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Redfin on the Today Show....ARE YOU KIDDING ME??

I just finished watching a segment between Meredith Viera and Glen Kelman, CEO of Redfin. The story was teased at the opening of the show as "How to Get Your House Sold in the Market," and "Why your Real Estate Agent may not be telling you the truth"

Essentially Mr. Kelman stated that they are not "sales people" they are "scientists" who rely on data unlike Real Estate Salespeople. Gee Mr. Kelman, you don't think Realtors use Statistics?

His 2 Big "Secret Tips"?

1. Don't Over Price Your House
2. Put Your House on Craigslist in addition to the MLS because it will get you 7-10 more people looking at it.

Yeah, thanks for that big tip Today Show! Never would have thought of it. Btw, you can view my stats on the market here

Does Glenn Kelman really think Realtors don't have price discussions with their clients and share the downside of overpricing in a Buyer's market?

Shame on the Today Show for allowing Redfin to paint yet another bleak picture of the Realtor population.

Colleen "Fish"

www.ColleenFish.com www.MapleValleyRealEstate.com

****Edit: I couldn't let sleeping dogs lie, for the first time in my life, I emailed a TV show. I'm not willing to just roll over and that that.

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Colleen Fischesser is the Broker/Owner of RE/MAX Select Real Estate. She has been successfully helping clients buy and sell real estate in South King & North Pierce Counties since 1990 and specializes in the Maple Valley area. Voted by clients and industry professionals as one of Seattle Magazine's 5 Star, Best in Client Satisfaction for 4 years running, she and her team are committed to remaining on the cutting edge of real estate marketing and technology while providing value-added, personalized service.

Posted by "The Maple Valley Specialist!" Colleen Fischesser Broker/Owner 425-432-5400 on 12/14/2007 02:53 PM

Comments (82)

redfin, today show, sales statistics, craigslist

Post is included in group: RE/MAX Active Rain Bloggers

82 Comments on Redfin on the Today Show....ARE YOU KIDDING ME??

DEC

2007

You know Colleen, this is almost laughable if it weren't so embarassing. I am embarassed that Kelman didn't have any more to offer than that and that that's the best The Today Show can do. Maybe they should have used that valuable air time to thank our troops instead.

Donna, NO KIDDING! My poor son was sitting here eating breakfast when it was on and I almost yelled at the TV, "ARE YOU KIDDING ME?". Especially when he said that Real Estate agents have a different dynamic than his co. does. Aren't his "people" agents? Does he have Scientists in white coats show up to Listing appts?

Give me a BREAK!!

Wow! Now why didn't I think of that! LOL

Guess you should have done ANYTHING else but watch that tidbit. Hope you were multi-tasking cause you won't get back those 2 minutes of time.

Craigslist...geez!

Colleen I just heard the same crap on the morning news as they pointed out his big helping tips. I just wanted to puke. I'm so sick of this garbage in the news I can hardly stand it! They make us Realtors out to be stupid and incompetent.

Well, the "scientists" at Redfin certainly aren't in danger of making any brilliant discoveries, are they?

The networks have seized upon the anti-Realtor sentiment in the marketplace and so they have chosen their "experts" to appear before the public.

Of course, if they invited someone from NAR, the advice they might hear is "Don't worry, everything's just fine out there"..

Im glad I missed that segment this morning or I would have been equally upset. I watch that show every morning. How could he possibly think we dont use statistics and dont discuss price. Has he even used a realtor or spoken to one? Your Orlando & Lake Mary Real Estate Expert, Heather Joubran

Glad I missed it.

Unbelievable!

Teri, Always multi-tasking...I don't know how to do anything else! :-)

Linda, truly unbelievable wasn't it?

Eric, NAR: "Don't worry, everything's fine" LOL! Oh my gosh, that's very true. They do like to paint a rosy picture, but I think it's important that they do.

