So in doing my morning cruising after reading the articles about Zillow being changed to allow posting of listings, I read a couple of articles on the wiki.

I know that the design of a wiki is to allow users to go in and change comment....but there's so much that I would want to change it's overwhelming.  For example in the 'should I go FSBO' article, it says that to establish correct market value you should call a real estate agent for a market analysis-EXCUSE ME?  People, we need to be careful in interviewing sellers.  If they're calling you out, having you do your homework and prepare numbers for them, but then sending you away to put out a sign and use your information, you need to think twice about what you tell prospective sellers before they have signed with you.

Also, the article states that the reason you would go FSBO is to avoid the standard commission of 6%.  There is NO SUCH THING as a standard commission-you will find as many prices and pricing structures as you will find agents.  Zillow better watch it, those are words that perk up the ears of the FTC.

In the 'use a buyer agent or go it alone' article, the article promotes using discount brokers and searching online for the cheapest way of getting a house, as the market is changing every day.

That being said, some of the articles are pro-agent and have some merit.  My advice is that everyone who sees this blog better get on Zillow and read these articles-because your clients could be reading them as well and you'd better know how to respond to their questions and be able to refute wrong information if they find it. 

I'm starting off my day already tired of defending myself!  Better shut off the computer and get to work!

 

14 Comments on The Zillow 'wiki'

DEC
07
2006
369,586 Points 62 Featured Posts Outside Blog
I agree 100%.  Agents:  The CMA and research is your currency.  Don't give it up unless they're actually listing with you. 
8:20am • #1
201,820 Points 6 Featured Posts Outside Blog

Leigh,

I will check this out later. I have noticed though, all of these Fsbo sites and pro Fsbo articles that I have read always say standard commission of 6-7%

9:06am • #2
120,586 Points 7 Featured Posts Outside Blog
Good point about our clients possibly reading the articles.  It's hard to know what to do about the CMA and customers.  Unless they sign with me, I do not leave the CMA with the customer.  Although that doesn't stop someone from hearing the information, remembering it and using it for a price range on their FSBO home.  Our society has gotten so use to the "Do It Yourself" mentality that it's not surprising homeowners now feel they don't need a  professional to do the job.
9:12am • #3
137,950 Points 15 Featured Posts Localism Sponsor

They certainly aren't going to get anything from Realtors if they keep making stupid comments like that!

I HOPE the FTC hears about this!

9:16am • #4
262,658 Points 67 Featured Posts Localism Sponsor Outside Blog

There IS NO "standard comission" - hot water ... hot water ... OUCH! Zillow better make sure it is minding it's P's and Q's and dotting every i and crossing every t ... And Realtors... WE better watch every F, S,B and O that calls us.

Leigh- Thak you for this. You are right- we need to be reading what the public is reading.

3:32pm • #5
Zillows not a threat.  I've overcame many objections with my clients.  Agents need to be patient and educate.
4:01pm • #6
1 Featured Post

Leigh,

I agree with your point on providing that free CMA.  I've gone to a system where I present for the listing first and the "CMA" is included as a part of my listing package.  If they like what they see on the marketing and follow up front, I proceed with the CMA.  If they don't, I'm on my way.  If I'm not getting the listing I really have no business counselling them on the value of their property.

6:02pm • #7
168,510 Points Outside Blog
Great points, you are right though there is no standard commision grid
6:48pm • #8
185,877 Points 28 Featured Posts Outside Blog
I find it interesting that zillow keeps talking about that standard commission (and they're the ones saying it is 6%) but they are licensed real estate brokers in several states.   their disclosure when you register says that they are licensed but don't operate.  we need to be really cautious with them. 
7:17pm • #9
149,019 Points 54 Featured Posts Localism Sponsor Outside Blog Hit Router
I'm not sure I can stand going there.  Best I keep my blood pressure down.
7:44pm • #10
185,877 Points 28 Featured Posts Outside Blog
oh come on, Linda, you're tougher than that!  i know you are, since you're my long lost Yankee twin. =)
7:48pm • #11
317,241 Points 64 Featured Posts Localism Sponsor Outside Blog
I agree with Linda...but it's my adrenalin that gets going..
9:53pm • #12
DEC
08
2006
486,448 Points 84 Featured Posts Localism Sponsor Outside Blog Hit Router

Z _ _ _ _ _ who?  I have not had a single client or agent in my area mention them to me once.

We don't have as many FSBOs as some other areas. 

I do not mind giving a market analysis of someones property to them.  That does require me to inspect the home to do it right.  I find that most people are too shamed to ask you to do all of that if they are not planning to use you.  The few that do aren't worth having as clients.

2:42am • #13
JAN
20
2007
 Wikis are taking off.    www.RealKi.com now has 2600 articlesand an Inman label.  Something's brewing...  
GoogleGiggle
4:19pm • #14

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Leigh Brown Charlotte NC Broker/Owner

Charlotte, NC

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RE/MAX Signature Properties

Address: 7752 Gateway Lane, Suite 200, Concord, NC, 28027

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