Ok, I admit it. I wrote about this on my website too. But this has me FIRED UP.
I read an article today, distributed through a national real estate publication that proclaimed "Bye-bye to buyer brokerages" . Obviously this is of interest to me, so I took a look.
There were many points made in the article about the future of real estate, given the economy and the internet explosion. Really, only one paragraph addressed the buyer brokerage model ( so why pick on us in the title??) I'll tell you why.
The "expert" quoted in the article made the argument that as more and more people search properties online, the online listing - complete with listing agent information - provides everything they need. Apparently in this bold "new" world of online real estate, the buyer need only contact the listing agent for all their needs.
Wait a minute.
Doesn't that sound an awful lot like...the entire history of real estate? In fact, the buyer agent is a fairly new creation, when people realized that the listing agent 1) represented the seller and 2) had every incentive to keep the sales price as high as possible for their seller. The buyer, although perhaps officially "represented", certainly didnt have sole representation or someone fighting on their side.
So how is this new online model different? Why should the buyer be more comfortable with this situation just because they found a listing online and not on a yard sign?
Nope, its the same old game. No matter where or how you find the house, you need professional representation to protect your interests. Don't let 'em fool you.
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