A recent post on the Freakonomics Blog (thx, James) discusses the challenges and changes that lie ahead for the 1.2 million Realtors in the country. The Internet is slowly starting to loosen the grip brokers have had on real estate sales for decades.

We recently sold our home in the Chicago area by using a flat-fee MLS service from Flatland Homes and we couldn’t have been happier with the decision. Rather than pay close to $20,000 to sell our home with a broker, we paid a total of $300 (no zeros are missing in that number). Using a flat-fee service isn’t for everyone, but if you are willing to put in a little extra effort to hold your own open house and print your own listing sheets, the payoff can be tremendous. Next week we close on a new house in Charlotte that was for sale by owner. Without having a broker involved, we were able to get a great price on a house and the sellers can put more money in their pocket as well.

I don’t intend to criticize the career choice of thousands of real estate professionals, but it seems like some much-needed adjustment is starting to take place in the real estate market.