PHARR, Texas – Entreprenuer Joaquin Spamer says two things are hurting the competitiveness of the Rio Grande Valley – the high cost of insurance and the exorbitant commission fees paid to realtors.
The president and founder of CIL Group made his views known during a Q&A session at an Industrial Warehouse Summit hosted by the Pharr Bridge Board and held at the Pharr Development and Research Center.
CIL Group owns companies such as Commodities Integrated Logistics, SALSA, Bio Safe, CIL Capital, and CIL Fresh.
“We have two things that are hurting the competitiveness that we have in the region. One of them is insurance. Insurance is going berserk. Everybody is getting hurt by this,” Spamer said. “And second, we don’t have enough realtors in the area.”
Spamer said realtors in the Valley charge five percent commission. He said the commission he pays in other markets, such as Dallas, Houston, Los Angeles and New York is only 1.25 to two percent.
“We have to reduce the cost of insurance and the cost of realtors. If we only have two or three realtors in town that is not making us competitive. So, we need to change that.”
Spamer won applause from the audience for his remarks.
Editor’s Note: Here is a video recording of Spamer’s remarks:
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