CNN news about Real Estate Blogs

[homebird]

CNN news and summarized by abodeblog.com:

Tech trends in real estate
January 10th, 2007

Not only are real estate internet tools getting better but websites that allow citizen journalism,
social networking, and user generated real estate content are
enabling consumers to gain more power and reducing the need for real estate agents.

1. Free listing and valuation websites.
2. Real estate blogs.
3. For sale-by-owner websites.
4. Discount or fee based brokers and brokers that give buyers rebates.

[noobdogs]

a world without real estate agents...oh my!!

[Youshouldown]

You can also purchase a haircutting kit at your local drugstore. I don't see salons going out of business.

[noobdogs]

you have to remember that real estate brokers are paid for negotiating deals between sellers and buyers. there will always be a need for a third party in most transactions. not everyone wants to handle these types of situations. real estate agents provide comfort to sellers and buyers, not to mention a much easier way for them to sell and find houses to buy.

the internet is just another tool that real estate agents are adjusting and using effectively.

[viavirginia]

1. Free listing and valuation websites.
2. Real estate blogs.
3. For sale-by-owner websites.
4. Discount or fee based brokers and brokers that give buyers rebates.

No way! Now I can say that I have been back and forth through the blogosphere a few different times, but the actual real estate consumer has not really established a presence on this type of platform yet. I think we are ages away from any major movement regarding the agent acually become less important.

[noobdogs]

well since i'm getting my real estate sales license i sure hope that re's will be a relavent resource for home buyers for the next few years at least...

:D

[Deana]

I'm not sure which expression applies here:

1) Nothing is ever really free or
2) You get what you paid for

Free listing services do not put homes in the MLS where agents search. Consumers may search through the thousands of sites out there in the "free" category, but they soon learn that Realtor.com is fed from the MLS.

The forsalebyowner sites are not very prompt with removing listings that have sold and therefore are unreliable.

And the services that say they will put a home in the MLS for a nominal fee - well - there are many MLSs. I'm in SE Michigan and we have over 4, so getting in one doesn't mean it's in the one you want. Not all allow non-member listings.

The future of Realtors is still intact

[duru]

i think there'll always be a need for agents and brokers...i dont think these sites (mine included) are out there to take anything from anyone. Everyone will eventually find a way to work together and co-exist. We are currently working on programs that RE Professionals and FSBO will get to benefit from. Yes, the industry is changing. But with change comes opportunity...

[BGInvestor]

I think there will be always new Realty sites that will try to supplement the established Real estate web sites.
But the role of the agents and brokers could not be replaced by FSBO web sites. And do not forget that there is nothing free in the world. Even "free" listings are not free and somebody is paying for them.

[northcaptiva]

In this slow market, you really must work to sell a house. Very few FSBOs seem to have the work ethic and marketing to stand out in times like these.

[reliant]

Sites like realtor.com and zillow are cool but I'd still use a realtor to handle the details.

[jimingersoll]

Which Real Estate sites have the best link exchange available?

Jim

[Bobbygunn]

In this slow market, you really must work to sell a house. Very few FSBOs seem to have the work ethic and marketing to stand out in times like these.

Likewise for realtors. Nowadays, too many realtors on the market without marketing skills.

[JChristin]

Residential real estate licensees will always be in demand. The way business is conducted in this sector will always experience profound changes. But this is a good thing. It may help to sort out the "trash" who filter in from the serious professionals who work hard on behalf of the clients best interest.

[waynelong]

I think that it is great to keep the free market system going! Here are some advantages to local Realtors.

1) The national sites do not have the detail that my site does. I have the most advanced map and search system in the Columbus Ga (http://www.realestateeasyas123.com/idx/)area. Realtor.com has 1 picture per listing (Hee - Haw!).

2)I know our local market - National sites don't.

3) We negotiate about 100 transactions per year. A FSBO negotiates 1 per 5 years. Who do you want doing your negotiations?

4) You wouldn't do your own knee surgery would you? Do you want to sell your most valuable asset?

Just food for thought. Wayne

[pistol]

With all the new development in downtown LA, it is a great place to invest in, even with the uncertainty in today's market, downtown LA seems to be immune to it.

