3clicks wrote:
“While I embrace the Internet for many reason, It would be used by some as another way to disguise the snake oil.”
Agreed, but once every listing has a video it will cut down the deceit. Videos should be mandatory, and they’d especially help the bank-sellers in far-away towns who should have the benefit of seeing their REO and the comps for a thorough review.
It might have helped here:
Wow. Maybe your best, most informative post yet, J.
You are the R in Realtor for sure.
A Real Service for your clients. Congrats. Even a Classic Chevy truck at the end. Only One Thing Missing…
An ICE CREAM TRUCK!
Great Job and Thanks! Good Luck with the Chevy!
Videos are a huge improvement. It’s one thing to see the glass as half empty, it’s another to see the glass as a quarter empty and say videos aren’t good enough. It saves me 20-30 minutes every time I can filter out a place before seeing it in person.
Thanks for advancing us out of the stone age Jim!
Videos can be useful. But “mandatory”? Most realtors I know can barely point the right end of the camera at the house and they are to be trusted with a non-deceptive video?
Most realtors I know can barely point the right end of the camera at the house and they are to be trusted with a non-deceptive video?
I think Jim’s point is that it’s much harder to shoot a deceptive video than a few deceptive photos.
“I think Jim’s point is that it’s much harder to shoot a deceptive video than a few deceptive photos.”
Here is my handy dandy primer to real estate photos.
1) Pics of interior, but none of exterior.
Translation – exterior needs a new roof and the siding is falling apart.
2) Pics of exterior and interior, but none of kitchen or bathrooms.
Translation – kitchen & bath original from 1943
3) Pics of exterior but few, if any, from interior.
Translation – bring your paint brush and start looking at carpet samples. Remember, “retro” appliances are in fashion these days.
4) Single exterior pic from an odd angle.
Translation – if you close one eye, you’ll never notice the power lines/crack house/sanitation plant just to the left.
5) No pictures.
Translation – we don’t want to sell this property to you.
Very true, I could generally tell what was wrong with a house by looking at it’s photos or lack thereof. I went many times just to make sure, and while I’ve been very surprised I was never wrong. Price and DOM tells you a whole lot too.
The most shocking time was when a house had exterior only photos, and when seeing the inside it had a huge split down the very center of the flooring – not a crack but from amateur tiling of the house with different tilesets. Like they went to the dumpster and found enough tile for half of two houses and put it together. They then *tiled* the stairs both horizontal and vertical. The tiles overhanged each step (not cut). Still on the market.
Wow. Another shout out for me on Jim TV. I am humbled. It’s almost like “we” (you really) know what is happening in the market. Good job.
If only we can get that Chargers/Patriots playoff. We know tonight.
On topic. Sorry. Howinthehell did they time warp a 1970s kitchen into a 1980s tract home? And if I may be allowed to call a technical foul. I have never in my life seen a greater poster child for “curb appeal” violations in my life.
Honest to God. If I were the listing agent I’d throw a bucket of paint around the kitchen. That way prospective buyers would just erase in their mind any phantom value in the existing woodwork.
Jim’s ahead of his time.
I’d like to see Realtors as we know them become dinosaurs. I’d like to see real estate advisors. Put some regulation in there, and weed out the hacks. Make them accountable for leaving out important details. If you can’t figure out how to make a video and put it on the internet, you don’t deserve money for selling homes. If you don’t know more than what’s online, get out of the business.
…Or not Frenzy 2B. That is the question.
Sorry. Had to say it. 🙂
The asking price of the second house is way out of line. Plus you have to pay the seller’s closing costs too? Forget it! If I knew that ahead of time, I wouldn’t have even looked at the place!
That first house is really beautiful, especially the kitchen. It was worth seeing it for a second time. I hope the new owner enjoys it as much as we enjoyed visiting it.
With apologies to Tom Waits
The sun’s comin’ up
I’m ridin’ with lady luck
Freeways, REO’s and Trucks
Well, in a lot of other states that’s why they require lawyers instead of realtors to do the key paperwork. Sure, there are no “hacks” anymore but you’re not getting any better advice on buying a home. Just more legally sound advice at the cost of real estate knowledge.
The more regulations there are, the more legalistic it’ll get without any real improvement. We the consumers have to be the ones demanding real change, and that’ll happen through competition over time.
