{"id":2931,"date":"2008-04-10T10:51:56","date_gmt":"2008-04-10T17:51:56","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=2931"},"modified":"2008-04-10T16:49:37","modified_gmt":"2008-04-10T23:49:37","slug":"the-anatomy-of-a-realtor-less-transaction","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2931\/the-anatomy-of-a-realtor-less-transaction\/","title":{"rendered":"The Anatomy Of A Realtor-Less Transaction"},"content":{"rendered":"

\"Will<\/h1>\n

Over the last couple of months we have spoken to hundreds of agents who when asked, most can not easily articulate what they do in a transaction. Yet worse, justifying why they receive 6% commission on the transaction is even harder to define.<\/p>\n

More often than not their answers have been based upon mantra-like rhetoric that centers around the ignorance of the consumer. One of my favorites, \u201cI don\u2019t get paid for what I do, I get paid for what I know\u201d<\/em> is representative of the kind of inanity surrounding an industry whose players for the most part are reluctant to provide great detail into what they do.<\/p>\n

In this Web 2.0 world, many who are resistant to a culture of transparency and fear disintermediation believe they are beyond reproach and that the technologically savvy consumer could never do without a Realtor\u2019s involvement in a transaction. The misguided belief that \u201cthere will always be a need\u201d<\/em> for a Realtor is ignorant at best.<\/p>\n

While true, there may be quite a great number of consumers who DESIRE<\/strong> to have an agent involved in a transaction, much more for convenience sake then anything else, it is big mistake to think that they are NEEDED<\/strong> in a transaction.<\/p>\n

The former implies that an agent\u2019s services are thought of by some to be much like that of a \u201creal estate concierge\u201d<\/em>,<\/strong>while the latter implies some form of prerequisite dependence. This article is written to dispel the rumor that an agent is needed in a transaction.<\/p>\n

So from start to finish I will outline a recently closed transaction.<\/p>\n

1. Property Selection<\/strong>: A property was found online through tax records as being owned by a bank. The bank had not as of the time of contact contacted or retained an agent. The bank was contacted and the decision maker at the bank communicated their willingness to receive an offer.<\/p>\n

2. Due Diligence<\/strong>: Data was reviewed and it was concluded that this would be a great buy. All of the vital signs were reviewed online and required about 2 hours of time. It only took this long because it was located in another state that Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Over the last couple of months we have spoken to hundreds of agents who when asked, most can not easily articulate what they do in a transaction. Yet worse, justifying why they receive 6% commission on the transaction is even harder to define. More often than not their answers have been based upon mantra-like rhetoric […]<\/p>\n","protected":false},"author":37,"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":[5],"tags":[],"class_list":{"0":"post-2931","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-real-estate","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":6248,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6248\/how-much-does-knowledge-cost\/","url_meta":{"origin":2931,"position":0},"title":"How Much Does Knowledge Cost?","author":"Thomas Hall","date":"December 26, 2008","format":false,"excerpt":"We are drowning in information but starved for knowledge.\"\u00a0 quoted by John Naisbitt. As RE Web 2.0 has evolved, there has been so much emphasis on the data, yet as we sit and evaluate the present solutions, consumers are still unclear how to interpret the information. \"Information is not knowledge.\"\u00a0\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":5983,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5983\/death-taxes-and-real-estate-30\/","url_meta":{"origin":2931,"position":1},"title":"Death, Taxes and Real Estate 3.0","author":"Thomas Hall","date":"December 7, 2008","format":false,"excerpt":"What do death, taxes and real estate all have in common? Technology. I've blogged on several occasions about Real Estate Web 2.0 and my belief that in the myriad of solutions that have been developed, deployed and adopted, there has yet to be a \"real estate agent killer\" app. Not\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":2904,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2904\/zillow-mortgage-bourse-how-to-acquire-long-term-clients\/","url_meta":{"origin":2931,"position":2},"title":"Zillow Mortgage Bourse: How To Acquire Long-Term Clients","author":"Brian Brady","date":"April 5, 2008","format":false,"excerpt":"I might have been hasty in my original assessment of the Zillow Mortgage Bourse. I sometimes suffer from TB; true believer disease. I'm one of the few guys in the mortgage business that actually wants to see the cost of loan acquisition, for the consumer, dramatically reduced. I have never\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8579,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8579\/can-a-realtor-truly-be-a-consumer-advocate\/","url_meta":{"origin":2931,"position":3},"title":"Can a REALTOR Truly be a Consumer Advocate?","author":"Thomas Hall","date":"June 1, 2009","format":false,"excerpt":"My query is sincere.\u00a0 But first, I want to make a distinction between a REALTOR and a licensed real estate agent.\u00a0 NAR tells consumers to seek the counsel of REALTOR - in fact, make sure they are working with a REALTOR, leading consumers to believe that a licensed real estate\u2026","rel":"","context":"In "Dirty Laundry"","block_context":{"text":"Dirty Laundry","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/dirty-laundry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1799,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1799\/does-the-real-estate-industry-need-realtors\/","url_meta":{"origin":2931,"position":4},"title":"Does the Real Estate Industry Need Realtors?","author":"Cooksquared","date":"August 14, 2007","format":false,"excerpt":"Inspired by the glut of controversial posts appearing here lately, I thought I would add one more to the fire. In my recent browsing I stumbled upon a blog that asked a simple question, \"Do we need Realtors?\" That's all. That was the whole post. While the questioned seemed relatively\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":958,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/958\/disintermediation-not-for-me-not-yet\/","url_meta":{"origin":2931,"position":5},"title":"Disintermediation? Not For Me. Not Yet.","author":"Jeff Turner","date":"January 28, 2007","format":false,"excerpt":"I hated my last REALTOR?. Well, hate is a strong word. I don't really know him well enough to hate him. But I'm sure if the sale had taken just one week longer, I would have known him just long enough to wish him all manner of ill will. I\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\/2931","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\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=2931"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2931\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=2931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=2931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=2931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}