Comments on: Can the Web Save the 6% Commission? http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission Internet, Web 2.0 and Real Estate Marketing Sun, 21 Mar 2010 02:08:12 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: hkfashionmall http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission/comment-page-1/#comment-27250 hkfashionmall Wed, 13 May 2009 23:44:59 +0000 http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission#comment-27250 As far as marketing online, man real estate professionals need to wake up if they aren’t focusing on being online as a major part of their strategy As far as marketing online, man real estate professionals need to wake up if they aren’t focusing on being online as a major part of their strategy

]]> By: PHP Developer http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission/comment-page-1/#comment-24405 PHP Developer Wed, 24 Sep 2008 23:12:41 +0000 http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission#comment-24405 I've worked with several agents and find most are order takers. The real value they could have they did not possess - knowledge of the market. I would say I want this and they would provide a list. I would go look at the properties and when i found something I liked they would open the door and let me see the property. Not much value added service for $9,000 - 12,000. I’ve worked with several agents and find most are order takers. The real value they could have they did not possess – knowledge of the market.

I would say I want this and they would provide a list. I would go look at the properties and when i found something I liked they would open the door and let me see the property. Not much value added service for $9,000 – 12,000.

]]> By: Michael Ranger http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission/comment-page-1/#comment-23667 Michael Ranger Fri, 12 Sep 2008 03:18:40 +0000 http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission#comment-23667 Fantastic post and I will add you to my blogroll. One point you touched on that I feel is very key for any seller. Is what percentage of traditional MLS listings provide top notch service? The other point to make is while 80% chose to use an agent. What percentage of those agents or Flat FEE listings were 4% or less in fees. We always here statistical numbers like 88% of homes are sold on the MLS. Well we never hear what percentage is Flat FEE or discount. I will have to look into the CR study in greater detail. Fantastic post and I will add you to my blogroll.

One point you touched on that I feel is very key for any seller. Is what percentage of traditional MLS listings provide top notch service? The other point to make is while 80% chose to use an agent. What percentage of those agents or Flat FEE listings were 4% or less in fees.

We always here statistical numbers like 88% of homes are sold on the MLS. Well we never hear what percentage is Flat FEE or discount. I will have to look into the CR study in greater detail.

]]> By: Stan http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission/comment-page-1/#comment-23434 Stan Tue, 26 Aug 2008 14:01:49 +0000 http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission#comment-23434 Chris, Thanks for adding a most significant aspect of an agent's value. All the talk about internet marketing ignores major components of what an agent does. We are professionals which means we apply education, experience and judgement to the real estate process to help the client get the best results. Getting someone to make an offer on a listing is barely half the battle, yet sellers don't understand that until they've had a failed contract negotiation or a deal fall through on a variety of details. Also, on the internet marketing comments of CR, I'm a Century 21 manager and familiar with the system. I suspect all of the majors are like us in that all listings must be entered into the corporate system. Part of that system places the listing on the corporate web site. MLSs also feed to various web sites. CR said they interviewed readers who were buyers and sellers, not agents. I suspect that the problem lies in agents not explaining what they are doing for the clients. CR even said that 75% of KW and Prudential agents (and 67% of RE/MAX agents) helped negotiate the terms of the sale. That just sounds like someone didn't understand the question. How does a full service agent not help negotiate the terms of the sale? I've seen many occasions of media reporting where the reporter tries to become an instant expert on a subject and manages to miss significant details due to lack of depth of understanding. I think the CR article is suffering from this. Still, we've got to ensure that our clients and potential clients understand why we price our services based on value as we do. There will always be do-it-yourselfers and those looking for a discount in any business. Real estate is no different from others. Look at the tax preparation business for parallels starting with the forms and a calculator going on up to tax specialist CPAs. Yes, you can do your taxes on-line now, too. Chris,
Thanks for adding a most significant aspect of an agent’s value. All the talk about internet marketing ignores major components of what an agent does. We are professionals which means we apply education, experience and judgement to the real estate process to help the client get the best results. Getting someone to make an offer on a listing is barely half the battle, yet sellers don’t understand that until they’ve had a failed contract negotiation or a deal fall through on a variety of details. Also, on the internet marketing comments of CR, I’m a Century 21 manager and familiar with the system. I suspect all of the majors are like us in that all listings must be entered into the corporate system. Part of that system places the listing on the corporate web site. MLSs also feed to various web sites. CR said they interviewed readers who were buyers and sellers, not agents. I suspect that the problem lies in agents not explaining what they are doing for the clients. CR even said that 75% of KW and Prudential agents (and 67% of RE/MAX agents) helped negotiate the terms of the sale. That just sounds like someone didn’t understand the question. How does a full service agent not help negotiate the terms of the sale? I’ve seen many occasions of media reporting where the reporter tries to become an instant expert on a subject and manages to miss significant details due to lack of depth of understanding. I think the CR article is suffering from this. Still, we’ve got to ensure that our clients and potential clients understand why we price our services based on value as we do. There will always be do-it-yourselfers and those looking for a discount in any business. Real estate is no different from others. Look at the tax preparation business for parallels starting with the forms and a calculator going on up to tax specialist CPAs. Yes, you can do your taxes on-line now, too.

