Are real estate agents going to be replaced?

[Nathan Lilly]

Hello fellow bp members. I recently read an article talking about an app with a flat fee service meant to save on commission and be a better way to purchase homes. I was wondering if technology will replace traditional real estate agents?

What's your guys thoughts?

[Steve Vaughan]

Not likely.  As Russell mentions, people just don't know enough to transact their largest investment safely on their own.  

I talk to a lot of FSBOs and mom and pop DIY landlords and avg Jack and Jills.  These are people that want to do it themselves. They are clueless on multiple levels.  No app will change that.  

I know when I buy a FSBO, I will be doing ALL of the work. Fill out these disclosures. I'll open escrow with this EM. My inspector is coming next Fri. Get the seller info sheet back to title. Send in the 35R. Get that carpet changed with this guy. Get jimbo at this number to patch the roof and install flashing. Etc. Guess what? My buy price reflects this work.