Fractional Ownership and R dot com

By
Real Estate Agent with Beach & Luxury Realty, Inc.

I had the occasion to speak with a marketing consultant the other afternoon from R dot com, selling me on all of the new features and the upgraded/updated site.

During the course of this conversation she wanted to know my thoughts and if I had any questions.  Well, of course I had a question.

I wanted to know, why since Fractional Ownership has been around for about a decade now, that it has not been an available search feature for the consumer. You can search for Single Family, Condo/townhouse/co-op, Multi-Family, Manufactured/Mobile, Farm, Land and Rental. Yet you cannot perform a search for Fractional.

Her response was that while this has been an available type of ownership for the past 10 years, there just haven't been that many listings to warrant a search option for it.

Now, I'm sorry, but even only 1 listing should tell them that maybe they need to look into having it as a search option, especially when they were aware of this.

I told her to put herself in the shoes of the consumer, when told the property they are looking at at such a great price, is being sold as a Fractional Ownership and that price is for one of the available Fractions.  How does that make us as Realtors look?

She went ahead and did some checking and stated that NAR has recently contacted them about getting Fractional's placed on the Advanced Search, since it is now becoming more widespread. She also said that there have been several comments recently made by other Realtors about this as well.

We are in a wait and see pattern as to what R dot com is going to do as well as how long it will take them to make a change.  It's only been 10 years now, so what's another 10?

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Rainer
234,150
BLR Guy
BLRGUY(Beach & Luxury Realty Inc) - Saint Pete Beach, FL
This is just typical of them.If you want even slower..try our local board!
Oct 04, 2007 10:34 AM #1
Rainer
93,046
Andrew Trevino
ADT Real Estate - Wilkes Barre, PA
Wilkes-Barre Homes For Sale
That was a great question, Cris. I wonder how long it'll take to get this added to the search options. We don't do Fractional Ownership in our area, but you never know.
Oct 04, 2007 02:36 PM #2
Rainmaker
74,030
Cris Burlew
Beach & Luxury Realty, Inc. - Saint Pete Beach, FL
Broker ~ St Pete Beach FL Real Estate

Hi BLR Guy...I think that our local board will be a lot sooner than r dot com

 

Thanks Andrew...you never know as it is truly a form of ownership spreading through the country especially as the baby boomers are retiring in droves and they want to have a 2nd home but not be tied down to it. I just have to wait and see how long it will be for them at r dot com :)

Oct 04, 2007 02:43 PM #3
Rainer
18,257
blreast therealty4u
Beach and Luxury Realty, Inc. - New Smyrna Beach, FL

 

 

This  would look  essential for good acceptance of 'fractionals'

otherwise the lumping with time shares will  likely continue  the more in the public's subconscious.

The more the industry accepts this as a valid form of True Ownership- perhaps even the more it'll be taken into consideration.

Granted 10 years isn't long compared to eternity; but buyers will want to see (at least in their Internet searches) that there'll be an effective market for selling....  and like you said Cris 1 listing here,a few there, added to those all across the country... doth a pretty big  marketplace make-th!

Oct 04, 2007 02:45 PM #4
Rainer
26,815
Wayne Miller
San Diego, CA

Cirs, good question for Rdot.com. 

I've never head of Fractionals before until I joined BLR, Inc. and I'm in the business.  I think by offering Fractional as a search option, more and more consumers will become aware of it.   

Oct 05, 2007 03:04 AM #5
Rainer
10,332
Marge Coffing
Beach & Luxury Realty, Inc. - Saint Pete Beach, FL
Florida Fractional Lady

Cris -

To identify, or clarify, that is the question, or one of them. What's the role of that organization, R.com? to identify what exists, "Read Fractional Ownership here" or clarify it, and thus legitimize?  or by ignoring or suppressing recognition, to delay change or deny existence?  Doesn't  the  research and reports of the NAR mean anything?  I really don't understand what R.com does or have done historically, and how they get the power they have. 

Oct 06, 2007 04:22 PM #6
Rainer
9,053
Lisa Rohner
Luxury Fractional Guide - Wallingford, CT
Luxury Fractional Guide

Fractional real estate is a $2 to $3 billion industry in North America.  And the people selling that real estate are not marketing in the traditional real estate mediums because of people like that woman that you spoke to.  My company has listings for over 375 fractional properties and resorts.  Many are for private homes/villas and many more are resorts and clubs that have 100 or so individual fractional properties each that they are selling.  And with 375 listings, we know that we've only scratched the surface.

There just aren't enough listings to warrant a "fractional search" option?  Guess R.com doesn't want a piece of the thousands and thousands of individual fractional properties for sale out there.  My company gets on average 7,000 to 8,000 visitors per month to our site looking for fractional property.  I hope R.com doesn't get their act together!  I've got a kid in college to pay for!  :)

Oct 29, 2007 08:50 AM #7
Rainmaker
74,030
Cris Burlew
Beach & Luxury Realty, Inc. - Saint Pete Beach, FL
Broker ~ St Pete Beach FL Real Estate

Lisa - I agree that R.com doesn't seem to want a piece of the fractional properties for sale. They'd rather have these properties reflected incorrectly on their site, so when the consumer sees it, we get yelled at!

But on the other hand...it is to our benefit. It now makes us able to network better with other agents who handle this type of property and try to sell and refer business back and forth. Their loss is our gain! Seeing how fast they don't like to move...I think it is going to be another decade before they get on the band wagon and that's fine by me :)

Oct 30, 2007 02:53 PM #8
Rainer
234,150
BLR Guy
BLRGUY(Beach & Luxury Realty Inc) - Saint Pete Beach, FL

where did everyone go from our fractional group?I guess it fizzled

May 20, 2008 10:48 AM #9
Rainer
234,150
BLR Guy
BLRGUY(Beach & Luxury Realty Inc) - Saint Pete Beach, FL

where did everyone go from our fractional group?I guess it fizzled

May 20, 2008 10:49 AM #10
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Rainmaker
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Cris Burlew

Broker ~ St Pete Beach FL Real Estate
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