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

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?

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

Registered: 04/12/08
Posts: 7950
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"

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

Registered: 01/27/07
Posts: 3315
Loc: LAND OF THE FREE!
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 together....got them where they wanted to go...got paid 5k.....did not even touch a single doc..just advised and instruction was headed...outcome positive....deal 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 wall...as 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...best year ever....

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

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#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
Loc: MICHIGAN
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

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

Registered: 02/11/14
Posts: 220
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.
_________________________

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

Registered: 04/12/08
Posts: 7950
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"

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

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)

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

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.

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#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.

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

Registered: 05/01/15
Posts: 182
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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#463259 - 01/08/19 03:26 PM Re: Future of Real Estate [Re: Granta Omega]
Suburban Gal Offline
Member

Registered: 06/22/17
Posts: 36
Loc: SE WI
Originally Posted By: Granta Omega
People are seeming to contact agents less due to more information being available on the internet.


Originally Posted By: Granta Omega
...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.


I agree.

When mom and I decided to move to SE WI over a year and a half ago, I held off on contacting a real estate agent due to a lot of information already being online. When we did settle on an agent, we E-Mailed him MLS links to properties we wanted to see and, in the end, ended up doing more work than he did. All he did was set-up the showings, let us in and then write the offer when we found what we wanted.

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#463267 - 01/09/19 06:11 AM Re: Future of Real Estate [Re: Granta Omega]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2376
Loc: Outer Banks
Originally Posted By: Granta Omega
People are seeming to contact agents less due to more informationtelling me their criteria and price range

This is nothing new here. I have been getting the bulk of my business off the net for the last 19 years.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#463278 - 01/09/19 08:21 PM Re: Future of Real Estate [Re: Bigtoe]
ALSTIEL Offline
Member

Registered: 08/17/18
Posts: 20
Loc: Pa.
We just had a short discussion about this in a meeting last week.

I see changes and those that embrace the new technology and the Internet are going to be fine. Those old schooler's, we've done it this way for the last twenty years are going the way of the dinosaurs.

At the meeting my broker said that Amazon is seriously looking at getting into the real estate game. The only reason they haven't is the multitude of laws between the different states.

You can look all you want online but in almost every state in the country you need at least an agent to do the paperwork and in some states a RE Lawyer. That throws a monkey wrench into someones plans to jump into the industry on the national level.

It's going to happen, the question is will it be 10-15 or 20 years from now? If I had a crystal ball I'd be rich.

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#463281 - 01/10/19 08:10 AM Re: Future of Real Estate [Re: DJM]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2376
Loc: Outer Banks
If real estate agents were going to be replaced by technology it would have already happened like it did to travel agents and insurance agents.

Buyers are never going to be comfortable with not touring homes before they buy. Pictures tell a thousands words but they can represent alternative facts just like words. If all an agent does is open the doors then they should not be agents. We should be able to provide a wealth of information about the homes, neighborhoods, schools, etc. This is info the z's can only pretend to provide.

It is rare for a deal to close without any problems. Problems that we agents overcome for the buyers and sellers that would kill a deal if we were not involved.

Any agent who thinks we can be replaced by the internet is not doing their job and should do the public a service and find another profession.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#463292 - 01/12/19 03:19 PM Re: Future of Real Estate [Re: Bigtoe]
ALSTIEL Offline
Member

Registered: 08/17/18
Posts: 20
Loc: Pa.
You're right. My broker said the same thing yesterday in so many words. Good agents can't be replaced by technology.

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