According to the NAR’s latest Profile of Home Buyers and Sellers, 89% of home sellers and 87% of home buyers used an agent to sell or purchase their home last year. The use of agents in real estate transactions remains at an all time high.
With all of the tools at the public’s finger tips why do real estate agents remain so popular?
One of the reasons could be because there is so much data. It is very time consuming to sift through the data and frustrating to find that some of the data that is being sifted through is inaccurate or out of date.
Another factor is the increasing complication purchase and sale process. There are more consumer protection regulations than ever. With that comes more paperwork and a higher risk of litigation if not done correctly.
In addition, because the market is heating up there is strong competition for the best properties. Buyers engage a real estate agent who is able get them in to see the property when it first enters the market.
Lastly, online real estate search sites were created to give agents a place to advertise their products and services. These sites make money off of agents not the home buyers. The search is free for the public and brings leads to agents who pay for them. It appears to be working well.