Why does the forum think that agents have seen so little pressure for reducing commissions?
The price is what the market will bear & in this case, it's seems like tradition. Tradition being based on perceived value.
What could someone do to take advantage of an opportunity in an area overdue for change?
As @Hyrum mentioned, would YOU be willing to take a two-thirds pay cut simply because you were asked? I doubt it. Especially not in such a litigious industry where the agent takes on so much personal risk. Real estate agents are no longer in the "selling" game, they're in the "navigate the legal minefield" game & if yours sucks, it can cost you a lot of money. Any monkey can open a door or put a home in the MLS (and I tell my clients exactly that). It's not about selling any more, it's about legal protection, being shielded from the antics of idiots (that cost you money) & maximizing your bottom line in the endeavor. In states like AZ, we are licensed to practice real estate law.
The secret to the residential real estate agent's "monopoly" on current practices is the MLS. I personally believe that real estate commissions will drop closer to 1% on each side, eventually. But it's going to be a fight. You have to get a group of agents to agree upon & utilize a different kind of MLS and that's going to be a tough sell -not saying it can't be done, I believe it eventually will. I just feel it will be an uphill battle.
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