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The Inside Scoop on Properties

redfin-logoLet’s face it. No matter what industry you work in – you want the inside scoop. If it’s not public knowledge, your desire to know anything and everything escalates — for no other reason than curiosity of the unknown.

A few days ago, I was talking to a friend of mine who is an agent in Seattle — and got to talking about what a smart lead acquisition strategy Redfin has deployed with their Offer Insights (launched earlier this year). Offer Insights provides real-time statistics and notes from Redfin agents about thousands of offers submitted on behalf of Redfin clients. In other words, information that is not in the public domain. Which, of course, prompts buyers to inquire to learn more even if it doesn’t actually help them buy a house — simply because their curiosity gets the best of them.

Any other brokerages taking this approach yet? It wouldn’t surprise me to see Zillow or Trulia turn this feature on nationwide, and use it as a massive lead generation strategy for their premier agents.

About Drew Meyers

Founder of Geek Estate Blog / Geek Estate Labs. Zillow Alum. Travel addict & co-founder of Horizon. Social entrepreneurship & microfinance advocate. Fan of Red Hot Chili Peppers and Kiva.

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  • If anything, it is a great way for agents to get a list of creative ways to make it to the top.

  • A few issues with Z or T trying this (based on MLS/agency rules):

    For agents to comment on another agent’s listing, it has to be behind a subscriber wall, i.e. the viewers are “clients” now. Since the buyers are not clients of Z/T, it would be difficult to relieve agents of liability.

    Buyers involved in the offers have to approve the info about their offer being used. Redfin can do this as a matter of company policy (provide opt-out documentation to buyers), but a portal would have a much harder time, not being a brokerage, and not having an agency relationship with the agents or buyers.

    As a matter of practice, it potentially has a detrimental effect on buyers’ offers. When a seller receives multiple offers on a home, and one agent/brokerage has a practice of publicizing how the transaction went down, there is a very real possibility that a seller doesn’t want to involve that agent/buyer in their negotiation. It’s certainly an attention grabber, as you’ve said, “even if it doesn’t actually help them buy a house”.

    • maybe it’s not shared publicly, just between client and agent. Not sure…I’m sure Z/T could figure out some way to make it work 🙂

      • Michael Michael

        So do you think this sort of transparency is a good idea then?

        • Buyers want the info. So it’s a good idea for anyone who wants to reach/talk to buyers to give it to them.

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