Redfin to serve up agents' comments on real estate listings
Brokerage says VOWs can disclose comments under DOJ-NAR settlement
By Inman News, Thursday, March 17, 2011.
Registered users of Redfin's website can now see what the brokerage's agents thought of listings they've toured, whether "the lawn needs to be mowed" or the home "showed well," CEO Glenn Kelman announced in a blog post.
The comments that Redfin agents make in "Agent Insights" notes will also be e-mailed automatically to listing agents, Kelman said.
Given the sheer number of homes Redfin agents tour, the new feature will be a "game changer," for consumers, he said. The 13,793 Agent Insights currently available for homes on the market represent 35 percent of active listings in Irvine, Calif., and 31 percent of Seattle listings, Kelman wrote.
Redfin will give the client who requested the tour two days to decide whether they want to suppress Agent Insight comments.
"The reasoning behind this is that if you tour a hot property with Redfin, you shouldn't have to worry that your agent will tell everyone else about it before you've had a chance to make your own move," Kelman said. "The customer who requested the tour comes first."
Only registered users of Redin's virtual office website (VOW) will be able to see Agent Insights.
Under the terms of a November 2008 settlement between the Department of Justice and the National Association of Realtors, Redfin and other VOW operators are allowed to provide registered users of their sites with a broader range of property data from multiple listing services, which Kelman said includes the notes that agents take on home tours.
"This is exactly the kind of communication the Department of Justice's historic settlement with the National Association of Realtors was designed to protect," Kelman wrote.
That doesn't mean that buyers and sellers will be comfortable with this "degree of candor," Kelman acknowledged.
He said Redfin almost offered access to agents' notes 18 months ago, after the settlement was finalized, but "couldn't find a way to make it work for our agents, our buyers, our sellers, our peers in the industry."
By e-mailing "Agent Insights" to listing agents and giving prospective buyers the power to suppress their public display, the company hopes it has found a way to balance the interests of those groups, Kelman said.
The company plans to pay close attention to the feedback it receives on the new capabilities.
In 2007, Redfin was fined by Northwest MLS for publishing reviews of properties for sale on the company's Sweet Digs blog. The reviews were authored by writers hired by Redfin to visit the properties in person.
Redfin appealed the fine, but shifted the focus of its blogs to be sources of information about markets it serves, analyzing price trends and recent sales.
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Submitted by Matt Carter on March 17, 2011 - 2:04pm.
Real estate/technology consultant Brian Boero's take on 1000watt blog:
"...perhaps the most significant and controversial development to emerge as a result the DOJ/NAR settlement ... This would be a great idea for any broker - theoretically. Practically, however, this sort of thing would result in an epic s__t show for most other real estate companies. Whatever your opinion is of Redfin, it is a fact that they have command and control over their agents, can easily enforce standards and manage service delivery. This is extraordinary in our industry and enables them to do something like this without making a mess of it."
Submitted by Kevin Tomlinson on March 17, 2011 - 3:51pm.
This is a complete waste of time. Comments like "the grass needs cutting" serves no purpose.
This is an attempt at transparency, but just a reason for a few people who have too much time on their hands, to rattle people's chains.
There is no need for this "service." Oh, except for Redfin to pump out the press releases...oh and get media converage....
hmmmm.
Submitted by Ken Lampton on March 17, 2011 - 3:55pm.
My first thoughts on reading this article: 1) inappropriate, 2) unprofessional 3) downright rude to the sellers and their listing agents. I'm not sure I'd want to list my home with a company that operated in this manner.
---------------------------
Ken Lampton
RE/NAX About Dallas
www.m-street-dallas.com
Submitted by Frank LLosa on March 17, 2011 - 5:53pm.
Welcome to the party. FranklyMLS.com has been doing this for over 2 years in the DC area. Anybody with an email can sensor a comment. It almost never happens.
Not only do we add comment, we add complete photo albums of vacant homes taken by buyer agents from ANY company. We have added already 200,000 additional photos to the MLS.
Frank
Owner FranklyMLS.com
Broker FranklyRealty.com
Submitted by Doug Francis on March 17, 2011 - 6:36pm.
Great idea... but please make sure the shared information is accurate.
Doug Francis
RE/MAX Presidential in Fairfax, Virginia
Submitted by Louis Herrera on March 17, 2011 - 8:43pm.
It is smart positioning for Redfin when the marketplace flips to a seller's market. Nothing wrong with advance planning--even if it may be three years off.
