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re: Will technology replace the real estate agent?
Posted on 2/3/19 at 12:31 pm to Pax Regis
Posted on 2/3/19 at 12:31 pm to Pax Regis
quote:
But then what will all the milfs with no marketable job skills do for a living?
Works at Younquie Independent Presenter
Works at Plexus Worldwide Inc.
Works at Roden and Fields
0
Posted on 2/3/19 at 12:44 pm to Arkapigdiesel
quote:
Use Zillow. It's free. That's how we sold our last home. You'll still have scumbag realtor calls you. I told them they were free to show it, but my asking price would increase 3% to offset their highly inflated fees. We wound up selling it as a FSBO. Realtors, artificially inflating markets for years. They're as bad as used car salesmen
I looked up Gravette, AR. The population is just over 2k. That’s a neighborhood in my market. So you may not understand the complexities involved in major real estate markets. Just food for thought
Posted on 2/3/19 at 1:42 pm to ItNeverRains
Anybody listed a legit reason to hire a realtor yet?
All I see is the “maybe we can sell it for more,” as I don’t have that ability
All I see is the “maybe we can sell it for more,” as I don’t have that ability
Posted on 2/3/19 at 1:51 pm to PeteRose
I could see a lot of low end ones being pushed out by some form of real estate software services.
Good ones will still have a job but the last one I used for a separate purchase and sale, and the one repping the house I bought, were both either lazy or functionally retarded.
The main thing that pissed me off about mine was that she dropped the ball on an allowance of $5000 to remodel one particular room in the house which had bad carpet and needed painting.
It was balanced out by getting the seller to pay closing costs but she forgot to get the language from the listing included in the deal, meaning she effectively cost me $5k by being lazy.
Then when she sold my old house, she tried to lowball the price on it for a quick sale instead of getting what it was worth. We forced the price to what I thought it was worth then eventually negotiated a deal worth at least $5-10K over her preferred listing price.
While my actual losses were minimal, it lost her a lot of business from friends, including the one who had used her previously and then had to list their house shortly afterward.
Good ones will still have a job but the last one I used for a separate purchase and sale, and the one repping the house I bought, were both either lazy or functionally retarded.
The main thing that pissed me off about mine was that she dropped the ball on an allowance of $5000 to remodel one particular room in the house which had bad carpet and needed painting.
It was balanced out by getting the seller to pay closing costs but she forgot to get the language from the listing included in the deal, meaning she effectively cost me $5k by being lazy.
Then when she sold my old house, she tried to lowball the price on it for a quick sale instead of getting what it was worth. We forced the price to what I thought it was worth then eventually negotiated a deal worth at least $5-10K over her preferred listing price.
While my actual losses were minimal, it lost her a lot of business from friends, including the one who had used her previously and then had to list their house shortly afterward.
Posted on 2/3/19 at 2:03 pm to Bestbank Tiger
quote:
They won't disappear. But in the long run, we might see lower commissions.
This. Correct answer here. Just as the RE agent on here argued, you'll always have a need because some people want to view the property with a third party intermediary.
However, the competition raised from online apps and DIY title/sale services will reduce the 3% commission in half over the next 10-20 years. This will push a ton of RE agents out of the game.
Consider car salesmen. In the 70s and 80s there were tons of them making serious coin. Thirty plus years ago I had an uncle making $140k a year (not even adjusted for inflation) selling cars. He and his fellow car salesmen roasted customers that had none of the advantages of modern technology. Think about the prices you could charge when the consumer has no access to comparables, auction list pricing, internet quotes at a thousand dealerships at once, etc. He told me they could make $1100-1500 (in 80s money) of commission a sale. Now that margin has shrunk to $300 or less in 2019.
Given the new technology which is showing how relatively easy it is to buy or sell a house, more people will do it with the help of the internet. This will force RE margins down.
Posted on 2/3/19 at 2:05 pm to teke184
quote:
teke184
Your experiences remind me of another point I should've mentioned- you're paying a RE agent to be an ally in the fight. But they are NOT on your side. They are in it strictly for themselves. If they can make more money with a quick sale or through a shortcut, they'll do it in a heartbeat.
Posted on 2/3/19 at 3:58 pm to Pesticide
quote:
do some legally require paperwork
These dumb counts aren't doing any paperwork other than signing where the Closing Co/Title Agent tells them to.
Posted on 2/3/19 at 5:34 pm to pwejr88
I would be more specific as some really good firms do not have the Realtor logo pin on their chest. I have made several posts which you seem to have ignored.
Banks and Real Estate firms are only as good as their policies and their agents. If you can not get real service out of either you need to find a firm who will do what they are getting paid for.
Banks and Real Estate firms are only as good as their policies and their agents. If you can not get real service out of either you need to find a firm who will do what they are getting paid for.
Posted on 2/3/19 at 5:35 pm to PeteRose
A smart phone and Zillow app
Posted on 2/3/19 at 5:37 pm to ClientNumber9
To counter your argument, CarMax has a no haggle price yet they are always the highest priced out there and give you the lowest values on trade ins or sales to them. If I am going to get arse raped I at least want a place to haggle how bad it is.
Posted on 2/3/19 at 5:38 pm to PeteRose
I hope. Real estate agents are real scumbags.
Posted on 2/4/19 at 9:51 am to Lickitty Split
Broker fees from lender or increase rates spread off market cost to the lender
Posted on 2/4/19 at 10:55 am to PeteRose
Real estate agents are to selling houses what high fee financial advisors are to investing.
They both charge as a percentage of the value of the thing they sell, not as a flat fee. A $700k house and a $300k house are no different in how much work they require to perform the service. They both are incentivized to not work in your best interests.
At least high fee financial advisors didn't use the government to force you to charge a minimum percentage of the sale.
When we have bought and sold homes, we were often as or better informed on the market value of properties with the help of Zillow. 2 of our 3 homes, we ended finding before the Realtor. I remember when we went to sell one time and our agent gave their estimate that was about $30k below what we thought the value was. Turns out we were right, and they didn't know what they were doing. We got every bit of the asking price.
Agents are incentivized to make sales, not maximize price. In some situations they provide value (especially if you are new to an area), but overall they are just the beneficiary of a powerful government lobby.
They both charge as a percentage of the value of the thing they sell, not as a flat fee. A $700k house and a $300k house are no different in how much work they require to perform the service. They both are incentivized to not work in your best interests.
At least high fee financial advisors didn't use the government to force you to charge a minimum percentage of the sale.
When we have bought and sold homes, we were often as or better informed on the market value of properties with the help of Zillow. 2 of our 3 homes, we ended finding before the Realtor. I remember when we went to sell one time and our agent gave their estimate that was about $30k below what we thought the value was. Turns out we were right, and they didn't know what they were doing. We got every bit of the asking price.
Agents are incentivized to make sales, not maximize price. In some situations they provide value (especially if you are new to an area), but overall they are just the beneficiary of a powerful government lobby.
Posted on 2/4/19 at 12:47 pm to PeteRose
it SOUNDS so good on paper, but without at least some sort of reasonably knowledgeable "middle-man" can you even begin to think of the ways an app developer or platform would set it up to absolutely fleece the customer?
OR
Even better
The closing/title companies would become even more powerful, would charge more, and the consumer still gets fricked
The devil you know...
OR
Even better
The closing/title companies would become even more powerful, would charge more, and the consumer still gets fricked
The devil you know...
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