Ten years ago when I started in real estate, I was interested in the new potential of sites like Trulia and Zillow and what they claimed to be able to offer consumers and agents and how they would bridge the gap of what brokers had and what consumers wanted...information!
Now having this time to see them grow and become a popular source for consumers to view homes and sales information, I have noticed that their sites offer a wealth of information but have little control or understanding of what that information means to consumers and how to filter it best to give accurate and reliable information. Even with brokers across the country adding their MLS (Multiple Listing Service) information and data feeds, they still have out of date homes for sale and sold information on their site that is not correct and "Zestimates" that are highly inaccurate to the actual pricing going in in the local real estate market.
I think thy could be a great tool for consumers and brokers to work in harmony but now brokers have the same, if not better, tools to help consumers get what they want with speed, accurate details and ability to meet or chat with an agent, see a home, get a loan, underwrite their insurance all from one place...the Broker site or apps.
Apps have really allowed the broker to make the information accessible in a very accurate way and allowed the consumer to have a wonderful experience with learning what homes they like (i.e. favorites), gathering community information, schools, and learning the market by seeing first hand the sales so they have an accurate picture to local pricing and what is for sale.
In my area and the company I work for, we have an app that allows you to save searches by searching via a criteria search( circa 1990) or the new way to search via a map and drawing the area you want to see your next home. Then the broker has gone above a normal search. They have allowed the saved search, which can also send automatic email updates to the consumer with new listings that come into the search or sales every 15 minutes. Now that is fast and accurate information!
With the markets being very local and to truly understand values, Zillow and Trulia can't write an equation accurately enough to "guess" the pricing of a home. They don't know the features of the home, what condition it is in, being able to physically walk through homes in the area or that specific home that is for sale, or the seller's situation for selling the home. That kind of knowledge is where a professional real estate agent, a realtor, can help navigate the market and interpolate the information for the buyer or seller in a way that is not only accurate but the ability to show the differences and talk about what they saw in that house that make the pricing higher or lower than the market.
These are just a few ways that these sites are becoming obsolete. There is a trend that brokerages across the country are stripping their feeds to these sites because of the lack of oversight and control of good and accurate information to consumers. Brokers are learning what they have to offer is so much more powerful than a site like those will ever be able to offer.
What would you like to see in a real estate search app or tool for home buying/selling?
- Posted using BlogPress from my iPad
Wednesday, November 20, 2013
Monday, November 18, 2013
Death and Real Estate
With too many blogs that talk about what properties are available and how we can help you in real estate I thought we need talk about the real stories I experience all the time.
This situation would not normally happen but the seller, who is represented by another broker, is in a assisted living situation and the home they were selling is empty and ready for the next buyer. My client, the buyer, is a young couple looking to buy their first home.
We are all the way through the offer with all contingencies removed from the offer. We are waiting for the fink walk through and closing only. The story isn't very exciting or full of tension till we find out that Mr Seller is turning very ill and could possibly die. Concerned for the seller and what they are going through but in the other hand my clients could not close on their house if Mr Seller passes away before the closing is complete.
I did not want to make my clients feel stressed out or worry about the seller, but they needed to know as much as possible to make a good decision. As I knew his true health situation but I had to notify them that his health has dropped and he is not getting better. The conversation between myself and the buyer started with concern for the seller and then it focused on their options and what they should do to help their situation. Both buyers didn't really understand the potential for tragedy that could happen if he passes away before they close on the home. This is where I used my experience and understanding of what could happen if he dies.
After several attempts to make it clear what I would like them to do to make sure they close sooner than later, the seller's agent called me and indicated that the seller slipped into urgent care and was getting worse. This was not what the buyer or seller needed but the buyer had to know that they need to change their work schedule and make adjustments or they could close much later than planned. This would not be an issue but the buyer subleased their apartment and didn't have more time to close later. The buyer had a moment that it made sense why I was more forceful about what the should do with this new situation.
As soon as the buyer gave me the go ahead to move everything and close ASAP, I went into go mode and called the title company to see what they needed from both sides in order to move the closing and make sure this closed. With coordination efforts from the lender, title company and seller's agent, we were able to get the final walk through completed, get money from the bank and have the seller's attorney draft a POA( power of attorney) agreement for the wife to take control of signing for the husband at closing.