Louis Herrera
CEO/Designated Broker
RT Brokerage Services, Inc.
www.rtbrokerage.com
Submitted by Matthew Ferrara on March 17, 2011 - 9:16pm.
"Let us define progress as meaning that just because we CAN do something, does not necessarily mean that we MUST do something." - Star Trek VI
My first thought was: Why?
I am struggling to see why this is "better" or "novel" over simply communicating buyer feedback from one broker to another? Is it because it "pulls back the curtain" and "reveals" these comments to the public, or even "partial public" of registered users? Couldn't the registered users' agent just tell them what other agents have told them, in an email? Why reveal it to all registered users?
It's voyeuristic. And seems a bit low-brow.... like bad reality TV on cable...
It would seem to me that the potential for disaster far outweighs the potential for progress. Mean-spirited, snappy or inaccurate comments could cause this to instantly backfire, and create a lot of ill-will between brokers in the same community who often have to work together. Maybe someone is going to edit/administer them all? That would seem a waste of time and manpower...
Yes, we all know that there might be some "comments" about a home that could be "constructive" but do they need to be public? What is the cost of this activity - not dollars, but in terms of relationships?
It seems to me that in an age where consumers are using technology to solidify and enhance relationships, the use of technology in this way is corrosive, or at least, erosive of relationships. Comments on someone's house aren't just about the house: They are all too often felt personally by the owner.
I just think we don't need to go there to improve the industry.
IMHO,
Matthew Ferrara
www.matthewferrara.com
www.mflearn.com
facebook.com/mfcompany
Submitted by Tyler Webb on March 17, 2011 - 10:11pm.
Post away. Agents should keep in mind that what they post may result personal liability on their part. So much feedback from agents is pure BS and to suggest this is useful or beneficial to anyone is also pure BS. Let's raise the bar in this industry [notice the refusal to use the term "profession"] rather than use gimmicks like this and pretend to be doing good for the parties involved.
Tyler G. Webb
Associate Broker
Champion Realty Inc
www.recrab.com
tywebb@recrab.com
Submitted by Jason King on March 17, 2011 - 10:39pm.
The lawsuits will start shortly.
Submitted by Kevin Tomlinson on March 17, 2011 - 11:14pm.
Agree w/most comments. What's the purpose?
Go and see the house. A potential buyer is going to want to see the home before buying it.
This is "think tank" run amok. IMHO
This will fail---only because there's no need for this.
#fail.
Submitted by Kevin Tomlinson on March 17, 2011 - 11:17pm.
Matt,
"Brokerage says VOWs can disclose comments under DOJ-NAR settlement"
In our new listing agreements after the VOW-NAR thingy--all of our sellers opt-out of this.
Any seller or seller's agent worth their fee...would never let their property be subject to comments on such a low-brow site such as Redfin.
100% of our listings opt-out of this type of kookiness.
They have too much caffeine and thinking going on in Seattle.
Earth to Seattle. Helloooooooooooooooooooooo!
Submitted by Connie Wildasinn on March 18, 2011 - 12:09am.
Redfin may as well be Zillow... both are a joke to the industry, I've had the displeasure of two phone calls from Redfin agents, they not only just shuffle bus tours with who knows who 'they' call buyers, joke is they don't qualify or pre-qualify anyone, just get on a bus, and now they want my clients home on the line .... with some yaho saying they don't like the this and that... I'll opt all my properties out from this day forward! enough of these so called real estate companies that are so hard up they dis the rest of us and then offer back all their commission to the client because they offer no value other than that to the client...thank goodness they are not really in my territory... never seen a deal with them yet... bozo's
Submitted by Eve Alexander, GRI,CEBA,CBA,RRC,CIPS,ABR,ABRM,CLHMS,ALHS,TRC,CSP on March 18, 2011 - 5:07am.
Yuk, yuk, double yuk.
It is hard enough for a good agent to respond to the listing agent with proper feedback. This sounds like reality TV and will open the door to trash talk.
Besides everyone has an opinion...sometimes my buyer loves the house I wouldn't buy...
Eve Alexander
GRI,CEBA,CBA,RRC,CIPS,ABR,ABRM,CLHMS,ALHS,TRC,CSP
BUYERS BROKER OF FLORIDA
Office......407-539-1053
Toll Free...888-539-1053
Eve@OrlandoBuyersBroker.com
www.Orlando-BuyersAgent.com
Submitted by Eve Alexander, GRI,CEBA,CBA,RRC,CIPS,ABR,ABRM,CLHMS,ALHS,TRC,CSP on March 18, 2011 - 5:11am.
