Official “Buyer Search-MLS” Announced
In an ever evolving quest to provide it’s members with innovative tools and systems, the National Association announced the nation wide roll out of their mandatory Buyer Search-Multiple Listing Service.
The new system will provide buyers and buyers agents all the same protections, conveniences and broadcast benefits that property sellers and listing agents have enjoyed for decades.
The rules of engagement for Buyers Search-MLS will require members to adhere to the same strict Code of Conduct currently in force. Per policy and procedures with Active Listings, when working with buyers, all members must have an executed Exclusive Agency Buyers Representation Agreement and submit the Buyer Profile Data to their BS-MLS within 5 days.
Powered By Your Local Association and GWHIZ
The National Association, in concert with State and Local Associations, also announced sketchy details of their lifetime service contract with Google.
This shiny new service will be dubbed GWHIZ – Google Worldwide Home Information Zenith.
Google will provide a suite of borg like powerhouse services, including these innovative tools:
- Google Wave
- Google Docs
- Google Voice
- Google Maps/Earth
- Google Android
- Google Search
- Google Chat
- All Google tools will integrate seamlessly with Twitter, Facebook, Youtube and WordPress.
Like the Homes-For-Sale MLS allows prospective buyers to browse, dream, research, collaboratively locate and buy real estate, GWHIZ will allow sellers to browse and collaboratively contact registered buyers.
Service benefits include:
- More selection, more opportunity. Unlisted home owners (seller prospects) can identify prospective buyers and buyers enjoy previously invisible selection opportunities.
- More transaction volume. Interested unlisted seller prospects can contact their favorite real estate agent or the buyer’s agent for additional buyer client details, arrange appropriate showings and coordinate purchases.
- Save time. Google’s research reveals that many unlisted home owners would be interested in selling their properties, if they didn’t have to slog through the laborious and inconvenient process of marketings, bothersome showings and Days On Market.
- Consumers save money. Google’s research indicates that the transactional real estate commission fees cost of purchase will shrink by 13% or more.
- Agents and brokers enjoy increased transactional volume. Google’s research indicates that transactional volume will increase due to 1., 2., 3. and 4. above. It’s projected that the increase in transactional volume will hopefully offset the reduced transactional revenue.
How It Works.
When listing a Buyer, members may will input buyer profile details into the GWHIZ system. In addition to common profile/search information, members will enjoy the unlimited upload of extremely granular detail. For example, in addition to bedrooms, baths, square footage, price range etc., listed buyers and their agents, in any language (Google translator enabled), can describe their dream home scenario in high definition detail.
For (in plain English) Example:
I want to the live in the Pine Cone Park neighborhood of The Woodlands TX. It has to be on the street facing the pond. On Clover Park Circle, that’s the street name. White cabinetry is a must. Floors of grey slate. Mirrored closet doors and a fireplace in the downstairs master bedroom. I’m looking for a home built by Life Forms, I especially like the Florence floor plan. It’d be great if there was a play set in the backyard for the kids. [You get the picture, the more plain English detail the better.]
A saucy-sister search site will be launched to globally broadcast listed buyer needs and desires. The new BS-MLS/GWHIZ site will be searchable by all human beings.
Check it out: https://www.Gwhiz.Google.com
The new partnership provides free GWHIZ services to all National, State and Local Members. This ground breaking partnership will include revenue sharing. Google will sell ads to pay for the service (Financial analysts project 2010 ad revenue at $75,000,000.) and National, State and Local Associations will enjoy and share 30% of the net profit. Additionally, Google has negotiated a Go-Forward-Option to power and revenue share with all existing Local and National Listing MLS services. A national MLS system for both buyer and seller registration will be in place by January 1st, 2011. It’s anticipated that National, State and Local Associations will become wealthy, current MLS providers, 3rd Party Poachers Partners (Truia, Zillow, Realtor.com, Home Gain, etc.) will go broke and Google will dominate everything on planet earth, including real estate.
The impact on brokers and agents will be positive significant as well. As stated above, while it’s anticipated that broker/agent per transaction revenue will decline slightly, the hoped for increase in transactional volume may ease the financial shortfall and provide even more magnificent opportunities going forward. National, State and Local Associations recognize the key role feet-on-the-street agents, play in providing the data that drives their money machine Google partnership, effective immediately all Board and Association dues will be slashed by 50% and MLS subscription dues will be eliminated.
Seriously Friends. I Just Made This Up, But…
Why don’t we have an Association Home Buyer MLS. If it works well for sellers, why not buyers too?
I know, It’s sorta like playing with a chrome platted pistol, it’s a radically disruptive and destructive to the status quo. Other than that, why not?
My personal opinion, this would be a valuable service (for buyers, sellers and real estate agents), IF it included all represented buyers and IF brokers and Association leadership DID NOT commit self-suicide and choose to foolishly provide this rich new data to 3rd parties or allow the opt-in participation of unlisted buyers.
Yes, I’m aware of National Buyers Listing Service. In this post, I’m not talking about a system with voluntary entry, unlisted-buyer opt-in or ownership and control by 3rd parties. I am talking about a Board/MLS policy that enforces mandatory entry of all Represented Buyers AND Sellers, does not allow unlisted-buyer opt-in and strictly controls the data. I don’t care who the Association hires to power the system, as long as it’s gee-whiz-cool and simple.
What’s Your Personal Opinion?
Do We Need One? Why? Why Not?
What would the $ impact be on per transaction brokerage fees?
Would this increase transactional/unit volume?
Would this impact home values?
If the current system works for sellers, why wouldn’t it work for buyers?
Would this be positive for consumers?
Would this be positive for you?
Is there a Board or Association working on this now?
If not now, when do you think it will happen?
Austin tops the list of best places to buy a home
When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?
Looking at the bigger picture
(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).
That said, SelfStorage.com dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).
They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.
“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”
Average age of houses on the rise, so is it now better or worse to buy new?
With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.
The average home age is higher than ever
(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.
With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.
Prices of new homes on the rise
Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.
Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?
The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.
Why Realtors are vulnerable to these rapid changes
(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.
Note: We’ll let you decide which company plays which role in the image above.
So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.
1. Zillow poaches top talent, Move/NAR sues
It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.
Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.
2. Two major media brands emerge
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