The more I think more about his situation and what was happening, imagine someone selling their home by themselves( FSBO) and coordinating this from work or another arena, would they have known what to do and how to connect all parties to make sure it closed on time and with as little of effort on the buyer or seller? I don't think it would have worked out professionals like the realtors, lender, attorney and title company working like a well oiled machine.
The buyer closed on their home and the seller was able to transfer the sale to them and accept the proceeds of the sale. I have not heard the status of Mr Seller and whether he is doing ok. I can not imagine seeing my wife in that state of health and then having to deal with something important, but not as dire as death, at the same time. I am so impressed with the focus and gentle heart that Mrs Seller had for,the buyer of their home. She wished them many years of happiness and hope they love the home like they did. I was blown away. This act of kindness was noticed by everyone in the room. It makes me really enjoy what I do.
We are in the business of human capital as well as real estate capital. I am happy this was all possible for my clients. I know we would have figured out a solution if it didn't go the way it did but I stress the importance of professionals being able to coordinate and handle the stressful situation and make sure everyone was taken care of as best as possible.
I love my job!
A huge Thank You to Preferred Title, Don Griffin(Summit Credit Union) and Ben Anton. With out their efforts and great communication this doesn't happen.
- Posted using BlogPress from my iPad
This situation would not normally happen but the seller, who is represented by another broker, is in a assisted living situation and the home they were selling is empty and ready for the next buyer. My client, the buyer, is a young couple looking to buy their first home.
We are all the way through the offer with all contingencies removed from the offer. We are waiting for the fink walk through and closing only. The story isn't very exciting or full of tension till we find out that Mr Seller is turning very ill and could possibly die. Concerned for the seller and what they are going through but in the other hand my clients could not close on their house if Mr Seller passes away before the closing is complete.
I did not want to make my clients feel stressed out or worry about the seller, but they needed to know as much as possible to make a good decision. As I knew his true health situation but I had to notify them that his health has dropped and he is not getting better. The conversation between myself and the buyer started with concern for the seller and then it focused on their options and what they should do to help their situation. Both buyers didn't really understand the potential for tragedy that could happen if he passes away before they close on the home. This is where I used my experience and understanding of what could happen if he dies.
After several attempts to make it clear what I would like them to do to make sure they close sooner than later, the seller's agent called me and indicated that the seller slipped into urgent care and was getting worse. This was not what the buyer or seller needed but the buyer had to know that they need to change their work schedule and make adjustments or they could close much later than planned. This would not be an issue but the buyer subleased their apartment and didn't have more time to close later. The buyer had a moment that it made sense why I was more forceful about what the should do with this new situation.
As soon as the buyer gave me the go ahead to move everything and close ASAP, I went into go mode and called the title company to see what they needed from both sides in order to move the closing and make sure this closed. With coordination efforts from the lender, title company and seller's agent, we were able to get the final walk through completed, get money from the bank and have the seller's attorney draft a POA( power of attorney) agreement for the wife to take control of signing for the husband at closing.
The more I think more about his situation and what was happening, imagine someone selling their home by themselves( FSBO) and coordinating this from work or another arena, would they have known what to do and how to connect all parties to make sure it closed on time and with as little of effort on the buyer or seller? I don't think it would have worked out professionals like the realtors, lender, attorney and title company working like a well oiled machine.
The buyer closed on their home and the seller was able to transfer the sale to them and accept the proceeds of the sale. I have not heard the status of Mr Seller and whether he is doing ok. I can not imagine seeing my wife in that state of health and then having to deal with something important, but not as dire as death, at the same time. I am so impressed with the focus and gentle heart that Mrs Seller had for,the buyer of their home. She wished them many years of happiness and hope they love the home like they did. I was blown away. This act of kindness was noticed by everyone in the room. It makes me really enjoy what I do.
We are in the business of human capital as well as real estate capital. I am happy this was all possible for my clients. I know we would have figured out a solution if it didn't go the way it did but I stress the importance of professionals being able to coordinate and handle the stressful situation and make sure everyone was taken care of as best as possible.
I love my job!
A huge Thank You to Preferred Title, Don Griffin(Summit Credit Union) and Ben Anton. With out their efforts and great communication this doesn't happen.
- Posted using BlogPress from my iPad
Location:Madison,United States
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