Doug Schrandt Real Estate ConsultantThe buyers wanted the agent to make an effort to reassure and comfort them. Some buyers felt the agent did not take sufficient time to help them through the process of finding a home."
Doug Schrandt Low Mortgage Rates Although the book goes into considerable detail about the different "levels" of realty services a client might require, it is rather vague about how much these services should cost the client.
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Market Trends Doug Schrandt: If they don't have profit at six or seven percent how can they be profitable at 4.2 percent? The solution is unbundling their services - analyze what services they want to provide," says Garton-Good. "What types of things do you want to see your company known for? It might be luxury homes, or resort property, but you need to be a specialist, or you could have an office where your agents are specialists. But you have to dissect how you can do those things more effectively, or charge for some of the things we are currently doing for free."
DOUG SCHRANDT
Doug Schrandt Consultant
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It's no secret that the real estate industry is in a state of change. Some experts are predicting that the industry will change more in the next 5 years than it has in the last 100 years. One such change is in the way real estate professionals offer their services.
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Doug Schrandt: Fee-for-service "certainly does not fit everyone," Garton-Good said. It's not right for "many retirees, or people who want to quickly move on with their lives, like people who are relocating." But it may appeal to people who are accustomed to paying consultants for a variety of other services.
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Garton-Good decided that she could help shore up broker and agent profits while restoring the prestige of the industry - encouraging brokers and agents to promote consultations instead of sales. She began to visualize a nation of consultants, rather than licensed salespeople. "I debriefed over 200 consumers five years ago, and I started asking them what did you like about the real estate process, what didn't you understand," recalls Garton-Good. "There were seven consumer realities, five of which dealt with money. It is amazing that the industry has done as well as it has because the majority thought that commissions was a stupid way to do business."
Doug Schrandt Real EstateWith fees, agents get paid for the hours they work. Unlike discount brokerage, the consumer pays the going rate, but can save money by choosing to take fewer services. Some agents offer it as a substitute for commission pricing, but others offer both methods, or a combination.
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