Reaction to FSBOs on Realtor.com
Letters to the Editor
By Inman News, Monday, November 17, 2008.Re: 'FSBO site channels listings to Realtor.com' (Nov. 14)
Dear Editor:
As a broker, I have sold homes when they have been for sale by owner. My experience has been that the broker who simply lists the property for a nominal fee is not there when the seller really needs them. The general public does not typically know about the selling process and they rely on our training and ethics to aid them in their sale and/or purchase. Discount brokerages cost consumers money.
Rick Fleming
Broker
Fonville Morisey Realty
Garner, N.C.
Dear Editor:
The Web site is called "Realtor.com" for a reason. It's not "forsalebyowner.com." If a FSBO (seller) wants to be affiliated with a Realtor then they should be paying those costs like the rest of our clients -- and most of all getting the benefits!
Cindy Kohut
Realtor
John L. Scott Real Estate
Bellevue, Wash.
***
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Submitted by Rob Aubrey on November 17, 2008 - 5:07am.
I think the contract between the NAR and Realtor.com should be never be renewed and we Realtors should have a site that is for our benefit.
Reltor.com does not have the Realtor's best interest at play, never did. They charge us the agent to enhance our listings. Our listings are the very commodity that gives them any value. Yet they treat us as a necessary evil.
People associate Realtor.com as being owned by Realtors.
I don’t how we got in this one in the first place.
Submitted by Richard Greenwood on November 17, 2008 - 7:08am.
If you think displaying FSBO's on Realtor.com is something to be concerned about, read the following from RIS Media....
Myth 1: The most popular place consumers look for homes online is Realtor.com®
Fact: The most popular place consumers look for homes online is Google®
Realtor.com is the website owned by Move, Inc. and licensed by NAR to be their only authorized website. They claim to be the most popular Internet shopping site for homes. With an impressive 7 million page views monthly, Realtor.com claims to own the largest market share of Internet home buyers. According to my research, the fact, however, is that Google has 65% of all search traffic and 85 billion searches a month, of which an estimated 13% are real-estate related. According to my research, Google receives about 870 million real estate searches a month. Based on these figures, clearly, the most popular place for Internet buyers to look for homes online is Google. You need to tap in to Google and other major search engines.
SOURCE > http://rismedia.com/wp/2008-11-10/online-marketing-three-of-the-biggest-...
Submitted by Robert A. Hulme on November 17, 2008 - 7:16am.
I think it is wonderful that Realtors use Realtor.com to showcase our listings. I am not real excited that FSBO's choose not to have Realtors represent them when listing their home, but that is their right. I like when representing a buyer, that my client has the ability to view FSBO listings so that they can make an educated decision when purchasing a home. We as Realtors should take the higher ground and be willing to allow FSBO to be associated with us in some way. Maybe our reputation as "Realtors" would be improved, when we show the public that we are accomodating to them. I used to sell cars years ago and I am really proud to be a Realtor, I hope we all can continue to shine in the public eye.
Robert A. Hulme
Realtor, GRI, e-PRO
Prudential Utah Real Estate
robert@RobertHulme.com
www.UtahCountyRealEstate.us
www.UtahCountyHomes.ws
Blog : www.UtahHomes.ws
801-885-2586
Submitted by Gregory Moe, Olympia, WA on November 17, 2008 - 7:26am.
One of NAR's biggest mistakes was giving up control of REALTOR.com
Submitted by Sandra Mathewson on November 17, 2008 - 7:30am.
I don't believe FSBO's belong on Realtor.com. A FSBO is a FSBO because they don't want a licensed Realtor representing them and they don't want to pay a fee. The FSBO feels he can sell his home himself without us and pocket the savings. NAR which represents professionalism is now giving unrepresented people exposure to our buyers. We are the professionals and we pay our dues, education and license fees and subscription fees to Realtor.com. Let the FSBO's keep posting their yard signs for exposure.
Submitted by Larry Wright on November 17, 2008 - 7:53am.
We advocate full service Realtor listings and provide a flat fee limited service to Sellers. There are situations where a limited service listing is the most appropriate. Most of our Sellers simply don't have the equity to pay a full service listing commission but are willing to offer a competitive selling agent commission even if they may have to dig into their pockets at the closing table.
I don't believe discount brokerages cost Sellers money, but they are commission opportunities for agents that right offers. Our Sellers receive much more exposure than most full service brokerages provide ... to include showcased listings on realtor.com.
Larry Wright
www.nwrealty.com
www.nwrealty.net
Submitted by ANITA DERLING on November 17, 2008 - 8:31am.
DITTO -- as entered submitted by Sandra Mathewson on November 17, 2008 - 8:30am.
I also don't believe FSBO's belong on Realtor.com. A FSBO doesn't want to pay a fee to a licensed real estage agent. NAR should back us up and keep Realtor.com a representaion of homes being offered by Realtors. They are letting us down NAR needs to keep us professional if not let's get our own website MLS-NAR.com (a suggestion).
I totally do not want to see FSBOS on Realtor.com, but if I have to I'll live without Realtor and go GOOGLE AND YAHOO and maybe I'll go back to my own personal advertising. I cna live without Realtor.com if I have to.
Anita Derling
derlinga@optonline.net
Submitted by Walter Boomsma on November 17, 2008 - 8:35am.
This can be "argued" from several perspectives... the opening letter is a shot across the bow of discount brokerages... a discussion that is relatively pointless.
