In full disclosure, I AM a licensed RE agent. But as an Investor, I have asked myself that question. And I say: it depends. Most good agents build relationships with their clients. And most good agents are resources for just about anything: attorneys, financing, handyman, lodging, schools, etc. If you're looking to only use an agent to "look" at the mls, well then I think you get what you get. (BTW, here in NY if I give a non-licensed person access to the mls, that is a violation and I could lose my license.) Agents PAY for the use of their mls, through dues. We pay to belong to a local board for those privileges. I've read on other threads about this agent does this or doesn't do that. Agents perform ALOT of non $$ things for their clients. Good agents know how to build their business and referrals. And sometimes, after all that work, the agent is the FIRST to get thrown under the bus. And the FIRST person everyone looks to when there's not enough money to close so "can you cut your commissions?" The internet has changed the agent's job so much. I myself am able to research alot of properties BEFORE I even have to call an agent. So I'm just putting it out there: What future do YOU see for RE agents? And can agents do NOW to help investors solve their problems?

They often compete with me on advertised deals. And when they try to sell me something it's usually priced too high yet they act like the $$$ is nothing but paper. Like most plaintiff attorneys, just looking for another pigeon.

That's only because the process seems to be such a mystery to those outside the business. And this is the way NAR likes -- they want everyone to think that buying/selling a house is a complicated process that requires professional hand-holding. As Jon pointed out above (and this is the quintessential example in the online world), travel used to be the same way. People didn't know how to book travel packages -- it was complicated to find the best deal on combined air travel, hotel, car, etc. Real estate agents had better deals, software tools, contacts, rebates, etc, that the typical traveler didn't have access to. 15 years ago I couldn't imagine booking a nice vacation without a travel agent. Here we are 15 years later and I can't imagine using a travel agent! As information becomes more available and services become more commoditized, the veil of secrecy and intrique gets lifted, and before you know it, the average Joe starts to realize that buying and selling real estate really isn't that complicated.

I think we are all forgetting our position in this discussion. We are thinking as professionals and not the novice "once in a while home buyer". We don't actually need an agent to do our due dilagence and negotiations. But, the novice buyer (With exceptions) needs and wants a guiding hand during the process. Don

The future of RE agents?????

Mike Morrison

Contractor · Woodlands, TX · Member since 2010 · 95 posts · 18 votes

15y

I think that most(95%)view investors in a poor light(pot calling kettle black).That stems from agents not understanding investors business model."Do the numbers work?" Does this deal make sense? vs. "what a georgeous floor plan"
Let's face it what the "average" agent is taught conflicts with what an investor needs. Just MHO.

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J ScottPro Member

Moderator

Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes

15y

Originally posted by Kathy V.:

So I'm just putting it out there: What future do YOU see for RE agents? And can agents do NOW to help investors solve their problems?

In my opinion, RE agents will eventually go away. As information becomes more widely and easily available, the system of real estate transactions will become more frictionless, and will eventually be commoditized.

I wouldn't be surprised if real estate "consultants" remained -- people paid on an hourly basis to help with transactional details and paperwork -- and I wouldn't be surprised if real estate attorneys took a more prominent role in the complicated transactions, but I don't think the value of real estate agents is there.

Ultimately, agents do the following:

- Help procure buyers for sellers and help procure housing prospects for buyers;

- Help with negotiation;

- Fill out forms and deal with procedural details of the transaction;

- Coordinate closings.

The first bullet above is by-far the most important, and eventually the Internet will provide the ability for buyers and sellers to find each other without a middleman.

All that said, real estate agents have a very strong lobby, so they probably won't go away as quickly as they should.

And full disclosure, I'm a licensed agent.

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Kathy V.

OP

Involved In Real Estate · Rochester, NY · Member since 2011 · 138 posts · 11 votes

15y

[b]Originally posted by Mike Morrison

Let's face it what the "average" agent is taught conflicts with what an investor needs.

I agree Mike. Times they are a changing. Before I started investing for myself, I was conflicted about how investors view us.

[/b]Originally posted by J. Scott

All that said, real estate agents have a very strong lobby, so they probably won't go away as quickly as they should.

True. If the market ever gets back to "normal", I see traditional agents left in the dust. Especially if they haven't developed a tech presence.

Thank you both for your input.

The future of RE agents?????

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