America's real-estate commission fees amounted to $75bn last year, or 0.4% of GDP
are high. Along with getting married and choosing a career, buying or selling a home is one of the biggest decisions most people make. In America, especially, the sums are vast. In total the country’s residential property is worth $34trn—as much as the value of all its publicly listed firms—and last year people traded properties worth $1.5trn. Yet compared with other industries and other countries, buying and selling property in America is cumbersome—and extraordinarily expensive.
At the heart of the problem is a knot of obsolete practices that seem to favour insiders rather than the buyers and sellers of property. Unlike the practice in most countries, the seller usually pays fees to both their own agent and the buyer’s. Agents acting on behalf of buyers thus have an incentive to steer their clients away from properties with low fees—one study has found that such homes are 5% less likely to sell, the opposite of what you would expect in a healthy market.
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