Damian Eales on recent commission lawsuits and the role of buyer agents
Apr 24, 2024
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Damian Eales, CEO of Realtor.com, discusses commission lawsuits, the role of buyer agents in transactions, and contrasts Australian and US housing markets. They explore consumer protections, negotiation power, and the evolution of commissions in real estate.
Buyer agents provide crucial guidance in real estate transactions, emphasizing consumer protection.
US housing market offers dual agency for buyer representation, highlighting MLS listings accessibility.
Deep dives
Importance of Defending Buyer Agents' Value
Realtor.com CEO, Damien Eales, discusses the importance of defending the professionalism and benefits brought by buyer agents to consumers. Amid debates on real estate commissions, realtor.com highlighted 111 crucial tasks performed by buyer agents to guide clients through significant financial transactions. The campaign aims to emphasize the unique support and expertise buyer agents provide, underscoring the need to recognize and amplify their value.
Differences Between Australian and US Housing Markets
Damien Eales contrasts the Australian and US housing markets, noting the lower commissions in Australia but the lack of buyer representation for 97% of buyers. In the US, dual agency ensures representation on both sides of the transaction, enhancing consumer protection. He highlights the free MLS listings in the US, unlike the Australian market where sellers pay to list homes, emphasizing the widespread availability of listings in the US.
Promoting Consumer Protection and Buyer Agency
Amid discussions on commission structures and buyer agency, realtor.com emphasizes the necessity of focusing on consumer protection rather than solely on commissions. The company advocates for supporting buyer agency to maintain a balance of power between buyers and sellers, stressing the importance of buyer representation in real estate transactions. By shifting the conversation towards consumer protection, realtor.com aims to enhance industry standards and transparency.
On today’s episode, Editor in Chief Sarah Wheeler talks with Damian Eales, CEO of Realtor.com, about the commission lawsuits, the importance of buyer agents in the transaction process, and the important differences between the Australian and US housing markets.
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