Hopefully we will get more comments with this one than what we had on the last one. I am hopeful that these will spur the entrepreneurial spirit up on these.
Preface:
The real estate market may on the ropes, but the reality is that many homebuyers are using the Internet to search for listings on their own. Reasons are traditional, some don't like to be sold to and others don't really trust the realtors ("Oh, you'll really love this house"). The problems most semi serious buyers find is that the homeseeker sites flood them with data. Simple searches find hundreds of houses for sale in my price range but after looking at five listings they all start to look the same.
Opportunity:
So, what's a buyer to do? What if there was something between the two extremes of the hounding realtor and the humanless data flood? What if there was some human interaction on a list of choices, where realtors who go around and look at houses, can advise a client via chat or email or Twitter (!?!) on houses they have just reviewed and thought they may fit a client's profile need. No calls, just shopping and reviews. Users would log on, no obligation. Select certain criteria from a list and then let the listings come to them. They would be assigned a realtor, but the realtor would not call them, only send them a few listings a week, some with a real-time comment like "Just reviewed this property and it looks like it will go fast", "This is a foreclosure and is 20% below market values in this neighborhood". Based on time, the online realtor will start to learn what a client is looking for by giving them data. When the client wants to move, it is in their hand to do so.
Please comment on this, all comments are viewable by everyone. If the idea stinks, say it does (and why). If it has merit, why and how would be it be?
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This sounds like what Redfin is trying to do, and it isn't going very well. The net if fine for general research, but I think the most people, when they are ready to buy, will want to engage someone who knows all of the inventory, along with it's pros and cons, where listings are that aren't even in the MLS yet, etc.. Also, when it comes to negotiations and avoid legal mindfields, the smarter buyer will engage a professional. Do it yourself sounds good in theory, and some folks will do it, but most realize that they want the handholding
ReplyDeleteAlso, most agents that I know, will put a home shopper on an email hot list, and if the shopper doesn't want to be called until they are ready to go, the agent is fine with that.
My wife's a Realtor. Not sure she wouold want to work with someone she can's see and talk to. Often what an ideal house is for a buyer is only become clearer as they've spent more time with a Reator looking at houses. I know of a number of situations where the house someone actually bought after working with them for a while was NOT at all what they described at first.
ReplyDeleteInteresting concept...and the one that those of us who are successful Realtors, have used for many,many years.I mean the "something between the two extremes" part. As far as just emailing a few listings with a quick comment: you can sign up for that on nearly any real estate website...no obligation.
ReplyDeleteI find it curious that some buyers today feel they should be under no obligation to 'engage' with someone from whom they want expertise, advice, knowledge, integrity and analysis. I should use my extensive resources, hard earned knowledge and precious gasoline to drive around evaluating homes for someone who won't talk to me or give me more than a twitter contact? No thanks.
Buyers need to understand that they have an obligation to do their due diligence when choosing an agent. If you don't like me after a mutual interview in which you SHARE your goals, I will even help you find one you do like. Real estate is about relationships and we don't all get along perfectly. No big deal. But you cannot abdicate your responsibility to engage in honest discourse with a professional and then say we all stink. The internet offers unbounded INFORMATION, as it should. Once you get to the point where that information needs interpretation, you are now obligated to engage, with integrity, the person from whom you would like the analysis.