Reading the disturbing news about yet another Class Action Lawsuit facing our industry is upsetting to all of us, needless to say.
For those that are losing sleep over the implications of the potential outcomes of these lawsuits to their bottom-line, I thought you might want to read a bit of reassuring news, directly from consumers.
WAV Group fielded a survey to real estate consumers asking about their understanding of commissions. While the lawsuits make it sound like every consumer is completely in the dark about commissions, the results of our consumer study dispute that claim. Nearly 50% of respondents say they understand how commissions work. 81% of consumers know that real estate agents are commission-only salespeople.
Moreover, the commission offering from the MLS is only an initial offer of compensation. These commissions are constantly negotiated on every deal in full view of the homebuyer. When you compare the offer of compensation in the MLS with the Commission net sheet, you are able to see that the offer of compensation is very different from the actual compensation.
This quantitative study paints a very different picture about how consumers feel about agents that helped them buy their home.
You can download the full report HERE.