November 15, 2007

Did the DOJ Get It Right? One DOJ web page provides this insightful comment in a subtitle: "B. The Internet's Effect on the Real Estate Industry" "With individuals assuming more of the responsibility to gather and assess information, less time and effort is required by real estate agents in assessing market conditions (for sellers) and in identifying and showing houses [(for buyers)]. The cost of an agent's service, therefore, should go down reflecting this shift in burden."124 First this implies that everyone is assuming more responsibility gathering their own information. Some are and some are not. The second part of the sentence: "...less time and effort is required by real estate agents in assessing market conditions (for sellers)..." Nothing has changed in regard to the amount of time we spend to understand our local market. We still tour all the homes for sale whether we have a specific buyer for a property or not-we need to know the inventory. Agents cannot accurately asses the value of a home if they have not personally seen the comparables prior to the close of escrow. Isn't that why appraisers call agents for the details on homes after they have closed escrow? Third part: "...less time and effort is identifying and showing houses [(for buyers)". Buyers may see a home on the internet and may exclude it from the search which in theory should cut down on the amount of time an agent will spend showing homes. This is an oversimplified version of how agents really find their buyer...

Drew Morgan

Sponsored by Drew & Christine Morgan"Helping People Make Good Decisions"smReal Estate Sales and ConsultingCarlmont Associates

Steve Martin
The Typepad Team

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