Comments on: Redfin Revisited http://sandiegohomeblog.com/2007/02/08/redfin-revisited/ A San Diego Real Estate Web Log Sat, 13 Mar 2010 21:29:14 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: BC http://sandiegohomeblog.com/2007/02/08/redfin-revisited/comment-page-1/#comment-145630 BC Thu, 28 Feb 2008 05:41:12 +0000 http://sandiegohomeblog.com/2007/02/08/redfin-revisited/#comment-145630 Exe- How do you know you saved $25K? This is the root of your misunderstanding. You are not buying a commodity with a fixed price. In other words... Unless there were multiple offers on the two homes you bought and someone else was working with a traditional agent AND they also offered the exact same amount that you offered, but would have paid their agent $25K more... Then you have no idea what any other agent could have negotiated on your behalf. The fact is you paid a transaction coordinator (someone who usually makes anywhere from $250 - $350 per transaction) much more then what they deserved for pushing your paperwork. So, how much did you really save??? Exe-

How do you know you saved $25K?

This is the root of your misunderstanding. You are not buying a commodity with a fixed price.

In other words… Unless there were multiple offers on the two homes you bought and someone else was working with a traditional agent AND they also offered the exact same amount that you offered, but would have paid their agent $25K more…

Then you have no idea what any other agent could have negotiated on your behalf.

The fact is you paid a transaction coordinator (someone who usually makes anywhere from $250 – $350 per transaction) much more then what they deserved for pushing your paperwork.

So, how much did you really save???

]]> By: Podcast with Redfin.com CEO Glenn Kelman: “We’re looking for nerds living in nice houses” | BloodhoundBlog: National real estate marketing and technology weblog | There's always something to howl about... http://sandiegohomeblog.com/2007/02/08/redfin-revisited/comment-page-1/#comment-88359 Podcast with Redfin.com CEO Glenn Kelman: “We’re looking for nerds living in nice houses” | BloodhoundBlog: National real estate marketing and technology weblog | There's always something to howl about... Mon, 14 May 2007 02:59:09 +0000 http://sandiegohomeblog.com/2007/02/08/redfin-revisited/#comment-88359 [...] Kris Berg’s husband, Steve, has a very thorough Redfin post at The San Diego Home Blog. Los Angeles Times. Redfin.com’s weblog. (Ahem. Gertrude Stein’s ungrateful whine about [...] [...] Kris Berg’s husband, Steve, has a very thorough Redfin post at The San Diego Home Blog. Los Angeles Times. Redfin.com’s weblog. (Ahem. Gertrude Stein’s ungrateful whine about [...]

]]> By: Redfin.com’s CEO Glenn Kelman: “What if the parasites had to eat the parasites?” | BloodhoundBlog: National real estate marketing and technology weblog | There's always something to howl about... http://sandiegohomeblog.com/2007/02/08/redfin-revisited/comment-page-1/#comment-88358 Redfin.com’s CEO Glenn Kelman: “What if the parasites had to eat the parasites?” | BloodhoundBlog: National real estate marketing and technology weblog | There's always something to howl about... Mon, 14 May 2007 02:58:44 +0000 http://sandiegohomeblog.com/2007/02/08/redfin-revisited/#comment-88358 [...] listened to the podcast, Steve Berg, Kris’ husband and business partner, came up with his own list of very cogent questions for Redfin. These Kelman dismissed as “talking trash”. This is the fallacy ad hominem, of course. [...] [...] listened to the podcast, Steve Berg, Kris’ husband and business partner, came up with his own list of very cogent questions for Redfin. These Kelman dismissed as “talking trash”. This is the fallacy ad hominem, of course. [...]

]]> By: The San Diego Home Blog » Blog Archive » Set Your Tivo (To “Self-Destruct”) http://sandiegohomeblog.com/2007/02/08/redfin-revisited/comment-page-1/#comment-86672 The San Diego Home Blog » Blog Archive » Set Your Tivo (To “Self-Destruct”) Thu, 10 May 2007 21:15:27 +0000 http://sandiegohomeblog.com/2007/02/08/redfin-revisited/#comment-86672 [...] favorite business model, Redfin, will be profiled, and I know first-hand that CEO Glenn Kelman can serve up a tasty feast of rhetoric. Therefore, as any self-respecting [...] [...] favorite business model, Redfin, will be profiled, and I know first-hand that CEO Glenn Kelman can serve up a tasty feast of rhetoric. Therefore, as any self-respecting [...]

