I have been on the internet with blogs and websites for over ten years now. During that time there has been continual discussion of disrupting the real estate industry as it has existed for the past 100 years. New websites come and go, some like Zillow were supposed to have been the end of the real estate agent and the ultimate disrupter. Well none of those sites have accomplished what they thought they could.
While we Realtors® know that the human element and the professional expertise we bring to the table can’t be replaced by the internet it is nice to see that the Washington Post researched this and published an article supporting our view.
The stickiness of the real estate commission is a source of fascination for economists and curiosity for consumers who are doing an increasing share of the home-buying legwork themselves online. It also offers potential lessons for workers in other industries worried about the Internet’s destructive powers. The Web has changed how agents hustle for a share of the estimated $60 billion paid each year in residential real estate commissions. But it hasn’t taken their jobs. In fact, the number of agents has grown 60 percent in the past two decades.
It wasn’t supposed to be like this.