I was just having a conversation over on Facebook about how fast the real estate business is changing and decided to gather some of those in one place.
I believe that the industry is about to go through a period of rapid and extreme change. Internet based companies like Redfin and new startups with lots of money like knock and Opendoor are going to become the norm. Old big brands like Remax, Keller Williams, Century 21, etc will have a hard time adapting because they are too big and cumbersome to keep up with a rapidly changing industry.
The great majority of todays agents are following a listing model that is 50+ years old. 6% commissions are going to rapidly disappear. The companies and agents that survive will be working on a much more streamlines and lower cost business model. The may be some niche boutique type brokerages that continue at higher commission rates but they will be the exception.
We have seen in many other industries that once the internet revolution takes hold the change happens very quickly. These changes have already started in real estate and yet the great majority of agents are holding on to and defending their old business models.
For once in my life I saw it coming LOL. Thats why I started Atlas Realty Service and created my 1 percent listing solution www.1percentlistingsolution.com. That is also why I have kept things small for now. Atlas Realty needs to stay small and lean enough to change as needed. Once the dust settles in the industry I can see where to go from there!
I would even go 1 step further in all this. If you are working with an agent as a buyer or a seller and they do not have a grasp on these trends then you just might need a new agent. Part of an agents job is to understand the marketplace in order to best represent you and your best interest!