{"id":6248,"date":"2008-12-26T18:02:55","date_gmt":"2008-12-27T01:02:55","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=6248"},"modified":"2008-12-26T18:02:55","modified_gmt":"2008-12-27T01:02:55","slug":"how-much-does-knowledge-cost","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6248\/how-much-does-knowledge-cost\/","title":{"rendered":"How Much Does Knowledge Cost?"},"content":{"rendered":"
<\/dl>\n

We are drowning in information but starved for knowledge.”\u00a0 quoted by John Naisbitt.<\/em><\/p>\n

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.<\/p>\n

“Information is not knowledge.”\u00a0 quoted by Albert Einstein. <\/em><\/p>\n

Buying and selling real estate isn’t all about the data – it’s about knowledge and expertise.<\/p>\n

If knowledge is not information, what is knowledge?<\/p>\n

According to Merriam-Webster online, knowledge is defined as the following:<\/p>\n

Knowledge<\/a>:\u00a0 <\/span>(1)<\/span><\/span>:<\/strong> the fact or condition of knowing something with familiarity gained through experience or association<\/span> (2)<\/span><\/span>:<\/strong> acquaintance with or understanding of a science, art, or technique<\/span> b <\/span> (1)<\/span><\/span>:<\/strong> the fact or condition of being aware of something<\/span> (2)<\/span><\/span>:<\/strong> the range of one’s information or understanding <answered to the best of my knowledge><\/span><\/span> c<\/span>:<\/strong> the circumstance or condition of apprehending truth or fact through reasoning :<\/strong> cognition<\/a><\/span> d<\/span>:<\/strong> the fact or condition of having information or of being learned <a person of unusual knowledge><\/span><\/span><\/span><\/span><\/em><\/dt>\n
<\/dt>\n
If consumers are to gain value from technology in the real estate arena, the solutions must be focused on the interpretation of the information.\u00a0 Interpretation of information is knowledge. <\/dt>\n
<\/dt>\n
Who possesses knowledge in the real estate arena?\u00a0 Experienced Realtors, brokers, mortgage professionals, attorneys, title\/escrow agents, property inspectors, experienced investors and others involved in the transaction.\u00a0 Experience gained over time, after executing a number of transactions.\n<\/dt>\n
<\/dt>\n
The prevalent mindset is to reduce the cost of the transaction by reducing the commission paid to the real estate agent because technology delivers information more openly to the consumer – but what value has been created?\u00a0 Has true value been really created if more information has become available?<\/dt>\n
<\/dt>\n
Reduced fee business models often focus on reducing the most value aspect of the transaction – the knowledge and expertise of the real estate professional.\u00a0 Granted, if the knowledge and expertise is not readily identifiable, it makes sense to pay less.\u00a0 I believe reduced fee models address the barrier to entry for new agents who may lack Read more<\/a><\/dt>\n","protected":false},"excerpt":{"rendered":"

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 quoted by Albert Einstein. Buying […]<\/p>\n","protected":false},"author":47,"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":[4,5,19],"tags":[],"class_list":{"0":"post-6248","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-disintermediation","7":"category-real-estate","8":"category-technology","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":815,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/815\/lereah-says-buy-now\/","url_meta":{"origin":6248,"position":0},"title":"LEREAH SAYS BUY NOW !!","author":"Russell Shaw","date":"December 29, 2006","format":false,"excerpt":"It is official - David Lereah quoted on CNN - and everyone is doing just what he says!","rel":"","context":"In "Casual Friday"","block_context":{"text":"Casual Friday","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/casual-friday\/"},"img":{"alt_text":"Lereah Says Buy","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2006\/12\/Lereah%20Says%20Buy1.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":136,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/136\/how-dare-you-object-that-the-little-red-fin-wants-to-eat-the-bread-it-didnt-bother-to-bake\/","url_meta":{"origin":6248,"position":1},"title":"How dare you object that the Little Red Fin wants to eat the bread it didn’t bother to bake?!?","author":"Greg Swann","date":"July 26, 2006","format":false,"excerpt":"Snipped from the speech Redfin.com CEO Glenn Kelman made yesterday to a Congressional subcommittee:that we must register our usersHe said a lot more than this, of course, and you might go read it all. 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