Why Real Estate Agents Have Good Reason To Fear The Web

from the marginally-useful dept

There have been a number of stories lately about real estate professionals lashing out against online real estate services like Zillow and RedFin, which are seen as threats to their traditional business. A new study done by two economics professors sheds some light on why they might be feeling embattled. In an examination of the housing market in Madison, Wisc., the pair found that homes sold using brokers did not fetch sellers any additional profits after commissions were taken out. What makes Madison interesting is that it has a thriving website of for-sale-by-owner homes, so sellers there don't have to do much legwork if they want to sell on their own. This means that real estate agents may still add value in communities where such services aren't popular, but it's value that could disappear as services like RedFin startt to take hold. Thus the agents' fear seems to have a legitimate basis, and their behavior conforms nicely to the rent-seeking tactics exemplified by similarly organized professional groups.

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  1. identicon
    oc_boomer, 9 Jun 2007 @ 10:46am

    Real Estate Agents are like car salespeople

    They lie, and steal other listings and they are not people who work hard. In the middle? In the middle of what? A rock and a hard place. The rock solid owner of a property and the hard working buyer that needs to the best deal they can find to own a piece of property.

    A friend of mine wanted to become an agent, and an agent said he would teach her. All she had to do is get a property to sit on and he would do the rest. She did, it was in Corona Del Mar, California which is an upper class neighborhood in Orange County. She became an assistant the other day to make things easier for a broker to teach her.

    The agent who works for First Team in Newport Beach, decided this was easy pickins' and stole the deal from her by saying she would not earn one penny even if she sold the property, that he could not pay her anything even if the property sold. Well, I believe there is a thing called 'finders fee' and what he said was entirely wrong. This woman only wanted to learn the business, and this agent has pisst me off enough to ruin his world a bit by telling this story.

    He used her to find a property, and taught her nothing, yet he humiliated her while she watched him get greedy as he had never worked around anyone that had the filthy rich toys as they do in Corona Del Mar, his head got big enough for me to take this event to the Real Estate Commission this coming Monday, June 11, 2007 and I want his license on a silver platter so to speak.

    Agents are cut throat individuals who are ruthless. This man told her he had eight properties listed with First Team and she found out he has two listings worth approximately $500K each if he can hold onto them, and in neighborhoods I would never want to live in.

    He is playing with the wrong league, and now he surely has met his match.

    To make a small story short, he saw big dollars, and felt this black woman was not deserving, he is mexican, yeap, and typical indeed to say, that he feels he is better than she is, wrong. She is just a woman trying to earn a living and would have trusted anyone that would helpe her make an earnest living. He is an opportunist in a county where his type attempts to use ever person he comes in contact with, as the whites here definitely make a difference between races (I have lived in Corona Del Mar for 40 years and I see how we have evolved with this mexican thing.) and this time the 6 Million Dollar home is going to earn him a 6 Million Dollar lawsuit for First Team in Newport Beach for fraud.

    Good Luck Phillip, you are going to need it these coming days if you still have a job when I get through.

    OC_Boomer (You wish you could walk in my shoes.)

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