Nikonomics - The Economics of Small Business 137 - How to Avoid Losing Money on Commissions When Selling Your Property with Amanda Orson
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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 She explains the frustration with outdated practices and high commission rates, revealing a staggering $100 billion spent on commissions in 2022.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.
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Realtors' Lobbying Power
- The National Association of Realtors was the biggest lobbying spender in fiscal year 22, outspending even large pharmaceutical companies.
- This demonstrates their strong influence and commitment to preserving traditional real estate practices.
Galleon's Vision
- Galleon aims to create a consumer-driven real estate model, similar to what Robinhood did for securities or Expedia for travel.
- They believe current real estate practices are outdated and not designed for today's technology.
Real Estate's Manual Processes
- A major pain point in real estate is its manual, old-school nature.
- It still relies on outdated methods like faxes and wet signatures, unlike other modern transactions.