Thursday, September 06, 2007

Real Estate Agents Feeling the Pain

Real estate agents are deservedly in a funk these days. Not only are they facing a declining market with fewer sales, but their industry is slowly but surely being invaded by lower cost options. This article talks about their misery. Now, ironically, they are trying to get jobs at low cost providers such as RedFin where they would get a salary, despite the real estate agent lobby opposing them.
Some who want to stay in the business are taking a second look at working for commissions. “People who used to turn up their nose at working for us are now drilling holes to get into the building,” said Mr. Kelman of Redfin, which pays a salary and a bonus based on customer satisfaction.

He said that during the first six months of 2007, Redfin received 2,000 résumés and hired 34 agents, bringing the total at Redfin to 40. Mr. Kelman says he expects to hire 35 to 50 more agents in the next year.

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