The Pod: Recent Episodes
1000watt Inside
In this season of the Inside Podcast, we look into the future by looking around the world.
This episode takes us to Dubai, in the United Arab Emirates.
We asked Dounia to share how one would typically sell or buy a home, and how agents get paid.
The big takeaways:
A single transfer tax. No lawyers, title reps, or Notaries. A standard commission (typically paid by the buyer!) and an online app where all transaction documents live.
But all is not perfect. In this reality, the MLS doesn’t exist, exclusive listings are the ultimate goal, and listing agents have to work hard to get them.
This episode takes us to Kelowna, British Columbia, in western Canada.
Kelowna is located just east of Vancouver, in the area known as the Okanagan Valley. Known for its internationally recognized and award-winning vineyards and wineries, somewhat mild climate, and easy access to orchards, parks, and mountains - Kelowna is a desirable place to live.
The median selling price of a typical single-family home in Kelowna is expected to rise 10% in 2022 from $1.074 million to $1.181 million.
We asked Tamara to share how one would typically sell or buy a home, and how agents get paid. We also asked about some controversial new measures British Columbia is taking to address the hot real estate market.
The Big Takeaways:
Banning dual agency has posed a challenge, forcing teams and brokerages to creatively adapt. Introducing a cooling-off period for buyers without sensible restrictions could further complicate things. Our takeaway - everyone is looking for a way to steady a wildly hot market, but not all solutions may work as intended.
This episode takes us to Amsterdam, Netherlands.
The Netherlands covers a land area about the size of Maryland and has a population of about 17 million, similar to the state of New York. There are about 7,000 real estate agents in the Netherlands. (For comparison, the state of New York has about 130,000 agents.)
In 2021, the average residential property cost approximately $475,000 USD. Like nearly everywhere else, the market is swift and inventory is low.
We ask Martijn to share how one would typically sell or buy a home, and how agents get paid.
The Big Takeaways: Without an MLS, realtors are at the mercy of the portals. The main portal, Funda (funda.nl) is where the majority of buyers search for properties. Commissions average around 1% for listing agents, and buyers agents are slowly gaining in popularity, though they are paid separately. The average agent needs to sell 50+ homes annually to make a living, and it can take 4-12 months for a transaction to close and be paid out.
Food for thought: What would our market look like without the MLS and agent cooperation?
Episode 1 of Other Ways takes us to Mosman, a luxe suburb of Sydney, Australia. Homes in this area are a mix of apartments and high-priced homes, with a range of mid-$500k to tens of millions. The market is hot, inventory is low, and prices continue to rise.
We ask David to share how one would typically sell or buy a home, and how agents get paid.
The Big Takeaway: Selling by auction is exciting, but the interesting part is really the fact that buyers agents are only now becoming common, their commission is negotiated by the buyer and is paid separately from the deal. Buyers agents are paid both search fees as well as success fees, with the percentage varying based on the price of the home.
Food for thought: Could this arrangement be in our future?