patrick.net

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When we sell our townhome I would not mind paying the 5% real estate fee (split 2.5% to buyer's and seller's agents) in order to help protect me as a buyer from real estate investor sharks, scam artists, etc. as well as make the selling process easy.

And I assume my agent will be honest and transparent and not try to hide offers from me because it is from a different real estate company.

How are you going to know?

GNL says

Where does Zillows revenue stream come from?

It comes from brokers that pay for zip code advertising. We know there's 10k zip codes. Sell the top 5 spots per zip code at $3-5k per year and do the math. You're looking at $40M+ for a website that is aggregated BY the MLS. They pay 5-10 software engineers to run that because MLS systems just give them the data.

They also sell premium listings and shit like that. I don't like brokers, but IDX has been the worst thing for Realtors. Zillow literally pays a fee and gets all the data AND then charges brokers for leads. Brokers are too dumb and pay the fees by zip code or lead. This is one realm I'd side with brokers getting fucked over. But they also fuck over sellers and buyers, so I don't care anymore. I'm out of the cesspool.

GNL says

Where does Zillows revenue stream come from?

Zillow sells sheep to wolves.

Realtors pay Zillow to get their names in front of buyers.

Redfin leaving the NAR. Probably just the first of many. Another nail in the coffin of the current real estate model in the US and as far as I'm concerned - good riddance!

https://www.redfin.com/news/redfin-is-leaving-nar/

desertguy says

Redfin leaving the NAR. Probably just the first of many. Another nail in the coffin of the current real estate model in the US and as far as I'm concerned - good riddance!

https://www.redfin.com/news/redfin-is-leaving-nar/

Wishful thinking. NAR is NOT the MLS system. They're separate dues/fees. Redfin is 100% still in an MLS database. It's (NAR) basically a union and has nothing to do with the MLS. 3rd party vendors run all the MLS data, Realtors don't even control it. Realtor.com isn't even owned by the association.

There are a lot of misconceptions even among active realtors and brokers. They are getting fucked. Hate them all you want, their own industry is fucking them over. Before you sell even one house, spend any marketing money, signs, etc. what do you think the average realtor pays annually to have a license? Not defending shit realtors, but it's not some grandiose lifestyle for 90% of them. It's a decent car payment to hold a license AND you still need a car. In most markets you have to sell 15+ houses to make an okay living, maybe $40-50k net (not high property value areas). It's a shitty living if you don't own the brokerage and can skim off other sales from other agents.

Here's a question...how does an MLS become THE MLS for the area. Realtors are required to enter their listings into "the" MLS. Does the NAR determine who owns/starts and/or is picked to be "the" MLS for an area?

RC2006 says

I cant believe there are still agents for the buying side.

When I was in real estate in the mid '90s, a lot of selling agents wouldn't even look at your offer if it wasn't presented by a Realtor. They're trying to maintain their empire.

GNL says

Here's a question...how does an MLS become THE MLS for the area. Realtors are required to enter their listings into "the" MLS. Does the NAR determine who owns/starts and/or is picked to be "the" MLS for an area?

Central Panhandle Association of Realtors operates the MLS here. I've seen the same in other places where an association operates the MLS, and each RE brokerage was a member of the association.

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GNL says

Here's a question...how does an MLS become THE MLS for the area. Realtors are required to enter their listings into "the" MLS. Does the NAR determine who owns/starts and/or is picked to be "the" MLS for an area?

Central Panhandle Association of Realtors operates the MLS here. I've seen the same in other places where an association operates the MLS, and each RE brokerage was a member of the association.

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So, the brokers determine who "the" MLS is?

GNL says

So, the brokers determine who "the" MLS is?

The association determines the MLS. And the association is made up of local real estate brokerages. It may give the appearance it is like an exclusive club.

Just like there was an unofficial association of companies like IBM, Intel and Compaq that came up with a design for the USB.

Its easy to sell on Zillow and Trulia as well as Craigslist if you want to sell by owner.

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The association determines the MLS. And the association is made up of local real estate brokerages. It may give the appearance it is like an exclusive club.

Just like there was an unofficial association of companies like IBM, Intel and Compaq that came up with a design for the USB.

The different MLS systems don't even use compatible data formats with each other.

Partnering with Zillow would fix all those issues. Threaten to pull the data availability and Zillow caves? Can't be that simple.

HeadSet says

GNL says

(you do not have to be a Realtor to sell a home. You only have to be a real estate agent working for a brokerage.

In Virginia, and likely most other places, you must be a licensed real estate agent working for a broker to market someone else's home and collect a commission. To become a real estate agent you must pass a written test and background check. Over time, an agent also must also do some continuing education. To become a broker that can supervise these agents, one must have 3 years of full-time experience plus complete further education and testing.

Being a Realtor is not the same as being a real estate agent. A Realtor is a real estate agent but a real estate agent is not necessarily a Realtor.

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Its easy to sell on Zillow and Trulia as well as Craigslist if you want to sell by owner.

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Have you sold a house that way?

Onvacation says

When I was in real estate in the mid '90s, a lot of selling agents wouldn't even look at your offer if it wasn't presented by a Realtor.

?? Around here, and other places I have lived, a realtor likes nothing more than to have a buyer show up without an agent. The selling agent is more than happy enough to fill out the contract and not have to split the commission with a buyer's agent.