]]> By: Steve Berg http://sandiegohomeblog.com/2007/02/08/redfin-revisited/comment-page-1/#comment-49242 Steve Berg Sat, 24 Feb 2007 22:30:05 +0000 http://sandiegohomeblog.com/2007/02/08/redfin-revisited/#comment-49242 One of the biggest problems in this country today (and the world for that matter) is people not taking responsibility for their actions and/or decisions. The first two things I taught my children was to always be honest and that they must always take responsibility for their actions. It's that simple. Gene is correct. An agents job is to advise their clients, hopefully with the benefit of their knowledge and their experiences. Ultimately, the decision to buy or sell rests with the client. Any client who claims they were "forced" or, as LA Renter suggests, "allowed" to buy or sell, is simply not taking responsibility for their decision. One of the biggest problems in this country today (and the world for that matter) is people not taking responsibility for their actions and/or decisions. The first two things I taught my children was to always be honest and that they must always take responsibility for their actions. It’s that simple.

Gene is correct. An agents job is to advise their clients, hopefully with the benefit of their knowledge and their experiences. Ultimately, the decision to buy or sell rests with the client. Any client who claims they were “forced” or, as LA Renter suggests, “allowed” to buy or sell, is simply not taking responsibility for their decision.

]]> By: Gene http://sandiegohomeblog.com/2007/02/08/redfin-revisited/comment-page-1/#comment-49197 Gene Sat, 24 Feb 2007 18:46:11 +0000 http://sandiegohomeblog.com/2007/02/08/redfin-revisited/#comment-49197 "It's just propaganda, to prolong the success of thousands of agents and brokers who have allowed people to buy homes they can't afford." Wow, I feel so POWERFUL! To have "allowed" people to buy what they can't afford. Hmmm, I think I'll "allow" the war to end. Yea... that's it! That's the ticket! What else can I "allow"??? Actually LA Renter, try telling a home buyer in a frenzied buyers market that he or she is paying too much and they will probably tell you that you're crazy and then go find someone else to represent them. Been there, done that! Cheers! “It’s just propaganda, to prolong the success of thousands of agents and brokers who have allowed people to buy homes they can’t afford.”

Wow, I feel so POWERFUL! To have “allowed” people to buy what they can’t afford.

Hmmm, I think I’ll “allow” the war to end. Yea… that’s it! That’s the ticket! What else can I “allow”???

Actually LA Renter, try telling a home buyer in a frenzied buyers market that he or she is paying too much and they will probably tell you that you’re crazy and then go find someone else to represent them. Been there, done that!

Cheers!

]]> By: Steve Berg http://sandiegohomeblog.com/2007/02/08/redfin-revisited/comment-page-1/#comment-48881 Steve Berg Fri, 23 Feb 2007 22:27:04 +0000 http://sandiegohomeblog.com/2007/02/08/redfin-revisited/#comment-48881 LA Renter - Speaking on behalf of Kris and myself, we are generally in agreement with you. There are posts and comments all over this and other Blogs bemoaning the fact that the barrier to entry in real estate is far too low and that there are too many poor agents chasing too few deals. And, yes, NAR, to all of our detriment (IMHO), spins the market in a manner that hurts all of our credibility. In my recent post, "The Difference" I speak to the issue of client's who spend so much of their research time on websites featuring homes/prices but relatively little or no time trying to evaluate and select agents to interview. Almost every day we see new listings in the MLS with agents we have never heard of. Top agents can be found, primarily on the internet or through referrals of friends who have had a good experience. And, to make matters more complicated, just because an agent has done many deals doesn't necessarily make them the right one for you. We know seasoned agents that we would never recommend to anyone (were we not in the biz). So you need to try to "qualify" them. Pick the top three or four who are working the Burbank/Glendale area and meet with them. Interview them and try to determine who you perceive will REALLY look out for your best interests. Kris and I work for each client, not just for that particular transaction, but with the intention of providing the kind of service and results that will cause each and every client to want to use us for any subsequent transaction and/or refer us to their friends. I wish we knew an agent in your area, but we don't. Hopefully, through your homework or by someone reading this and offering their recommendation, you will identify a great agent. We sincerely wish you the best of luck!! LA Renter – Speaking on behalf of Kris and myself, we are generally in agreement with you. There are posts and comments all over this and other Blogs bemoaning the fact that the barrier to entry in real estate is far too low and that there are too many poor agents chasing too few deals. And, yes, NAR, to all of our detriment (IMHO), spins the market in a manner that hurts all of our credibility. In my recent post, “The Difference” I speak to the issue of client’s who spend so much of their research time on websites featuring homes/prices but relatively little or no time trying to evaluate and select agents to interview. Almost every day we see new listings in the MLS with agents we have never heard of. Top agents can be found, primarily on the internet or through referrals of friends who have had a good experience.

And, to make matters more complicated, just because an agent has done many deals doesn’t necessarily make them the right one for you. We know seasoned agents that we would never recommend to anyone (were we not in the biz). So you need to try to “qualify” them. Pick the top three or four who are working the Burbank/Glendale area and meet with them. Interview them and try to determine who you perceive will REALLY look out for your best interests. Kris and I work for each client, not just for that particular transaction, but with the intention of providing the kind of service and results that will cause each and every client to want to use us for any subsequent transaction and/or refer us to their friends.

