"It's simply too easy to market a home without having to pay 5.7%."
Tell that to the FSBO that has missed my attempt to show her $825,000 home for the third time because a) she was on vacation; b) she couldn't get off work; and, c) she had a prior commitment she couldn't break and I could I PLEASE re-schedule? Tomorrow I take out my clients and her home has been taken off the list. Oh well.
"Some of you are fooling yourselves to think that you offer a valuable service and some of you are nothing more tha [sic] snake oil salesmen."
Were you really looking to hear opinions, or was your question a set-up to give you, a former agent, the opportunity to "stick it to us"?
"Either way you can't feel good about your profession as it stands today."
I feel just fine, thanks, and for as long as the consumer who still sees value in what we do will have me, I'll happily be of service to them.
Lawsuits are nothing new. Every industry has experienced lawsuits... does that mean that every industry will disappear? Every industry has good and bad seeds...and that would include real estate. The internet is a great tool and enhances every industry but it is not a replacement. No one can predict the future; however, my bet is that real estate brokerage companies will remain and the MLS will remain. It will change and evolve with the times and the demands. This market will push out many agents... it already has and I agree with the others that stated we welcome that. I also know that when the hot markets return the agent count will increase once again leading us right back to this conversation when the market declines again. I would welcome harder guidelines for individuals to become agents and to remain agents.
Robert... I always feel it is best not to generalize either. I do not know what you do for a living now; however, my bet would be that there are bad seeds within your current industry...does that make you bad? There are so many great agents that work hard and have their clients best interests at heart. Just like when you choose a bank, choose an accountant, choose an attorney, choose a doctor, choose an insurance carrier etc... a consumer needs to interview and determine whose personality, whose services, whoses rates, whose experience, whose knowledge etc is best for them. If at anytime they determine this person not to be a good fit then all consumers have the ability to fire who they hired. We are all guilty of enabling those that provide bad service to continue by not firing, by not reporting, by not telling others, and by sometimes going back for more bad service. I see it in real estate... I hear people complain about their agent and yet they continue to work with the agent thus giving the agent the paycheck to stay within the business. I see it in restaurants... people get horrible service but the food is good so they can continue to go back and continue to pay 15% or 20% tip versus demanding better service.
It just is interesting Robert that you wrote a great question to start a great thread and you turned it into a negative thread against agents because agents answered you. Do you not know that agents are on Trulia?
I tell you what. You take my email address and you email me when the "real estate brokerage world" ends. I will probably be dead before that happens...but just in case.
Happy New Year!
Of course all of the answers are from brokers. You asked a broker related question. Joe public could care less about the MLS... oh, except for the information part, they really kind of like that part, but they really never think about it much past that part. Maybe you should!
Come in acting like you have the low down. Just another burn out failure. My clients enjoy not having to check 8 sites, 2 county offices and contact a title company to find out what they want to know about a specific piece of property. They enjoy knowing that a great deal of effort, a few of laws and a commitment to ethics, stand behind the information that I gather and supply.
If I asked you to provide information about a specific property, it would take you a week, to gather all of the info contained in an MLS sheet. Unless you pay for all of the sites, Boards, counties and databases that brokers pay to access. Oh, and as brokers, we are kind of contractually and ethically bound to provide accurate information. The MLS sheet, with the exception of the descriptive portions, better be fact or the broker that provided the info could very well be sanctioned, fined, expelled or criminally prosecuted. Don't remember reading anything about jail time on any of the post-it-yourself sites. and maybe that is why they all pull feeds from the MLS, and donâ€™t forget, these sites also charge brokers for the benefit of marketing on their sites. We must be in some kind of crazy capitalist nation where I am expected to contribute some kind of goods or services in exchange for the resources to care for myself and my family. How can I escape the madness!
Which brings me to your point about how much brokers charge to "market" a house. Just one question, If we make so much money, why did you quit? Or how about this one: If we make so much money, why didn't you start listing and selling homes for a half a percent and take the market by storm. This is not Walmart. Brokers can not buy in bulk and pass the savings along. If you are not satisfied with product, you can't simply return it within 30 days with proof of purchase for a full refund or in-store-credit. In order to protect the public, the law is very specific about how selling a piece of real estate is to be handled and recorded. Each transaction presents at least 3 obvious and countless hidden possibilities of ending in legal action between the seller and the buyer. This is not something you want to try for the sake of giving it a try. Do it if you know how and have the time, otherwise call professional.
And always avoid the angry ramblings of the uninformed quitters.
And buying a house is way more complicated/expensive than buying a plan ticket or making a hotel reservation.
When I was in my company's training program, the first the traning manager did was to ask us count by twos and have the ones stood up. She proceeded to tell us that those are the ones who won't be there after a year. She was right, and those were the boom times.
When the going gets tough the tough gets going.
I just finished a transaction with one of the top brokers in my neighboring county, she is a real prof. Out of curiosity, I checked her statistics for the last year, she closed about 60 transactions (she does work with her son and has a four person team), but her team was very professional and effective. She did well.
No matter the technology, the good ones are going to stand out, survive the tough times and continue to be appreciaed; just like any profession. The day will come when the computer will make all decision for human beings, then that's the real sad day.
A lot of real estate agents will leave the business. The National Association of Realtors is predicting about 15%, but I think it will be higher.
