I had this news last night, under embargo, but I was tied up with geek stuff. The Cliff’s Notes: In areas where Redfin.com has MLS reach but does not have its own agents on the ground, starting today it will begin offering client referrals to agents it has screened and whose performance it will monitor […]
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The uncontested brilliance of the free market is that it is self-correcting. People like me have been bitching all along that Redfin.com’s approach to buyer representation was misguided if not outright evil. Conceding some huge chunk of the buyer’s agent’s commission to the buyer was certainly consumer-friendly, but pushing the cost of buyer representation off […]
I am a hardliner on the subject of reform in the real estate industry. Over the last nine months, I have written at great length about, among other things, the skill-set required to survive in the future of full-service real estate, empowering buyers, dual agency, how the NAR makes war on the free enterprise system, […]
In his comments on Russell Shaw’s article, Jay Reifert Is Tired of NAR Hiding the Truth, Jay Reifert warns us early on that he is spoiling to get this fight into the public eye I suspect this may be driving his over-the-top diatribe. Too bad, because I think he makes a valid point that the […]
Trevor Smith writes (and I respond): Your comment about Redfin is not only ignorant it is probably borderline libel. Please feel free to pass my comments and my contact information along to them. Do you even know exactly what services Redfin does or does not provide? No. What I do know is that they are […]
Glenn Kelman, chief executive and broker of Redfin.com, posted a comment to one of my entries about that company. I replied to him there, but I’m posting the exchange here, as well, frankly because I consider it Big News. Here is Mr. Kelman’s remark: Thanks for this thoughtful comment Greg. Many Redfin customers decide to […]
Of the two “innovative” cowbird brokerages discussed in this morning’s New York Times, the stronger of the two is BuySideInc.com. They’re rebating even more of the buyer’s agent’s commission than is Redfin.com, but their actual profit center is in originating the loan — a well-understood, fast, cheap, office-job function. Even this is not without complicating […]
If the New York Times devotes 2700 words to a puff piece on Redfin.com, how many of those words would you expect represent the contrary point of view? If you said 1,350, to reflect the chimerical idea of balance, you haven’t spent much time reading the New York Times. If you said zero, you spend […]
“You might need a dog toy, but your dog just needs you.”MLS fights are always about Residential listings. Nobody is claiming to have lost sleep (or money or jobs or opportunities) over Land and Lots or Multi-Family or BizOps. No one at Redfin is tasked with tracking underperformance by Patagonian buyers competing for Industrial properties. You […]
Once upon a time in my young career, I used to think about sending little notes to flailing sellers, telling them why their houses weren’t selling. Arguably, this would have been a violation of Article 15 of the NAR Code of (ahem) Ethics, but it would have been bad form regardless. Besides, I was making […]
Trevor Smith writes: First, I want to say that you are incredibly articulate and a great writer. You know what you believe, you’ve researched it, and you stand by it. So, as far as that goes I respect you. Second, I am with John L Scott, where I charge 4% commission for a full service […]
Act I — Why Realtors hate discount listings… People think ordinary on-the-ground Realtors hate discount listings because of the discount. That’s may be true of many real estate brokers, but real-life Realtors have two much better reasons to hate discount listings. First, the Buyer’s Agent will have to do all the work for both the […]
Snipped from the speech Redfin.com CEO Glenn Kelman made yesterday to a Congressional subcommittee: that we must register our users He said a lot more than this, of course, and you might go read it all. But much of what he said sounded to me like complaints that Redfin has been expected to hew to […]
In a comment below, Jon offers this: What are you talking about? Lawsuits against emongoo, zillow and refin? None of them are doing anything wrong…sorry to say. I looked at emongoo, zillow and redfins sites and I don’t see anywhere where they say they give legal advice. First, I only cited legal advice with respect […]
I have been devoting a lot of my time to some ascendant ideas in Real Estate loosely based on the Web 2.0 model of internet commerce. The ideas are ascendant, but they’re not necessarily good. I weigh in on the skeptical side for now, but I’m watching all this with interest. I’ve been wrong before. […]