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Maui real estate agents commissions slump

October 20, 2010 - The global economic downturn has affected many professionals, including those in the relocation business. Real estate agents on the idyllic island of Maui have seen their commissions slump, according to a newspaper report.

The Maui News reports that agents on the island sold $1.2 billion worth of homes and condos from January to September 2008 and earned total commissions, before expenses, of $72 million. Sales over the first three quarters of 2009 have only totaled $768 million, which means that commissions for Maui's approximately 1,400 agents are quite a bit less, with some agents not making any.

Despite the decrease in commissions, the total number of real estate agents who are members of the Realtors Association of Maui has remained steady from last year. However, there has been turn over; some agents have left the profession or the island, according to the newspaper.

Mac Lowson, who has been selling real estate in West Maui for many years, says he thinks others who have lost their jobs are trying their hands at real estate. He told the newspaper, "New people are coming in at approximately the rate they are leaving."

For those thinking of selling their property, it may be possible to negotiate the commission rate with the real estate agent. Doing some research and checking with individual agencies might be a good idea before the moving process begins.

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