Heather, He had these great words of wisdom....(not a direct quote, just what I remember) if you price your home $5000 below what you want, you will probably sell, but if you start $5000 above this price, you may sell well below the original "5,000 below" price. Did he get that script from me? Because I'm sure I've been using if for uh....a decade or so!

Correction: they are not "salespeople," nor are they "scientists." They are charlatans that rely on sensationalistic tactics and mudslinging to draw attention and ratings. Glad I missed this...

Colleen - I have to wonder if Redfin didn't pay or request to be on the Today show? Did they mention the differences in service to explain why their fees are lower?

Wow, is that the best advice they can offer, and air on national t.v. Craigslist??? What's that? Sounds really cutting edge, I don't think most of the population has heard of that site. GIVE ME A BREAK!!

Wait you mean we shouldn't over price it? No way?!?!

What is this Craigs List thing you speak of? (Just kidding of course)

Gee, maybe NBC should change the name of the program to "The Yesterday Show"..

Colleen, Wow, what a scoop!!! Of course, we all know the Today Show is on the "cutting edge". The Redfin approach is really ahead of the curve - it's like the CarMax ads, "Why didn't someone think of that before?" Karen

Craig's List? I guess he does not think we know about that either! Actually if you post an ad on postlets.com, it goes on CraigsList and numerous other sites at the same time. Oops! Guess we are not supposed to know that either, might be too scientific.....

Boy the junk that ends up on TV,

WOW...Colleen, I'm so glad that I had to take an early lunch, and decided to check in to see what is going on in AR. I will get right on this. Lets see first forget the virtual tour I'm working on, I guess I don't need to send those e-mail flyers for the commercial listing to agents that might have a buyer. All I have to do is tell every one that I heard the genius on the today show, and he said all we have to do is lower the price and it will sell. Why didn't I think of this? Price a property to sell!!

Thanks for this late breaking news Colleen, what secrets will they share next.

Antoinette, I personally haven't had a business experience w/ a Redfin scientist. I know a few agents who have and the experience was not easy from what they've told me.

Melissa, I sure hope that's not the case. I'm sure NBC would have to disclose that...then again why am I assuming anything in the media is above board?

Mike & James, well you see, if you go to your computer and type in www.cra.... wait, you're probably too behind the tech times to be able to figure that out. KIDDING!!

Eric, you crack me up!! Good ONE!!

Karen & Linda, good points...cutting edge stuff don't you think?

Larry, glad I could provide a little excitement for you at lunch. :-)

What upsets me most here is that Redfin has done such a much better public relations job than my company has.

Well, as they say...this isn't rocket science!!!! LOL

Hey, Fish -

Soundbites get ratings, substance does not. Otherwise, Adlai Stevenson would have been elected President 50 years ago, Eugene McCarthy in '68, and you-know-who in 2000.

People will remember this - maybe we should all be better and more clever "sound biters."

Happy Holidays, WA, and everyone!

DEAN & DEAN'S TEAM CHICAGO

Boy, I wonder where he picked up those original ideas? Have you heard them before? Hmm ;-)

Here's why what Glenn Kelman says is brilliant (as a PR move) but disingenuous:

He's trivializing the process of selling a home, and as such, is eliminating the need for REALTORs (in the public's mind).

It's disingenuous because his premise is false. Selling a home without a REALTOR is NOT an simple task. A professional REALTOR is a bargain for the value they bring. It's a PR coup because he's saying, in a sense, "this is all you need to worry about; REALTORs charge you lots of money to tell you just that". The folksy delivery lends him credibility.

What the NAR should do is to show FSBOs being sold on the courthouse steps. Eliminating pain is the number one value proposition a REALTOR offers.

What the NAR should do is to show FSBOs being sold on the courthouse steps. Eliminating pain is the number one value proposition a REALTOR offers.

Many of you will think that the strategy I suggest is "negative" because it focuses on the "pain" aspect of real estate. Make no mistake about it, Redfin is after your slice of the pie. I think you need to hammer home your value fast; this market gives you a great opportunity.

