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Are Real Estate Agents Threatened by Online Access?

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cstanley4039

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All these real estate agents must be very threatened by the new online market.

I can understand why agents were necessary in the past--when information was not so easily available to the consumer. Now though, with the internet, what role other than "taking the place of a gps navigation system" does the agent really serve for the internet savvy buyer/seller? Most of us are very capable of taking pictures of our home, posting the information on the MLS, negotiating a price and hiring a lawyer for the contract. I know the realtors will all argue that we can't negotiate...please. With websites like Zillow, we have access to comparables sales, and if you've lived in your neighborhood, you likely will know how houses are selling.

I guess it really comes down to....do you choose to pay $15,000 to $30,000 for a glorified gps navigational system/MLS and an expensive listing or do you get on the internet, list on the MLS, buy your own personal GPS navigational system and spend the remaining $27,000 on pina coladas in Pueto Vallarta. You wouldn't pay for a travel agent for that trip (like you would in the past). Real estate agents....travel agents...they are all going the way of the dodo :)
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July 19 2007 - US
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Carrie R

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Zillow is not completely accurate. Your neighbors often inflate the price of what they really got. I can't tell you how many times someone has said to me so and so got this much for their house and I have had to correct them. Also, they may have gotten say 525,000 but they fail to mention they gave 20,000 in closing costs. Agents are trained negotiators. The more you practice something the better you get. When your told not to be home when your house is being shown, it is not only because it may make the buyer uncomfortable, it's also because we don't want the other agent talking to you and "feeling out" your position. You may not even realize that the innocent answers you are giving are helping that agent develop their negotiating strategy. It's better to not have to answer any questions and refer them all to your agent which you can't do if you are there. This could cost you money in the end.
For Example:
You've been transferred and you need to sell quickly. Your home for a showing and the agent or potential buyer says "so what made you decide to sell" and you say "oh, I've just been transferred across country". Bingo...you need to sell in a short timeframe and may take a lower offer to get the deal done. The buyer may be willing to pay more than what they are offering but may stick because of their knowledge of your situation and hope you will be the one to bend. As your agent we are not legally permitted to give any information about your situation unless you have specifically told us we can share it. Have you ever been asked a question you didn't want to answer and you say " oh I'll have to check with my boss" or whomever. It not only gives you time to come up with a well thought out response, it also takes you off the spot. That is one of the many values of having a Realtor.
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July 20 2007
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Kevin Lake, "AZ Homes"

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I guess you could ad college to the list, you can go online and learn everything from the internet instead of a classroom, Might as well add elemtary and Middle and high school to that list, and add television news, why pay News Anchors whatever when we could get the news from the internet!, And really no need for real banks any more everything can be handled with the internet. And why those Stupid Verizon stores out there we do not need those sells guys as we can purchase all those phones on the internet.

I truly dream of the day when the internet can do everyones job, you see it would be fun to spend more time with our family, and friends, everyone would be more equal because nobody would have a job, we would have plenty of time to spend our income on ( wait we would all have no income) That would be better a much better for everyone to be equil!

I am an AGENT and I am not threatened I like the oppurtunities that using the internet allows me, It allows me to participate more in different ideas, but I wrote above because you can look at any job the internet is involved with and think it is a threat, but things are always different than they appear.

"I have this idea though for the evening news, Email me if you want to here it!

Good luck have fun!
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July 20 2007
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greg1231

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Unfotunately, agents do give out information about the buyers and sellers. It may not be legal, but it is done.
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July 21 2007
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Kary L. Krismer, "Krismer"

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I'm not going to argue that having an agent is always better, because obviously some agents are better than others.

That said, the average person (buyer or seller) simply doesn't have the same quality of tools that an agent has to find comparables or listings. They also don't have the experience to know what items are important that might limit value.

But beyond that, there can be legal issues that come into play. For example, not having a contract and forms that properly deal with lead based paint can lead to legal exposure. In Washington, using an agent provides a partial shield to liability for erroneous representations which you aren't going to get if the seller and buyer deal directly.

Even so, I've seen some great FSBO results. I was just going through a house last week were the buyer bought it two years ago in a FSBO transaction. The property had been listed through an agent only a couple of months earlier for over much less than he paid. The house is still barely worth what he paid, even though around here we've had double digit price increases every year since. The seller did very good there without an agent, although the buyer obviously didn't do well!
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July 21 2007
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Tuckerton

Little Egg Harbor

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"All these real estate agents must be very threatened by the new online market." I'm not threatened! I pay for a few web sites and they are a great source for buyers. Maybe, as much as advertising in a "free" home magazine. If you can do it on your own - good. I am here for those who can't or won't do it on their own. It is a people business and all real estate is local. Don't spend so much time worrying about my career. I'll be fine, thank you.
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July 21 2007
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Randy Henderson, "Randy Henderson"

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It is always interesting to hear from people that think that the internet will solve all of their problems.

Most people feel that the internet empowers real estate buyers. It does - to a point.

However, many buyers overuse the internet when looking for a home, and that is a huge mistake. Every day I have buyers come in and want to look at 3 houses that they saw on the internet. They also want me to throw away the papers they pulled up on 15 others that they decided against.

They are making that decision based on a photograph and a description.

