13 November, 2014 16:05

Attacking a ‘quasi-cartel:’ Seattle real estate firm aims to cut agents’ commissions

Nov 13, 2014, 6:31am PST

Save
Order Reprints
Print

surefieldEnlarge Photo

Surefield image

A new Seattle online real estate company said it aims to cut commissions paid to real estate agents, calling the industry a "quasi-cartel."

15 photos

Home of the Day

Sponsor Listing

miller-ben.jpgBen MillerContributing Editor-Puget Sound Business JournalEmail

In a move that will obviously inspire passionate debate in the Seattle real estate community, a new Seattle online real estate company said it aims to use technology to cut commissions paid to real estate agents, calling the industry a "quasi-cartel."

Surefield, an online residential brokerage, said it will undercut the traditional 6 percent fee paid by seller (3 percent for the buyer’s real estate agent and 3 percent for the seller’s real estate agent) to 1.5 percent.

The company said it will rely upon 3-D images of homes for sale by "giving buyers the most realistic, remote tour of a home, enabling a new level of commission savings with no trade-offs."

"The U.S. real estate industry has been operating as a quasi-cartel for far too many years, just look at the high commission rates as proof of tacit collusion," said David Eraker, Surefield CEO, in a statement that will draw the ire of many a Seattle real estate agent.

Advertisements
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s