60 Minutes an Exposee, or Banter of a Bygone era?
How about some bookmark love? ::
The recent 60 Minutes episode about Redfin came across as is was supposed to be some sort of revelation that there is competition in the real estate brokerage space. There have been discount business models and full service business models in so many sectors of business for a very long time. This is no revelation. It is interesting to see that people who use the internet to research their real estate are somehow "in the know".
I think that the latest stats from NAR tell us that 80% or better starts their search for real estate online.
There is a big difference between starting the real estate buying or selling process online; and completing and closing an escrow. Namely, if you were buying a home, wouldn't you like to set foot in the home, and possibly see it several times before you agree to buy it? What about the whole phase of conducting inspections and due diligence?
My point is, that the internet can provide information, but ultimately that information is 2 dimensional at best. To get the feeling, sound, and smell of your new home, you will have to get out from behind the computer.
Likewise, it seems that a real estate agents job can come in several different sizes and flavors as well. I prefer to offer my clients the 3 dimensional approach. I happen to think that it requires several layers of talent, knowledge, and service to deal in the realm of multi-million dollar real estate. I also know that competition makes the consumer win. A fair market of service will ultimately yield several options for the consumer. They will be able to tell the difference of quality vs economy.
The question isn't whether the internet makes real estate agents less relevant, but whether the internet makes 60 Minutes less relevant. Real Estate agents have lately evolved into a rather tech-savvy species, can the same be said for Andy Rooney?
Maybe if more traditional agents were better at showing their value, as Ardell mentions that the dollars apart can go further to grease the wheels of the deal.
How about who is to blame for the woes of poor Redfin?
I think that the latest stats from NAR tell us that 80% or better starts their search for real estate online.
There is a big difference between starting the real estate buying or selling process online; and completing and closing an escrow. Namely, if you were buying a home, wouldn't you like to set foot in the home, and possibly see it several times before you agree to buy it? What about the whole phase of conducting inspections and due diligence?
My point is, that the internet can provide information, but ultimately that information is 2 dimensional at best. To get the feeling, sound, and smell of your new home, you will have to get out from behind the computer.
Likewise, it seems that a real estate agents job can come in several different sizes and flavors as well. I prefer to offer my clients the 3 dimensional approach. I happen to think that it requires several layers of talent, knowledge, and service to deal in the realm of multi-million dollar real estate. I also know that competition makes the consumer win. A fair market of service will ultimately yield several options for the consumer. They will be able to tell the difference of quality vs economy.
The question isn't whether the internet makes real estate agents less relevant, but whether the internet makes 60 Minutes less relevant. Real Estate agents have lately evolved into a rather tech-savvy species, can the same be said for Andy Rooney?
Maybe if more traditional agents were better at showing their value, as Ardell mentions that the dollars apart can go further to grease the wheels of the deal.
How about who is to blame for the woes of poor Redfin?
Perfectly put. To build on what you've said:
1. REALTORS invented the "discount" business philosophy, not Redfin. Redfin doesn't have a new business model, rather they have the media's ear since they claim to be different and claim to be the Rebate Kings (whatever). They are becoming good at spin, nothing more.
2. (As TREG notes on RealtorWives), who do you think PUT that information on the big bad internet? Buyers feel empowered by the Internet but forget that listings don't self populate- an agent busts their butts to earn that listing, photograph that listing, put the listing on the MLS, Realtor.com, their own site and up to hundreds of other sites. They watch their web traffic and adjust Internet marketing accordingly, so how can a buyer say that they did all of the work "finding" the house? Agents are worth every penny they charge and whether that is one penny or one thousand, the service will reflect that.
Posted by
Austin Realtor's Wife... |
4:50 PM
Greetings,
Nice Posted! Its so very informative and knowledgeable for your visitors or readers.
Thank You for sharing.. Keep up the good work..
More Power,
Freddie Aguilar
Real Estate Investments
Posted by
Anonymous |
12:22 PM
It is interesting that on the loan side of this process many people have moved away from the traditional methods of searching for a loan (i.e. building a relationship with their lender), and rely almost exclusively on internet methods. It is almost as if people assume that regardless of who they deal with, they can learn enough about them online.
What can we do to change that mentallity?
Posted by
Graeme K. Brown |
2:26 PM