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45 Comments on Requiem for a Dream (or a nightmare?)
At one point I had a Redfin tech person admit to me that over 90% of the people who visited their site NEVER used them to do a real estate transaction. I can believe this since many of my local Seattle area clients used their site but wanted to work with me specifically. I'm guessing it was a way for them to try and get more clients and not about "transparency" as they claimed. Just my 2 cents and a gut feel.
Elizabeth - I can't call up "production" for any agent, either... but what I can do is have the MLS show me closed listings with that agent's ID, and closed sales with their ID. (amounts to the same thing).
J.Philip - They're a wonderful high-tech internet company that also happens to dabble in real estate. Their website rocks, and if they could get a handle on the front office, they'd be a power to contend with.
Reba - I'd say that's a good guess. I also have clients who use the Redfin site to search the internet, and me to visit the homes. I'm okay with that, although Redfin shouldn't be.
Alan, I too believe in transparency...but, they have no business publishing our business without specific permission. Our business changes daily. Hopefully for the good. I read that many were upset about only being reported on one county. I work a minimum of 5 counties and most my sales are registered to my spouse. I think many people could find the same problem. Transparency is one thing and publishing without consent is yet another. Maybe we should all opt to place our stats on our web sites if we choose? I'm glad it's over. ;-)
Deb - oh, it's far from over... just temporarily off our radar.
Hello Alan,
that is a great news! It was a great idea, but how can you check if they are accurate with their statistics?
Have a great day..
Tatyana - at the moment... you can't check anything... because it's been pulled from the shelves. (hence the requiem)
Alan, I received an email from a potential client just this morning. He had seen the Redfin site but also saw that it didn't cover our area. He wanted to know if there was a local agency that would do this for him. I graciously responded that this option was disabled due to inaccurate reporting and did not know if such a service would be available in the future.
I for one, am happy that Redfin isn't in our area and I didn't have to suffer through this angst like other agents. I sold several new construction homes in presale. They were never in the MLS so they don't show up in my closed transactions. My report would have been incomplete had it been published.
Tammie - just the tip of the iceberg in the potential fallout of a system like that.
Alan, interesting to read the various comments. I think it is too enticing of an idea to remain in remission long ... consumers WANT this type of info .. if not Redfin, than someone else. I also think it may be a case of "be careful what you wish for..." for those who think it would be "OK" ...if the data was accurate,... or if an uninterested 3rd party did it ... or if the NAR/ or local MLS authority did it. Thats an iteration of Redfin's latest effort .. and its coming, I'm sure ... and I doubt the unfavorable reactions then will differ much from what we just witnessed.
I am very glad to hear that Redfin is being responsible and has pulled the plug. I agree that this is good, transparency. And I also agree with you that it should come from an association, NAR or statewide associations. But they have to get good info in before they start throwing bad info out.
Judith - I just hope it's a third-party.
Linda - transparency is good... so is honesty and trust.
Alan - I don't think this was a dream for anybody in the industry. It might have been good for consumers if it were accurate.
Christine - If it were consistent, accurate and run by an unbiased third-party, I think the industry would welcome it.
I am confused about where you stand on this, Alan. I don't believe there should be any report on any individual in a private business. It leaves too much room for manipulation, misinformation, and unfairness. How on earth would anyone getting into this business stand a chance. And how would the information, which bears numbers, be made to reflect the work ethic of the agent. There is absolutely no purpose in showing transactions at all. I use the analogy of picking a doctor based on his or her number of patients with no mention that he or she killed 20 of them. My hair stands on end when I think of the way some of these so-called big agents represent (and I use that word loosely) their clients. Sorry, but again, there is no room for reporting unless it is on every aspect of an agent's performance.
Jane - I think a Realtors volume is not a good way to choose a Realtor. But I think that showing a practicioner's transactions is an inevitability. Whether it's today, next year, two years... it's a train that we can't stop.
I don't think that Redfin should host such a list, nor should any agency. It should be NAR, or a board, or an MLS.
Being able to confirm a Realtors volume is a good thing for the public. Transparency is a good thing.
Hi Alan, I only worry that agents who were affected by this will 'drop' this rather than pursue action on this company. As you said, this little project had absolutely NOTHING to do with transparency. No MLS or NAR is interested in sharing this type of data, where only the agents at the top will be doing business, putting the remainder of the agents, who faithfully pay their dues, out of business. That is not their intention--they want to encourage growth in this business and would never approve of cutting out such a large chunk of their own income.
My business is private--I'm not a publicly traded company, therefore it shall remain that way!
Hi Alan, I agree that volume is not a good way to choose an agent. And by releasing this kind of report they are saying, pick us because of our volume.
And some of us are not driven by the number of transactions we put up, only doing (intentionally) enough to make a living, and still do other things. Or we may not be the primary breadwinner in the home. Just because this is the choice made, we should not be put on a public list like this, depicting one as not a top producer when in fact we are doing just fine, and just how we want to conduct our business.
Debe - I'm not convinced that airing our volume would truly relegate "new agents" or agents with less volume to the bottom of the heap. But I agree, I think publishing our volume is bad idea, albeit a forgone conclusion. It will happen, the only question is when, and who will be in control of the information.
Sandy - and yet, we currently have people who call our office and ask to work with (only) whoever is the top producer. This really isn't any different.
Have to laugh about the word 'haters'. Sounds like 3rd grade but RF is the 'small fish' in our area. I think it's funny and we should have turned their own Scouting Report against them! In my area they don't sell buppkiss. So the report just raised a little dust in the playground & got them some PR. They need it because they actually SUCK selling real estate. Just for grins, pull up stats in your area for them & see what you really find.
Great site & technology doesn't give you the sales. Turning the spotlight on your competitors doesn't make you a good play partner in the sandbox. Show what you've accomplished only.
Lyn - I did check their stats... and their main agent in our area, actually DID produce 51 transactions in the last 12 months... of course, since they rebate half of their commission... they have to do more business in order to eat.