May be the Internet slowly replacing the role of the realtor? What's the ongoing future of the real estate industry as a whole? Here's my undertake the matter.

Few other industries have been as heavily suffering from Internet evolution around the real estate industry. Actually, if you look at what has happened online within the last couple of years alone, you will see it "unfolding" before your eyes. A wide selection of property self-help websites have sprung up, and they will continue to do so:

    Websites like FSBO.com help homeowners sell their homes -- without the usage of a property agent.
    Websites like HouseValues.com and Zillow.com help homeowners get a ballpark estimate of these home's value using publicly available data -- and without employing a property agent.
    Websites like Trulia.com help buyers find and research homes on the market in their area -- without having to go by way of a property agent.

Along with all of this, you should use the net to learn how to prepare a property contract, validate an price tag, negotiate, find a property inspector ... you name it.

So once you look at most of the tasks a realtor would normally do for a buyer or seller, you will see that nearly these can be carried out by the actual buyer or seller, by simply going online.

Resistance to Change at the Highest Levels

Real estate is just a very traditional form of business. Real estate agents do in contrast to change. The higher you climb up the real estate establishment, the more this is apparently the case. As an example, take a go through the current legal dispute involving the U.S. Department of Justice and the NATIONAL ASSOCIATION OF REALTORS(r) -- yes, they insist on the name being displayed in most caps that way.

The NAR and the DOJ are in loggerheads over property listings. Basically (and that is my interpretation here), the DOJ says property listings are public property and should not be made exclusive in virtually any way. The NAR, in their outdated mode of thinking, asserts that certain brokers should have certain exclusive rights to certain property listings.

If this isn't an organization wanting to resist change, I don't know what is. If the NAR doesn't learn to simply accept change (especially with regard to the free exchange of information made possible by the Internet), then it will eventually cease to exist.

The question is ... would anyone really miss it? Not me.

How Real Estate Agents are Reacting

Within my professional life, I handle real estate agents a lot. It would appear that all of them realize the significant changes taking devote the true estate industry, however they react to these changes in 1 of 2 ways. 

    Dynamic Agents -- Many real estate agents know good and well that consumers have far more empowerment these days, as a result of Internet. They know the average buyer or seller is much more knowledgeable about real estate today than they were a decade ago, and that they have endless levels of information at their fingertips. These agents are finding new and creative methods to serve their clients, and are thus prolonging their relevance to the current consumer.
    Static Agents -- On one other hand, some real estate agents come in denial in regards to the changes within their industry. They plan to help keep on doing "business as normal" ... wanting to fill roles which are becoming outdated and holding out their hand for a six-percent commission. These agents are fading from existence and will soon be extinct.

Conclusion

The entire world is ever changing, and that relates to business and industry as well. Smart business people learn to adapt to such changes to be able to survive professionally. The lazy and unwilling become obsolete and extinct. In operation, as in nature, adaptability is the important thing to survival.

My prediction is that within just a decade'time, the standard agent as we realize it will cease to exist -- replaced by a multi-tasking, web-savvy, and better version of the "agents of old."

Published by Whitney Morgan