Letter to the editor defending agent commissions published
The little letter to the editor I wrote last week was published in Friday’s Commercial Appeal. Here is the official version.
Real estate commission’s a bargain
The writer of your May 16 letter “Not the business of legislators” repeats the familiar cry: “Sell real estate by yourself and save thousands in commissions.” That would be great if it were true.
From July 2005 to June 2006, the median price of an agent-assisted home sale in Memphis was $212,000. The median price of a home sale by an unrepresented seller was $166,000. That’s a difference of $46,000. Figuring a good agent will cost you 7 percent of your $212,000 (about $15,000), you’re better off by $31,000 using an agent. Everyone wants to save money, but being a “do-it-yourself” real estate agent is no better than being a “do-it-yourself” lawyer or doctor.
Will Hicks
Memphis
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About Will Hicks
Will Hicks is an affiliate real estate broker licensed in the State of Tennessee. Prior to his career transition into real estate, Hicks was a SCUBA Instructor with the International ALERT Academy of Big Sandy, Texas and the National Academy of Police Diving, based in Miami, Florida.
Hicks says he’s been asked many times about the odd transition from SCUBA Instructor to Real Estate Agent. “Teaching people how to SCUBA dive was the most fun 10 years of my life. But you can’t eat fun.” You can’t pay the rent with it either.
You can reach Will Hicks in Memphis at (901) 758-5670 or (901) 828-9200 or on Twitter at TheWillHicks.
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Will,
Great letter to the editor! Glad you were proactive and took on the establishment. I’ve yet to understand how buyers/sellers don’t figure out that real estate brokers are much like teachers and marketers at the same time. The information provided to a client is INVALUABLE to proceeding with correct offers/counters as well as setting a price on property. Also, the broker takes all the risk monetarily regarding marketing fees.
Where is the love, man???
Cameron
That 60 minutes story is a pretty big deal to a lot of residential agents in the blogosphere. The good agents will always make it in the business.