How "we" got here is, in a word, greed.
I received a call just this week from a young lady nearly in tears. She and her parents are trying to do a private deal (aka FSBO) and have had several basic questions. Every REALTOR they have called has been rude to them.
So if the general public relies on "us" for information about the selling process I guess the general public is in trouble!
And if they use REALTOR.com to determine the value of their home, they'll get comps that are 18 months old. So if the general public is relying on that, I guess they're in trouble.
The good news is that licensees (REALTOR or otherwise) who are concerned about clients can get a lot of business while everybody else is arguing about who owns what rights.
Submitted by Walter Boomsma on November 17, 2008 - 9:26am.
Special note to Richard... thanks for posting the myth versus fact piece. One thing NAR is good at is selling it's products to members.
It's been wisely said that most fishing lures are designed and packaged to catch fishermen, not fish.
Submitted by john leonard on November 17, 2008 - 10:15am.
Last I checked, real estate agents were not considered to be a public utility much less a public bathroom to be used at will. Last I checked, it was not an ethics violation, materially or in spirit, to expect to earn a fair return from our clients for our expertise, abilities, knowledge, and effort.
"Realtor" means many things, high among them - representation. Why would we want or allow unrepresented sellers to seize for a nominal fee one of the many elements of value that realtors can uniquely provide our clients ?
That representation must - quite rightly, be competent and honest and timely. Our methods and obligations are governed by law, and enforced by both civil law and the licensing boards of our states. Why would we allow anyone to "use" one of our communications channels and borrow our "name" without requiring those (fairly low) standards to also be met ?
Our duty to our listing clients is first and foremost, to expose their listed homes most widely and well to maximize the chance of a rapid sale at the best terms. Helping/allowing unrepresented homesellers compete with our listed clients, runs counter to that obligation.
Our duty to our buyer clients is first and foremost, to find for them a home which most completely meets their needs, and help them purchase it at the best possible terms FOR THEM. Helping the unrepresented seller find more buyers (who themselves, may or may NOT be represented) to compete with mine or yours, runs counter to our obligation to our buyer clients.
I must disagree with Mr Hulme of Utah as to the impact of this on the reputation of realtors. Things given away for free invariably become considered to be valueless. The industry's reputation is MOST sullied by a plethora of mediocre to poor performers, made possible by minimal licensing and hiring standards. With the reultant and inevitably low standard of service arising, is it any wonder some portions of the public consider us to be unnecessary or at least overpriced ?
Nobody ever needed a realtor to buy or to sell, BUT RATHER TO BUY OR SELL BETTER AND MORE QUICKLY. Our knowledge and ability and effort is more necessary now than at any time in my short (5 year) real estate career. Mr. Hulme, (and I apologize for singling you out by name) I have every certainty that your value to your buyers is your market knowledge and negotiating and deal making experience, not your ability to arrange a showing based on the email from realtor.com saying "x sent you this listing..."
I am completely confident that you, Mr. Hulme will find fsbo properties for your buyers without needing to find those homes on realtor.com. Iin fact your willingness and ability to do just this sets you apart, and helps your buyers into better, less competitive situations fo them. Why would you want to create competition for your buyers ?
Flat fee or limited service firms have roles, but that is another subject and a different rant. Such real estate firms are a least subject to the control and regulation of any state in which they are operating - Same as your license or mine is subject to the scrutiny of our respective states.
Cindy Kohut, you've said it best -
"It's realtor.com not fsbo.com."
Submitted by Don MacKay on November 17, 2008 - 10:31am.
FSBO's on realtor.com!! Just another source of good leads.
Submitted by Bill Pelot on November 17, 2008 - 1:10pm.
Realtor.Com has outlived it's usefulness. With Google, Trulia, Point2NLS and Zillow, who needs it.
Bill Pelot
Solid Source Realty, Inc.
10900 Crabapple Road
Roswell, GA 30075
Submitted by Jodie Carpine on November 17, 2008 - 1:43pm.
John Leonard, very well articulated. Thank you!
Jodie Carpine
Prudential Spokane Real Estate
REALTOR®, EcoBroker®, ePro®
509 951-3009 (cell)
509 928-3413 (ofc)
jodie@jodiecarpine.com email
http://jodiecarpine.com website
Submitted by Carla Bowen on November 17, 2008 - 2:59pm.
The email I just received from NAR said this is all bogus - no FSBO info on Realtor.com. Where did all this start? Let's say however, this was the case, I say all Realtor's pull out, NAR cancels the contract, takes away the name Realtor and see how long Realtor.com stays in business! I can remember when Realtor.com was being created and NAR advanced almost $7 million to them to keep it viable. Just seems like we can never give enough or relinquish enough without having to continue to give more!
Carla Bowen, CRB,CRS,GRI,MRE
Realty Executive White Mountains
Designated Broker/Owner
Submitted by Ralph M on November 24, 2008 - 7:31am.
The public would like to thank, the many diehard realtors that have paid outrageous fees over the years, along with being somewhat diligent in updating their property info and photos to make a real estate site that incorporating the “myth” of ethics to the public for a small fee of $200 and no continuing-ed, ethics, or meetings required….
Thank you realtors and your board members for allowing this action of diminishing your own value.
Now, how do you market yourself as a real estate professional to the FSBO since your line of ,We install your listings into MLS where everyone in Africa can view your property?????
www.aarsteam.com