Lofty goal: do away with listing commissions
Real estate broker, Frank Llosa is known not just for his wacky business card antics but for his FranklyMLS.com website that features the wikiMLS which he designed as an effort to be the most comprehensive data source in his Virginia/DC/MD market. Llosa says his site is “data heavy and thus sellers use it to research what to sell their home for.”
This week, Llosa launched in “a very beta format” a tool they have dubbed “Frankly I Wish” where buyers can place ads on hyper-local areas through their buyer’s agent in an effort to attract a seller before the seller puts their home in the MLS. Llosa says this is a win for buyers because they can save on the listing commission.
Within the first day, Llosa reports 20 ads were placed, showing market interest and enthusiasm. He notes that the tool is “very beta” and has launched prior to the full design, so he acknowledges that the aesthetics are very raw.
It is a simple concept that appears to be the reverse of pocket listings, a concept already well understood in the real estate industry. Buyer’s agents have fewer opportunities to promote their buyer’s interests, so it is interesting for an agent to be able to say “Client looking for a two bedroom on this street” and have it appear above search results for that street (or subdivision, area, or so on). This could be helpful for buyer’s agents working with clients with extremely unique requirements or lofty dreams with no rush to close.