Aloha, and welcome to the Real Estate Reform Act web site.
We hope to change the way the real estate practices are done here in Hawaiʻi. We hope to change the way home buyers and sellers are held to believe that they have to pay three to six percent commissions on the sales and purchases of houses they buy in Hawaiʻi, to a flat fee based system.
People should not have to pay for the greed of others, especially for over thirty years.
The sale of a house in Hawaiʻi should be a flat-fee commission, not a percentage. When you have the sales force driven by a commission, you create a false and inflated market. The buyerʻs realtor has a self-serving interest in having the buyer pay the highest amount for the sale of a house because his income is dependent on that high commissioned sale.
Plus, the buyer is in essence paying the realtor his salary for the next thirty years. All real estate transactions in Hawaiʻi should be a flat fee. It works. There other real estate businesses here that do quite well on the flat fee system. No, I donʻt know them. Never met any of them. I have never talked to them. They are just doing something right, and something needs to be done about it.
The real estate bubble/collapse was the waking point for the country. That is when this should have been done. Yes, the sub-prime and false mortgages caused the problem, but the realtors, in their greed, were the engine behind the collapse. They knew they could make tens of thousands of dollars a month, for doing nothing. They would put in a few hours, and makes serious money. This is not right.
Itʻs time for a change
The time is now
Get rid of the realtor commissions.
Pay them a flat fee
Allow for costs (advertising, printing, mailing, etc.) to be collected, by mutual agreement, for any house selling for over $1.5 million. No, Lexus and BMW lease payments are not costs.
Itʻs time to weed out the greed. Make the housing market a place where we all can benefit. Bring back the respect that realtors used to have. This isnʻt the time when houses sold for $50,000, and the three percent commission was only $1,500 off that one house. Now, with a $700,000 house in Hawaiʻi, their commission would be $21,000! For a few hours of work. You are paying them a $700 a year salary. Think about that when you write out your mortgage payment check each month.
Itʻs time for a change.
The time is now
Thanks for reading this.