FTC releases Pamphlet To Educate Homebuyers
The FTC released a pamphlet To educate homebuyers on choosing a real estate agent today, and it is not the most friendly document to real estate agents in my opinion. The pamphlet recommends to potential homebuyers to ask some tough questions of their real estate agents, questions that in the past have been glossed over.
- How many homes did you sell in the past year?
- What is your commission? Real estate commissions are negotiable.
- What commission should I offer to another broker who finds the buyer?
- How will you market my home?
- Will the home be visible on popular websites?
- Will you help the buyer get financing?
- Can you provide a list of references?
When we have bought and sold homes, the real estate agent has always pushed that commissions were standard and unbending. Now if you are reading this site know that this is a fallacy and we have always reminded the agents that it was so.
But the majority of the homebuyers do not know this, and after last weeks attack by the FTC at 7 regional MLS’s over stopping low cost brokers from having their listings published, the FTC is now trying to educate the population on how to avoid the 6 percent commission.
This is going to be very interesting as the old guard at the National Association of Realtors puts their lobbyists to work to try to counteract the tide.
You can read the whole consumer publication for finding a Real Estate Professional here.
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