This long-time local broker is fed up with the 3rd-party real estate websites using our listings to make money. It must be big money too, because there are now over 900 websites that advertise properties.
These websites (Zillow, Trulia, Realtor.com, etc.) are selling the advertising space surrounding each listing to other agents, making them look like the listing agent.
But does anyone frequent them? Maybe Zillow or realtor.com?
This doesn’t affect Redfin or Zip, they are brokers who actually sell real estate. He is willing to cooperate in our IDX system which allows each agent to distribute the properties on the MLS.
But it’s another sign of how chippy it is getting - our low-inventory environment is ripe for changes on how real estate is sold:
Hat tip to SM for sending this along, fromcurbed.com:
A few weeks ago, we were absolutely convinced that we had found the world’s sorriest listing photo.
But lo! And behold! Truth that was not, for today a worthy contender surfaces in a listing photo for a house in Chamblee, Ga. that’s asking $200K. Three beds, 2.5 baths—who cares! The real enticement is the topless homeowner or listing agent snapping photos of the bathroom:
For those who want to have better open-house performance, do some fine-tuning on your signage - especially if you are in a neighborhood full of competing open houses:
One more note on the nomination – Inman News is the sponsor, which publishes an e-newsletter sent twice a day to agents around the country. Their mission is to help agents, and while I’m a daily reader, I don’t cover realtor-centric topics here. I figure that they have it down pat.
But with their attention possibly sending a few new readers this way who are realtors, I’d like to take the opportunity to give you something to think about – and comment if you’d like.
Running a real estate blog leaves me wide open for blasts from people who figure I’m like all the other realtors, so they take their shots. A couple of days ago this post-and-video was re-published on www.calculatedriskblog.com, which drove a few newcomers my way. Here is a comment left by Robert:
(I worked for two years as a full-time marketing assistant for one of the top 20 agents in Chicago.)
You don’t provide us with an address so we can’t determine whether this property was overpriced at $3.2M. I’ll go out on a limb and guess that was the case with this exceptionally bland joint.
As a result, this post comes across as whining, Mr. Mercedes. Most people have been priced completely out of the market by the bubble, which needs to deflate. In 2010 realtors who prop up prices are the scammers.
On your youtube page you complain that this sort of behavior undermines public confidence in realtors. There is no public confidence in realtors, precisely because you refuse to recognize a)the bubble b)your near-irrelevance in the Internet age.
My girlfriend recently made an offer on a house that was in line with local rents, in line with fiscal responsibility (and she makes 50% more than the zip’s median household), in line with the tax assessor’s value. Her buyer’s agent laughed (literally) at her offer. He declined to write the offer up but agreed to pass it on verbally. He got fired. The listing agent failed to return a phone call for two weeks, and finally had someone else call us back. Result? We looked up the owner in the online tax records and sent him the offer directly.
Realtors are superfluous from a buyer’s perspective. As of now, all the stupid buyers have been squeezed through the system. The rest of us know the only thing we need you for is to open the lockbox. That’s worth $20 I suppose.
My point is that only an idiot would buy at market value at this point. If you’re not an idiot, you’re going to find your way around a system that is currently set up to scam you.
If realtors want to regain some sense of integrity, how about starting with some honesty as to where the market is going. And how about changing your fee schedules to reflect your actual social function in the year 2010: taking photos, uploading listings, opening lockboxes, babysitting inspections, and filing paperwork.
The bank is not being scammed. The bank is a scam. Let me wipe away my tears for Bank of America. Oh wait… I have none.
The neighbors, I have more sympathy for. Not everyone was after unearned bubble cash, and owners have suffered large losses. But owners need to understand they were scammed out of their hard-earned money when they bought the overvalued house, not when a legit buyer makes an offer that reflects reality.
I think there are a lot of consumers that are fed up with the realtor community, and are increasingly frustrated that they don’t see much improvement. If you are a realtor wondering how you can better serve the consumer, re-read the above. Then go start a blog and use video to share your expertise – please!
P.S. The video above put the spotlight on a very shady short-sale deal, where the agent deliberately did not expose the property to the open market. As a result of the exposure on Calculated Risk, I received two phone calls from Bank of America’s upper management. They were very interested in the details, so I sent them my entire case.
Someday, I’ll stop selling real estate/blogging, and it would be a shame if nobody took it over.
Our eldest child survived freshman year of college, and is back home for the summer. She doesn’t want to be a realtor (so far), but just in case her future college degree doesn’t land her the dream job, maybe she’ll have a little something to fall back on.
Over the next three months I’m going to give her a crash course in being a realtor.
At the end of summer either she’ll love the thought of being a realtor, and quit college to get started, or she’ll hate it and be motivated to excel throughout the rest of her college days.
