Heath's Blog

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Lets "Dish"

A blog to "dish" on the real estate industry is an interesting idea. There are some things that can be said about consumers, and some things that can be said about licensees, and even some things that can be said about the businesses surrounding the sale and purchase of real estate.  Hmmm, where to start? And .... which to say in a public forum?

How about the idea that Realto r.com is not run by Realtors? Most consumers, and many licensees, are not aware that the website that holds the NAR membership trademark, is not operated by the NAR. Long ago a group of investors licensed the website and gained control of the web traffic in hopes of selling ads and information to both consumers and to licensees.

So what is Realto r.com? It is a site that is like the other real estate sites that ONLY advertise real estate. The listings on its pages come from the listings that licensees enter into their MLSs. The real estate on its pages is like the TV show, and the advertisements around the page are like the commercials that come every 10 or so minutes during the show.

So why is that a "dish"? First of all, only about half of the total licensees in the United States belong to any MLS. So that means that if someone is relying on the Big R (or T or Z) for their real estate information, it will be incomplete and lacking. Not all listings are in MLS. And the latest industry trend is to stop feeding the sites that are only real estate advertising sites.

There are some areas of the country that have no MLS. One of the largest is New York City. In these places, you need to find an experienced professional to find the best property. Of course there are FSBOs and other methods, but most transactions are completed with the help of an, or more than one, experienced professional. 

And even where there is an MLS, there are deals being done that are not in MLS.  I have completed three transactions this year for sellers and buyers of property where the property was not in MLS when it was put under agreement, even tough I am a member of 2 MLSs.  It happens because experienced licensees are looking at property every day. They have buyers who have asked for X. On the occasion that a sellers with X appears, the buyer and seller can both benefit and the transaction takes place without the need for MLS.

I guess, my dish in this case might be summarized by saying that finding the local professionals and their web sites is the most useful way to get the most current real estate information - and to not miss a great property that might fit.

Heath Coker, Associate Broker
Robert Paul Properties
www.CapeGroup.com / capegroup@capegroup.com
508-274-5613  Licensed in MA
Its a beautiful day on Cape Cod!
@CapeGroup  Skype: heath.coker

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James Heath Coker | Create Your Badge

Comments

This is a great dish! I had never really thought of the fact that investors are running Realtor.com rather than NAR. The way it is advertised that thought probably wouldn't cross you line. I think your post could be public for sure! You have given great advice as to why hiring a Realtor is a positive investment! NYC not having an MLS is very interesting information that I don't think a lot of consumers know! 

Posted by Erin Bates (CMG Financial and Expansion Marketing Services) about 6 years ago

And that's only half the story on R.com. 

I often wonder how NYC works without the MLS.  One thing for sure, Open Houses must be very popular.

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) about 6 years ago

Great dish on Realtor.com... revealing info... can you make it public?  K

Posted by Kathy Schowe, La Quinta, California 760-333-8886 (California Lifestyle Realty) about 6 years ago

Ok, I made it public. Thanks for the comments.

Posted by Associate Broker Falmouth MA Cape Cod Heath Coker, Heath Coker Robert Paul Properties Falmouth MA (http://www.CapeGroup.com & http://www.REindex.com) about 6 years ago
I had no idea NYC had no MLS. That is crazy. I like having one place to find everything.
Posted by Lara O'Keefe (North Texas Home Finders) about 6 years ago

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