Self Service Real EstateSM
A market place where the general public, using a tool such as the Internet, can freely conduct real estate transactions on their own.
By: the propertySites Team
So, what is Self Service Real Estate? Well, let's start by considering what a real estate agent brings to the process....
No matter what anyone tells you, the real estate agent basically serves two main functions: marketing your property and connecting you with experts who manage the process. Thus, agents are essentially middle men.
Historically, real estate agents would drive around neighborhoods and towns looking for the ideal property for you to buy. So how did they know where to look? Well, these agents would publish and distribute books containing information regarding property for sale - the only way to get in the book was to hire an agent to sell your property. No agent, no exposure.
As this became more popular and technology advanced, these agents migrated the information from the books to computerized databases networked together. This network of databases became known as the Multiple Listing Service (MLS). Thus, without using an agent, both buyers and sellers had no access to the MLS.
During this period, there were those individuals that ventured out on their own to buy and sell property without an agent - For Sale By Owner (FSBO). The main attraction for FSBOs was the huge reward of no commissions, and greater profits. However, the biggest draw back was attracting potential buyers, since FSBOs were not in the MLS and didn't use agents. Exposure and information regarding the process was scarce.
Welcome the Internet. As the Internet has become more mainstream rather than a novelty, the real estate industry has begun to transform. The coveted MLS is now readily accessible on the Internet. So, buyers no longer need an agent to access the MLS. In addition, this accessibility has created a new phenomenon - FSBO Web sites. Now, do-it-yourself buyers and sellers have a place to meet with a wealth of industry information at their disposal.
Internet growth is reducing the MLS advantage. In fact, it has created an entire new breed of real estate agents, the discount agents, with commissions as low as 3%, but when it comes down to it they are still middle men. We envision that the FSBO market place of do-it-yourself buyers and sellers will grow in conjunction with Internet growth. Accordingly, the FSBO process is revolutionizing itself to become "Self Service Real Estate," a market place where the general public, using a tool such as the Internet, can freely conduct real estate transactions on their own.
Join the revolution. Take your first step towards real estate freedom - Self Service Real Estate.