Now, I have been in almost evey home that I throw away - some several times. Many are great homes - with bad pictures.

Buyers that shop for a home the way they shop for a sweater in a J Crew catalogue are making a huge mistake. There is absolutely no substitute for hiring a Realtor, and using their time and expertise to actually look at all of your options and make sure that you are making an educated decision.
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July 23 2007
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Michael Kovaleski, "realtymike"

Real Estate Agent
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In the end, We (Realtors) will need to embrace and become part of the electronic housing market. It will try and replace us, and it will fail. It can not do what we do.

No electronic medium is gong to replace a Professional that is constantly furthering his/her education and striving to get cleints what they want.

We need to look at it as another valuable tool. The Internet can save us time, money, and bring us new clients.

My 2 cents.
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July 23 2007
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Seller's Realty Group, "Sellers Realty Group"

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The online market is presently little more then a model for sucking upfront cash out of uneducated sellers.

There is about as much competition from online real estate as ther is with FSBO's little or none, as most of these people would not have sought professional representation anyway.

The fact remains is that for those agents who can embrace the technology advances and increase in real estate related internet site, the greater our ability is to market the homes we have listed.

At Seller's Realty Group we are very much in favour of all the new sites such as zillow and trulia etc as they provide wonderful avenues to increase exposure for our litings.

Even in the slowing market when buyers are scarce we have seen a decrease in our average marketing time, which we contribute to the exposure provided from our dedication to the internet as our main marketing medium.

So for us, the internet explosion is positive, unfortunately for the uneducated or easily misled it is a medium for them to be sucked dry by internet based businesses that take upfront fees, because when a home does not sell 7% of nothing is nothing.
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July 23 2007
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Charlie Mader, "chasmader"

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"All these real estate agents must be very threatened by the new online market."

What have you been smoking?
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July 27 2007
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Bubbleburst

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How hard is it to become a Realtor? Doesn't seem very hard. These guys say they aren't threatened yet spend all day on the internet trying to convince you otherwise. I can call my broker now and buy a million bucks worth of GE for 35 bucks. Yes, that may be apples to oranges but come on guys. What skills do you really have. Drive someone to a house point out where the bathrooms are. Hook you up with a mortgage broker who is gonna do you once over. Face it. Every one hates you guys.
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July 27 2007
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Randy Henderson, "Randy Henderson"

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Are you sure you aren't Joanna?
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July 27 2007
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Randy Henderson, "Randy Henderson"

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Online marketing has virtually eliminated people that had me open the house, then admitted that they really "just wanted to see the inside".

It lets browsers see what they want, and allows sellers to show their homes without the inconvenience of opening it to buyers who really aren't interested.
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July 27 2007
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RanWiz

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I am a FSBO - and have not yet sold my home. Wakefield, MASS - might be different elsewhere. I get 50% of my prospects/showings directly from my SIGNS (no broker or cost or nothin'!). The other 50% have nearly all been buyer's brokers looking for the 1.5% I've offered them as part of the MLS listing agreement. I've been assured that a higher % would have brought more brokers out of the woodwork. THE POINT> all the online listings I have, Zillow, Owners.com, Boston.com, 4thishouse.com, homes.com, entryonly.com and others have produced ZERO leads. Obviously the brokers comming by have seen the Realtor.com listing --- that is what full service brokers might be afraid of: getting 1.5% rather than 6%. The MLS service (Realtor.com) still has the large market place where most folks go. OH...I forgot to mention CraigsList.com = 2 leads. Think Craig's has the right idea - totally free and few restrictions, and it hopes to become THE market place (like Ebay has in its market).
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July 27 2007
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Tuckerton

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RanWiz, looks like a beautiful home. You're not in my market area. But, if you were I would show your house as a bumper (that's a sales term) house. Good Luck!
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July 27 2007
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greg1231

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I am a FSBO after using an agent. Also, I offered the buyers agent a commission of 2.5 %. I get a lot of drive bys and calls from the sign alone. I can screen by stating the price and asking if they are pre approved for a mortgage.

I listed on several free sites for exposure and one for MLS access. I used the internet to track prices, new listings , and the newspaper to compare list and sale prices. Without the internet, this would not be possible. Also, I do a lot of research about the local market and what is selling.

My real issue with realtors was security, and my house was left unlocked by several brokers. As my own agent, I have control over that issue.

When a realtor calls, I ask for a few minutes to put the dog in the kennel, or they ask for a specific appointment. A cell phone is a must as you can carry it with you and field calls right away. I stay out of the way, but I'm available for questions.

I have found realtors to be more prompt and polite and actually keep appointments. The buyers are taking a real look at the house. Yes, I've had some low bids from investors, but also I have had serious, potential buyers.

If I was a realtor full time, I would embrace the internet as another tool to facilitate and satisfy my clients wishes. As one realtor mentioned, pictures on the web do not always show the real house. In person viewings are important and give you the best vantage point of the home.

As a lay person, this is my opinion.
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July 28 2007
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greg1231

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I forgot to add that the city on line data base of all houses is another great tool.
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July 28 2007
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Charlie Mader, "chasmader"

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If you've been through several Realtors and you are now trying to do it alone and it's not working it sounds as though the defect is with the home and not the representation. You might want to consider staging and repainting to change the look of your home.
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July 30 2007
 

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