Some people read the headlines off a tabloid when they're bored. I on the other hand find it interesting to investigate weird and strange occurrences that are intertwined with our industry. Unless you Realtors have been sleeping under a trillion tons of bed rock than you've heard of this ::clearing throat:: company called REDFIN.
I called the 800 number & SWEAR this song was playing while I was on hold:
I thought this was really funny. For those of you that can't follow the lyrics, it's titled .. Burning Down The House by the Talking Heads. After being on hold for about 5 minutes a guy answered and said he was with customer service. Here's what I found out.
1. Redfin only represents buyers looking $175,000.00 or better.
2. Redfin won't show a buyer who wants to look at Short Sales or any listing that has a "3rd party involved."
3. They are only available by phone until 6 p.m.
4. A buyer IS NOT guaranteed to work with the SAME agent throughout the entire process. A buyer may work with MULTIPLE "agents" while viewing properties and even during inspections. When a buyer is ready to submit offers they are asked to do so ONLINE with a TRANSACTION coordinator.
5. Redfin will only show 6 houses within a two hour period.
Redfin also advertises on their company website that they SPLIT the commission with their buyer.
Personally I find it unfortunate that a buyer looking up to say 160k cannot use Redfin. The message in my opinion is that "there isn't enough commission to share" so the deal isn't worth it. Doesn't this speak about the business model itself? What do you think?
Wouldn't you EXPECT to work with the same buyer's agent from start to finish? I would. I would be pissed if my agent whom I had just developed a level of trust with vanished!
Wouldn't you EXPECT the same agent who showed you properties to also be the one to SIT DOWN with you and explain the offer and do so in person versus doing it ONLINE with some TRANSACTION COORDINATOR! What is the transaction coordinators background, education and expertise? Is it the same as the agent who showed you property? Well, actually the same as ALL those agents who showed you different properties?
Wouldn't you EXPECT to be able to contact your REPRESENTATIVE at the office after 6 p.m.? I WOULD.
Wouldn't you EXPECT to have the ability to see maybe 8 houses in two hours? What if you were only in town that ONE day?
I'm curious as to JUST how dedicated an agent would work if he or she is spoon fed buyers, then only getting paid a salary to do so. Being a REALTOR for the MOST part means you are business person. An entrepreneur of sorts. You wear lots of different hats and you work you fanny off to BE THERE when the client needs to you the most. I've NEVER met a Realtor who got licensned with the intent to work for SOMEONE else. Maybe they HAVE to because they couldn't make it on their own. I'm not sure I'd want a washout representing me, but that's just my opinion.
Not all business models are created equal and not all are expected to operate the same. I do however believe that the HUMAN side of our industry can never be washed away by buying our clients or treating them like CELL PHONE customers. And I promise if you call me that I will never, ever have
BURNING DOWN THE HOUSE playing on my voicemail. Sort of fitting and ironic considering I called there to get information for this blog.