[AmherstIsland]

"You can also purchase a haircutting kit at your local drugstore. I don't see salons going out of business."

I like that analogy, perhaps its survival of the fittest.

[TheHiltonHeadSpecialist]

It is certainly survival of the fittest. Last sales meeting we had the following story:

In Africa each day the zebra wake up, they know that they must run faster than the slowest lion or it will be eaten. Each day the lion wakes it know that it must run faster than the slowest zebra else it will die of starvation. Not only is this true in Africa, it is true in real estate, when you get up, you better be running.

:eek: ;) :eek: ;)

[elained]

You can go on those mls link up sites as a buyer...but they do not provide the sq footage , days on market etc...a licensed agent has that info

[elained]

It seems to me like the market is not all that slow

[waynelong]

It is slow here for the time of year. We are still busy but not like we would expect in July.

[ER Rentals]

I'm looking forward to when this R/E blog comes online. It'll be interesting to see how that goes as there's not many out there...

[Blue_Pearl_Granite]

In this slow market, you really must work to sell a house. Very few FSBOs seem to have the work ethic and marketing to stand out in times like these.
And those paper/cardboard signs are horrid looking. Your not going to get top dollar with that desperate image.

[getrich35]

I agree we will always need a third party to help
us do thing we do not know about and also learn
at the same time

[JJohnson1985]

If someone purchases property, based only on online data (let alone the negotiating, paperwork, ect.) then they deserve what they get.

I do agree that the "no more real estate agent needed" era is far from here, if it ever comes. There is too much you need to know to make an informed, good decision. When you look at the time needed to learn the market, laws, contacts, marketing options, costs, lenders, title companies, inspectors, appraisers, ect., is it worth 6% of the sale price? I believe that most people would not do this just to complete one transaction, and possibly the last for a personal home that you plan to live out your days in.

I think the internet is a great tool to use by everyone, but it is not the one and only tool needed.

[alex aguilar]

There will always be a need for agents, we aren't going anywhere anytime soon!

[RobM]

Every industry goes thru changes ad must adapt to stay competitive. Real Estate is no different. Adapt or get out of the business

[Cisco]

Whether you are in real estate or another field, you will continue to thrive as long as you add value to a transaction. The method for adding this value will change, but the concept will not.

Cisco

[brianlaughlin]

I don't know what the future holds for our industry, but I am confident that the ranting of big companies to disintermediate the real estate agent has not come true.

However, there are huge trends that are taking place and we do need to adapt.

Producers will always continue to produce, but the industry in general is hurting.

Look at some of the stats:
About 80% of new agents fail within 18 months.
The average agent will sell 4 homes per year with 1/3 of them not selling anything.
Brokerages are no longer profitable and need to have ancillary services to make up the difference.
Our public view unfortunately isn't very high and we rank on the bottom 25% in surveys for professional services.
Somewhere around 75% of buyers will look for properties online prior to making contact with an agent.

My 2 companies alone have recently defended 4 commission disputes with other real estate firms where our agents had signed buyer's agreements. Would seem like a no brainer, but the lack of professionalism is mind numbing.

This is still a people business and no pure tech play will replace that anytime soon, however, there are some very real problems in our industry that opens it up to new business models.

Something to think about.

[Jim B]

ok, I read most of this thread and it is for the most part off topic. At least in my experence the real estate blog and what ever it evolves into is here to stay. It is a great way to get lots of great information out to the public over time, and show your expertise on various aspects of the market and the towns that you wish to do business in. I personally can count 5 transactions which are related to blogging.

Jim

[billnad]

I know that this post has really gone off topic but I have to agree with most posters, Realtors are still going to be around 10 and 20 years from now.

If I want to buy or sell a house I do not think that there is really any choice but to have a specialist deal with it. We all use specialists in many parts of our lives and if your read the book "The world is Flat" you will also see the idea that although people are becoming more and more global in the way that they relate to their services, it is the specialist that makes the deals.

Also we are looking at a big contraction right now throughout the industry. After this shakeout all of the Realtors in my opinion will be deal makers and very social business people. This will raise the respect of the industry.

[soldbychris]

Does CNN or other media ever know what they are talking about. They step out of their glass bubble, ask a few questions go back and write a story to help ratings.