Not sure if you folks will get much out of it, but feel free to tag along:
calREDD™, a service provided by CALMLS, the statewide Multiple Listing Service, launched its new Web site today at www.calredd.com. The site provides information for REALTORS® about calREDD™ products, services, rules, policies, and much more. The calREDD™ site also includes product demos and videos, a calendar of upcoming events and product demonstrations, a Frequently Asked Questions section, and dedicated informational sections for brokers and local REALTOR® associations
“For many years it has been the vision of California REALTORS® to have one database to input and search all California real property, regardless of property type, location, or status,” said Mike Silvas, CALMLS chairman. “The calREDD™ Web site presents us with a one-stop portal to introduce members to this critical initiative.”
from the FAQs:
Q: What is the vision for calREDD™?
A: To provide California REALTORS® with one complete and innovative property information and MLS solution so that California REALTORS® are the source for all California real property information.
Q: What are some of the key advantages of calREDD™?
A: The calREDD™ system is anticipated to create much-needed efficiencies, increased security, and new technology opportunities through the creation of one common database of California real property information.
Control of the MLS stays within the hands of California REALTORS®.
Every participating local associaton of REALTORS® and MLS (collectively “participating AORs/MLSs”) will have voting rights and the board of directors of C.A.R. retain ultimate control of calREDD™.
The 17 initial voting members of the California MLS (calREDD™) board of directors are a diverse group of practicing REALTORS® (by geography, firm affiliation, firm size, and practice).
The scale and reputation of C.A.R. creates unique technology partnership opportunities.
Q: Will calREDD™ offer a public Web site?
A: It is anticipated that a stand-alone consumer Web site will be necessary to compete with the existing consumer Web sites. MLS consumer Web sites traditionally provide more accurate information and therefore are more attractive to the consumer. No decision on when to create a consumer Web site and how it will function will be made without further study and input from C.A.R. members. However, calREDD™ will continue to feed listings, with listing broker consent, to marketing sites that are consistent with REALTOR® interests.
Q: Will the calREDD™ real property database be licensed to third-party aggregators?
A: C.A.R. and calREDD™ firmly respect the right of individual brokers to decide whether or not to syndicate their listings to third-party aggregation sites. For those who elect to syndicate their listings, calREDD™ will offer services to facilitate that process. For example, most California brokers and agents direct their MLS to feed listings to REALTOR.com®, and calREDD™ anticipates doing the same.
The California DRE announced that they are doubling the cost of getting a real estate license.
A salesperson license went from $120 to $245, and a broker’s license will now cost you $300, instead of $165.
Are you renewing late? Oh boy, the late fee went from $180 to $367 for a salesperson’s license, and from $248 to $450 for a broker.
The change is probably due to the state budget, but it appears the realtor population is dwindling.
Here are the number of license tests taken in December:
Type of Test
2004
2005
2006
2007
2008
Broker
1,628
2,277
1,636
1,148
595
Salesperson
11,440
13,212
8,941
1,315
1,085
Totals
13,068
15,489
10,577
2,463
1,680
An 89% drop in license tests between Decmeber 2005 and 2008!
The total licensee population has finally started to decline too, although when you’ve seen where we’ve been, you can’t help but think that we have a ways to go:
I can wait to sell houses in Fresno or Bakersfield or Blythe! Blythe is nice this time of year!
From C.A.R.:
I’m very pleased to be able to share three important developments with you regarding CALMLS, the statewide Multiple Listing Service (MLS) initiative, that impact every REALTOR® in California. This past weekend at the C.A.R. board of directors meetings in Monterey, following an extensive vetting process that included input from REALTORS® and other stakeholders statewide, CALMLS named Concentric as its technology partner; secured a $3 million line of credit for partnership activities, ongoing operations, and future development; and debuted dynamic new branding for CALMLS’ products and services.
Selecting Rocklin, Calif.-based Concentric was a critical first step toward a more current and flexible MLS system, designed with a real estate agent’s needs in mind. Platform- and browser-neutral, Concentric’s Web-based system performs substantially faster than any product on the market. CALMLS will incorporate many different technologies to allow choice as well as myriad new applications for the licensees accessing the system, including creating the foundation for a property-centric database that will allow members easy access to relevant data on all properties in California. Concentric’s next-generation product is a notable and clearly visible leap forward from current MLS software and is built on a platform that can adapt to ever-changing technology needs.
CALMLS also debuted new branding for the products and services offered by the statewide MLS entity. These now will be branded as calREDD™, an acronym for California Real Estate Dynamic Data. The new calREDD™ branding reflects the long-term vision of creating one database for all California real property, with advanced technology that goes beyond current MLS systems and incorporates a database rich with detail about every single property in the state.
At the directors meetings this past week, Concentric conducted standing-room only demonstrations, with local REALTOR® associations vying for priority to have the system for their respective MLSs. In fact, 66 local REALTOR® associations and three regional MLSs representing more than 120,000 members across the state already have signed letters of intent to participate in CALMLS.
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