Disrupting the Real Estate Sales? Will RE Agents be extinct?
I am curious on what BP members think the impact that growth in real estate investing, wholesaling, and direct-buy practices is having on the old agency-model of buying/selling? Has anyone come across any articles or research on the subject?
I heard, about a year ago, that 38% of all residential real estate transactions occur without involving an agent. This is a big number but I have been unable to find any supporting information.
Of course, there are some areas of the country that still operate like it is 1990 and agents/brokerages are just terrible. I was in one market where NO agency would accept any paperwork that was not originated on the state Association of Realtors forms/documents. Not even LOI and other docs we, as investors, use and rely on. Based on observed changes, are these folks dinosaurs destined for near-term extinction or will there always be a big part of the RE industry operating this way?
Thoughts? Empirical evidence of information? Opinions?