In the US, a survey commissioned by online real estate brokerage Redfin indicates 60 per cent of home sellers in the past year got a discount on the commission they paid to their real estate agent.
The survey of more than 2,000 people conducted in June by SurveyMonkey Audience also reveals 46 per cent of home buyers were refunded or received a closing cost contribution of more than $100 from their agent, with the average savings amount for that group being $3,693.
Last year, 37 per cent of buyers say they received savings from their agent worth $500 or more.
Redfin chief economist Nela Richardson makes no bones about the presence of platforms designed to dispense with commissions as a key factor behind the results.
“While market forces are driving home prices up, innovation is helping to drive commissions and fees down,” she says.
“These survey findings suggest that the industry is becoming more dependent on technology and less dependent on the local agent as the sole source of information about homes for sale.
"The fact that savings are so widespread indicates that agents and brokers are adapting by using technology to work more efficiently and charge less money.”
Findings about for-sale-by-owner (FSBO) and other alternative approaches to buying and selling homes include: