Days old Pre-MLS group growing rapidly
FranklyRealty.com, known for being a rebel inside of the real estate industry, has launched a private Facebook group for agents only, a “Coming Soon” network of sorts that allows agents to share listings before they go on the MLS. With several local groups already established, the Northern Virginia (NOVA) group is already the largest, boasting nearly 900 members. The group has already resulted in a 100% pre-market sale, and has generated “tons of premarket showings.”
FranklyRealty.com says their goal is to get 10 to 20 percent of all MLS homes listed in a local group prior to its being featured in the MLS, noting that it is not a public group because if a listing was ready for public consumption, it would simply be added to the MLS.
The broker says the primary requirement for group members is that members give and take, asking members to post as many pre-MLS listings as possible rather than just use the forum for buyers. Additionally, the forum forbids rentals, want ads, open houses, and homes already in the MLS.
Don’t call it a pocket listing
The group owner, Frank LLosa asserts that the group is not a pocket listing, which is a frequently misinterpreted type of listing. Pocket listings are not always pre-MLS, they are often private listings of celebrities or high profile individuals seeking to keep their home out of the headlines, or offered during a lengthy marketing preparation process, typically for luxury listings.
LLosa said that the term pocket listings “has 10 definitions depending on who you talk to, also called Private or Exclusive Listings,” adding that while many have critiqued pocket listings, this new service does not fall under the category of any of the negative assessments of pocket listings, rather it is an agent community for sharing and finding pre-MLS listings, not for public consumption and completely independent of who gets what commission.
“This new coming soon forum is a virtual version of the office stand up and announce system, but across 50 brokerage firms and 1,000 agents,” said LLosa.
Coming Soon signs already exist…
“Some agents do already post coming soons on Craigslist or with a “Coming Soon” sign in the yard,” LLosa states, opining that the agent may be doing so to squeeze out a double commission. “Bottom line is, if the agent and seller wanted it public, they would, but they usually aren’t, so in this forum they feel comfortable sharing the heads up to other agents, so it is thriving.”
What’s next for the groups?
Llosa tells AGBeat that he has already been approached by an investor, but is truly seeking to build something cool before he ever considers that path, which as the industry rebel, it is no surprise that the concept was built to service clients, not a single broker.
We foresee that this could and should become a standalone website, mobile app, or at least a Facebook app so the functions can be streamlined as the private groups grow, and as the current size and pace of growth prove, they will grow, possibly accomplishing the 10 to 20 percent goal already defined.
It will be interesting to see how real estate media companies will adapt as the agent community so openly embraces the concept. Stay tuned.
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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