If buyers find the house they want on their own, or narrow down their search to three or four they want to view, or if sellers are willing to host open houses at their home, they've saved the agent time and effort and should see some benefit to that, the thinking goes. As in other business transactions, they will gravitate to the most cost-effective source to obtain what they want. Buyers can look at listings online. They can narrow their choices to a few homes they want to see. They can apply for mortgages online.
Sellers can list their homes for sale online and buy everything from for-sale signs to lockboxes.
That said, some consumers think they know more about real estate than they do. Now the consumer can ask for options and, to the degree they're willing to partner, they can reap serious benefits. That's where the menu of services is going to have to be tailor-made for each seller. The involvement of an agent at some point along the way might protect either or both parties. The real estate industry also is concerned that a proposal by the Federal Reserve to allow banks to sell real estate could give lenders an advantage, and agents will have to find another way to compete.