{"id":3391,"date":"2023-11-10T08:08:06","date_gmt":"2023-11-10T13:08:06","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=3391"},"modified":"2024-04-25T23:17:05","modified_gmt":"2024-04-26T03:17:05","slug":"the-post-mls-market-is-being-your-own-agent-the-future-of-real-estate","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/the-post-mls-market-is-being-your-own-agent-the-future-of-real-estate\/","title":{"rendered":"The \u201cPost-MLS\u201d Market: Is Being Your Own Agent the Future of Real Estate?"},"content":{"rendered":"\n
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Some hopeful home buyers don\u2019t want an agent. \u201cWhy, in the age of online marketplaces and bank apps,\u201d they might ask\u2026<\/p>\n\n\n\n

\u201cCan\u2019t I find a home myself and make a deal with the owner?\u201d<\/p>\n\n\n\n

Some write to owners, asking who wants to sell person-to-person \u2014 no agents. No bidding wars. No agent commissions.<\/p>\n\n\n\n

\u201cAnd why not?\u201d a seller asks. \u201cWhy should I list my home with the MLS (multiple listing service)<\/a> gatekeeper? I\u2019m not up to the task of putting my home on the market, but I would<\/em> sell if the price were right!\u201d<\/p>\n\n\n\n

Where there\u2019s a will, there\u2019s an app \u2014 and a company called Galleon is seizing the moment.<\/p>\n\n\n\n\n\n\n\n

A \u201cLinking\u201d Site for Owners and Buyers: Just What a Stalled Market Needs? <\/h2>\n\n\n\n
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Sometimes, owners and buyers just hear about each other through the grapevine. And it\u2019s OK for them to represent themselves in real estate deals, as long as they disclose upfront that they are doing so.<\/p>\n\n\n\n

Self-representing sellers and buyers have no third party\u2019s commission to pay. That can amount to serious savings for the parties. (Note that the standard 6% commission is poised to change, because of ongoing litigation by home sellers<\/a>. Remember, commissions for agents are negotiable!)<\/p>\n\n\n\n

There\u2019s always been a market for transactions without agents. But it isn\u2019t easy to find.<\/p>\n\n\n\n

In any case, selling through the grapevine can bring up discrimination questions. Selling to a friend\u2019s friend isn\u2019t exactly the best way to ensure diversity in the transaction.<\/p>\n\n\n\n

Can Galleon<\/a> solve the puzzle?<\/p>\n\n\n\n

The new company is \u201cin beta\u201d \u2014 a work in creation. But what it\u2019s doing is a sign of the times. It\u2019s creating an organized and accessible seller-buyer market online. This will bring it into the open \u2014 deterring discrimination<\/a>, we can hope, as this visible market would have to adhere to fair housing laws.<\/p>\n\n\n\n

And yes, Zillow already tried an idea like this: a \u201cMake Me Move\u201d feature that let people spontaneously accept all-cash offers on their homes. Could Galleon put a catchier, AI-powered tool in its place? Galleon expects automation, including artificial intelligence, to play a key role in home sales. If the company succeeds, it could help usher in a new era of AI-powered market analysis, valuations, forecasts, and personally tailored real estate deals.<\/p>\n\n\n\n

Will new listing options bring more available inventory to the market? <\/h2>\n\n\n\n

We all know there aren\u2019t a lot of homes listed now. People are less willing to move when they have to find new financing at higher interest rates. Overall, today\u2019s hopeful buyers just don\u2019t have the range of options they need. This puts buyers and sellers alike in a jam.<\/p>\n\n\n\n

And we might suspect that the official listings do not reflect the whole pool of potentially available homes. Some owners could be convinced to sell, if they could have a look at their options \u2014 without going through the contractual process of hiring a seller\u2019s agent.<\/p>\n\n\n\n

So that’s where new technology could come in. It could unlock a hidden inventory of homes, make these unlisted homes visible, and let customers do the transactions their way. This is Galleon\u2019s aim: to create a \u201cpermissionless real estate marketplace\u201d in which ordinary homeowners or investor-owners can state the price they’d sell for, without all the preparation and commitment that goes into officially listing.<\/p>\n\n\n\n

Some buyers <\/strong><\/em>become their own agents<\/em><\/strong><\/a> \u2014 literally, by becoming licensed brokers. Read more here, if you think becoming a real estate professional just might be your thing.<\/strong><\/em><\/pre>\n\n\n\n
Galleon is starting its offerings one metro area at a time, beginning where the keenest potential buyers are.<\/p>\n\n\n\n
Apps Are In. Is the MLS on the Way Out?<\/h2>\n\n\n\n
The Multiple Listing Service (and the commissions that are tied to it) is subject to ongoing lawsuits. But most agents are using it \u2014 at least for now.<\/p>\n\n\n\n
That doesn\u2019t mean buyers have to depend on formal listings. Today\u2019s buyers tend to be tech-savvy and well-informed. They can go to real estate websites. They can use real estate apps.<\/p>\n\n\n\n
Already, there are low-commission real estate sites that sort public data to empower buyers and sellers and allows transactions outside of the traditional MLS. They pinpoint qualified buyers directly, using online information about people\u2019s preferences, to do effective direct postal and social media marketing. They can also find renters who may be motivated to buy \u2014 young families, for example.<\/p>\n\n\n\n
Using AI, a new breed of real estate sites can make sure the right audience sees the right advertising.<\/p>\n\n\n\n
Every Homeowner Has a Price. Can Hopeful Buyers Figure It Out?<\/h2>\n\n\n\n
Artificial intelligence can certainly be used to:<\/p>\n\n\n\n