photo courtesy of respres
I'm a big fan of Trulia.
I think Trulia has a good attitude about real estate and the online world. With their blogging platform, Trulia Voices, their listings and the helpful nature of everyone I've come across that's involved - I just like them. I think they provide value to the consumer and value to the agent. I have never received any business from Trulia, but I have done my best to participate in the community (mostly Trulia Voices) as I think it can really be a great clearinghouse of information to a consumer.
We all have heard (or made) the complaints about Trulia Voices and how its become a free for all of people looking to run up their "point" totals by posting in non-local sections and answering questions with potential death traps of ethics and legality. If you haven't I suggest you google "jonathan dalton trulia" and read for a few moments. I'll wait. Jonathan is one of the people I look up to in the real estate blogging community. He's got a great voice, a sense of humor, and is never afraid to speak his mind. We have spoken on the phone and shared emails over some of the more interesting things we've found on Trulia Voices. Its become a fun game we play when we have a few seconds.
The consumer wants information.
We all know that the consumer loves the internet - that's why we're here, right? They research homes, prices, agents - all of it in the safety of their homes and the comfort of their pajamas. I encourage this behavior. A well prepared client is easier to work with, more open to advice and opinions, and able to make the informed decisions that are required when making such a huge purchase. I love to work with internet savvy clients who know what they're looking for.
And Trulia is there to help. They have listings galore, the aforementioned Trulia Voices, blogs on every topic conceivable - its a clearinghouse of information about real estate. I think Trulia is one of the better real estate sites out there. I post my listings there and participate in Trulia Voices (I even wrote a blog post there once).
So what's this post about then?
Here's the thing. I like Trulia a lot, but I disagree with them on one key issue. This one issue drives me bonkers at times. The issue? RealtyTrac. Because Trulia gets foreclosure listings from RealtyTrac, I hear about foreclosures all the time in Trulia Voices. That's not a bad thing unto itself. The more people ask questions and learn, the more happy I am. What I dislike is that some of these listings wind up floating in cyberspace forever. In the past few weeks I have answered 8 questions about foreclosed properties, none of which were available or in some cases, correct (a house for $3,40 - that's not even a number, unless you live in Europe in which case its $3.40). Now I know the incorrect information is probably someone else's fault (whoever put it into the system), but here's my major gripe. Almost all of the RealtyTrac listings that I have been questioned about are long gone. There isn't any clear definitions of how it all works (there may be on their site, I won't sign up for it, because of my experience so far) and what the consumer should expect. They don't explain that when a property is listed for $30,000 that doesn't mean that's the sales price, but rather what is owed on the property and where the bids will begin at the public auction. There's just a bold price tag and no address info - so we as agents who care enough to spend time on Trulia Voices and help build the great compendium of real estate knowledge, wind up trying to do research on homes that probably aren't available anymore.
What does this have to do with the current housing market?
The consumer is being bombarded with the word "foreclosure" at every turn. Its all they see, hear, and think about. Its all around us 24 hours a day. So they log on to Trulia and see bargain basement prices on homes that have been foreclosed upon and think that its possible to get a $1,000,000 home for $10,000. They're now obsessed by bargain hunting (that in and of itself isn't a bad thing) and we are perpetuating our own problems. Who's going to pay $150,000 for a house, when the perception is that it could be had for $100,000. I'm happy to see the market equalize, but we're creating a nation of unrealistic expectations. Sure, some communities truly do have bargain basement pricing on homes right now...the ones that were hard hit in all of this that has experienced huge price surges in the lead up.
I know nothing's perfect, but couldn't we at least try?
I know it can't be fixed the way I wished it could (automatic download of all foreclosure knowledge into everyone's head along with a perfect internet where non-available houses are erased immediately), but I just wish we could help stem the tide of unrealistic expectations. Knowledge and information are key to this (and I am a one man show trying to do what I can), but RealtyTrac could step up its game to bring about some change within their site. Let's dump the old listings, let's explain what the difference between an auction and an REO property are - in the properties description - tell the consumer how to go about purchasing this one. Help them understand what they need to do next - call a Realtor? Appear at the courthouse steps? Look for another property? Information is a great thing and the internet has brought with it more access than ever conceived imaginable. Just because the information is there, doesn't mean it can't be improved.
Let's rid the world of the negative onsalught and move to a new chapter of positive thinking combined with solid knowledge and information. I'm not one who believes the all "sunshine and roses" approach is the way to go either, don't get me wrong. I think when you take that approach you come out the other side looking like some slick snake oil salesman. I think you have to discuss the good and the bad, but you need to discuss both responsibly and with the facts and information behind it. By educating the consumer (the whole idea behind Trulia Voices) we can improve their lives and our relationships with them. Its the best of both worlds; educated clients working with knowledgeable and experienced agents.
Sorry for the mini-rant that wasn't so brief. I just think there must be a better way. Perhaps it will be my invention and contribution to the online real estate world some day.
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