The Real Estate Agent's "Frenemy"

Gotta go and read Harry's post, but I know that we are in a very good position to be of more use to consumers than ever before precisely because of the deluge of information available to them. Who better to help them interpret and sift through all of that so that it is relevant and makes sense to them?

Great post. That is why it is essential that every Realtor is an obsolute expert at something. We are beyond the days of generalization. The consumers already have a general knowledge.

Hi Chuck...Exactly why I subscribe to your posts. 

You have gently and accurately informed us of what we all know.  We need to be open to learning and exploring new options and able to provide real value to our clients.

Well deserved feature.

Kate

I submit that one of the greatest reasons real estate agents will continue to be needed is because of information...too much information...the clients has access to so much information that they are confused and bewildered...yes there will always be a few who can go it alone, but most will not simply because of the daunting task of wading through all of the info.

We are needed now more than ever.

Mike McCann Broker

Hi Chuck -- Your insight, reflectiveness, inquisitive nature will (and already has) take you very far in real estate and life.  Those are hard attributes to employ in these challenging times.  I applaud you.  You add a TON of value to your clients.

The information is really not enough... unless you have someone with expertise to interpret it and to guide the buyer/seller.  A lot of people think just because they have a lot of information, they know how to navigate the home buying process.

What a thought provoking post. I appreciate your insight.

There is about 300 separate acts we do to create a successful transaction. The information flow from the internet can take care of many items but not all. In my opinion, the key to a successful agent is to know what not to try to control, and always remember, professionalism and being indispensible comes from being an accurate interpreter of the data. Information is a first step, but to be philosophical, meaning is what our clients need most. 

We may not have control of all the information, but we know where to get the right information and how to interpret the information.  There is also the structure of the system, buyers do not pay us and sellers need us to bring them the buyers (generally). 

Chuck-

TMI! No, not you. The consumer. They have Too Much Information, an overload. There is a difference between a RE professional that adopts a protectionist attitude (we must be the granters of information because our business relies on this privilege), and one that understands the opportunities and challenges presented by this TMI.

I have a friend in accounting. She was telling me of the very real fears of her graduating cohort, in particular, fear of the threat to business by outsourced (mainly Indian) accounting operations. This fear is legitimate, but the threat is only a threat when looked at as such. She saw an opportunity in the tea leaves, one which allows her to brand herself as a broker of sorts. She is more successful than at least 75% of her graduating cohort. Funny how that works, huh?

Knowledge is always power, and while we can't always know everything....the more we do know about our industry, the more value we bring to our clients!

Something that never seems to get mentioned ... when everyone talks about information that is so "readily available" to the public ... so that they do not need the "services" of an experienced Realtor ... is WHERE DOES THIS INFORMATION ORIGINATE FROM.

Other parts of the country may be different, but in Connecticut, all information available to the public on consumer sites such as Realtor.com originates from the MLS system.  Where and how does this information get to the MLS system ... from Realtors who input the information (after hopefully verifying all information from town hall records and deeds).  Who updates all the closed sales with actual sales prices onto the MLS ... Realtors. Also, who pays for this wonderful and extremely accurate database of information on the MLS ... why Realtors again ... through the numerous fees they pay into a system that has been built to house this data.

If Realtors did not exist, where would this information that is available to the public in the blink of a keystroke come from?  Who and what group would begin to check public records daily to update this information.  Would we then not be left with systems and internet sites with as much validity and accuracy in determining market value as Zillow.com.

The public has this information available because Realtors exist to input and pay to support the existence of the originating database.

This does not even begin to touch upon the value of the services of a Realtor in terms of experience, negotiating, knowledge of areas, conditions, recommendations to services such as mortgage brokers, inspectors, pest control companies, electricians, plumbers, surveyors, etc.

And yes, how much risk is reduced to both buyers and sellers when experienced Realtors are involved on all sides of a transaction.

Then, we can expound on the emotional side of the purchasing and selling of Real Estate, which can not be summarized or categorized on Internet sites or by attorneys or by transactional facilitators on courthouse steps.  We need to remember that so much of a real estate transaction is EMOTIONAL ... on both sides of a deal.  We are dealing with real people that are selling their real home for a myriad of reasons ... some times happy reasons and sometimes devastating reasons.  We are also dealing with buyers that have lots of emotions (as well as well-intentioned family members "protecting" their interests) going on as well.

Just some thoughts ....

Hi Chuck....I read the post and the comments and agree with a common thread that runs through.  INFORMATION OVERLOAD.  If we feel that way sometimes, think of how the non-professional must feel.  I think they gather all they can so when they come to us, they can better judge our knowledge and sincerely.  Good post, nice star :-)

We are important . . . and here's why:  A listing my buyer clients wanted went pending very soon after being listed.  We weren't the ones it went to, unfortunately we had only begun to look at properties and the buyers didn't want to listen when I told them "A good house, in a good location, priced right will sell."

One week after we toured the home they really like, it went PENDING. 

But I watched the listings, and the BOM (back on markets) and when that property fell out, I was all over it.  And . . . we just had an offer accepted on another property, and I had seller's counter in my hand.

Without me watching the listings, the BOM's, the price changes . . . my clients would not be living where they are today -- in the home they wanted, which almost got away but didn't!

You have written a very good post here, and I concur that sometimes our readerships is fellow agents, however, I cannot agree with you more that we are becoming more educated and informed here.l

What value does the real estate agent bring to the experience?  This is the most important phrase to buyers.  No value, get out of my way and I'll find out the information myself or from someone else.

What then is the biggest threat or opportunity to a real estate agent's livelihood? I think it's information.

Good afternoon Chuck,

Where have you been hiding???  Good to "see" you again!  :)

We live in an era of information overload.  REALTORS and consumers sometimes have too much information to process.  I see the value of good agents actually increasing now because you have the wisdom to effectively manage this flood of information.

Respectfully,

Bruce

Inspite of the onslaught of information, it is amazing to me how many people don't even understand what a short sale is.

Sharon

Chuck - glad to see you were able to pull yourself away from the courthouse steps long enough to send along another one of your pearls to us here in the rain.  :)  Sounds like business is going well - I'm happy to hear that.  Are you seeing a new breed of investors or the same old regime?  Our REO business here isn't anything like yours.  We've never done the courthouse steps thing - I think I would like to go and just observe.  Oh and as for value we REALTORS® bring?  We do bring value to the table - just not the same value in the same way as we did a decade or so ago.  Times they are a changing!  Don't stay away so long ok...

Featured on the Optimist Group!  Thank you Chuck!