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Originally Posted by Marsden
Breathtaking amount of disinformation in this thread, which isn't unusual for the topic actually.
Two points: everyone pays for realtors' "services" -- it's factored into the selling price. And it's quite possible to buy and sell without using their "services" (I use the term lightly) even with an MLS listing. I've done it. Just list with a discount brokerage and pay ~$450 instead of ~$54,000 on a $900K house.
Realtors do less work than ever thanks to the internet yet they're paid out the wazoo. A monopoly and control of state legislatures work wonders. The bad news is that realtors are paying off those same legislatures to outlaw discount brokerages in many states.
Meanwhile, they get respect the old-fashioned way. It's hilarious how they now have half the nation capitalizing the word "realtor":
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Only the seller pays for an agents service and the selling price is determined by the market. If you can't sell a property for more than its worth than how would you factor in agents fees... The goal is to get the highest price no matter what...
You can buy and sell without an agent, but most people have other jobs, don't have the expertise or know how, or can't be bothered to do it. Many people inherit property and live in another state, have moved to another state without selling, or live in another state or country and want to purchase something without being there and don't have time to look or do the paperwork/scheduling, so how would you accomplishing buying or selling your house without an agent. How would you show a house or have someone help winterize/fix your home, let someone into the home, or let you know what needs to be done if you aren't there, etc...
A good selling agent does more than list the listing in the MLS...
And the word "realtor" is like Kleenex... its a trademarked word by a company (NAR)...
And as far as respect real estate agents are pretty low on the ladder, it takes 2 weeks, some fees, a test, and a background check to receive a license vs going to law or med school...
I had a lot of similar misconceptions about real estate and agents until I picked up my license. But the best way to do it is simply to get your license and handle your own property rather than doing a FSBO. Although the license is easy to get, real estate is quite a headache and a pain there is more than showing or listing a house unless the buyer/seller use lawyers to close. And again real estate agents really don't make a ton of money, very few sell multi-million dollar properties. Try it out for yourself, i'm thankful I have another source of income.