There are 50,000 licensed real estate agents in NYC, shouldn’t that make real estate brokerage the most price competitive industry there is?
Unfortunately not. The truth is most agents are only licensed real estate salespeople who work for the largest brokerages in the city. These large brokerages are all very “corporate” and have strict firm policies on commission rates. Potential collusion is much easier once you realize it is not 50,000 individual agents setting commission rates. Rather, it is a handful of large brokerage CEO’s who maintain the status quo of 6% commission to sell.