Today, everything that could technologically cause Boston real estate agents and brokers to become obsolete already exists. But why hasn’t it?
The Real Estate Industry Beginnings
The real estate industry was more formally founded in 1908 as the National Association of Real Estate Exchanges in Chicago, Illinois. It went through two separate name changes in 1916 and 1972, it became the National Association of Realtors (NAR) known to today’s consumers. Created more than eight decades before the internet was commercialized in 1995, the real estate industry, along with everybody else, was unsure if not outright skeptical about the World Wide Web and its potential of becoming the next paradigm shift.
Fast forward to 2021, 26 years after the internet was commercialized, and the core structure of the Boston real estate industry still hasn’t changed much. Given all the technological advancements and law changes over the decades, the cost — commissions — to transact real estate is still relatively the same as it was when I started in 1999.
The truth of the matter the middle man (me) and other Boston real estate agents are involved in over 90% of downtown Boston real estate transactions.
How does a group, individual, or organization continue to reign as a gatekeeper, a dictator if you will, of displaying, marketing Boston condos for sale in this day and age? I think I know, but if I tell you I would be out of a job. Don’t worry I’m closer to the end of my career than the begging so I’ll tell you soon (just not today)
The one thing I learned from this awful pandemic was that it sped up the lack of efficiencies (or is it inefficiencies?) in many industries and as a result, making them more cost-effective. Take for example multi-billion industries: lodging, retail. and even smaller industries, are you old enough to remember hailing down a cab?