{April Fools} LostListings.com! When Agents Lose, You Win!!

By
Real Estate Broker/Owner with Northern Virginia Homes - FRANKLY REAL ESTATE Inc

(Update, this is an april fools joke. You can see AGBeat cover it well here)

Announcing the launch today, Monday, for LostListings.com!

When Agents Lose, You Win!

A bold new service that goes where no other brokerage firm has gone before! Revolutionizing the industry and furthering transparency! Further showing why Frank won Inman New's 2009 Innovator of the Year award, video).

Background: Times are tough! Our firm, Frankly Real Estate Inc, is finding that we are losing more and more listing appointments. Whether it be sellers looking to do it themselves FSBO (see post Save $20k? Selling By Owner) or just picking cheaper, more local or more knowledgeable alternatives. We know we are great, but not everyone else is agreeing with us. So we had to look forward to a new revenue model. At least to help us cover the loss in gas and time wasted.

The idea came from a recent real estate class. The question was:

What happens if an agent meets with a seller and finds out secret details of that home for sale?And then if that agent is not hired, but they have a buyer that wants to buy that home. Can they share the seller's secrets? To whom is the fiduciary duty?
Turns out the Fiduciary Duty is 100% to the buyer client (assuming they are a signed client with an Exclusive Buyer Agency Agreement, don't miss that blog post!)

So that got me thinking. That data on the seller... that is damn valuable. An agent that loses a listing might have this data, and could sell it at auction on LostListings.com, such as:

  • When a new listing is hitting in a hot neighborhood. Value= $300-$5,000
  • Information about a patched up leaky roof. Value= $200-$2,000
  • Almost broken furnace. Value=$5,000
  • Information about a rodent, radon, oil leak problem. Value=$500-$25,000
  • Foundation crack being covered up or hidden. Value= $30,000
  • The Seller's desire to sell quickly to avoid foreclosure and willingness to take $25,000 under market value! Value= $25,000

What would you pay for information on a hidden $30,000 defect? Now on LostListings.com, unsuccessful listing agents can sell their acquired information at auction to either buyers directly, or to buyer's agents.

This is currently only in the DC area, and soon we plan on launching a Kickstarter campaign to raise $350,000 to launch this idea nationwide. Will you join us? I hope you will watch the video and check out the site. If you find it as revolutionary as I do, please leave a comment below on whether you think this is brilliant, won't work, might be unethical, will work, etc.

Let's start a conversation. Oh and share this with friends! Tweet it, Facebook Like it, snail mail it to your relatives if you need to!

Please don't pass judgment until a) you have watched the video and b) you have entered the site to see how we do this in a repectful manner.

Written by: Frank LLosa Esq.

Broker FranklyRealty.com

Owner FranklyMLS.com

Owner LostListings.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Sales and Marketing
Groups:
Active Rain Newbies
Realtors®
ETHICS and the REALTOR
Out Of The Box!
"Whacked"!!!
Tags:
innovation
april fools joke

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
195,748
Ben Yost - 303-587-4297
First Time Home Buyer, Mortgage Rates, Pre-Approval - Denver, CO
FHA, VA, Conventional - Mortgage Loans in De

hehe Good Stuff!

Apr 01, 2013 08:54 AM #18
Rainmaker
657,454
Pat & Wayne Harriman
Harriman Real Estate, LLC (203) 672-4499 - Wallingford, CT
Broker/Owners, Wallingford CT Real Estate

Can't believe there were people who actually thought this was real. Whenever April Fool's Day rolls around, I click on any link with the date firmly in mind! Great joke, though!

Apr 01, 2013 08:59 AM #19
Rainmaker
69,504
Elizabeth Y. Foulds
Long & Foster Real Estate - Saint Michaels, MD
Your St Michaels Realtor

Happy April Fool's Day.   This was the first one today.

Apr 01, 2013 09:18 AM #20
Rainer
405,466
Brad MacKenzie
Brad MacKenzie - Duxbury, MA
Turning Houses into Homes on the South Shore

If I tell you everything, would you give me a referral fee?  Very elaborate and very funny!

