If you’re reading this article, chances are you’re well aware of the challenges the online age has created for real estate agents. Those in the property market can now draw on a vast range of tools and resources to help them in their transaction, and not all are convinced working with an agent is the best strategy.

When potential clients can access a vast range of market information and property listings online, and even buy and sell their own properties via the Internet if they choose, how do agents highlight their value? That’s the question we asked a number of industry commentators, each of whom had a slightly different set of suggestions.

Andy Salo, founder of US For Sale By Owner website yigdigs.com, argues that Generation Y will change the way the real estate industry works, but that there are two ways agents can remain relevant.

“Real estate agents should continue to be extremely knowledgeable about their local area – selling prices, trends, areas that are doing well and not so well, and knowing amenities that are appealing to buyers in their area,” Salo suggests. “Being seen as a knowledgeable guru will always be valuable.”

Salo adds that agents need to be open to new business models and compensation structures. “I truly believe that the 6 percent commission will go away as we know it today,” he says. “Buyer’s agent commissions will likely stay in some form, but seller’s commissions will migrate to a la carte services.”

“I believe a forward thinking agent today can get out in front of this trend by offering creatively priced services including flat fee MLS and discounted service packages. A smart agent I believe should brand themselves as an expert consultant rather than sales person for hire on commission.”

Jim Kimmons, real estate blogger for about.com, says that while home hunters now have access to huge amounts of local information, “a lot of it is either inaccurate, of little value, or both.”

“The value of a real estate agent to their buyer in the future will be enhanced by their ability to sift through the information and sources, advising their client as to what is valuable, what is not, and what is actually detrimental to their interests,” Kimmons says. “The real estate professional should visit and learn about the places where their customer is getting information, assess its value and accuracy, and be ready to condense the best of it to help their clients.”

Kimmons goes on to explain that sellers have the same set of problems, as online valuations can use information from sources that aren’t necessarily reliable.

“A thorough set of CMAs from the MLS – one for recently sold properties, and another for currently listed competition – is one of the most valuable services the listing agent can provide,” says Kimmons. “The listing broker can also help the seller to sort through all of the online marketing resources and show them which are actually of value in getting their home in front of the greatest number of qualified buyers.”

We’ll have more advice from our contributors in part two. Until then, let us know your take on the issue in our comments.