4 Responses to “MLS search” »»

1. Steve
   Comment by Steve | 09/29/07 at 4:09 pm

   Dear

   John,

   After reading your post, a few questions emerged.

   - Regarding the relationship

   between your blog and clients, what percentage of your clients come to you because of your

   blog/editorial work?

   - Since real estate is often a local interest, is Boston big enough to

   drive enough volume through ads to be as profitable as you would want it to be (or to offset income

   you might have generated focusing on clients)? If you take your current daily volume, how much more

   volume would you need to generate significant income? How would you accomplish that? You had

   mentioned “Curbed”. As this covers New York, is this more of an exceptional website rather than the

   norm? Are there other real estate blogs that are successful just showing content (say in San

   Francisco, Dallas, Houston or other major metropolitan cites)?

   - Have you been able to build

   up your staff (agents) enough where they can focus on generating the real estate income and you can

   focus on the promotions?

   - Which do you enjoy more?

   - Would you want to expand to

   other markets?

   - Of the big 4 (Boston Blogs), yours is the most readable. You have a talent

   for writing.

   - When you started the blog, what were your goals (independence, financial,

   etc)?

   Steve

2. Robert
   Comment by Robert | 09/30/07 at 5:18 pm

   In my

   experience the smartest real estate agents I’ve dealt with and bought from have a simple strategy

   for making money that benefits all parties IF the buyer has done his homework:

   1. Buyer

   finds home on MLS (complete listing).
   2. Buyer calls listing agent.
   3. Listing agent shows

   home.
   4. Buyer shows up ALONE. There is no compelling reason for an educated buyer to have a

   buyer’s broker in 2007. If you can’t find the neighborhood, haven’t checked the schools and

   police logs, or need your hand held you definitely NEED a buyer’s broker but be prepared to pay

   for it….dearly. The buyer’s agent has a vested interest in keeping the selling price as high as

   possible no matter what they they tell you.The only other person a buyer needs is a lawyer.
   5.

   When you show up alone that means the whole commission will go to the listing agent and agency.

   Since they don’t have to split it with your well-intentioned but expensive (even when

   incentivized)buyer’s broker, 4% now seems more than fair (although the smartest will take 3.5% and

   make it up on the volume that comes from happy customers)
   6. If the buyer can’t negotiate, they

   need to find a family member who can.

   I’d appreciate your comments on why this approach

   isn’t one of the best for an EDUCATED buyer (defined as a person willing to take three hours out

   of one day to research a property thoroughly on the web who retains a real estate lawyer for

   closing).

3. John A Keith
   Comment by John A Keith | 09/30/07 at 5:37 pm

   Robert, well

   of course you don’t need a buyer’s agent … you’ve been able to get all the information you

   need from my blog, for free!

   I’m not sure where you are getting your information about how

   a listing agent will lower his/her commission just because the buyer is coming in alone - I’ve

   never heard of any buyer using this negotiating ploy. Does it work for you?

   I’ve never had

   a buyer suggest to me that I am not working in their best interest to get their property for the

   lowest price possible. Just about all my buyers have a firm idea of how much they’re willing to

   pay for their new home, and I don’t think I could ever persuade them, otherwise.

   You seem

   to have it all figured out, so there’s no reason to discuss this, further.

   Good luck!

4. Robert
   Comment by Robert | 09/30/07 at 7:15 pm

   Yes, your blog is well-written and the commentary is quite informative, but I gather my raw data

   from alternate sources.

   I should clarify, I’m assuming the seller in a negotiation is less

   likely to reduce the price of the house to meet the buyer’s offer beyond a given number. The

   listing agent will be more willing to reduce his commission slightly to make the deal happen if the

   commission is 4 or 5% rather than if he’s starting at 3% because he’s splitting it with the

   buyer’s broker. I bought my home this way and find it’s very commonly used, although not

   frequently discussed.

   I’ve never claimed that YOU aren’t working in the best of interest

   of your clients, I’m sure you are, but Iknow for a fact there are many who are not. What incentive

   is there for a buyer’s agent to arrive at a LOWER selling price? If the buyer knows how much

   they’re willing to pay for the home then why not hire a pure negotiator that doesn’t benefit from

   a higher price. As a buyer I know I’ll work harder for my price than most buyer’s brokers will,

   based simply on the nature of the compensation arrangement.

   I never claimed to have figured

   it all out, that’s why I asked for your comments. As I said, this tends to benefit all parties and

   seems to be working for many agents in other states…and this one too.

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