We are all being ripped off by Real Estate Agents.
Sellers must pay 6 percent on multimillion dollar homes to buyers and sellers agents. The sellers agents "stage" houses by plastering over all the faults, reducing value by paving outside areas that drain into homes, installing kitchens of the cheapest kind that dont even hook up properly, and spending money on things that any decent owner would rip out (at a cost) and have to replace)
Then the buyers agent get 3 percent for nothing. These days you can find all you need to know about a house online. So the the price of preparing a couple of offer forms they make 3 percent on 2.5 million! That is absolutely ridiculous. And what do we get in return. We get buyers agents forcing buyers to bid more and more and more against each other. This is because this is such a fat prize that there are way too many agents for this market and they are all forcing their clients to bid against each other so that they will be the one to get the commission.
[Portion removed by Palo Alto Online staff.]
Its restrictive trade practices and the law should do something about it.