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Note: This is the first post of a series on the origins of AgentFree.
The real estate landscape has evolved dramatically over the decades. Today's market, with its digital platforms, specialized agents, and complex commission frameworks, stands in stark contrast to the simpler, more straightforward world of real estate in days past.
Let's take a nostalgic journey back to those times, when the lines were clearly drawn, and the homebuying process, while perhaps one-sided, was certainly less convoluted.
Imagine a time before the internet, before multiple listing services were accessible to the public, and before Buyers’ agents were commonplace. In those days, real estate transactions were largely defined by a single relationship: the Seller and their agent….the Listing Agent.
The Seller's Domain in Home Purchases
The cornerstone of the process was the listing agreement. A Seller, needing help selling their property and willing to pay for that help, would engage a real estate agent. This “Listing” agent, representing the Seller exclusively, would take on the responsibility of listing, marketing, and ultimately selling the property.
- Listing and Advertising: The agent's primary task was to create a compelling listing, often relying on printed materials and local publications. "For Sale" signs planted on the property were the most effective way to advertise.
- Buyer Interaction: Potential Buyers (mostly unrepresented), drawn by the listing or the sign, would contact the Listing Agent directly.
- Property Tours: The Listing Agent would personally conduct tours of the property, showcasing its features and answering questions, all while maintaining their exclusive duty and allegiance to the Seller.
- Contract Negotiation: When a Buyer expressed interest, the Listing Agent would draft the offer, documenting the Buyer’s proposed terms and presenting it to the Seller.
- The Seller's Client: Crucially, the listing agent represented the Seller as a "client," meaning their fiduciary duty was solely to the Seller. The Listing Agent did not represent the Buyer as a Client but treated them as a “Customer” owing them generally the duty of honesty and fairness.
The Commission and the Buyer's Position
The commission, a fee paid to the Listing Agent for their services, was traditionally a percentage of the final sale price, often reaching up to 7%.
It's important to note that even then, commissions were negotiable, though that negotiation was often one-sided due to engrained commission-level customs.
The Buyer, in this scenario, was left unrepresented. They were a customer, not a client. They navigated the process relying on their own judgment and negotiation skills, facing an agent whose primary allegiance lay with the Seller.
This lack of representation created an inherent imbalance, where the Buyer was at a potential disadvantage.
A Simpler, Yet Unequal System for Buying Real Estate
While the process was simpler, it was arguably less equitable. The focus was heavily on the Seller, leaving Buyers to fend for themselves. This system, though straightforward, lacked the safeguards and checks and balances that are now offered by AgentFree.
Looking back, we can appreciate the advancements in modern real estate. The proliferation of online real estate information has empowered Buyers to take the home buying process into their own hands. The only imbalance to this new Buyer empowerment was the lack of legal representation in the drafting and negotiation of the Buyer’s contracts.
A Better Way To Buy A Home
Now AgentFree has not just leveled the playing field, but it has tipped the scales in favor of its Clients, be they Buyers or Sellers.
AgentFree is poised to change the way residential real estate transactions are accomplished.
Real Estate Attorney for Home Buyers in Atlanta
Want to put the power back into your own hands and take control of one of the biggest investments you’ll ever make? Then get in touch with AgentFree for peace of mind that you’re getting the best deal when buying a home in Atlanta.
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