It’s no surprise that the real estate market is a hot topic right now, with prices still above the 10 year trend line and interest rates higher than ever before. With buyers feeling the pressure to get into a home of their own, it has become more difficult to navigate all of the options available. Enter Robinhood Dude. He’s a 24 year old Asian kid on Reddit who is trying to revolutionize the real estate industry by offering cashback services in exchange for door opening and offer submission services, at a fraction of what traditional agents charge.
TheAngryRealtor (what a fitting name) was so butt hurt over this guy undercutting him that he went as far as reporting him to RECO (Real Estate Council of Ontario). But Mike is literally trying to save families 20-30k and it’s hard not to cheer him on from the sidelines! It takes an idiot like TheAngryRealtor to even think that buyers can get those services for free - when you look at all the work involved in buying or selling property, it makes sense why agents are paid commission fees. However, this fee can sometimes be outrageous - up to 20k per transaction! It’s no wonder Mike aims to modernize this outdated industry by implementing his cashback model - where most of his 2.5% commission is returned back directly into his clients’ pockets. It would be wise for us all seek professional tax advice before taking any financial advice we come across online, especially from people claiming they know everything there is about real estate investing while simultaneously attacking other professionals in their field!
At least we can agree that competition and innovation are always good things - which is why Mike deserves major props for taking matters into his own hands and attempting something different than what has been done in decades past. We need more heroes like him if we want any chance at correcting an industry which seems hellbent on gouging its customers without providing much service or value in return
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Author Eliza Ng