The Multiple Listing Service (MLS) and Realtors are here to stay - no need to work on their Eulogy!
This post is intended as a counter-post to an Active Rain member’s post in which he was ready to bury the professionals who sell real estate, i.e., realtors and brokers, six feet under under the pretext of the MLS being dead...; his premise “...the elimination of the MLS vis-a-vis Realtors as being just a question of time…” I could not disagree with him more vehemently.
My intent is to address this on two levels, thus indicating that this doomsday scenario will be very unlikely for various reasons. One of them being what is taking place on the larger level: the national level and second what Realtors need to do and are doing on the local level.
On the local level, the individual Realtor needs to provide quality client service, plain and simple. This can be achieved by understanding the client’s perception of what constitutes quality service.
Providing value is another key ingredient for Realtors not just to survive, but to prosper. How do you achieve value? One could write a book, not just a paragraph. The short answer is providing knowledge, experience, and management of expectations.
A lot of people see reality shows on TV and think real estate is a snap. What they don’t’ see is all the moving pieces and thus, it can be a stressful process. Appraisals, loan documents and inspections can add to that stress level when these events cause delays and or roadblocks. And let’s not forget that one of our roles is taking on that stress so that our clients do not need to…in other words, reassure our client that everything will fall into place. (Needless to say, the Internet portals of Z & T cannot personally manage that for a potential client.)
Building relationships is equally important to this formula. People like doing business with people with whom they get along, have similar values and/or people they know. This is achieved through various social and business levels, something with which internet portals cannot compete.
Relationship building begins with communication, questions and answers. Once the local Realtor determines this, that Realtor is on the way to establishing a relationship and personal value that the Internet portals cannot provide or surpass.
Considering assistance to relocation clients brings the value of a Realtor to an even a more elevated level. Introducing the potential buyer to the new community…. this is equally more encompassing. This is all done on the local level in the “trenches” as one might say, not on the Internet.
On the national level there are a great many things in the works. One of is “Upstream” a/k/a UpstreamRE LLC. The short version is that it will provide agents with a simplified data entry process while allowing agents to control the distribution of their listing. Hence, each agent will be able to decide when and where to send their listings. Ultimately this will eliminate the Z & T of this world, since without data they have nothing. Only desperate agents who buy into their theory of the ‘zip code concept’of generating buyer and seller leads may help support Z&T. In addition to Upstream, Realtor.com is taking Z & T head on as well by providing better user experience. Therefore, the MLS is here to stay as are Realtors – perhaps only a bit different as to what one is accustomed to right now.
Ultimately the key is for Realtors to survive and prosper is to be tech savvy, marketing savvy and very knowledgeable about the sales process.
Here in California the sales process is very detailed and we have a great many disclosures which protect buyers and sellers. This trend is not shrinking rather it is increasing. Many other states have similar disclosures this in turn will provide and maintain the value of the knowledgeable Realtor as well as their need.
The Z & T of this world have helped the Real Estate community in waking up and recognizing what the consumer wants and Realtors recognized it and are embracing and helping their clients and are providing a better buying and selling experience.
If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at310.486.1002 (m) or homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com. I am a Pet Friendly Realtor and I contribute a portion of my commission to local animal rescue organizations
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