Connecting Principle
Just as we propose simplifying government through transparency and technology, the real estate industry needs similar modernization — fewer intermediaries, lower costs, better tools for buyers and sellers.
The Problem
A home sells for $500,000 and agents take $30,000 off the top, plus origination and closing fees. The seller does most of the work. The buyer finds the home online. What exactly is the $30,000 paying for?
Solution: More Tools for Sellers
Web Portal / Smartphone App
A standardized platform for listings with professional-quality photos, virtual walk-throughs, "doll house" views, and automated scheduling for showings. Sellers manage the entire process from their phone.
Auction-Style Sales
Allow market forces to determine price instead of agents suggesting sellers accept offers below market. Buyers set time limits on their bids to protect their interests. Transparent bidding replaces opaque negotiation.
National Property Database
Managed by FM/FM with all property information: county records, builder, utilities, year built, remodel history, inspection reports. One source of truth for every property in the country.
Additional Reforms
- Allow FSBO listings on MLS — no agent required
- Electronic document generator for offers, counteroffers, and acceptances