Potential idea for someone

[yveskleinsky]

So many business models have changed dramatically due to the internet--except real estate. I mean, sure--there's Realtor.com, but it seems to me the whole foundation of how real estate is being transacted is due for a major overhaul.

Here is my frustration: I think the vast majority of Realtors are idiots--expensive idiots at that. There is no way to tell a good Realtor from a bad one, except for word of mouth--and then you have to take into account that most people don't know how to tell a good realtor from a bad one either, so who's to say what you are really getting until you are right in the middle of a transaction--ugh. The vast majority of Realtors unlock doors and fill out paperwork and make 3% of the sales price for doing so. This seems like such an antiquated way of doing business.

I would love to see some sort of yellow pages/yelp site for people to go to research their Realtor before they do business with them. I'd like to read reviews and see what type of transactions they've done. In addition, I'd love a site where I could post my needs, what I want to pay, and then have Realtors "bid" on my business (or where I could invite certain Realtors to bid on my business)...kinda like elance but for real estate. There would be so many different ways to monetize a site like this--title companies, home inspections, escrow companies, attorneys--and of course not to mention you could take a percentage of each transaction. Just a thought for someone.

 

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[DeletedUser2]

sort of like a yelp or urban spoon for realtors?

ya real estate needs an update. from the ground up. I agree. I knew some people in Dallas who put in over 30M into a company to revolutionize the paperwork involved in the industry. it disappeared like a drop of water into the ocean.

also, in some states keeping a "blacklist" may be against the states laws.

who ever can solve these major problems is looking at being the next Steve Jobs of real estate.

good luck!

 

[trnkyit]

My eyes were opened when we bought a house without a broker/agent. The escrow company did all the work! I'll never use a broker/agent again. EVER!

Every day I drive by homes, for sale by owner, that just site there, " blacklisted " by the realestate companies and their agents.

There has to be a better way.

A few of my ideas are in the real estate arena, but I'd really need a coach (with real estate experience) to help flush them out...

Corey

 

[TheAstonMartian]

One flaw I notice is that a lot of real estate websites have a registration page where you are lead after clicking a picture. You can't even view the property fully without having to register at their website. Bad idea. It's an easy way to drive clients away. If the properties are excellent, the client will automatically contact and get in touch. There is no need to register with the website and store your information at the database.

 

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[JEdwards]

How about the opposite? Create a bbb type database that rates the realtor..

You can charge the realtor big bucks to become "accredited". Like bbb does.

Just put all the realtors you can find in the database, and wait for a compliant on the realtors, have your sales team call the realtor and for $475 that can be "A"rated..

Works for the BBB....

 

[DeletedUser2]

How about the opposite? Create a bbb type database that rates the realtor..

You can charge the realtor big bucks to become "accredited". Like bbb does.

Just put all the realtors you can find in the database, and wait for a compliant on the realtors, have your sales team call the realtor and for $475 that can be "A"rated..

Works for the BBB....

That is probably the best, most concise way I have ever heard it put.

 

[Likwid24]

This is an excellent idea. I hope someone in this forum grabs it and runs with it.

 

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[Michael W.]

How about the opposite? Create a bbb type database that rates the realtor..

You can charge the realtor big bucks to become "accredited". Like bbb does.

Just put all the realtors you can find in the database, and wait for a compliant on the realtors, have your sales team call the realtor and for $475 that can be "A"rated..

Works for the BBB....

Brilliant!

 

[Davidla]

Great ideas!

++Speed for Yves and Jack

 

[Red]

As a real estate broker, there are absolutely valid gripes in here -hell, I work with agents all day and even I think that there are a ton of idiots out there (low barrier to entry, folks, this shouldn't surprise you).

But as with ANY professional industry that requires licensing, a good professional is worth their weight in a paycheck. And with any licensed professional, you can (usually, at least in AZ) look them up on the state licensing entity & see if there are complaints. Now, granted, it doesn't have accolades, but that's what word of mouth is for, it's how business is done. It's YOUR responsibility as a consumer to do your homework and get linked up with a good agent. Just like your doctor. Just like your CPA & just like your legal counsel.

Oh, and any idiot can show you a house. (many do on a daily basis) -the value of an agent comes in knowing the laws, the contracts that govern a transaction and making sure you're covered & your earnest money is protected. What happens when it takes the sellers til day 9 to get the utilities turned on in the house & you have a 10 day inspection period? What happens on day 12 when you find out there's a crack in the pool & the seller refuses to fix it? What happens when the former tenant comes back to the home & steals everything that isn't nailed down (appliances, fans, light switches, etc) but you already had your offer accepted & just deposited money in escrow? You don't need an agent when everything goes right, right? Just like you don't need a lawyer when the divorce is amicable? And how often do either of these instances actually occur?

To address some of the ideas in this thread, I would LOVE to have an agent rating system. I've actually looked into Angie's List but they don't rank Real Estate Agents. Neither do a few other major service-provided ranking sites. I believe real estate sites like Trulia offer some kind of feature for that.

As for "bidding" on projects/deals, I'm sure the starving agents will be happy to do that. I will not. I have enough business (word of mouth) to keep me so damn busy, I'm having to farm out my referrals (not leads, referrals) to agents & I'm interviewing for an assistant because I can't keep up. You start a bid war, and I guarantee you'll attract starving agents (is that really who you want representing you?). The good ones know they can make a good paycheck without having to cut their fees. Oh, and I don't blacklist For Sale By Owner's -in fact, I knock on their doors and have shown those homes many a time. It's not a big deal when you know what you're doing as an agent.

Like any other industry, it's about knowing who you work with. I have a referral list a mile long from previous clients because they would NOT have received the deal they had, had they gone it alone. And that's one of the satisfying parts of my job. I help people get better deals than they could on their own because I arm them with information to make good decisions & I'm a grinning bulldog when it comes to getting my (client's) way.

 

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[DocBrown]

Really like this idea and might take a shot at executing.

Just picked up a couple potential domains and I am also going to talk with a couple friends in real estate to get their input...

Thank you all for the great ideas.

 

[yveskleinsky]

At the end of the day there needs to be a focus on providing true value. If a Realtor can pay for a rating or to be part of some BBB type group, then it doesn't provide true value for a consumer (IMO). I would prefer to have a reviews type platform (very much like elance) where people can post their experience.

To the Realtor--I agree that a good Realtor can be worth their weight in gold--the hard part is finding a good Realtor! If I stepped off a plane and landed in your neck of the woods, how would I find you? How do I know you are really good? In what areas are you good? ...Do you see my dilemma? I'm not looking for the cheapest price, I am looking for total value, meaning the intersection of needs and wants.

Good luck to anyone who starts this up!

 

[Komelika]

Funny, I was just telling my wife the same business idea a few hours ago. The only difference is that I was talking about contractors.

 

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[Blacktye6000]

Funny, I was just telling my wife the same business idea a few hours ago. The only difference is that I was talking about contractors.

That would be a great add-on as this is apart of the RE experience. It could be from a total experience standpoint. RE agents, contractors, landscapers, ect..

 

[DeletedUser2]

Funny, I was just telling my wife the same business idea a few hours ago. The only difference is that I was talking about contractors.

they have that. its called angies list

 

[Komelika]

I used Angie's list as an example, even though I don't know anything about it. Is Angie's list a place to pair customers with contractors or to just rate contractors?

 

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