Seattle Metro Homeowners Paid $2.26 Billion in 2017 Real Estate Commissions
SEATTLE, May 30, 2018
TRELORA, a technology-powered real estate company pioneering how people buy and sell residential real estate, today released its 2018 Commissions Report, which highlights the top 10 real estate markets overpaying in commissions across the nation. The city of Seattle ranks second in the nation, with $468 million wasted on traditional agent commissions.
According to Redfin’s Data Center, 12,090 homes were sold in the city of Seattle in 2017. With a median sales price of $645,500, roughly $7 billion was spent on Seattle real estate within the last year. Considering a national average real estate commission rate of 6% (across both the buyer and seller sides), traditional agents pocketed over $468 million last year alone, an average of $38,000 per sale.
This number grows exponentially when examining the tri-county Seattle Metro Area, with over $37 billion spent on county real estate, per the MLS, totaling $2.26 billion in average commissions. That means tri-county residents paid $1.91 billion in unnecessary real estate commissions.
“For most people, their home is their most valuable asset. TRELORA believes that everyone should have the ability to be a homeowner, something that’s made exponentially harder by outlandish real estate commissions,” said Joshua Hunt, TRELORA CEO. “Agents do the same amount of work whether a home is worth $150,000 or $15 million, but they are paid based on the value of the home, not their efforts. Worse still, as the price of real estate rises in hot markets like Seattle, they get another pay bump without commensurate hustle or expertise.”
Through the use of technology and role specialization, TRELORA is able to create greater efficiencies in the home buying and selling process. With this, the company only charges a flat fee of $2,500 to represent the buyer or seller, regardless of the home’s price.
If managed by TRELORA, Seattle home buyers and sellers would have kept $407 million in 2017 alone – an average of $16,832 for each side of the sale. Since the company’s launch in Seattle in early 2018, TRELORA has already saved local clients $161,900 in commissions, with an average saving of $17,989 per transaction.
Headquartered in Denver, Colorado, TRELORA has saved home buyers and sellers over $40 million in traditional commissions across Denver and Seattle since inception in 2011. In 2017, the buyers and sellers who worked with TRELORA saved an average of $12,440 and a combined $11,656,647.
Since 2011, TRELORA has been committed to elevating the American family’s home buying and selling experience. TRELORA provides the expertise of the top agents in the country, customer service second to none, and state-of-the-art technology to offer an unparalleled home buying and selling experience. It is TRELORA’s unwavering dedication to move people’s lives forward in a positive motion that has produced tens of millions in savings for buyers and sellers.