Earlier quoted context omitted.
Every time I buy or sell a home, I'm very thankful that one of my friends has a realtor's license. None of that 7% BS. None of the dumb games they play. How it came about that the services of two realtors was worth $35k on a $500k home is beyond me. Especially in this day and age, where we all just look online and tell our realtors what houses we want to go to. Half the work they used to do is now done by the client.
I would have to disagree. Yes, much of what they do as far as finding houses can be done online these days, but there are many edge cases where a (good) realtor can save you. When I first purchased a home my credit history was.. interesting. The value the realtor provided was putting me in touch with the right grants, forms, etc and ways to build and fix my credit. They helped me not get scammed with a high interest…
I bought a home recently and work in the mortgage industry. My opinion: the buyer's agent should be a flat negotiated fee, maybe an hourly rate. There is very little that most do that the buyer can't do themselves. If the buyer doesn't want to do it themselves, then that's a choice they make to pay, and for items like inspection reviewing and negotiating, I'm not sure I see why it's significantly different if I'm buying a $200k house vs an $800k house. I don't agree with their fees being a percentage of the home prices.
Seller's agents on the other hand...those guys are salesmen. I can see way more value in incentivizing that person to get maximum value for me.