Changes in the real estate market in the last decade or so in terms of technology and buyers' access to listings have benefited both buyers and sellers.
In the past, real estate agents had a great deal of control over which houses were shown to potential buyers. As only agents had access to the MLS, they could choose to only show their own listings or listings from other agents in their brokerage. However, as a result of industry changes, that is no longer the case. While the MLS still requires a licensed agent or broker to list your home on their service, buyers can now view the MLS listings without using a traditional agent. Likewise, sellers are no longer obligated to use traditional agents to list and market their homes with services such as HomeRise entering the field.
The Impact on Buyers:
Now buyers can view the MLS inventory in real time using sites like Zillow and Realtor.com, which pull directly from the MLS.
Here's how a typical home search happens today:
Most potential buyers will start their search online using public websites such as Zillow, Realtor.com, or Trulia, which pull directly from the local MLS.
They can search by price range, number of bedrooms, city, zip code or any other parameters.
Price and photo appeal also help buyers decide if they want to see a home.
When a buyer sees a home they like online, the buyer will submit an inquiry to request a showing.
A Shift for Sellers:
To save hard-earned money, many sellers are opting to use flat fee or hybrid services like HomeRise. HomeRise offers a flat rate and takes no listing agent commission. Acting as your listing agent to list your property on your local MLS, HomeRise offers a way for you to save money and have more control over the sale of your home.