I rely on statistical data therefore....I AM A SCIENTIST TOO! Yipeeeeeee. Something the majority of us will now be able to add to the alphabet soup.

Merry Christmas to all,

Christopher Walker
Scientist, Vice President, Broker, REALTOR, e-PRO, Statistical Analyst, Real Estate Specialist, B.S. identification specialist

My friend, this is just another example of how the media is painting whatever picture they want to paint and I refuse to let them control me or my market. All is well in my world! :-)

Amen, I'm so tired of these propaganda peddlers. It would be amazing if they told us something that we didn't know! Now That Would Be News.

Anytime I see the words, "smarter, better, superior, greatest, best, number one" I get a little .... skeptical. I have never visited the Redflimflam website (did I say that right) until today. I'm in Atlanta and we're kind of skeptical of folks from all of those places anyway so if they come here ... good luck to them. The first thing I see is one of my "flimflam" key words: "smarter". Now if you can back it up with something actually, well, SMARTER, that's fine. When I see their first claim to SMARTER is "data-driven advice for better results" I make that funny WTH face. Then when I see the red-arrowed bullet points I see the only thing they offer that isn't EVERY-WHERE is probably their own branded paperwork. Which, I bet, is identical to other people's paperwork in most ways.

Rule to live by: When a business thinks it gets a piece of the market worth having by putting down the rest of the market (Lenox) they can have it. The people going to them are more likely to get a worse deal and smile about it because they think their fellow hater is on their side. FALSE - Redflam wants money JUST LIKE EVERY OTHER BUSINESS. Any time you try to make your business bigger, better, smarter or faster by insinuating that the other business is lesser, worse, dumber or sloth-like and your customers likely not receive any better service or value.

Colleen - I am also glad that I missed this one, as I might have pulled an Elvis and shot my television set. Get a life, Redfin! Wow, it sounds like the CEO has some amazing tricks up his sleeve - much like every single new, young agent that I speak with. Craigslist?!? That is incredible. Who knew that you could gain extra exposure via the internet?

Colleen

Right on, Im tired of hearing this crap from Redfin!

File this under www.snake oil.com. Science? Please. I do like the idea of checking where a price will fall when standard MLS earches are done.

You know I think that the bottom line is this.. that still today the underlying theme in media is that Realtors are not to be trusted and that is why we see so called "experts" who are generally people not in the real estate business, be it economic professors, lawyers or others who are asked for their opinion the implication being that their opinion carries weight because they are NOT in the business!

I'm glad you wrote about this...this is the second time that the Today Show has made my blood boil in the past few months. I was watching when Matt Lauer had a segment on called something like "Doomsday in Real Estate". They had the U.S. separated into quadrants, with the Pacific NW being lumped into CA, NV, etc, and saying that our median values had gone down 28%; they made no disclaimer about Seattle's values having gone up. (they should have saved that report for November; even so, our median prices didn't go down that much!)

Of course, when I tried to find that little map that they showed on TV on their website it was nowhere to be found; their site must have a B.S. filter.

Thanks for not putting up with this crap and writing them an e-mail, they are way off base. I won't even go into how I feel about Redfin.

I just saw the interview online and I think I'm going to be sick. He acts as if he is discovering how selling a home should be done. Acting like we, Realtors, are trying to blow smoke up our clients butts instead of being a consultant for them and using the numbers. Good lord, he acts like we don't use comparitive market analysis' to price our homes! You can get them at almost any agent website you go to!

Yes, and put the home on craigslist because your Realtor probably won't do that....no we just have our office assistants put the home on the MLS and then we sit back and wait for things to happen! ARE YOU KIDDING ME???

It is criminal that he was even allowed to be on TV. When was the last time they had someone from NAR on?

The Today show is getting an email from me as well and they just lost a viewer!

In fact I might use that interview for something.....

Those shows, especially news magazine like 60 minutes, are usually biased and try to make the story as controversial as possible. It's all about the ratings and the truth doesn't make for good ratings.