Yuk, yuk, double yuk.
It is hard enough for a good agent to give proper feedback to listing agent. This sounds like reality TV which will turn into trash talk.
Besides everyone has an opinion...sometimes my buy loves the house I would not buy.
Eve Alexander
GRI,CEBA,CBA,RRC,CIPS,ABR,ABRM,CLHMS,ALHS,TRC,CSP
BUYERS BROKER OF FLORIDA
Submitted by John Perkins on March 18, 2011 - 9:08am.
While I understand the potential negative impact others have stated (which seem to be all Realtors above), here's a positive; Many agents are not properly identifying the homes actual condition, are placing misleading info on the listings and/or are just putting one or no pictures for display as though this is the 19th Century.
With this system it could potentially reveal things about the home that a Buyer clearly does not want to deal with.
I just read a review and it said the home had no toilets and the kitchen had no appliances which was not disclosed by the agent in their listing (I think this is an important thing to point out). Even as an agent I don't want to waste my clients time taking them to a home that does not have toilets and a kitchen.
Disclose, stop misleading the public, and we won't need this system.
John Perkins
Real Estate Video Marketing
http://HomeVideoTour.com
Submitted by John Perkins on March 18, 2011 - 9:09am.
While I understand the potential negative impact others have stated (which seem to be all Realtors above), here's a positive; Many agents are not properly identifying the homes actual condition, are placing misleading info on the listings and/or are just putting one or no pictures for display as though this is the 19th Century.
With this system it could potentially reveal things about the home that a Buyer clearly does not want to deal with.
I just read a review and it said the home had no toilets and the kitchen had no appliances which was not disclosed by the agent in their listing (I think this is an important thing to point out). Even as an agent I don't want to waste my clients time taking them to a home that does not have toilets and a kitchen.
Disclose, stop misleading the public, and we won't need this system.
John Perkins
www.HomeVideoTour.com
Submitted by Michael Studebaker on March 18, 2011 - 10:50am.
Hats off to 'em. Redfin is an innovative company in an industry that is sorely in need of big thinkers. I've heard Kelman speak a few times and knew that this day would come and I'm excited to see how they take it on.
Many of our buyers use Redfin for searching properties online and come to us when its time to buy the property. It's a great arrangement. Giving these same buyers the access to feedback is only an extension of what Redfin does so well, seemingly putting the buyer in the drivers seat for researching properties and enjoying the online experience.
Without a Redfin we wouldn't bother questioning our role as traditional brokerages. With them we have the opportunity to redefine to our agents and clients what our brokerage stands for.
________________
michaels@glrealtor.com
Michael Studebaker
Broker/Owner, CRB, CRS, GRI, e-PRO
Gallagher & Lindsey, Inc REALTORS
share, flourish, repeat
Submitted by michael Espiritu on March 18, 2011 - 1:23pm.
As a Redfin Partner Agent I am compelled to respond to Connie's comments about Redfin agents.
We DO NOT give back all of our commission. Client referrals get a maximum of 15% back of the gross commission.
You do not just apply to be a Redfin Partner agent. You have to have closed at least 50 deals and agree to have ALL your clients surveyed during the process- even if no deal is ever completed with them. Its called accountability and if you ask most consumers it is highly lacking in the real estate profession.
We must respond to ANY accepted referral within 4 hours of the request. Most Redfin clients are computer savvy and like the ease of the site.
Nothing is better for anyone's business than a great response from a client that felt their agent exceeded their expectations.
All of of our clients are surveyed to gauge the agent's responsiveness, knowledge, service etc. The comments are not censored and the agents cannot suppress any comments.
I do not take any client, Redfin or any other, without Pre-Qualifying the client first. If the client does not get qualified or can't qualify then I dont waste their time or my time.
If I was a consumer I would much rather work with someone that has references, has a proven track record of closed sales and excellent customer service than be stuck with the agent who happens to answer the phone on "floor time".
If you look at Redfin's growth it is apparent that consumers like the business model. Many MLS' will be implementing "Agent Ratings" in the future and the agents that truly serve their clients will thrive.
My business has personally benefitted from my partnership w/ Redfin. I do not agree w/ every decision made by Redfin but the agents do have a say in the direction of the company.
Connie- you cannot opt out -it is the seller not the agent that can do that...HELLO???
