I think Zillow does this. I don't know the details but I have searched for houses on Zillow. I'm not sure about the pricing structure and how much is done online or if it's mainly just a service to bring in clients for real estate agents. I know online car buying has resulted in even more traditional local car sellers having to have an online presence with extensive info/pictures online and a "low" price listed without having to spend all day with a "sales manager" on the lot. Real estate seems like a prime target for more transparency and more importantly lower commissions. The work that a real estate agent does, particularly in a "hot" market is pretty clerical in nature. A 6% commission in such an environment is nuts IMO. The houses sell themselves and the work involved isn't closely related to the price of the house and yet the commission is. A neighbor just listed their house for 799,000 dollars and it sold after the first weekend showing (this is common in Seattle). If the commission was 6% that would be 48,000 dollars for a house that basically sold itself. The rest of the work is clerical in nature with most of it being done by the bank, escrow/title company and a closing attorney. This is the same work that would be required if it was sold for 400,000 dollars. Have any one you bought a house though Zillow or one of the other online companies or do you have any friends who have done something like that? I'm curious as to what the fee structure is, there must be a local agent involved, are commissions reduced?
Here in Nova Scotia a high percentage of the properties here are being purchased online after the buyer views a video of the house.
