Are Realtors days numbered?
I saw an interesting interview on CNBC today of Colony Capital CEO Tom Barrack whose firm has $34 billion under management. He spoke about the many changes in housing but touched on a real interesting point. He compared realtors fee`s to brokerage fees and said its days are numbered. He states that these fee's are the last of this type of fee left in the market place. I have to agree. I think its only a matter of time before this goes away. As a stock trader it would have been unheard of and impossible to have traded without a broker. Now you still have brokers but they are for a select few that need some hand holding or large portfolios. I can certainly see this evolving the same way with Zillow and Auction.com. I know the brokers went away kicking and screaming as all those good paying jobs went away. I would expect the same reaction here but times do change. Some may pop up oh we will need them to open the door and show the homes and all the other things a realtor does but again the same was said of brokers. I for one would like that 6% in my wallet. Some may feel different.
Here is the link to the video if you care to view it.
http://video.cnbc.com/gallery/?video=3000311073