Michael Espiritu
Broker
Elite Realty Group
SoCal
Submitted by Ruthmarie Hicks on March 18, 2011 - 2:33pm.
First of all - no one should ever buy a home without seeing it first. Second, no one should not see a home based on comments left on a web site.
Finally, let's be clear where the listing agents obligation is. When I list a home my fiduciary duty is to the SELLER. That means that I am obliged to try to show the home in its best light. That does not mean I doctor photos or change out features and create a "phantam" home. It means that I make what is there look as good as it can be. PERIOD. That means that I am obliged to protect my client from any site that thinks airing the dirty linen of showing comments publicly is a good idea. Remarks such as these can range from honest evaluations to the snide where someone is trying to lowball a property to the down right fanciful and insulting.
If that was the price of VOW in my area - I would have to recommend that my clients opt out. And by doing so - I would just be doing my JOB - which is to watch out for my seller's best interest.
Terrible idea - rife with litigation potential.
Submitted by Matt Goyer on March 18, 2011 - 8:29pm.
Matt from Redfin here... Just want to clear up some confusion about whether listing agents can opt out of our Agent Insights:
"In our new listing agreements after the VOW-NAR thingy--all of our sellers opt-out of this.
Any seller or seller's agent worth their fee...would never let their property be subject to comments on such a low-brow site such as Redfin."
What many of you are referring to is the ability for sellers to opt out of third party commenting under the VOW agreement. What we're sharing are notes from our agents, not from third parties. This isn't subject to the third party commenting rules. So, listings agents are not able to opt out of Redfin agents and Redfin partner agents sharing their thoughts on homes they see with their customers. I also want to make it clear that our Agent Insights our only shared with Redfin customers and not the general public.
@Connie, if you have any issues with a Redfin agent just drop me a line at matt@redfin.com. And please know that since we pay our agents every time they show a house that we're just as interested in showing homes to pre-qualified customers as you are.
Submitted by Ben Nicolas on March 18, 2011 - 10:33pm.
@Matt Goyer, I admire your ability to take a step back and a deep breath from some of the rampant ignorance above and reply in such a level headed and professional manner. That would have been hard for me...
M. Ben Nicolas
IET Real Estate Los Angeles
www.ietrealestate.com
Submitted by David Losh on March 20, 2011 - 1:47am.
Really this is a nothing subject, but I did want to clarify that the comment by Michael Espiritu was a little misleading. The way I understand the referral program it is a 15% rebate to the buyer, and 15% referral fee to the redfin Brokerage. That's a total of 30%.
Every big corporate Brokerage has tried a referral program, usually at 20%. The people who suffer are the consumers. It's a long discussion that is decades in the making, but referral programs are another dead horse in a race to customer satisfaction.
Submitted by michael Espiritu on March 23, 2011 - 8:29pm.
Again, I must respond to David Losh's comments. The 15% percent rebate is the maximum the CLIENT, the C-L-I-E-N-T can receive.There is nothing misleading about a true and correct statement.
NO company gives referrals for free. A 15% referral from the referring office is great being that I charge 25%!
David, please explain how "the people who suffer are the consumers"? Based on what? Making a blanket statement without some compelling evidence is frankly asinine.
I would be more than confident to bet that clients who have used Redfin to actually close a deal would be more satisfied with the process than using an agent they know NOTHING about.
The subject article was about agent comments on Redfin. My response was to someone who made comments that were not correct.
Accountability to the client is of extreme importance. Try surveying YOUR clients, David Losh, and let's see how you rate.
Michael Espiritu
Broker
Elite Realty Group
SoCal
Submitted by Gener Louis on March 26, 2011 - 2:11pm.
What many of you are referring to is the ability for sellers to opt out of third party commenting under the VOW agreement. What we're sharing are notes from our agents, not from third parties. This isn't subject to the third party commenting rules. So, listings agents are not able to opt out of Redfin agents and Redfin partner agents sharing their thoughts on homes they see with their customers. I also want to make it clear that our Agent Insights our only shared with Redfin customers and not the general public. This as verizon wireless technologi
Submitted by Gener Louis on March 26, 2011 - 2:12pm.
not from third parties. This isn't subject to the third party commenting rules. So, listings agents are not able to opt out of Redfin agents and Redfin partner agents sharing their thoughts on homes they see with their customers. I also want to make it clear that our Agent Insights our only shared with Redfin customers and not the general public. This as www.everizone.com
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