I don’t know which is more depressing – the interior of the house or knowing that if you bid on it, you’d be dealing with the person who did that marketing and allowed it to be viewed looking like it is at that asking price.
Art,
You missed one that Jim has noted in his videos — the fisheye shot of the expansive backyard, which means you barely have room for a barbecue. 😉
If you enjoy amusing real estate listing pictures, make sure to check out lovelylisting.com.
I sure hope no one is stupid enough to buy that house. It should be 300k.
Jim,
I’m not so sure a video would cut down on deceit once every listing has one. Video like a picture can hide the negatives depending how it is shot. The extra added pressure and task (heaven forbid) for video inclusion means Realtors will try to justify their listing fee for that much more.
What I do like Jim is your candid real-world comments. I don’t want a candy coated, fancy-schmancy video production with a professional ‘SO’ voice over and cheesy music. When will they get it? I don’t need video crossfades, wipes or digital effects when a simple cut will suffice – and they can’t even do that NOW as a courtesy to the seller and buyer. That’s why Jim, you are tip-top.
All valid points about the usefulness of videos. The “Virtual tour” works pretty well too (i.e., a java/flash 360 view from a spot). In a competitive market like this, you should ask your listing agent what they plan to do to market the house. Do they take their own pictures or outsource? Etc., etc.
But, the idea that it should be mandatory kind of bugs me. As much as it pains me to say this as a liberal Democrat, but shouldn’t we let the market settle this? If people want agents to use technology, they will gravitate to them.
If you really wanted to shake things up, make the MLS public and allow people to comment on the is listings like a blog. “This listing sucks. The picture of the backyard is taken with a fish eye lens. You can only stand in the backyard sideways.” That would encourage honesty (and some other less desirable things).
“As much as it pains me to say this as a liberal Democrat, but shouldn’t we let the market settle this? If people want agents to use technology, they will gravitate to them.”
If you can find a structure for RE transactions that eliminates the Agent-Principal problem, then it might make sense. Until then…
Fantasy Video: Home has new hard wood floors
Reality: que ball test reveals new floors needed
Fantasy Video: Pool and jaquizzi pumps running
Reality: Home backs up to Detroit River
Fantasy Video: Granny Flat / Studio in Back
Reality: Non permitted construction
Fantasy Video: High ceilings, upgraded ventilation and control panel
Reality: Previously used to grow medicinal mary-joe-hana
Fantasy: Denver will make it to the Super Bowl
Reality: Looking forward to 2010 draft picks
3clicks,
I’m a lifelong Broncos fan and even I am still stunned at this year’s developments. What’s up with those Chargers, though?
Business must be good if you are thinking about a new truck. I think all the old timer on this website would like to see your old truck again.
TJ, I messed up and so much for timing. I meant to say ‘Chargers’ hence the draft pick comment. I’m a Broncos fan too however.
1972 Chevrolet P/U is perhaps the best, cleanest truck ever produced. Straight body lines, classic grill, disc brakes, smallblock. Camper mirrors ruin the beauty of this specimen.
That kitchen is not that bad. It’s pure 1989, but it’s fully functional, I’m sure. If you spent twenty or thirty grand to redo it like the people in the first house probably did, it would not help you cook one bit. A meal made in the updated kitchen would taste the same as a meal made in the original kitchen. The updated kitchen had no extra features or storage space-just granite and stainless and modern-looking cabinets (of the same size).
Therefore, I see only a minimum of value in the updated kitchen-made one third the cost to update it. It’s a cosmetic upgrade only, not a functional one. Heck, not everybody even wants stainless and granite. Now, obviously the second house is still overpriced, because they listed it for $15k (plus closing costs) over what Jim’s sold for (and the six laner in the backyard is a further negative). But the upgraded kitchen is maybe worth $10k more than that-maybe.
Geotpf……
WOW…..are YOU out of touch or what? Yes, we can all agree that the kitchens in both videos are basically equal in functionality
But you are on cloud 9 if you don’t think that an updated kitchen like that adds TONS of value and sell-ability.
And this is coming from a Male……..who does’nt even cook!
Murf2222
any bit of frenzy and increase in price will be short lived as would be sellers on the sideline immediately put their overpriced homes up for sale and any sign of improvement in the market.
This week couple of homes in my neighborhood appeared on the MLS, asking price just 5-10% south of peak 2005 purchase price.