more history -- how's we get here?

In the previous post I suggested what the Buyers need and want in a wise real estate decision. Their agent, (i.e. fiduciary) uses a rich array of skills and information derived from a variety of resources with utmost care in their best interests to assist with that wise decision.

We're interested in changes in this relationship over time and with the quantum leap in technology. Yep, another history lesson to create a baseline for comparison. MLS systems started as mimeographed (remember that ink smell on a hot day—OMG!) sheets distributed to geographically localized groups of brokers covering properties for sale. Often the brokers already knew the properties were on the market and they certainly knew the areas well. As I mentioned, brokers and agents tended to put in lots of office time. There were no cell phones, no Internet, if you wanted to know about real estate, the office was the place. The amount of data on these early MLS forms was minimal. No pictures were needed because it was expected that agents would go tour the properties and even before that a drive-by was a few minutes away. Anyone in the business for long probably knew the house already, who built it, who owned it before, etc, etc. After tour most agent would meet back at the office and discuss the new listings--good points, not so good, neighborhood issues with drainage, etc.
Agents often kept their own listing notes and the office usually had an up book with all the listings in the MLS. It wasn't uncommon for agents to add comments to the up book--tips for showing, barking dogs, don't let cat out, etc.

When Buyers made arrangements to see property, the agent would often go to the office and chat with the other agents there (and MOST of the agents were there on a regular basis) to refresh recollections about the houses to be shown and the key features of each.

You'll note that MLS information played a relatively minor roll in this process. It was more of an initial notification of the availability of a property and the associated offer of compensation.

The Buyers initial exposure to the houses they were shown was often the showing itself. Sometimes they saw a list of properties or a briefdata form for the houses to be shown. Most firms had photos of their listings up in the office or in a window to attract floor traffic.

The initial process of learning about the properties, analyzing them and showing them to Buyers was predominantly personal and involved little of the technology so prevalent today.

Some of you are probably thinking "how in the world did agents ever survive those dark ages?" AND the Buyers--no Internet research, no print outs, no graphs, no street views, how did they every choose a house?

The choices were based on the personal knowledge of the agent and the personal experience of the Buyers in seeing the houses and judging the resonance each house generated with that sweet balance of emotional, practical and financial factors.
That's sorta what happens today, but it's a little more complicated thanks to technology.

Next post--enter technology, too much information (TMI) and virtual reality (that isn't always virtual).