Don sent in this link to a story in the Wall Street Journal about a Google ‘property portal’ that would allow real estate agents AND private sellers to put property for sale as a map search overlay. Some predict that if a system like this became widespread and popular enough it would remove the monopoly that real estate sales systems like the MLS currently enjoy.
“While Google’s new property portal will be open to estate agents to exploit ,as well as private sellers, if it becomes incredibly popular, (and there’s every reason why it will), and the average private seller becomes more technologically savvy, estate agents as we know them, will cease to provide any real value to sellers and offer no value as part of the supply chain.”
Could this mean a future of competition that drives down real estate sales commissions? We already have sites like Craigslist that allows private sellers to try to sell their homes without an agent, but that certainly hasn’t replaced the MLS. So what would it take for an open net based system to be truly successful?