» A New Way to Show Real Estate?

A New Way to Show Real Estate?

I was really busy last month and spent about $30,000 on my credit card. I signed up for several matchmaker services, resume websites, and, oh yeah, I took a few flights to London, The Middle East, and Singapore. I’m really tired because I was so busy!

What really happened was someone “borrowed” my credit card number, shared it with friends and family, charged a number of trips, and used dating and job services. I figure the person(s) who had the card number was really hurting and in need of a job, a date, and travel.

At any rate, when I read “This is the Big One” by Glenn Kelman on Redfin’s Sweet Digs blog, having just had an issue over my credit card, I got the willies. Mr. Kelman wrote about an idea presented to him for showing homes. To Mr. Kelman’s credit, he put the idea out to his readers. The article’s premise, and you can read more about it by clicking on the link, is buyers could contact sellers directly to view homes. Buyers would submit financial statements and credit card numbers on line to a seller whose home they chose to view.

The seller would review the documents to determine if the buyer was qualified to see the home. If so, the buyer would be given a code to a keybox to enter the home. When viewing the home, the seller might not be present.
Here is my comment to this article on The Sweet Digs blog:

“TMI- Too much information! Would a buyer want to give every seller whose home they simply want to view all of their personal and financial information. I think not! It is none of the seller’s business. As a Realtor, it’s none of my business either. I recommend good lenders who will take care of my client, be honest, and explain everything throughout the process. I need to know the buyer is qualified, not their financial history.So would a buyer want to put all their financial information out on the internet to anyone and everyone, highly unlikely. Sounds like a good way for someone to hack in and get financial data. From the seller’s point of view, as many people have already said (in blog comments), the security issues would be huge. Just because you were privy to someone’s financial records, does that mean the person is a fine, upstanding citizen?What if the person who came in was really looking for prescription drugs? Don’t think it happens? It does.”

Real estate could be the birth of two start up industries! I see possibilities for growth here.

It could be the real estate industry’s way of contributing to the economy by creating two niche markets:
Niche market #1-

Company name: We’ve Got Your Number

This company would provide financial data, including credit card and social security numbers, selling the information to anyone who will pay.

Niche market #2-

Company name: I Want to Take You Higher

Prescription drugs available at great prices! Hurry for the best selection.

Seriously, showing homes in this way would open a can of worms stretching from identity theft to the thievery of household treasures and other crimes I don’t want to think about. It was unsettling enough to have someone out using my credit card, never mind what could happen if showing homes was handled in this way.

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http://www.TheHairFarmer.com Hair Farmer Joe

I’m sorry about your troubles Debra – I was beginning to get envious of your travels …

I agree with your point that nobody wants to give financials or any personal info to see a home (except when required for certain palaces). That is probably another thing that Glenn overlooked.

The main thing that Glenn has not learned yet (I believe all of his RE experience is in the last two years) is that not everyone wants to do sell and/or buy their own properties. There are still many more who don’t want to make the largest purchase of their life online – they want and need personal service.

That said, there is a growing segment of people who would be happy to do the extra work to save some of what have become huge commissions. Glenn is still really trying to make it so the agent doesn’t have to work (or get to?) – I suggest concentrating on providing MORE service and lowering commissions.
http://www.debrasinick.com Debra Sinick

Hi Hair Farmer Joe,

The travel sounded like fun, but not this time! Looks like someone else got on the plane.

In fairness to Glenn Kelman, he put this idea out there without making much of a value judgement. I did not get the sense he was promoting it. He did want to see what the public thought.

I think there is a place for different business models. Different things work for different people.

However, in this market, sellers need to pull out all the stops with marketing, photography, staging, and pricing. From my point of view, this requires someone who is market savvy and experienced.

Your point about providing service is well taken. All Realtors need to do that, no matter what the business model.