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Sign into your accountHow Data Killed the REALTOR®
March 17 2014
If you look at the demise of Encyclopedia Britannica, you see a clear roadmap of how history will repeat itself to cause the demise of the real estate agent. Up until 1994, the Britannica sales associates sold about 120,000 hard copies. Sales people consumed the most amounts of profits from the transaction. The sales people at Encyclopedia Britannica protected their data. The three or four thousand pages of the books were protected by copyright.
Then came the Internet, and more importantly, Wikipedia. The Britannica sales person was disrupted by a price point of free. The cost of data was disrupted by user-generated content.
Adapt the pattern to real estate.
Like Britannica, sales people or REALTORS® consume the most amount of profits from the transaction. REALTOR® sales people are protected by data copyright and forms copyrights today. The MLS protects REALTORS®. The National Association of REALTORS® protects REALTORS®.
Disruption is coming. Today, 1 in 4 buyers find the home they ultimately purchase using the Internet. Like Wikipedia, the cost of consumers to access listings on the Internet is free. Even posting a listing on FSBO (user generated content) is free. Heck, in less than an hour, I can publish more information about my home than any REALTOR® would ever be able to produce. I can do it for free. This is exactly like Britannica – free and user generated content.