I saw the post over on Bloodhound blog this morning about the Today show... I might have thought it was a joke if I'd not known that the media could indeed be stupid enough to fall for it...

Some GREAT insight there from the fin...

Good post I did see it great insight

Krista, I'm afraid NAR would just put out their typical sugar-coated line of patter. Telling people over and over again, that "market conditions are great, there's lots to choose from and interest rates are at all-time lows" may be true, but it's kind of like saying "Pay no attention to that man behind the curtain!"

If you want to see the interview here's the link: http://www.msnbc.msn.com/id/21134540/vp/22255612#22255612

I wish someone would interview the news media about their experience with REALTORS. I bet each one used one to buy and sell their homes.

Ask them how many of them would use a discount brokerage or hire someone just because their house wll be on Craigslist.

Amazing

Jim Tutton

Colleen,

Looks like Redfin people are really good at getting themselves into the media to spread their message. It's another thing how valuable the message is. Like your response to what this CEO was saying.

I think consumers are smarter than that. Most of them will probably laugh too. It's another sorry attempt to try to make our industry look bad.

The media is going for negativity every way they can get it. Realtors are screwing you. The market is crashing hard. Foreclosures are going to ruin the economy. And people pay attention to this garbage. Obviously we have problems with the housing market, but not as bad as portrayed in the media. And Redfin, what a joke.

Hmmm, she said she has been trying to sell her home for two years. That means she priced her home at the peak of the market, and now, two years later and many price reductions, the home still hasn't sold. Well, no *hit sherlock. Maybe she should hire Redfin to sell her home. Her agent must really suck according to Kelman, but Kelman could save her through Craigslist. I put my homes on Craigslist, but haven't sold a single one directly from it....hmmm. Would really be nice to know who did his "research". I would say he was taken to the cleaners. This info is common knowledge.

Another pot shot at Realtors, as if this year and market weren't enough. Unbelievable that they trivialize what we do.

I finally watched the clip as I don't like to speak about something without direct observation. I have to say I am a little surprised at Kelman. There isn't anything new in his data review that hasn't been out for several years. I don't have an issue with the Redfin model, as I am a firm capitalist and believe the market will determine what it wants. I dislike his attempts to make it seem like his data is innovative. It's unfortunate that he hasn't figured out how to promote his business without the need to put everyone else down.

I guess "duh" would be my comment to his "revelations."

WOW....now I am not able to watch 60 Minutes or The Today show......this is great.....,more time to work.....lol

you know the lab coat idea could be a funny way of starting something like a home show. "i am the real estate doctor and i can solve your property related illness." i think you are on to something...

Believe it or not, I'm speechless. There was a time when I loved the today show... boy, they sure do lose me now!

Nonsense like this on a "news" show is why I don't watch the news. Bad news and sensationalisn (not the truth) sell newspapers and TV ads. Isn't is sad that we have to fight people--fellow agents--right here at home? Why are other agents doing this to the rest of us? Why are we believing any of this?

I am enxious to hear what the network says in response to your email.

RebeccaRealtor in San Francisco

It's only a matter of time before Redfin implodes like Foxton's and eRealty. They can only burn through so much capital before the dis-illusioned investors pull the plug.

Let's remember to notify the Media when that happens. Foxton's went out with a wimper after trumpeting the same nonsense as Redfin.

There are so many BRILLIANT Realtors (im not one) on this forum and no one ever put together a "meeting of the minds" to bring our own fight into this. The NAR doesnt seem to battle against this or they spend very little time doing so. We have to watch the media folks....watch meaning "SPY". Their like a disease, they start when your not expecting it then they grow if untreated, I just posted a rambling blog about the media. They are powerful and they have the power to make a change. Heck, they've done it to our market twice now that i know of.

There is certainly more than one realtor here that can put up an incredible argument on a live tv show, with actual stats of just how long a "REDFIN" home rots on the market...enough before i get in trouble.

