The median age of first-time buyers is approximately 31 years of age. According to NAR, the median age of Realtors is 56. The issue for the real estate industry is: Will these two groups be able to bridge the gap and work together?
Until recently, the "I am the real estate expert" model dominated the industry. Before the advent of IDX (Internet Data Exchange) and third-party vendors that publish listings data, consumers had to rely on agents to access what was on the market.
Not only were the agents the experts in terms of what was on the market, they also controlled access to it.
This situation gave rise to the "expert model" in real estate. This is a perfect fit for people born before 1965 (boomers and traditionalists), who value expertise. As a result, real estate professionals have often marketed themselves as "Your local real estate expert."