When homes are selling quickly, prices are rising, and everyone qualifies for a loan, selling homes looks like an easy way to make a living. When the market turns and it requires actual work, knowledge, experience, intelligence, patience and caring about the clientâ€™s best interests, there are many who wonâ€™t want to stick around, or just donâ€™t have the reserves to make it between closings.
Itâ€™s lots easier and safer to be on someone elseâ€™s payroll and collect a check each month than to actually learn how the market works, how to react to change, how to solve the problems that you can, and let go of the ones you canâ€™t.
The real estate industry will continue to become more â€œtransparentâ€ with more information being shared openly and honestly with consumers, and much of the hype disappearing - and that will include the MLS, changes and lawsuits are happening as we speak to support the consumer - it's about time.!
Zillow certainly has the ability to one day become that type of service, but I think that even you will agree, it's nowhere near that useful yet. Their zestimates are a joke, and their information about properties even funnier, wrong addresses, wrong locations, wrong room counts, houses with no bedrooms... if it weren't so serious it'd be laughable.
But let's assume, for the moment, that Zillow get's its self together, and becomes accurate. They'll still have to rely on ongoing information from Realtors/Agencies, and I can guarantee you, that short of legislation requiring it (and I believe that would qualify as restraint of trade) no Realtors or Agencies will voluntarily provide the housing information required, as long as the model for Zillow includes free access by the public.
Yes, this is the same company that relegated Travel Agents to telephone operators. But Travel information has always been public information. House sale information is privately owned, and unless the public plans on ponying up plenty of money to gather all of that information (like Zillow has attempted to do with billions of dollars), MLS's across the country are here to stay for quite a while, in my personal opinion.
I agree with Patti, sounds like you have your mind set up. Which is fine each to his own.
However, just want to let you know that you have a bit of misinformation about me - I feel just great about my profession and what I do for my clients.
It's always heart warming for me when my clients thank me for the houses they purchased or sold through me - and guess what, not tryinig to be biased, but since you mentioned zillow and internet sites; most are ery well educated, professionals, some are very internet savvy; and they are all glad that I am around to help them!
That;'s the best part about my professon - my clients and how i can help a person realize their dreams.
I am very sorry that you don't feel about what you do. Cheey up. Hope things will be much better for you in 2008 then you might have a better outlook for youself and others ;-D
Considering that many of these sites scrape information from our MLS and some are direct feeds I do not believe the MLS is going anywhere. The main reason is the MLS provides a more accurate information to the Realtor and consumer. Most sites get the information second hand, public records or scraped from somewhere else. Zillow's information comes from public records and does not provide all listings available much like Trulia does not have all the info. Most consumers when considering relocating will start their search on the Internet and with a local Realtor. I do not feel our future looks bleak and with the use of technology it looks pretty bright.
Have you ever moved to a new city? Most buyers go to a local Realtor to help them find a home in a neighborhood that suits their needs and to negotiate a good price and terms. Most people are not trained negotiaters and mediators (what happens when x buyer has a home inspection with a laundry list of items that need to be taken care of and y seller is refusing to do anything, but x buyer is mad as heck because he's paying a fair price for this house and will walk if the y seller doesn't do everything on the inspection list???). A Realtor does more than list a house or find a home...they negotiate for their respective clients, keep the deal together.
Even if I wasn't a real estate agent and was looking for a home, I would use an agent. I would have representation, I wouldn't use every minute of my spare time trying to locate properties, I wouldn't have to get my own restrictions/paperwork, set my own appointments, use my own gas, negotiate an offer myself, have to look up comps myself, go to my own inspections, secure my own title company, stay on top of the loan and title work--only to save a few percentages--when my agent would probably negotiate a better deal for me anyway.
I think there's a huge difference between trying to book a $500 dollar flight online or shopping for a $20,000 dollar car and buying a $300,000 home. I'm going to search a couple of websites for a flight, search a few weeks and go to a couple of car lots, search some websites, read some reviews and buy a car...but I'm going to take several months to buy one of the biggest investments of my life--and I can't devote that much time to searching out properties, driving by them, setting appointments, getting to know neighborhoods, when I can get all that for free... Nor would I advertise my own house, have anyone come through (pre-approved or not!), and take a long time to sell, when I could just pay for service, minimal or full-service to have Realtors bring qualified clients that are ready to buy, and I'll probably make more... Zillow.com, etc is great as a starting point...but certainly lacks a live person doing the actual work it takes to buy or sell a house.
I agree with everything except your last sentence. You are forgetting who pays for and supports the MLS. I see the MLS disappearing if it is not an asset to the folks who pay for it: me for example. Many agencies do not use the MLS, such as in the South Fork of LI, the Hamptons. They co broke like they always did. The don't want an MLS. The MLS didn't even exist for much of Suffolk county until not too long ago.
Additionally, most real estate websites feed from the MLS in each state so it could be concluded that without the MLS the other websites would not have been developed. The internet has made for better educated clients and I welcome educated clients.
We are a society that appreciates service.
also: as far as posting on Trulia, I haven't seen any FSBO on there . BUT hey you could be the first one.! challenge it..
Absolutely, no disrespect intended:)
JR your answer is very accurate; however, I would just like to add that consumers need Realtors for so much more than just access to homes. We earn most of our paycheck from offer to contract to closing. I just do want consumers to read your post and think that is the extent of what we do.
Of course, you are correct, I was simply giving one example and getting on to answering Mr B's question rather get into a long explanation. :)