When you can learn something new by reading a publication’s comments section, you know those readers are really something special.
I learn something new every week from Inman’s readers, who leave comments on stories across the site. Here are a few of my favorites from this past week.
The problem with this industry is deep and there isn’t one answer. Perhaps the most significant issue is the low bar to entry – which fosters an equally significant problem; the number of agents. There are far too many but we know fees drive the bus so that won’t change.
In lieu of reviews, why not a classification system based upon education, apprenticeship time and volume like exists in the appraisal industry? That quickly solves many problems and will cut the bloated size of the agent population. If you make this business a PROFESSION and not a glorified part time / opportunity tupperware style industry perhaps things will change. NAR et al will never – ever – move in that direction of course so it’s up to the public. The significant chllenge there is the “guilting” and “perceived obligation” to use a family member or friend because they have a license – despite knowing they are a horror show. Shame on agents that bleed on folks as well and make them uncomfortable – this is so so common and so wrong.
I think a better title for this post would be “Millennial home buyers forced to the suburbs because industry fails to address affordability issue in the urban areas they most prefer.”
Thank you very much. I have been blogging for years. As our industry changes, I recently decided and am preparing to be more specific because I can get so general, love this city and the profession so much, alas, I get carried away and write about everything real estate. I want people to know and be aware, so I write and tell them because I care. I care that they are informed. I love, yes, love the idea of the Avatar. I will take it, and thank you daily, for this direction. Good luck. Good Work. And thank you again.
Definetly a big vision. Unicorn on the horizon without the numbers to justify – maybe, maybe not. Profits? Those come later, you know, after they undercut their prices & profits to gain market share at a loss. By offering “market value” they’ve nipped the main argument traditional agents had against their offers – smart.
When the market drops…Roofstock may be an integral component for their profit model. Spread the field, fluff the buy-in with secondary enitity stock purchase(same billionaire(s) different entity) i.e. “Over $12million in Rental Investments Traded” – creating “social proof”. Then use other peoples money to acquire rentals via “stock”, be their friend, be their financier, their property manager and sell them the highest profit margin item of all, “home warranties”.
When the market is ripe buy their rental “stock” put lipstick on that pig and sell, sell, sell. As much as I’d like to be a “hater”, focus on the current numbers(which really don’t matter) and say OpenDoor will come and go – they may just be smart enough to stick around for a while… My question would be at what point are they(OpenDoor & Entities) acquired, who makes the offer and will the valuation be based on a “Zestimate”? wink emoticon
I don’t know if there are any patents invloved however, RedFin could still possibly step in and eat OpenDoors lunch…just saying
Wendy Kiang · Commented on How to hustle like a real estate rock star | Inman
Great story. Do the best you can and the best will come to you. If we put out a great effort, even if the clients may not appreciate in the beginning but when they have comparism, they will know what a good Realtor you are. I have had listings that I lost then come back to me after a year or two with other agents, the owner finally realized that I do a lot more than the other Realtors.
My website currently uses “matching” technology based on user preferences. It is pretty cool but hardly a replacement for a knowledgeable Realtor. There is one major problem. Buyer’s (especially first time) rarely know what they want in a home. As other agents have mentioned, buyer’s will often end up purchasing a home that in almost no way matches their initial critiera. So the GIGO (garbage in garbage out) principle applies. A buyer has to truly know themselves and the local real estate market in order for the technology to work.
I agree with the article. The RE industry is on a push to grow Transaction Brokers who pretend to represent the consumer, but don’t…and can’t. Brokers all worry about “liability” so they train their agents to be evasive, NOT to attend home inspections, not to recommend, not to review the HUD, or stick their neck out, Then when there is a problem, they can just pretend they did not see it…sure, just close the deal. The ultimate goal of a traditional agent is to find a buyer for their listing and double the commission.
On the other hand, an “EBA” Exclusive Buyer Agent chooses to take on the responsibility and liability of representing only the home buyer. 100% Loyalty, 100% Confidentiality and always Full Disclosure. Only knowledgable, ethical and skilled agents qualify to become an Exclusive Buyer Agent…the rest will never survive, because it takes confidence and competence to focus on one niche of the business.
For those that may be confused: Exclusive Buyers Agent work in “buyer agency” OFFICES that do not list property or ever represent sellers, so there is never a
conflict of interest. If homebuyers really understood their choices, they would always cloose an Exclusive Buyer Agent.
The problem is that who the agent really works for is the best kept secret in town,
I couldn’t bear to go hear her at NAR that year. I was too tempted to stand up and shout #Benghazi4 and that would have resulted in a quick escort out, i’m sure. She’s just about the last woman I’d want to represent my entire gender as the first female President.
That being said, I’ll still work to make sure that whomever is elected is aware of the issues around private property rights, and I’ll work to make sure the middle class that I’m part of has a voice. We, as Realtors, have to remember that despite our own personal beliefs, it’s important to work with whomever is elected to protect our clients and our industry.
*Side note regarding NAR and the Realtor Political Action Committee-we, as a PAC, do support all kinds of candidates but do not get involved in the Presidential race. Our dollars go to House and Senate races on the Federal level, in addition to state and local races. We also financially support many issues campaigns that are independent of candidates.*
I especially like the comment that “buyers can get in their own way …,” I’ve seen this happen again and again then, after they insist on seeing more homes, the home they really want is gone.