Or even cheap competitors for that matter. Whether it’s the latest company to “change the industry” (eg Purplebricks or the myriad self-sell companies) or another pop-up agency (typically Chinese), they offer no real threat to the real estate industry. Of course there are always a small percentage of people who will only ever make a choice on price (and probably boo Santa Claus for giving gifts away that are too expensive). Most people however choose on service and proven results.
That’s not to say we don’t all want value but there is an unspoken understanding that a quality service costs. Whether going to a barrister, agent or even a restaurant, if you choose one that is much cheaper than the rest, well we generally know what to expect. And the more valuable the item, the more important that we get the best in the business to look after it; think your health, your house or a large legal settlement.
The person or company you plan to entrust your valuable asset to must employ suitable people to attend to it for you. Clearly if little to nothing is being charged, they will employ whoever will cost the least. Would you want the cheapest they can find or the most talented?
So until some creative talent can come up with a means to increase the service and result for a lower or comparable cost, the best negotiators in the industry will continue to increase in demand. And the unfortunate few consumers that select simply on cost will learn the hard way that cheap can prove to be incredibly expensive.