I wish we knew an agent in your area, but we don’t. Hopefully, through your homework or by someone reading this and offering their recommendation, you will identify a great agent. We sincerely wish you the best of luck!!

]]> By: LA Renter http://sandiegohomeblog.com/2007/02/08/redfin-revisited/comment-page-1/#comment-48858 LA Renter Fri, 23 Feb 2007 20:41:30 +0000 http://sandiegohomeblog.com/2007/02/08/redfin-revisited/#comment-48858 I just wanted to add a comment as a future buyer that may know more than the average joe (from reading sites like this), but certainly not as much as everyone else on here. I'm yet to buy a home in this over-priced market, and I can respect the case for the service Real Estate Agents provide. However, with no offense to any Agents here, I agree with the comment that realtors have a similar stigma as lawyers. Certianly it's not true across the board, but IMHO the impression is they are only out to maximize their commission, which means a higher selling price. You can thank people like David Lereah for lying to the public that the worst of the deflating bubble is over, month after month. It's just propaganda, to prolong the success of thousands of agents and brokers who have allowed people to buy homes they can't afford. Maybe those are the agents you refer to above that should not be in Real Estate, but nonetheless that is a the perception of many people like me. If there are any good Agents in Burbank/Glendale though let me know. :) I just wanted to add a comment as a future buyer that may know more than the average joe (from reading sites like this), but certainly not as much as everyone else on here.

I’m yet to buy a home in this over-priced market, and I can respect the case for the service Real Estate Agents provide. However, with no offense to any Agents here, I agree with the comment that realtors have a similar stigma as lawyers. Certianly it’s not true across the board, but IMHO the impression is they are only out to maximize their commission, which means a higher selling price.

You can thank people like David Lereah for lying to the public that the worst of the deflating bubble is over, month after month. It’s just propaganda, to prolong the success of thousands of agents and brokers who have allowed people to buy homes they can’t afford.

Maybe those are the agents you refer to above that should not be in Real Estate, but nonetheless that is a the perception of many people like me.

If there are any good Agents in Burbank/Glendale though let me know. :)

]]> By: Kris Berg http://sandiegohomeblog.com/2007/02/08/redfin-revisited/comment-page-1/#comment-48049 Kris Berg Thu, 22 Feb 2007 02:08:17 +0000 http://sandiegohomeblog.com/2007/02/08/redfin-revisited/#comment-48049 Exe - That's great that it worked out for you! Not everyone is going to need or want the same level of protection, counsel and representation, which is why there has been and will continue to be a market (albeit small) for these limited service models. The key was that you at least knew enough to seek legal counsel - Very good move. I like the little "TM" after the "Realtor". Very observant and detail oriented. Are you sure you aren't an agent? :) Exe – That’s great that it worked out for you! Not everyone is going to need or want the same level of protection, counsel and representation, which is why there has been and will continue to be a market (albeit small) for these limited service models. The key was that you at least knew enough to seek legal counsel – Very good move.

I like the little “TM” after the “Realtor”. Very observant and detail oriented. Are you sure you aren’t an agent? :)

]]> By: exeunt http://sandiegohomeblog.com/2007/02/08/redfin-revisited/comment-page-1/#comment-48045 exeunt Thu, 22 Feb 2007 01:51:59 +0000 http://sandiegohomeblog.com/2007/02/08/redfin-revisited/#comment-48045 OK folks... I've actually used Redfin. Twice. In the last couple of months. I did the legwork. It was OK with me. I had the inspections done. I took responsibility. I hired my own lawyer to represent me for the transaction. I used the Redfin guy as my representative in negotiations and in dealing with my lawyer. I saved ~$25K. I will never buy without representation, but I will never be represented by a full-service agent again unless they can change their pricing model, which might have been OK with $100K homes, but with $1M homes, borders on extortion. There is NOTHING you do as a full service agent that I cannot do myself, or pay a nominal amount to have done, including full legal representation for a transaction - which realtors (TM) do not provide. OK folks…
I’ve actually used Redfin. Twice. In the last couple of months. I did the legwork. It was OK with me. I had the inspections done. I took responsibility. I hired my own lawyer to represent me for the transaction. I used the Redfin guy as my representative in negotiations and in dealing with my lawyer. I saved ~$25K. I will never buy without representation, but I will never be represented by a full-service agent again unless they can change their pricing model, which might have been OK with $100K homes, but with $1M homes, borders on extortion. There is NOTHING you do as a full service agent that I cannot do myself, or pay a nominal amount to have done, including full legal representation for a transaction – which realtors (TM) do not provide.

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