No! Not My Commission!
Calling all agents – we have a situation on our hands. A recent website, http://bidcomhomes.com/, has taken the real estate world by surprise, and is changing the structures of how you guys are making your commission.
Once upon a time, Giorgio Lupinacci asked some of his real estate agent friends if they’d lower their commission rate when he was looking at selling his property. To his surprise, none of them agreed to his proposition, so he took matters into his own hands and started bigcomhomes.com – a website where agents bid their commission rates on user-submitted listings in hopes to find an agent who’s willing to provide their clients with a more discounted rate than the standard format in BC: “seven per cent on the first $100,000 and 3.5 per cent on the remainder of the sale price”.
This website’s concept is raising some pulses in the real estate game, as it’s directly threatening the more or less monopolized MLS system, and the accustomed livelihood of many agents. Agents, we want to know what you think of this game changing website. Will only “certain types” of agents be using this service, or could this lead to the creation of an even more competitive market? Does this platform show potential for expansion? How would you feel about commission rates being more competitive altogether, should this concept catch on?
Let us know your answers on Twitter by using the hashtag #commissionproblems, or by commenting below. We’d love to hear your thoughts on this.
photo courtesy of CarbonNYC
