Fee for Service Real Estate Options Put Consumers at the Helm
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by: sarawilliams
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The current economic downturn has consumers looking for ways to trim their budgets and create a financial safety net to make it through the recession. The housing market has continued to worsen at a time when many had hoped it would turn around. The drop in home values has hit many markets in the country extremely hard. In fact, many homeowners in those areas now owe more on their mortgages than their homes are worth. Foreclosure rates have continued to increase, which has exacerbated the surplus of unsold homes on the market. The new government stimulus bill aimed at the housing sector has many optimistic that it will be enough to encourage potential buyers to jump into the real estate market and get that part of the economy moving again. One of the main goals of the plan is to help responsible consumers and their lenders make mortgage payments more manageable, thus reducing the number of defaults and foreclosures. The one welcome change in all the real estate tumult has been interest rates. Interest rates for mortgage loans are currently at historically low levels, which has encouraged some potential qualified home buyers to start shopping for homes again. But many budget conscious buyers are considering options like fee for service real estate and even shopping for homes without a realtor.
The way people buy and sell houses in this post bubble economy will likely be very different than ever before. When real estate was booming, real estate agents could pretty much run the show. As buyers clamored to find a house and be the highest bidder, realtors were maxed out with business. The way people buy houses, however, was slowly changing even prior to the economic downturn. Ten years ago, there were no fee for service real estate options or online homes databases. Your realtor was the key to helping you know what was for sale, where and how much. The only model back then was paying a realtor a commission to help you buy or sell a house. The web has put consumers at the helm of their real estate transactions. You can see property photos, take virtual trips through neighborhoods and know a listing price without ever even meeting with a realtor. In addition, fee for service real estate is empowering buyers and sellers. Fee for service real estate is a model that charges a consumer for real estate services, in lieu of a commission percentage. There are variations of fee for service real estate options. It can range from a pay as you go model to a base price with various additional options at a cost. Fee for service real estate models give consumers more choices and more control over how they want to buy and sell their homes. Real estate agents who support the model believe it shows the value of their work more than a strict percentage commission model does.
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