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Note: This is the second post in a series on the origins of AgentFree. Click here to read the first.
The landscape of real estate is constantly shifting, but one of the most significant transformations has been the rise of the buyer's agent. Before the internet, when information was not available to the general public, the buyer's agent emerged and was relied on as a crucial source for Buyers looking for real estate information.
A Need for Representation
Imagine a time when potential buyers had practically no access to property information. They relied heavily on newspaper listings, word-of-mouth, Sunday drives, and crucially, real estate agents.
As the industry evolved, the need for dedicated Buyer representation became clear. Buyers needed someone to give them access to information (namely, which houses were available or coming soon) and then to advocate for their interests, to guide them through the process, and to provide access to valuable market insights.
This service didn’t come for free. Buyers Agents were paid up to 3% of the purchase price of the home. This was and is big money, but what choice did Buyers have?
Fast forward to now, Buyers do have a choice. With AgentFree, Buyers can save money buying a house in Georgia without a real estate agent and be represented by an experienced real estate attorney.
But let’s not get too far ahead of ourselves…. Back to the old days.
So the lack of access to readily available real estate information created the need for the Buyer's Agent – a professional dedicated solely to representing the Buyer's needs and providing the Buyers the information they needed to find a house. This made perfect sense in the evolution of the real estate transaction.
However, the existing commission framework presented a unique challenge.
The Commission Conundrum: A Legal Limbo
In Georgia, the law of agency had yet to recognize the buyer's agent. Traditionally, the seller was the sole party responsible for paying the commission. This meant that while buyers benefited from dedicated representation, the payment structure was convoluted.
A "workaround" became the norm. The Seller would pay the entire commission to the listing agent, who would then divide it with the Buyer's Agent. This arrangement, while functional, highlighted the need for legal recognition of the Buyer's Agent role.
The Pre-Digital Era: Navigating the Market Manually
Before the internet revolutionized real estate, the process was far more hands-on. Buyer's Agents were the gatekeepers of information. They would physically drive clients to various neighborhoods, showcasing properties and providing valuable context.
The Multiple Listing Service (MLS), a vital source of property information, was distributed in physical form – books or sheets delivered weekly to brokerage offices. Agents would eagerly pore over these listings, searching for suitable properties for their clients.
In this pre-digital era, a skilled Buyer's Agent was invaluable. They possessed the knowledge and access to information that Buyers simply couldn't obtain on their own. They were the key to unlocking the best view of the market, ensuring Buyers made informed decisions.
The Short-Lived Absolute Necessity of the Buyer's Agent
Things were about to change in a BIG way for Buyers AND their pocketbooks. As quickly as the Buyers Agent necessity came in, it was ushered out by the quick proliferation of real estate information made available literally to Buyers' fingertips.
Not only were Buyers now able to find their homes online, but with the creation of AgentFree, Buyers can save thousands by not using a real estate agent AND have the extraordinary benefit of the representation of an experienced real estate attorney.
Real Estate Attorney to Represent Buyers in Georgia
Ready to revolutionize your home-buying experience? Contact AgentFree today for a free consultation and discover how our innovative approach can help you achieve your real estate goals.
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