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Are Real Estate Agents Going the Way of the Dodo?

Some 30-odd years ago, MLS listings were it's something you do once every eight or
printed on small cards that fit in 10 years. So you don't develop an actual
shoeboxes, and Realtors were their skill set to do it. So the question is,
gatekeepers. Thanks to the Internet, how fast can we enable customers to get
agents as well as consumers have access up to speed? What's happened is that the
to all kinds of information. market has been dissected into different
As a result, real estate firms are types of consumers. Some guys say, "Do
changing the way they interact with everything for me." Some say, "I want to
customers and reevaluating their roles in be hands on." Before online MLS listings
the age of information. "Whereas before and virtual tours, if you wanted to know
clients depended on Realtors for something, like how big the yard was,
information, they're now finding their you'd have to call me. Now it's, "I saw
own information and then coming to us for this house on the net. It's 10,000 square
services," explains Chee, CEO of feet, it's three-bedroom, it looks like
Prudential Locations. "That's meant a lot what I want. Now what else can you tell
of changes for the industry and has made me?" So now firms need to decide to
the job of a Realtor much, much more include or exclude different ways that
complex." customers want to do business. Some
Around 1995, when the Internet first hit companies are accomplishing that by
real estate, it was the kickoff of offering services a la carte. A menu of
consumers getting much more involved in services is a maturing thing, but, at the
the transaction, because it brought more end of the day, the business that
information to the customers. Discount survives is the one that treats its
Brokerages Has all this paved the way for customers the right way, and that might
Discount Brokerages to take over, akin to mean more education. When you talk about
what has happened in the securities a la carte, it's not as simple as
business? Discount brokerages offer all ordering off a menu, because the
the usual services and expertise at a individual services are all kind of
fraction of the cost. Has that forced connected to each other. When you split
traditional real estate firms to rethink them up too much, it becomes very
the way they do business? Will agents complex. So as long as the consumer knows
become order takers and brokers just the how they're connected, it can work. Is
vehicle for executing the real estate the empowered consumer the main factor
transaction? Discount brokerages are not behind falling commission rates? Overall
a new phenomenon. They arise every time commission rates are falling, and have
the market gets hot like this, because been falling for almost four years across
there's so much inventory. And then the the board, but it's very similar to
market switches over, and they disappear. looking at the statistics for real
The thing people need to understand when estate. People say, "Oh, the average
they're working with discount brokerages price fell by $20,000," but it really
is Econ 101. Econ 101 like the grilled didn't, because the composition of the
cheese sandwich that had the Madonna on market changed.
it and sold on eBay for $33,000. It's an Commissions are falling, but the
extreme example of how, when you open the structure of services is also changing.
market up and have more people see it, Consumers are getting smarter. So one of
you get the highest possible price. In a the things progressive brokers are doing
discount situation, generally speaking, is getting customers as smart as anybody
that's not the case. Ask a potential in the market. The way we do that is by
listing client: So what's more giving them tools that are easy to use.
important--the commission, or getting the In example, giving them all the solds,
higher price for your house? all the listings, charts and graphs to
Consumer Education=Good BusinessHow are get the client smart. Because when
traditional brokerages positioning they're smart, they're decisive!Written
themselves to remain relevant and for
important to consumers in this new By James Christensen
landscape? What's interesting is that Real Estate Expert and educator. Our
customers feel empowered because they training site offers a valuable service
found their house on the Net. But if you to individuals looking to get into the
think about the real estate purchase, Real Estate industry.




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