Why is it so hard for YOU to understand that your hugely flawed system still gives the business to the agent who gives the highest price not the honest agent - and potentially loses the Vendor money as the property is on the market for an extended period at an inflated price therefore giving it a stigma to the market place as a 'dud'.
You have been asked this before...to you what constitutes a failed auction ??? There are many market places out there that do not use auction as the predominant sales method so what is your 'proof' for those market places???
Oh yes and for your information I have been in the industry for more than 30 years
Ill make this simple for you...
(it has always been a challenge to explain this concept to agents, yet vendors who have inquired are yet to have any difficulties understanding a simple concept)
If you knew that all the below agents were being 100% honest which one would you choose to sell your property.
Agent 1 - Quotes $700,000
Agent 2 - Quotes $720,000
Agent 3 - Quotes $750,000
You would obviously choose Agent 3. It may not be the market price because no one is perfect at their job but why would you settle for the others?
Re align the agents commission to get the highest price they truly think is possible and then you realign the agents interest with your interest and that is trying to get the highest possible price for your property.
Using a standard commission structure encourages the agent to just get a sale, It doesn't matter to them if it sells for $50,000 less than originally quoted because it doesn't make make much of a difference to their overall income.