I watched that segment this morning. What drives me nuts is that some "expert" is given air time to contaminate our clients when they don't know what the heck they are talking about. First, they keep using blanket statements about the market and don't acknowledge that different parts of the country are doing different things. Parts of the country are actually still a strong market. Second, his darn stats were wrong. 85% of buyers look for their next home on the internet, not 72%. Third, Craigslist!!! Get real! Craigslist is not where home buyers start their search for a home. There are so many great sites out there for homebuyers but this nut wants Craigslist to be a priority where a listing is buried in a day. Our profession is getting a lot of air time and none is positive these days. The Today show did us no favors by putting this guy on.

I hate NBC.

I wrote a short blog on this earlier, too - unbelievable!!!!

You know what's curious to me is the fact that he also said Fridays were the best day to input listings and Mondays were the worst. He has never made it to Naples, Florida then because most Realtors don't hardly even work on Fridays. As for Craig's list...alot of the owners down here would probably fire us if we put their home on Craig's list. As unfortunate as it is, it's idiots like him who will keep us all in business due to the continuation of misleading facts.

Guess I am glad I missed it. Since I first heard anything about Redfin, it all seemed like smoke and mirrors - nothing out of the ordinary.

NBC = Nothin' But Crap

DEC

2007

Maple Valley WA Real Estate Broker/Owner Colleen Fischesser wrote " Does he have Scientists in white coats show up to Listing appts? ...."

Rofl!!! good one! :-)

Colleen, I think that I stand with the congregation on this. My only question is what makes him 1 person in 1 company an expert on anything? I have been in the Real Estate industry for 4 years and probably have more experience than he does. I in no way think of myself as an expert, that is why I love this site, I get to glean information from extremely talented Real Estate Professionals. It just boggles my mind that 1 guy is deemed an expert, and the spokesperson guru for an industry across the entire country if not the world. Oh, wait it is the media, nevermind, they don't know anything anyway!

The Today Show is the worst for informative information. They're great at anouncing birthdays and live concerts on the street besides that, they really suck.

Amanda...NBC=Nothing But Crap

I LOVE IT! That was the only thing that put a smile on my face with all this stuff, so THANK YOU!

What a joke...anything to get publicity. The media just loves Redfin...the consumers should know that their interpretations were invented a long time ago and it's just an easy way to revive their exposure.

The media are constantly suckered by fringe real estate entities. Redfin is a fringe real estate entity.

Buyers and sellers who fall for their pitch deserve what they get.

The media is all crap anyway, they are only looking for ratings and not the real news. There is a group of puppet masters working for the networks that feed the people a bunch of crap. We can only blame ourselves for eating what they serve us. I did a post on the shark attacks of 2001 they were reporting as just one exaple of the crap we ate. It is here. Thanks for the post.

The rocket science here is that with millions of VC money you can buy just about anything, including the media.

DUH! If course pricing and internet marketing are important - if you aren't doing this, get out of the business. There's sooooo much more to getting a home sold these days! How about picking up the phone and calling your database, emailing your database, networking meetings, and on and on.......The media really needs to quit treating it's viewers like brainless zombies!

LOL - Loved the letter you sent. I hate the media and their teaser headlines which don't amount to squat. If they send someone out for you.... don't forget I am in Jersey *wink* I'll send some of the boys over to protect ya !!!!

Unbelievable, Next thing you know the media will be announcing such breakthroughs like.

1. Qualifying our buyers

2.Recommending home inspections

3.Asking sellers if they owe anything on their homes.

I can't take much more!!!!!

Well, I saw it live and was tempted to throw my coffee at the TV. A scientist??? Sure didn't seem like "rocket science" to me!

Since when is someone an EXPERT who has only been in the business a couple years? He certainly doesn't have a good personality or expert image - dressed very poorly.

