We have convinced the public that buying and selling ‘off-market’ properties is sexy and cool, and the high-end agents in Los Angeles took it a step further to create a website to share listings privately.
The PLS.com has 476 listings so far!
I’d expect some quirky things about a database that isn’t restricted by the usual MLS rules, but they have kept it very simple. The best part is that they have the ability to email a copy of any listing to buyers, which is helpful and feels like a regular MLS. Agents can create their own hotsheets, search by radius or map, and upload new listings quickly.
While there could be anti-trust implications if it gets to be a dominant device within the industry, an agent-owned MLS club has several huge advantages:
- We depend on crappy-MLS companies now – no more.
- A high membership fee would be a barrier for marginal agents.
- Zillow would depend upon agent-uploading of each listing (if needed).
- Redfin’s website would be toast.
- For-sale-by-owners could get frozen out.
- No need for N.A.R. or C.A.R.
- It preserves the cooperation between agents.
It looks like heaven.
Heaven for you. But how is this good for clients?
But how is this good for clients?
Clients would have to rely on their expert agents for advice. If they were curious enough to search out the housing data, I’m sure it would be available after the sales are closed.
Let’s face the facts.
For all my ranting and raving about how ethical realtor behavior is the best thing for clients, I am losing the battle. In fact, I’m getting trounced.
You don’t hear any real estate authority talking about ‘Coming Soon’ or ‘Not on MLS’ listing practices, and if you do, it is in favor of doing it more. Yet those are bad for buyers and sellers.
The residential resale market is screaming towards single agency, just like the commercial-RE model.
In the future, we will put our OPTs on a website like Loopnet only if we can’t find our own buyer. It is how it works on the commercial side now, and always has.
I don’t like it – it isn’t good for anybody – but it is what it is.
Like everything the market will determines if it succeeds.
Like everything the market will determines if it succeeds.
You may want to re-think that one. We’re talking about agents controlling how the market works.
You know me. I’m not going to be on the short end of any asymmetric transaction. You also know I am not a typical RRE client. I’m thinking we should develop and start selling an online course for potential buyers and sellers to educate them on the ever growing list of things to know when transacting in real estate.
Yeh, but imo, you need to presume people taking the course are smart enough to understand and apply it in the first place. I can tell you have to navigate a shell game, but if you can’t contain your emotions, or keep in mind the elements, in real time, necessary to beat it, even though you “understand” it, you will be handing your cash to shell boy regardless.
Remember the old saying, “the only thing that guy will understand is a good ass-kicking…” That applies to many every newb’s in real estate. You can trade abstractions with them, they’ll nod their head, and proceed to get their asses kicked. I’ve watched it happen time and time and time again.
“You knew it was wrong to do that…”
“Yes…”
“So why’d you do it?”
“I wanted it! I just… wanted it!”
‘So now you’re paying an extra 20K… with interest… for no reason… because you wanted it…”
“Why are you being so NEGative! I have a house! Stop it!”
” m’kay…”
I’m thinking we should develop and start selling an online course for potential buyers and sellers to educate them on the ever growing list of things to know when transacting in real estate.
Let’s do it!
Between our two blogs, I think we have a good foundation – but here I don’t reveal most of the nasty illegal stuff that I see every day that could really benefit the consumers.
“selling an online course for potential buyers and sellers to educate them”
This sounds an awful lot like the “info security awareness” training that clients pay me a lot of money to create and implement. I have come to the conclusion they don’t work. Human behavior seems very resistant to change by academic style training. Especially those behaviors that are infrequent (like buying a house) or those people don’t consider core to their lives (like managing passwords). Marketing people of course have known this for a long time, but this realization is only seeping out slowly into other areas and disciplines. A more effective technique has been called the “nudge.” a small change presented in just the right context that can have a surprisingly large effect (like a Coke commercial). The book “The Nudge Unit” chronicles a department of the UK government that successfully applied this technique to things like improving payment rates for taxes. It would be interesting to try applying “nudges” to selling real estate.
It would be interesting to try applying “nudges” to selling real estate.
Get Good Help!
“Human behavior seems very resistant to change by academic style training. Especially those behaviors that are infrequent (like buying a house) or those people don’t consider core to their lives (like managing passwords).”
I thought I said that? Your corporatese, seriously, is top notch!
Free will is an illusion. Under pressure, people manifest their habits, and rationalize it after the fact. Acting out of pure reason based on accurate estimations of cause and effect is unpleasant for most people. People vote on feelings.
“Get Good Help!”
Exactly! Accurate, functional objectivity is like having super powers. For the average joe, when you’re buying a house, leave yourself alone, and bring Soopey with you!