and sold the house through word of mouth. I did not spend a penny to sell the house just $550.000 for the closing attorney.

Friday, March 03, 2006 11:22:00 AM  
Blogger njcoast said...

This comment has been removed by a blog administrator.

Friday, March 03, 2006 11:22:00 AM  
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Friday, March 03, 2006 11:52:00 AM  
Blogger pesche22 said...

another shameless realtor

Saturday, March 04, 2006 8:49:00 AM  

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