The Real Estate landscape is changing quickly but traditional brokerages are clinging to the past in many ways. The conventional structure of brick and mortar offices, combined with in-house staff, add to overhead and ultimately create unnecessary expenses that are passed along to the consumer. The established model of magazine and newspaper marketing is neither cost effective or timely. Traditional brokers will need to adapt in order to stay relevant in the future market. The Real Estate industry has huge margins and brokerages that have high overhead and lack of creativity will struggle. Online platforms like Redfin, Zillow, Trulia and Realtor.com are exploding. These sites have given today’s consumer access to more information than ever before. This information greatly increases the consumer’s power and diminishes their overall need for traditional real estate brokerage services. It no longer makes sense that a seller would need to spend the 6% real estate commission that is an expected part of the transaction. The standard ways of operating are no longer in the best interest of the consumer. Brokerages that can provide excellent service, reduce overhead, create unique buyer/seller experiences, cut commissions and lead with curiosity will survive and thrive in the new future.
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