Boston Condos for Sale
Boston Condo Sales Transaction Will be Changed forever. Here’s why…
There are many variables that point to the demise of the two- Boston condo for sale agent system that has prevailed for 100+ years. The coming changes should roll out over the next 12 months too – And Boston condo for sale brokers/agents will need to adapt to these coming up changes.
What’s already happened so far in the Boston condo for sale market
- Buyer-agents can no longer tell buyers that they work for free, when paid by the seller.
- Buyer-agent commissions are advertised on the search portals.
What’s coming in the Boston condo for sale market in 2022/2023:
- The DOJ/FTC directs realtors to ‘de-couple’ commissions, and buyers pay their agents, instead of sellers.
- Boston condo buyers will think they won’t have to pay a commission by going direct to the listing agents.
- CoStar develops and advertises the Broker Public Portal, whose stated goal is to advertise listings and send all buyer inquiries back to the listing agent, instead of a third-party.
- Realtors will sell their listings directly to those inquiring buyers.
The traditional Boston condo buyer-agents get cut out of the loop, which then also means the MLS isn’t needed either. Then today’s search portals break down because they aren’t getting the listing feeds from the 600+ MLS companies around the country.
Because it is dual agency when Back Bay condo buyers go direct to the listing agent, there will be a semblance of buyer representation, so commission rates won’t change much – even though buyers will mostly be on their own. Whether the consumers recognize the benefits of having their own representation won’t matter. They just want to buy the Boston condo, so the companies that spend the most money on advertising with win their business.
Any disrupter could win the game if they spend enough money. Zillow was spending more than $100 million per year in advertising to become #1, and it worked.
And don’t forget Boston condo auctions in 2022
Throw in an auction platform somewhere along the way, and homes sales will be transformed forever.
Boston Condos for Sale
In the link below, Joe says that CoStar is going to spend a couple of hundred million dollars on consumer advertising to compete with Zillow. You can imagine their advertising:
Want to know about a property? Click here to contact the listing agent directly!
Joe lays it all out here, starting at the 17-minute mark:
“Be Ready For When The Music Stops” – How To Focus On Today But Prep For Tomorrow — RISMedia
