Everything Old is New Again?? Don't Believe It!

I read an article today. A national real estate "expert" was quoted as saying that the buyer agent, and by extension the buyer brokerage, is on its way out in the new online world of real estate.

His argument was this - when a buyer finds a property online, they have all the information they need about the property, complete with listing agent. They can complete a transaction without ever contacting anyone else.

Sound familiar? It should - this is the exact model that has ruled real estate since its inception. Buyers agent and buyer brokerages are still a fairly new concept in the overall history of real estate, and we exist because of the inherent problem of that model - the listing agent represents the interests of the seller, not the buyer.

All this gentleman has done is exchanged the term "yard sign" with "online listing" - but the listing agent still represents the seller.

To me, it sounds that the listing agents are using the online explosion as a way to try to regain both sides of the commission and keep out someone who aggressively negotiates the price. But the fact remains, that when you buy a property, you need professional representation. I don't believe for a second that buyers are so easily fooled -online listings only change the venue, not the need for a professional buyer agent on your side.

Regina Brassil. REALTOR