Real Estate Sales Commission Change

The Real Estate Industry has changed for good. No more 15 Day Closings (unless you have a cash buyer). As you are aware, most of the MLS listings out there are either Short Sales or Bank Owned Properties. Both are a pain to deal with, yet the real estate commissions are still same at 5 or 6%.

With short sales, lenders / investors have a right to reduce our commissions. With REO's you have to kiss butt to get listings and do as the lenders say. No electronic signatures means more paperwork, more time. Terms like "Must be pre-approved through Bank of America to submit offer" For what? So the bank can get some loan business? Forget that.

We as agents need to step up and increase the "standard" sales commission to 8%. That's right I said it, 8%. We are pushing property for the banks / investors. Without us, properties won't sell and the banks will continue to lose billions of dollars.

What is all the agents got together and decided not to take any more bank listings or take any more short sale listings unless there was a change to the standard.

There is so much change in the lending industry as well. Pretty soon there will be NO MORTGAGE BROKERS. All loans will be regulated by the Federal Government. As you know for damn sure, government has no clue on what they are doing. Heck, they are still approving FHA loans in the 50% debt ratios.

That's my two cents on real estate commissions!

Sameer Punjani
Broker / Owner
mygpsagent.com