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#461616 - 06/05/18 07:43 PM Future of Real Estate
DJM Offline

Registered: 07/21/14
Posts: 43
Loc: Massachusetts, USA
All, the future of real estate seems to elude me, so I would like your opinions on something. With knowing exactly what it will be like as a Real Estate Agent, or Real Estate Broker, which would you choose to pursue and why? If you had a choice that is? What do you all think being a RE Agent & Broker will be like in say 10, 15 or 20 years from now?

#461620 - 06/06/18 10:22 AM Re: Future of Real Estate [Re: DJM]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7949
Loc: Vermont's North-East Kingdom
I'm not a clairvoyant (in fact, I'm now retired) and you've been observing this industry for 4 years or more yourself; so your observations would be just as accurate and valuable as mine.

In a little over 30 years, I have watched the growth of more State and National Regulation following the S&L Banking Crisis of the mid-1980s and the growth of national consolidators like Zillow and Trulia together with the advent of the internet while our local control of the MLS receded or was then completely surrendered. We still provide the data at the local level; but increasingly, we have lost control of who it is sold to afterwards, and now have to pay others to use it.

Further inroads into Commission reductions and Referral Fees by FSBO organizations and Lead Aggregators like Homelight take advantage of our individual decision making, while the National REALTOR Organization is increasingly helpless in defending against such incursions.

Agents need to know what the trending tidal movements are on a national scale and resist the temptation of giving away the bulk of their income to remote organizations which beckon them with easy sources of information which they could work to obtain themselves . . . . but they won't.

Maybe someone else foresees systemic improvements for the individual Agents in the industry . . . . but I see the future as fairly bleak.
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

#461628 - 06/07/18 02:17 PM Re: Future of Real Estate [Re: DJM]
estatereal Offline
Major Contributor

Registered: 01/27/07
Posts: 3242
i just received a 5k commission check from someone for being an advisor...

long story short

seller found buyer
buyer had agent
all was smooth
bump was hit (as always happens)
agent was needed.
they came to me.....
i said, you already have contract etc....
i said, i can advise (had agreement for this)
got paid 5k for advice
house closed

bottom line, deal would not have closed without me due to everyone being past thier breaking point...if i were there from day 1, knowing what i know after the fact, i would have had it done without them even loosing any sleep......i came in after deal blew up..put it them where they wanted to paid 5k.....did not even touch a single doc..just advised and instruction was headed...outcome done

tehre are so many moving parts and the 1 thing that computers cannot help are peoples emotions..until you have people with no emotions who are 100% logical and 100% rational, ethical, cool headed, willing to work to make a bridge with the other party instead of a soon as you can get that, we are out of business...but due to the nature of a human bean, it is not going to happen...

for me.....this year ever....

it can be your best year too if you want to figure it out and put in the time.

#461845 - 07/10/18 08:55 AM Re: Future of Real Estate [Re: DJM]
Bob Squiers Offline
Junior Member

Registered: 06/14/18
Posts: 5
Future of real estate can be:-

1. Databases will be complicated
2. Use of technology and cloud will increase
3. commissions & fees will rise rapidly

#461853 - 07/11/18 03:18 AM Re: Future of Real Estate [Re: DJM]
Tex Offline

Registered: 02/11/14
Posts: 219
Loc: TX
I think that with the states having budget problems that sooner or later they just might wake up and realize that they aren't getting their piece of the RE transaction pie. There will be a tax on transactions, and the transactions will have to be transacted by agents.

Government also seems to want to "protect us from ourselves." I bet that some day it won't be legal to sell a home without an agent. And with the ongoing dumbing down of America more and more people need protecting from themselves.

Actually that might equate to more renters. Fewer and fewer young people are realizing the dream of home ownership.

I kind of wish that title companies would stop handling private transactions, (FSBOs). I bet that if a title company did that and advertised it to agents they would get a lot more business.

#461856 - 07/11/18 09:27 AM Re: Future of Real Estate [Re: Tex]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7949
Loc: Vermont's North-East Kingdom
Originally Posted By: Tex
". . . they aren't getting their piece of the RE transaction pie. There will be a tax on transactions . . ."

Most States (about 75%) have realized this and impose a Property Transfer Tax at Closing . . . . Texas IS NOT one of them "yet". Here's a Table:

Property Transfer Taxes by State
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

#461872 - 07/13/18 03:11 AM Re: Future of Real Estate [Re: Bob Squiers]
Tim Bizz Offline

Registered: 07/03/18
Posts: 15
Loc: Alberta, Canada
Being a DBA I think Databases are actually not complicated that much at all. Really if you think of a Database it is just a big Excel spreadsheet that has ways to logically manipulate the data. IN the end this is really what your content/User Management system is all about!

The Cloud is an interesting concept as most people have no idea how the cloud works and what it could do for them. In an enterprise clouds give collaboration which is really needed in the Real estate industry.

Not sure about number 3 I think that will be managed closely by the marketplace. If you are too high you just won't get the people... However time will tell smile

Edited by Tim Bizz (07/13/18 03:12 AM)

#461901 - 07/17/18 02:06 AM Re: Future of Real Estate [Re: Bob Squiers]
DJM Offline

Registered: 07/21/14
Posts: 43
Loc: Massachusetts, USA
Thanks everyone for your insight, pretty interesting. Hey Bob, can you explain number 3 and why you think commissions and fees will just get higher when I see them getting lower in some cases? As someone mentioned, any higher and no one will want to pay it.

#462163 - 08/17/18 06:27 PM Re: Future of Real Estate [Re: DJM]
dalebeshansky Offline
Junior Member

Registered: 07/22/18
Posts: 7
Loc: California
Just personal observation from a newly licensed salesperson. I am engaged with a major firm in my area for training and hopefully starting to make my own transactions in a few months.
I am curious why no one mentioned online brokerages? I am new to this forum as well (about a month) and may have missed such discussions.
It seems that would be the way of the future. The agent would still be working hard to generate leads in his area, but having all transactions handled online, and stripping away some desk and other facility usage and service fees would be a plus.
You would still have to advertise, and do signage and photos, which some firms like the one I am joining cover as part of the monthly fee.
REAL, RE (in CA), EXP, etc. are few major ones. I think they are thin on training, which is not a surprise.

#463057 - 12/10/18 03:11 AM Re: Future of Real Estate [Re: DJM]
Granta Omega Offline

Registered: 05/01/15
Posts: 167
Loc: Dallas, TX
People are seeming to contact agents less due to more information being available on the internet. People are relying on Zillow estimates and algorithmic calculators to determine how much a house is worth. There are many more cheap discount brokerages where a seller can pay 500 bucks and put their home on the MLS to save money, and they are no less featured now given all buyers pretty much do their own research. The last time I was an agent, the buyers pretty much had found all the houses they wanted to look at before even telling me their criteria and price range, and didn't need me for much but to get in the door and write an offer.

Pretty soon new web applications are going to be made to generate a purchase agreement for FSBO sellers guiding them through the steps answering all the questions people used to need the consultation of their agents to have answered. In my opinion, unless someone joins a team doing a high volume of business, they pretty much missed the boat for being a successful agent as the markets are typically dominated by 1-3% of the agents, with the rest either doing it in their spare time, or quickly leaving to get a real job.


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