Inspired Real Estate For Today

Part 2 of 3 parts...

I just finished watching an exciting episode of 24 on-line...a day late, but uninterrupted by commercials!  Now, that's TV worth watching.  The pleasure of watching the program with my specifications...no commercials had real value to me. This is part 2 of a Series in which we are exploring an industry RE-Imagined! 

What if the real estate industry's leaders Re-Imagined the role of MLS systems in light of some of the kinds of changes that TV networks & other media/Internet related industries initiated to respond to the Value deficit perceived by the viewing experience of the network's  audience? So let's continue Re-Imagining by asking the Question...What IF?

What if Bidding for the SALE of Properties was held Open on-line for a Period pre-determined by the Seller?

• What if Visitors to the MLS system website were notified that once an offer was received on a property, bidding would remain Open for X amount of days?  Would this serve to increase interest in the listing?  Would this be perceived as a Value Added Benefit by a home owner? 
• Seller's would have the option to release the amount offered in the bids or have them remain sealed.  The government already does this with the sale of it's HUD properties. What if home Sellers also had the option to reveal certain elements of the bid ?  For instance it might be advantageous to the home seller to alert potential bidders on-line that a home had 3 approved buyers already in the Buying cue? 

What if Real Estate Services Were Evaluated based on Public's Perception of Value?

Let's face it, we all know that not everything a real estate agent does to market a home packs the same type of punch.  When only 3-4% of homes sell due to Open House activity, is this service on par with a powerful  and effective marketing effort or the added momentum that is quickly gained when a home is staged effectively?  The answer is NO!  What if in addition to traditional listing services, real estate agents could market & charge for Value Added Services which had a proven ablility to truly impact in a significant way the outcome of the transaction from the consumers perspective? Not every part of the real estate selling process is "created equal." 

• A CMA should not really be judged in the same way holding a house Open is if we think of the way it impacts the bottom line of a transaction.  Most folks in the real estate community know that a properly researched pricing analysis is "worth it's weight in gold"...and as the market is continually shifting, the ability to master the skill of "on target pricing" is priceless!

What if Revenue for the Services Provided Through the MLS System Were Re-couped from the Commercial Sector?

Real estate is business...big business.  There is NO sector of the economy which is not impacted by the sale of a home.  Think stores, schools, entertainment complexes, home improvement, community organizations, politics....When people move, their money moves with them & that is one of the reasons why real estate is such a big deal...it feeds the economy one home at a time.  Sooooo instead of trying to get revenue from real estate agents, many of whom are barely earning a minimum wage, what if MLS systems began to collect revenue from those who benefited from the services of their members?

• If advertisers knew that they had a HOT SALE Prospect in a Great Listing, they might be persuaded of the value in accessing  millions of eyeballs which are hungry for the national obsession & past time of  house ogling.  This would not necessarily be limited to current listing data.  Sold data for successful sales or pending sales would be a natural for all sorts of commercial endeavors because a SOLD property is a SUCCESS story! Think about it...aren't we subjected to this kind of thinking in every other area of life, & aren't those who are repackaging MLS data not already doing this in some limited fashion by "clicks per view" programs & the likes?

• Why should MLS systems, the originators of the data not benefit?  For starters, there might be a means by which sellers could be compensated for the clicks generated by their home.  Not only would this be an incentive to price a home correctly, but it could also off-set the cost of the commission.  Seller's earning more money on the sale of their home are usually very happy individuals! 

• The bonus inherent in this novel approach would be a WIN WIN...More options for sellers to earn money & More opportunities for real estate agents to add value and therefore sell More homes!  Since the market would itself be voting about what homes were truly worth seeing, commercial advertisers would have a valid data pool to judge the results of their investment thereby generating More reasons to Advertise & Give More Exposure to the home for sale!

Click on this Link to Read Part 3 ...Re-Imagining the Real Estate Transaction

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