Cmon, you lobbing softballs. How can you compare someone that GAMBLES THEIR OWN OR SOME SUCKERS MONEY and either wins or loses, and some bottom feeder that scams banks, clients, and the treasury by pimping homes at 3X the true worth? Those asswipes had no downside, only upside depending on how many jerks they could hustle. These were is boiler room tactics done is plain sight. Good thing I'm not the king, I'd reach back and recover every dime those idiots stole. Take their moms house too. I seriously hope you aren't comparing a daytrader or any gambler with this vermin, its not even close.
Oh puhleez! Don't compare these crooks with the day traders. These guys were gambling with house money, and once they brought the house down, they looked at tax payers to bail them out.
In some States the cost of a home in 2006 compared to 1996 was 300% higher!Yet they still kept their commissions at 6%?? You make a good point,they actually had to do less to sell because anyone who could write their own name could get a mortgage and people were literally panic buying real estate,it hardly required much skill.Now,in a bear market where realtors need some talent to get homes shifted they're all folding up,moaning about it and people are actually defending them! I'm surprised they don't want to put their commissions up to compensate for a drop in business!
Real estate agents are slimes who make way too much money for the value they add or function they provide on an average real estate transaction. I predict that you will see real estate commissions for some of the (few) competent real estate brokers drops to 1% TO 2% TOTAL, as competition for obtaining the holy grail of slimehood byu real estate brokers ratchets up; the Listing Agreement. Once you sign the Listing Agreement, you are trapped by the slime for 6 months or longer, typically, and there is even a relatively slimy 'tail' that will force you to pay the stated commission to anyone who buys/sells the subject real estate as long as they merely spoke with or had contact with the listing slime (agent/broker) during the time the Listing Agreement was in effect, even if the property is bought/sold after the Listing Agreement expires. Whenever I've had to negotiate a Listing Agreement with a slime broker, I've always modified all of these terms - I typically will never give them more than a 2.5% commission, at most, I will require them to spend money on signage and advertising, I will never agree to anything more than a 45 day 'tail,' and when I have leverage, I will also try to give them a 'specific party' listing - that is, force them to tell me you it is they are going to bring to me, with specific detail as possible (sometimes by profession or even name), and agree to only pay a commission for that particular catch. This way, I know that they aren't just doing their typically slimy tactic of just trying to get a 6 month 'Listing Agreement,' tying me up, even if they fail to perform, potentially forcing me to pay them a commission to someone that they barely spoke with or conversed with even after the Listing Agreement has expired, and I also am forcing them to spend money on promotion - which tests their seriousness. You'll be seeing broker rate come crashing down and Listing Agreements become far more competitive during the ongoing dry market in real estate. The days of milk and honey where anyone merely meeting someone and unlocking a door or shooting off an email and earning a 6% to 10% (commercial) commission are going bye-bye.
Real Estate is a tough business, which 99% of you on here would know nothing about. Simply because the majority of you are pal nurdy kids who dont leave home and play with your computers all day. Life is like high school. The nerds are always bashing the good looking popular kids. REALTORS could care less what you think. They didn't in high school and they sure as heck don't now. I find it kind of ironic that day traders would feel as though REALTORS should get a real job. Think about it for a second... Im a successful REALTOR and just started trading, so far both businesses are proving extremley lucrative. I could get a "real" job, the trouble I face is that I make more money then most CEO's. Ah fuck...what to do.
Anyone who brags about making buku $$$ aint. Realtors (TM) and mortgage brokers have had their asses handed to them, with few exceptions, and their days will only get much darker. Slimes.
Mortgage brokers are not going anywhere you silly little man. Wake up and smell the horse shit. Who pays mortgage brokers? hmmm The Banks And as long as the banks dont have to put some one on their pay roll to sell their mortgages, mortgage brokers are going to exist. If anything, mortgage guys/gals are going to get a pay hike in this crisis to provide loans to "well" qualified individuals. Sounds like some one is, as I like to call them, a 9-to-fiver...a follower, hmmm a "sheep" if you will. Its sad, but if there werent people like you, how would us "slimey" business people put food on our table. If you want some one to pick on, who makes too much money, call out the heath insurance tycoons Then again, kudos to them for being smart enough to take advatage. I don't bring down people who out wit, out smart, or out earn me. I find out what makes them tick. Try it...