Though I speculate in this video that buyer agents will get phased out, it’s not the best alternative – buyers should have representation, it is just a matter of cost/quality.
In this futuristic scenario, the listing agent will only be representing the seller, and will likely want to process your order at the seller’s price.
Buyers may prefer to get their own representation.
There will likely be real estate consultants available to assist buyers with pricing, and to help address the major deal points.
If you were buying, would you be willing to pay for good help?
pay for good help? of course! should save you more than the cost.
find good help? pretty difficult at present (unless you are lucky enough to be in NSDCC)
Thanks Freedom!
The agent rating idea could change everything too. News Corp could spice up realtor.com by displaying the agent’s sales count for the last 12 months next to their name.
If any outsider breaks into the space with a campaign geared toward the consumer, they could squash the business as we know it.
That about describes how it works in the UK and South Africa, seller employs an estate agent and caveat emptor as far as the buyer is concerned.
Does a buyer’s agent really have the buyer’s best interest in mind when their commission comes from the seller’s proceeds? If a buyer needs/wants representation they need to pay for that representation out of their own pocket.
Does a buyer’s agent really have the buyer’s best interest in mind when their commission comes from the seller’s proceeds?
Yes – agents don’t feel guilty about taking the seller’s money.
Another question would be – does the buyer’s agent really have the buyer’s best interest in mind, or their own? Many agents rush their buyers into the first house that is close.
Jim, your prediction that buyer brokerage will disappear is very troubling. That buyers, after all that has happened to many of them during the bubble, bubble-pop and now bubble II would jettison any protection that buyer brokerage affords is astounding. If ever ther is a need for independent buyer representative it is now.
Your prediction of the popularity of the auction scenario for property sales will just add to the stress and lack of control buyers need and deserve.
A most discouraging future for buyers, indeed.
I don’t like it either George.
Buyers have been under-represented since the beginning, and now when faced with getting no representation or having to pay for it, will they recognize the value?
Probably not, and more will be led to slaughter.