As I contemplate recommendations for the NAR president (your thoughts are encouraged!), it should be obvious to him that the real estate industry is advancing with, or without, the help of realtor organizations.
Here’s an interesting website that agents have been using lately: www.kazork.com – shouldn’t NAR be blazing this trail?
Mission Statement
Transparency, simplicity and freedom.
What is Kazork
Kazork is a Software as a Service (SaaS) used by real estate agents, home sellers and homebuyers to complete online real estate transactions. Users registered on Kazork complete transactions anywhere in the world. Kazork does not list or sell real estate. Kazork is simply a SaaS for users to conduct their own real estate transactions online.
Kazork Objective
To provide home sellers, homebuyers, real estate agents and other real estate professionals the ability to complete simple, efficient, paperless and transparent online real estate transactions.
Benefits
Kazork benefits everyone involved in a real estate transaction. If you are a real estate agent, Kazork streamlines and simplifies the offer submission process by greatly reducing paperwork, hassle and secrecy. If you are a buyer, Kazork allows you to view all other offers on the table, which creates more prudent decision making. If you are a seller, Kazork simply determines the highest and best offer for your property in the shortest amount of time. Kazork allows everyone to complete a transparent real estate transaction in a quick, easy and transparent method.
When was the last time you saw the NAR come out with anything innovative, if ever?
I’ve always thought knowledge about the buyer pool would be the next key step in streamlining real estate. If you could build a database on perspective buyers and what they are looking for and how much they are willing to offer it would really help educate sellers on what they can actually get for their house. Real Estate is an open market but all we have available is what’s on the offer. We have almost no knowledge of what’s available on the bid. A buyer agent knows about his client but has no idea about the competition he might face. Sellers love to use this lack of knowledge to force a higher sales price.
If everyone knew roughly where everybody else stood we’d have the transparency and perhaps a return to trust. Right now we have a market that isn’t trusted which creates uncertainty and animosity towards Realtors in general.
You don’t need to innovate when you are in total control of information and the transaction marketplace.
I don’t know if this is correct, but I equate the NAR to the media industry (record labels/ movie studios). It is much easier and more profitable in the short run just to sue everyone into oblivion that they think is infringing on their copyrights. No need to innovate.
Is this the beginning of the end of “Highest and best offer”? Let’s hope so…
Have you used Kazork yet, JtR?
Some interesting bits from the Kazork terms of use:
“If you are dissatisfied with any part of Kazork or its Web site, or with any of the terms of use, your sole and exclusive remedy is to discontinue using Kazork or the Kazork Web site.”
“Any user, seller, buyer, real estate agent / broker or third party who submits or receives data and/or information on or through Kazork’s Web site authorizes Kazork to post, publish or display any of this data or information on other Web sites or in any other electronic or paper format which Kazork staff or Kazork, Inc. deem appropriate to help in the purchase or sale of real estate.”
“No offer submitted online, or by any other method, is legally binding until both buyer and seller execute the purchase contract.”
I already have electronic document signing. In a recent short sale, the bank did not accept it, and wanted “wet” signatures. Sigh. Lots of faxing. Silly waste of time. What does Kazork offer that electronic document signing does not (besides lots of caveats on the terms of use?)
Agreed, the electronic signatures are going to go the way of the dodo bird if their originators can’t convince the banks to accept them. I am tired of doing everything twice, and if I have to wet sign I might as well do it right the first time.
I bolded the one benefit mentioned by kazooks that many here have clamored for – the right to see what other buyers are offering. The auction format is still the only real way to know, and even those can be full of shills.
JtR,
Electronic signatures are an enormous benefit in the usual situation where a contract is just a bid, and has low probability of being accepted. Once the contract is accepted by both parties, then it would not be too onerous to provide “wet” signatures.
Any idea why banks and others are so leery of electronic signatures? As far as I know, there is no problem with their legality.
“I bolded the one benefit mentioned by kazooks that many here have clamored for – the right to see what other buyers are offering. The auction format is still the only real way to know, and even those can be full of shills.”
You are right, this benefit could bring me into the buyers’ arena finally. But still no guarantee against shills.