As a follow up to one of my previous post, The New York Times reported that Realogy is now exploring the possibility of having buyers go to their website and placing Offers on Boston downtown real estate, thus, eliminating the need for paying brokers a commission.
As Reported in the New York Times: Web-focused operations like Zillow, Opendoor and Offerpad — along with brokerage giants like Realogy, which owns Coldwell Banker and other brands — have been building out “instant buying” programs that allow home sellers to solicit direct offers from the company. The Redfin program, is an effort to bring the approach to the other side of the transaction.
Real estate agents’ groups will be watching to see whether Redfin’s competitors introduce similar programs. At stake is the roughly $110 billion a year in commissions generated by home sales
The Buy Button Factor
What some in the industry is call the “Buy Button Factor” a potential Boston downtown real estate buyer would go to one of these new platforms hit a I want to buy button that would lead you, the Customer, to a multi-question guide that details how to prepare the offer and provides advice on factors like financing and inspections based on data from the local market.
Conclusion
The bottom line Realogy which owns the big real estate brand names like Coldwell Banker. Century 21 and Sotheby’s International needs to make changes as their company stock price plummeted nearly 80% over the past year from $23.00 to $6.18.
New York Times
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