Today's consumers are willing and able to handle large parts of the transactions themselves. For this, they are compensated with a commission based on a set percentage of the transaction. But some consumers need help only at the closing, while others just want someone to help market their home. Buyers and sellers now have a number of tools at their disposal. Knowledge once held exclusively by real estate agents is now widely available on dozens of free Internet sites.
Many bookstores also have real estate sections crammed with how- to books for the layman.
The NAR study also found that most consumers who used agents wanted a far greater degree of control over the real estate transaction than the traditional agent usually provides. The survey found the biggest reason cited by those who decide not to use agents is the commission agents receive. Chris France, who owns a real estate magazine in Raleigh, said the shift is a sign of the times. Everybody wants more control of their financial situation. While some in the real estate business bemoan these trends, fearing a loss of business, Garton-Good said the smart ones will learn how to thrive in the new environment rather than just try to stay afloat.