The Today Show is no longer a "news" show like it used to be. Otherwise, they wouldn't constanty be reporting on Britany, Paris, or Tom Cruise as if they were ligitimate "news" stories.

I think Meredith ought to list her home with Redfin, at THEIR recommended price using only Craigslist, with Meredith handling the showings, THEN have her do a story on her experience. Now, THAT would be NEWS!!!

If it was only that easy! Redfin is generating publicity, something we should be doing.

DEC

2007

Redfin do a real harm to the inexperienced home buyer and seller who really could use someone to help them navigate the home buying and selling process!

Hi Colleen,

So glad someone ran with this one. I saw that segment of the Today Show and just laughed at what a joke this guy was making of himself and his company. Too sad that the public listens to segments like this. That Redfin is a genius for coming up with those points to share. Gee, why oh why didn't we all think of them? (LOL!) He sort of backed us up in one respect by confirming that we do actually know what we're talking about when we stress those points to Sellers.

Lisa

Good for you to let them know. Shame on them for arranging for him to speak.

The only advice he forgot was the Food TV tip ( UP NEXT, A SPECIAL TIP FOR YOU! ) insert a toothpick in the cake you are baking to check to see if it is done.

OMG, thank you all for these great comments. Many of them had me laughing aloud!! We are really a smart, witty bunch aren't we?

-Colleen

DEC

2007

Hey, I don't like Redfin either. But maybe our NAR has lost credibility, too! Just take a look at how they conduct their own studies and collect data:

http://www.realestatetwincities.net/fox-henhouse/

I gave up on watching most of this stuff on TV and trust that most people can see through this B.S. The only moderately balanced reporting on the housing market I've seen is on 20/20 with John Stossel. At least he bothered to ask some informative questions. I believe most people will come to understand very quickly how difficult it is to go through the paperwork when you hand them the disclosures they need to fill out.

Ladies and Gentlemen:

In the San Diego area, we have many discount brokers either they are with a high profile company such as Hope you Sell which is really known as Help you Sell and the list goes on many are small companies that advertise that for a fee of XXX they will just list your home in the MLS. I wiould like to say that many of them get bussiness. I have been up against these agencies and even when the sellere is give the price point at which the home will likely sell at the word greed comes into play and many will go with the discounter. Sometimes they sell sometimes they do not. Its a roll of the dice. What I will say is that price is critical and if REDFIN can get the seller to start thinking in terms of getting serious will the price I am 100% in favor. It is amazing how many listing that are currently on the market that are still over priced.

I'm completing my 3rd Redfin transaction; and as a lender, the thing that is glaringly apparent is the lack of help in the negotiation process for my buyer; pre-inspection and post inspection. 2% concessions to my client appeared too good to pass up. I hope he got a good deal. It would have been interesting to see what "could have been."

Rich, I have no personal experience w/ a RF agent, but others I know who have had similar thoughts to yours.

MAY

I didn't know there was a breed known as the Redfin agent in the world.

It's an odd choice for a real estate "Expert" (or in this case) a boy wonder-lab coat wearing-computer geek. It sort of reminded me of the blue footed booby birds out in the Galapagos Islands off the coast of South America.

Redfin...blue-footed?

What the heck is next?

In fact, I didn't know there was such a breed as a redfin anything until now!

After watching the interview, I'd be alarmed if anyone actually learned new information that was on any level valuable. In fact, most of what I heard seemed to be absolutely valueless and advice that is old news, at least in my world.

I wouldn't want to be associated with anything containing the word FIN ...Red, Blue or otherwise!

Carol...who thinks that the whole fin thing sounds slightly fishy!

www.ActiveSunshine.com

Click on link to actual Galapagos Island Blue footed Booby at link below: http://www.bestofgalapagos.com/yahoo_site_admin/assets/images/blue_footed_boobie.28974724_std.jpg

PS:This link is a photo of the Cadillac of Realtors...a trueRedfin!

http://blog.sellsiusrealestate.com/wp-content/uploads/2006/09/redfin.jpg

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