{"id":1195,"date":"2007-03-22T20:44:48","date_gmt":"2007-03-23T03:44:48","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=1195"},"modified":"2007-03-22T20:46:12","modified_gmt":"2007-03-23T03:46:12","slug":"how-are-you-gonna-bind-em-down-to-a-listing-contract-when-iggys-doing-your-deal-for-free","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1195\/how-are-you-gonna-bind-em-down-to-a-listing-contract-when-iggys-doing-your-deal-for-free\/","title":{"rendered":"How are you gonna bind ’em down to a listing contract when Iggy’s doing your deal for free?"},"content":{"rendered":"

Should we say goodbye to the half-assed listing? Mike Price<\/a>:<\/p>\n

Today Buyside has announced an ABA, (affiliated business arrangement) whereby any homeowner can list a home in the MLS free of charge. It’s called IggysHouse.Com<\/a>. Interesting branding, I couldn’t find anything on their site that explained the moniker. Could be they just got tired of searching for decent real estate domains, there aren’t too many left out there.<\/p><\/blockquote>\n

I went and looked for myself. Here is the Iggy coverage area:<\/p>\n

<\/p>\n

Dark green states: Now. Light green states: Soon.<\/p>\n

The site sells yard signs, lock boxes and forms<\/a>, but not at huge premiums. I’m not going to fill out a listing to find out what happens, but my guess is that the end-user is doing every bit of the work for the MLS entry and the supplemental Do-It-Yourself web page with additional photos.<\/p>\n

The Iggy people are promising listings on Realtor.com as well. As we have learned, Realtor.com listings do a lot better when they have virtual tours, so Mike might offer to make a video podcast at an extra cost, using PBS-style pan and scan video from the user-supplied photos.<\/p>\n

Does this matter? In the age of the $99 listing, probably not so much. I truly don’t understand why there are any<\/i> FSBOs left in the marketplace. If this doesn’t eat up the few holdouts, I’ll be amazed.<\/p>\n

Interestingly, IggysHouse is evidently owned by BuySideRealty.com<\/a>, which, apparently, hopes that, by giving away 100% of the listing commission it can cling to a whopping 25% of the buyer’s agent’s commission.<\/p>\n

Are they daft?!<\/i> No — they’re lenders. BuySideRealty is a lead-generation scheme that uses the real estate side of the transaction to rope in mortgage borrowers. And how much do lenders make? Just as much as they want to…<\/p>\n

This is really quite a bit smarter than Redfin.com. They exploit the de facto<\/i> “commons” in the traditional commission split, taking the buyer’s agent’s fee without doing the buyer’s agent’s job. BuySide is operating real estate brokerages as a loss-leader, to generate mortgage business.<\/p>\n

Of the two, BuySide’s is the business model more likely to make a profit, if only because it has Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Should we say goodbye to the half-assed listing? Mike Price: Today Buyside has announced an ABA, (affiliated business arrangement) whereby any homeowner can list a home in the MLS free of charge. It’s called IggysHouse.Com. Interesting branding, I couldn’t find anything on their site that explained the moniker. Could be they just got tired of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,4,6,10],"tags":[],"class_list":{"0":"post-1195","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-blogging","7":"category-disintermediation","8":"category-marketing","9":"category-realty-reality","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":6703,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6703\/turning-liquidblue-into-steady-green-is-it-possible-to-found-a-new-real-estate-brokerage-without-going-broke\/","url_meta":{"origin":1195,"position":0},"title":"Turning LiquidBlue into steady green: Is it possible to found a new real estate brokerage without going broke?","author":"Greg Swann","date":"January 27, 2009","format":false,"excerpt":"Cleveland real estate broker John Kalinowski and I have been batting around some ideas of his on how to structure his new brokerage to make it work well for everyone -- clients, agents and ownership. Surely I'm not the best person to ask about this, since we are doing everything\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4448,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4448\/bloodhound-blog-radio-nehemiah-down-payment-assistance-program\/","url_meta":{"origin":1195,"position":1},"title":"Bloodhound Blog Radio: Nehemiah Down Payment Assistance Program","author":"Brian Brady","date":"September 15, 2008","format":false,"excerpt":"Our guest on Bloodhound Blog Radio, this week, was Ronda Green, area manager with the Nehemiah Down Payment Assistance Program. Listen to the full episode here. We opened up the program announcing that we can be found on iTunes as \"Radio Mortgage\" .\u00a0 All episodes will be available here, on\u2026","rel":"","context":"In "Interview"","block_context":{"text":"Interview","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/interview\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1706,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1706\/by-owner-home-seller-is-no-match-for-a-skilled-listing-agent\/","url_meta":{"origin":1195,"position":2},"title":"By-owner home seller is no match for a skilled listing agent","author":"Greg Swann","date":"July 29, 2007","format":false,"excerpt":"This is me in Friday's Arizona Republic (permanent link): \u00a0By-owner home seller is no match for a skilled listing agent We're about to list a home for sale in a fairly pricey neighborhood, so we are very aware of our competition. We knew a similar home was ready to go\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2701,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2701\/redfincom-builds-new-listing-oversight-tools-for-sellers\/","url_meta":{"origin":1195,"position":3},"title":"Redfin.com builds new listing oversight tools for sellers","author":"Greg Swann","date":"March 4, 2008","format":false,"excerpt":"Here's the news, snipped to the quick:Online real estate broker Redfin Corporation today released Redfin Listing Metrics, a dashboard for Redfin's listing customers to analyze neighborhood inventory trends and recent sales, and to compare their listing's online traffic to that of other listings in the neighborhood.That sounds slick, doesn't it?\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1011,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1011\/ask-the-broker-what-do-we-do-if-we-cant-find-the-listing-agent\/","url_meta":{"origin":1195,"position":4},"title":"Ask The Broker – What Do We Do If We Can’t Find The Listing Agent?","author":"Doug Quance","date":"February 7, 2007","format":false,"excerpt":"We (my fiance and I) put in an offer on a condo priced way below market, and the seller would like to take us up on the offer. However his agent is absent, disappeared w\/o a trace. The seller is bound by contract to his listing agent. Since our agent\u2026","rel":"","context":"In "Ask the Broker"","block_context":{"text":"Ask the Broker","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/ask-the-broker\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":236,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/236\/how-to-exterminate-a-cowbird-a-comedy-in-three-acts\/","url_meta":{"origin":1195,"position":5},"title":"How to exterminate a cowbird — a comedy in three acts . . .","author":"Greg Swann","date":"August 23, 2006","format":false,"excerpt":"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\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1195","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=1195"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1195\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=1195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=1195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=1195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}