Apr 01, 2013 09:22 AM #21
Ambassador
1,292,728
Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo

You are amazing and so funny - thanks for the laugh

Apr 01, 2013 09:26 AM #22
Rainmaker
122,158
Joy Baker
RE/MAX Insight - Salem, NH
So NH RE & Short Sale Specialist

Great post!  I can envision the entire franchise:  LostListings.com followed by (as Alan May #8 suggested) LostLicense.com followed by LoserLitigation.com and ending with BoneheadBankruptcy.com.

Apr 01, 2013 09:34 AM #23
Rainer
261,153
Marge Draper
Keller Williams Realty Palo Alto - Menlo Park, CA
REALTOR, Keller Williams Realty, Menlo Park CA

Great!  That is so funny.  I like that we can take a day off and have some fun!

Apr 01, 2013 10:01 AM #24
Rainer
161,490
Teri Clardy
Colorado Premier Staging, LLC - Littleton, CO
APSD Certified Home Stager Pro

Great video, really made my evening!!

Apr 01, 2013 10:45 AM #25
Ambassador
517,406
Virginia Hepp - Mesquite NV REALTOR
ERA - Mesquite NV Homes For Sale - Mesquite, NV
Mesquite NV Homes and Neighborhoods - Search MLS

Almost had me there, Frank.

Apr 01, 2013 11:36 AM #26
Ambassador
1,538,494
William Johnson
RE/MAX Associates - La Jolla, CA
San Diego Real Estate Voice, GRI CRS e-Pro CDPE
Hi Frank, Happy April Fools Day. I must admit, though the idea is a bit off the wall, you did try to make a convincing argument for the idea.
Apr 01, 2013 11:57 AM #27
Rainmaker
1,452,425
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Very creative post and you almost had me going.  Wouldn't we love to spill the beans on some of those sellers who have snubbed us! haha.

Apr 01, 2013 12:21 PM #28
Rainmaker
1,760,036
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

I have seen a few April Fool's Jokes today, this one ranks pretty high Frank.  :)

Apr 01, 2013 02:55 PM #29
Rainmaker
302,391
Christina Sanchez Hood
Palo Alto, CA
#SiliconValleyHOODS | Inspired Living

The prank was fun and the comments were great too!  Thanks for the April humor!

 

Apr 01, 2013 02:58 PM #30
Rainmaker
2,939,176
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

This was fun... but you had me going for a while!

Apr 01, 2013 09:52 PM #31
Ambassador
2,747,295
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate
Doh!! Well, what goes around, comes around and you got me good, which I thoroughly deserved.
Apr 02, 2013 12:02 AM #32
Rainmaker
1,431,110
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Funny post and video.  I actually liked the written post better than the video. 

Apr 02, 2013 03:04 AM #33
Rainer
300,804
Lehel Szucs
All Seasons Real Estate, Inc. - Covina, CA
REALTOR of choice

funny ... needed a laugh after the day I had yesterday ... 

Apr 02, 2013 03:11 AM #34
Rainmaker
782,279
Kevin Mackessy
Blue Olive Properties, LLC - Highlands Ranch, CO
Dedicated. Qualified. Local.

Thanks for the laugh, one of the more quality April Fool's jokes.  I couldn't log on yesterday to see any so I'm browsing them today. 

Apr 02, 2013 04:37 AM #35
Rainmaker
368,638
Travis "the SOLD man" Parker; Associate Broker
Team Linda Simmons, Enterprise, AL 36330 - Enterprise, AL
email: Travis@theSOLDman.me / cell: 334-494-7846

Can I fax over my Donation? I'll try not to use anything smaller than a quarter 'cause it'll jam up my fax machine!

Apr 02, 2013 06:06 AM #36
Rainmaker
828,932
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi Frank, we have tried numberous times to pay a referral to an agent who has lost a listing if they will give us contact info.  but they just don't "get it".

Apr 02, 2013 08:14 PM #37
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
138,114

FRANK LL0SA Esq.- Northern Virginia Broker .:. FranklyRealty.com

Ask me a question
*
*
*
*
Spam prevention

Additional Information