]]> By: Sarah Taylor http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission/comment-page-1/#comment-23428 Sarah Taylor Mon, 25 Aug 2008 18:47:03 +0000 http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission#comment-23428 RealEstateCafe is right on the money and I've been preaching what they are stating for a long time. As a part of Generation Y, the realtors in my town do not embody the standards I would want in an agent and I truly believe that it will be the younger generation to turn things around and bring a new solution on how property is bought and sold. I laugh when I see the e-Pro designation because I know that I could be a way better "e-Pro" than any of the agents in my town and I didn't pay $300 for the stupid designation. RealEstateCafe is right on the money and I’ve been preaching what they are stating for a long time. As a part of Generation Y, the realtors in my town do not embody the standards I would want in an agent and I truly believe that it will be the younger generation to turn things around and bring a new solution on how property is bought and sold.
I laugh when I see the e-Pro designation because I know that I could be a way better “e-Pro” than any of the agents in my town and I didn’t pay $300 for the stupid designation.

]]> By: Giancarlo Gonzalez http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission/comment-page-1/#comment-23425 Giancarlo Gonzalez Mon, 25 Aug 2008 03:51:16 +0000 http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission#comment-23425 We run a broker/fsbo web portal in Puerto Rico, serving over 400 brokers and totaling over 10,000 listings. We also serve the MLS for Puerto Rico... The "craigslist" of Puerto Rico has hit hard on a lot of brokers, but that didn't keep 70% of transactions from being broker based! This, like every other industry, is reinventing itself and brokers who evolve with it will do fine... Rates may be lower (Puerto Rico avg. 3-4%) but hasn't the Internet done this to every industry? Appraisers - automations such as zestimate have reduced the need for their services... Other industries - Recored Labels - they have suffered with digital, piracy, itunes, etc. And are now relying on concert revenue... What about music teachers? You can find any guitar / piano lesson on YouTube... want to learn a song? Look it up, i'm sure it's there... My point here is simple: This industry will do fine, it just has to reinvent itself... A lower commission only replaces lower advertisement costs - newspaper classifieds were much more expensive than today's web - and that should balance out a lower commission... It saves money accross the board for the consumer, but it's not the Realtor getting hit - it's every industry the Internet has reinvented... We run a broker/fsbo web portal in Puerto Rico, serving over 400 brokers and totaling over 10,000 listings. We also serve the MLS for Puerto Rico…

The “craigslist” of Puerto Rico has hit hard on a lot of brokers, but that didn’t keep 70% of transactions from being broker based!

This, like every other industry, is reinventing itself and brokers who evolve with it will do fine… Rates may be lower (Puerto Rico avg. 3-4%) but hasn’t the Internet done this to every industry?

