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The Journey From, and Back to, an Efficient Real Estate Transaction

You should all read Brian’s Friday Flash (on Thursday) post before the holiday weekend. It’s worth the read.

I agree with Brian, I don’t think it can be said that today’s real estate process is more efficient. In fact, it’s less efficient and more complicated.

The graphic 1000Watt put together is telling…

Real-estate-innovation

Buyers and sellers used to need real estate professionals because there was no information available to them.

Then the internet and online advertising came along and, suddenly, all the data is out there for everyone. Anything and everything is at the fingertips for buyers and sellers.

Now, buyers and sellers need real estate professionals to sort through the mounds and mounds of data available across thousands of websites and apps, decipher it, and provide a concise summary of what they actually need to know.

Even though I may be wrong, I still believe the future of real estate search is less. A LOT less. Filter out ALL the noise for your buyers, and ONLY serve them the homes they will love.

Nailing search – which perhaps is actually enabling a scenario where search doesn’t exist at all – is the key to nailing a better overall real estate transaction. We’re certainly not there yet.

Have a great 4th of July weekend.

About Drew Meyers

Founder of Geek Estate Blog. Zillow Alum. Travel addict & co-founder of Horizon. Product & Marketing for 360modern. Social entrepreneurship & microfinance advocate. Fan of Red Hot Chili Peppers and Kiva.

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  • petertoner

    “Nailing search” in this context will only really work if the MLS has all the current listings. The proliferation of coming soon marketing is fracturing the possibility …

    • For the consumer…that doesn’t matter. It’s the agents job to know ALL the listings – both on-market & coming soon – and get the right ones in front of their buyers.

      • petertoner

        Buyers agency is the short end of the stick. “Coming soon” is a double enders dream come true, so rarely is there any real intention to pay a buyers agents commission.

  • Technology is more complicated. However, we like what it gives us.

    For example, when I bought my first house the agent showed up with a bunch of MLS print outs and said these are homes that might interest you. I had one black and white photo of each home. Then I viewed a very small black and white photo in a home publication that caught my attention and I ended up buying that home. Would I have preferred the 20 or so large color photos vs. the one tiny black and white photo, of course. This is a huge improvement.

    One non-Real Estate example. Smart phones are complicated. I know 80+ year olds who prefer an old style flip phone because they are easier to use. However, my guess is you and Brian prefer the more complicated smart phone.

    Everything technology has touched is more complicated, however, most people prefer it that way.

    • Agreed there are benefits to complexity. I certainly like the power to do things on my own. But honestly there is a lot of damn noise that comes along with that, which I really do hate. It’s proven the fewer options you give someone, the more likely they are to do anything at all. Too many options leads people to just get overwhelmed, confused, and move on to something easier.

    • Really, it was a trust issue that led us here. To this day, we all know there are many lazy/mediocre/bad real estate agents. Think of how much easier it was to be bad/crappy/lazy when there was no information transparency at all. It’s no surprise buyers didn’t trust agents, so checking data and doing their own research is something they wanted to do.

      Data transparency will weed out most of the bad apples with enough of a time horizon, and hopefully we’ll end up with a scenario where ONLY good agents are handling deals. Those who actually care enough to deliver a great experience, put in the time to KNOW the market inside and out …and handle the entire search process for their clients.

  • Trillionaire

    I think opendoor.com has taken the first step towards the simplified real estate model..

    • True, for those that are not worried about getting their maximum selling price.

      • I believe there are more people than you think whose primary goal is actually not maximizing selling price. It’s convenience, speed –> to free mental bandwidth to focus on other things in their lives.

        • Peter Liem

          Someone need to do survey on these….Hi Drew maybe you can arrange this…..which one more important for seller
          a. quick sell or
          b. highest price/highest proceed

          Perhaps you can add for buyer too which one they preferred
          a. rebate or
          b. the amount of instant equity

          • This site doesn’t have an audience of buyers/sellers. Need someone with a consumer audience to run that survey and publish the results.

  • The key is coaching prospective buyers toward becoming a CLIENT so you can provide dedicated, one-stop service. Most agents (I think) would be surprised to know how many people still don’t understand that they have this option, that they do not have to spend all day or weekend “calling off signs” to find the right house. Not to mention the value of real representation and facilitation during and after the transaction. But I could go on… good post!

  • it is save our lots of time

  • Andrew Cordle

    i’m agree with drew

  • Roger

    It all sounds like a bunch of differentiation and branding going on. Until you realize that you are not being honest with yourself. Real Estate today is walking clients through the paperwork to protect the brokers and agents for the most part. Technology is here to stay information is out there and it is awesome. The are only a few things your clients need to know. As a industry through branding and differentiation we have mislead consumers to a point of ridiculousness. If you study the market this is what experts are doing today. Of course no one out there is doing this I know especially not you. List a house that is worth $485,000 for $500,000. With a listing presentation that will blow your socks off. Knowing that there perfect proven selling system has no way of selling the home for over market value. So price reductions come into play. Price gets close to the $485,000. Finally sells for $478,000. Since the listing presentation was so awesome it was listed at a 6% commission. This area expert, good friend or a friend of a friend cost the seller $16,500. Representing the buyer today is a story of bought reviews and distorted numbers. Why would you want to be represented by anyone other than a broker with all the accountability for the transaction. Not there right hand agent or the person that answers the phone, return emails and text. Of even better the auto responders they have set up. It is important to work directly with one person that is handling the transaction from start to finish. That responds quickly to clients needs and questions. With technology today it is easy to make a great living with time for a life.

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