All Forum Posts by: Ben McMahon

I'm really in the minority here.  Maybe I'm drinking my own kool-aid.  I'm just not convinced of the necessity of an agent.  If there is a platform that literally guarantees both sides of the transaction @Robert C.

People that don't like to haggle and just want something quality at a fair price would love this.  Can nobody else see this?  And not just because it hasn't happened.  No Agent needs to open the door, no agent needs to line up inspections, lenders, title companies.  Its all right there.  On the seller side, you are going to get a fair price.  Not top dollar, not bottom dollar.  Buying a house does not NEED a human touch.  It just always has had one.

@Jay Hinrichs I know Real Estate is not a car.  But the transaction could potentially be similar.  What you are describing with a Tesla is like having a home built for you.  Not all that different if you already know what you like.

@Account Closed  I also use real estate agents.  Even when I had a license.  For their expertise.  But as been mentioned on here a bunch of times, the common buyer/seller only does this a few times in their life.  

So lets say they have the option of finding a "trustworthy" agent to handle everything, or going to the big box store and getting something that's guaranteed.  I think a lot of consumers would go to the big box store.  

Also, side note people keep saying its never happened so it never will.  That theory has been disproven more times in history than we can count.  And its not usually the first company that tries to make it either.  Maybe its the 6th or the 10th.  Remember myspace?  Nobody does.  Remember Redfin?  Nobody will when it happens.  

I agree this conversation has been had many times in the last 10 or 15 years, I bring it up for fun.  And because things do change and happen when there is disruption.  We are experiencing disruption

@Jay Hinrichs They do at carmax.  Hows that different?

Maybe Im not making myself clear.  An agent is currently necessary for a deal to happen. YES.  I can see a way where that isn't the case.  If im the new buyer that is "ignorant", I can buy a house from a place where All the lending, ALL the inspections, ALL the title work, yes even the price is all done and set.  I know what I am getting and I am happy to pay for it, because I know I am not getting screwed.  Its all part of the package.  My "AGENT" is just someone that works for this company that virtually does a similar thing as the traditional agent, but does a lot more volume, makes a lot less money, and is completely replaceable.  

@Jay Hinrichs

But in theory, couldn't all that be done with a carmax type of service?  House has some sort of extended warrantee, fixed non negotiable price, As long as you qualify........ good to go.  property already has the well, septic, home inspection, title, its all been done and all part of the package.  Anything happens, your covered. 

@Russell Brazil

Im with you on the fear, and the overload of info makes sense.  What I am thinking about is probably more the price points and technological advancement.  I just can't imagine that the home buying process doesn't get more streamlined by technology.  When that does happen, an agents role will become greatly reduced.  Making a 6% listing fee ludicrous. 

@Jay Hinrichs I learn new stuff every day as well.  I just don't think that people really care about the whole process as long as they 1) get what they want and 2) their money is safe.  So when someone figures out how to make that happen, traditional agent role changes.  Maybe they are still an agent, I don't know.  

Everybody thought for years this could or might happen, and you are right, it hasn't...... yet.  @Russell Brazil

40 years ago people didn't have smart phones.  I think people forget that its only been the last 15 years.  I remember buying a house in 2009 and being one of the first people I had ever talked to that found my house not through an agent but online.  That was only 11 years ago.  Also, the data online was very unreliable, and there were still a bunch of houses that were for sale that weren't listed online.

I don't know what the data is, but on the ground millennials are pushing back against the traditional agent in my opinion.  Or maybe I just hang around people that are less ignorant. 

The generation that is moving into houses and buying are tech savvy and will find better ways.  Old agents are classic nay sayers against this position.   I am not saying there isn't value to a traditional agent.  I am just talking about what will happen.

People are social creatures and its in our nature to have physical contact with one another.  Not sure when, but at some point people will stop social distancing regardless of the rules in place.  Thats going to piss off the other half that aren't ready for that, or are afraid.  I think the whole thing gets flipped.  Those in danger will stay in seclusion for an unknown amount of time and the majority will become immune and go back to work.

Not saying what's right or wrong, but that's my guess at what happens.  Only solution will be a vaccine, but I don't think that will beat peoples need to be social and of course their need for income.  

@Allan Smith

@Jay Hinrichs

@Patrice Boenzi

I think I agree with all of you, but still.  If there was ever a time for the "uber" or "air bob" of Real Estate Brokerages to make a big move and take over the industry, now would be the time.  You just never know when the market is ready for a big shake up.  

For years now, we have all known that a good portion of the traditional real estate agents job is unnecessary.  This is a heated topic for a lot of people particularly if you are an agent.  The best argument for the traditional agent in my opinion is that some individuals have the ability to be in the deal flow, have good relationships with vendors, lenders, escrow agents etc. and know how to negotiate on behalf of the client.  

Since everything has been moving remotely, the enormous fees agents have been getting has largely stayed in place due to the Lobbying powers of the NAR and belief that an agent can truly be the best financial option. Its taking awhile, but slowly over the last 10 to 15 years some of that has been chipped away. Discount brokerages, FSBO websites, etc. I wonder if this is the last straw?

My question, is this the end of the traditional agent?  If most everything is being done remotely right now, how long will it be before agents start getting cut out of deals?  I can guarantee there's not going to be many open houses this summer. LOL