Nikonomics - The Economics of Small Business
137 - How to Avoid Losing Money on Commissions When Selling Your Property with Amanda Orson
Mar 24, 2025
In this engaging discussion, Amanda Orson, founder of Galleon, shares her vision for disrupting the outmoded real estate industry with a commission-free marketplace. She explains the frustration with outdated practices and high commission rates, revealing a staggering $100 billion spent on commissions in 2022. Amanda emphasizes the importance of identity verification in transactions and introduces innovative strategies to connect sellers with vendors directly. Her lean approach to business, termed 'seed strapping,' hints at a revolutionary path for real estate.
34:10
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Quick takeaways
- Galleon aims to disrupt the traditional real estate market by eliminating hefty commissions and allowing consumers direct access to buyers.
- The outdated commission model driven by the NAR faces challenges as new rules enable sellers to negotiate commissions more flexibly.
Deep dives
National Association of Realtors and Lobbying Power
The National Association of Realtors (NAR) emerged as the largest single spender of lobbying dollars in fiscal year 2022, surpassing even major corporations like Moderna and Pfizer. This demonstrates the association's potent influence in maintaining its dominant position within the real estate industry. In an environment where Americans paid around $100 billion in commissions, the NAR's lobbying efforts have effectively protected its traditional commission model, which many see as outdated. This monopoly over the Multiple Listing Service (MLS) restricts access and continues to control how real estate transactions are conducted.
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