Appraisers – automations such as zestimate have reduced the need for their services…

Other industries – Recored Labels – they have suffered with digital, piracy, itunes, etc. And are now relying on concert revenue…

What about music teachers? You can find any guitar / piano lesson on YouTube… want to learn a song? Look it up, i’m sure it’s there…

My point here is simple: This industry will do fine, it just has to reinvent itself… A lower commission only replaces lower advertisement costs – newspaper classifieds were much more expensive than today’s web – and that should balance out a lower commission…

It saves money accross the board for the consumer, but it’s not the Realtor getting hit – it’s every industry the Internet has reinvented…

]]> By: Realistic Seller http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission/comment-page-1/#comment-23421 Realistic Seller Sat, 23 Aug 2008 00:10:40 +0000 http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission#comment-23421 Curious as a seller how agents syndicating my listings to free sites (free because they need my house and everyone elses as content to make money from ads) is supposed to make me want to pay them 6%? 6% on a half million dollar home is a lot of money if all I get is useless sites that have less than 1% penetration in most markets. Sellers will soon realise that agents bring no value and are certainly not worth 6% with the cheap valueless marketing they offer. Curious as a seller how agents syndicating my listings to free sites (free because they need my house and everyone elses as content to make money from ads) is supposed to make me want to pay them 6%? 6% on a half million dollar home is a lot of money if all I get is useless sites that have less than 1% penetration in most markets. Sellers will soon realise that agents bring no value and are certainly not worth 6% with the cheap valueless marketing they offer.

]]> By: Internet Marketing for Real Estate » Week in Review Overload http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission/comment-page-1/#comment-23419 Internet Marketing for Real Estate » Week in Review Overload Fri, 22 Aug 2008 19:34:39 +0000 http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission#comment-23419 [...] Burslem gives the Consumer Reports real estate study some thought on Future of Real Estate [...] [...] Burslem gives the Consumer Reports real estate study some thought on Future of Real Estate [...]

]]> By: Steve deGuzman rehava http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission/comment-page-1/#comment-23418 Steve deGuzman rehava Fri, 22 Aug 2008 19:04:41 +0000 http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission#comment-23418 We are an alternative Broker in Charleston, SC. We have positioned ourselves as a Client focused Broker by having all of our agents on a salary and focused on the customers cycle of service. Our clients love us and our competition loathes us. We use Bleeding edge technolgy including live chat programs, CRM, IDX and list management. No one in town does more than us for our clients. We reward our clients with a rebate of 50% our buyers commission AND expert negotiation skills, as well as expert knowledge of the market areas. It amazes me to continue to hear about all you get for 6%. If you buy your next home from us we sell yours for free AND rebate your next purchase of 50% of commission. We do all of our media in house. Every home gets a full video www.225delahow.com, professional photos (hi res). We think our concept is the future of real estate. We are an alternative Broker in Charleston, SC. We have positioned ourselves as a Client focused Broker by having all of our agents on a salary and focused on the customers cycle of service. Our clients love us and our competition loathes us.

We use Bleeding edge technolgy including live chat programs, CRM, IDX and list management. No one in town does more than us for our clients.

We reward our clients with a rebate of 50% our buyers commission AND expert negotiation skills, as well as expert knowledge of the market areas.

It amazes me to continue to hear about all you get for 6%. If you buy your next home from us we sell yours for free AND rebate your next purchase of 50% of commission.

We do all of our media in house. Every home gets a full video http://www.225delahow.com, professional photos (hi res).

We think our concept is the future of real estate.

]]> By: john http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission/comment-page-1/#comment-23413 john Fri, 22 Aug 2008 03:00:24 +0000 http://www.futureofrealestatemarketing.com/can-the-web-save-the-6-commission#comment-23413 blogging and putting videos on youtube are both great marketing tools and strategies but there s a problem - we need to wait for them to met us in person. some realtors hate what other clients will do , clients or searchers online try to inquire from one website to other website . it brings conflict blogging and putting videos on youtube are both great marketing tools and strategies but there s a problem – we need to wait for them to met us in person. some realtors hate what other clients will do , clients or searchers online try to inquire from one website to other website . it brings conflict

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