Auction Lite - our fastest growing real estate solution!

AUCTION LITE

Pay just HALF commission… or NONE at all!
Sell in DAYS, not months.
Get MULTIPLE offers, not just one.
Sell for MORE, not less.
No gimmicks, no fine print. Here’s how…

What are the top reasons to work with a trusted real estate broker?

Results-driven marketing, negotiation expertise and qualified closing representation.

Now, what are the top reasons to auction your home?

Multiple qualified buyers, a quick sale, and more important — paying less in commissions.

Now there’s a revolutionary new way to do real estate that combines the BEST of traditional real estate and the BEST of auctions! It’s called Auction Lite, and it’s only available through 24by7bid Realty!

That’s right, you get the BEST of both worlds. You are represented by a broker who has hundreds of successful closings and has worked with hundreds of unique clients. Plus, you get the benefit of their complete professional marketing team that will bring tons of exposure (and lots of showings and ultimately several offers) to your home.

In addition, because Auction Lite works similarly to an auction, you have the option of paying only HALF or even ZERO commission!

Full representation AND reduced commissions — No wonder Auction Lite is our fastest growing real estate solution!

In addition, because Auction Lite works similarly to an auction, you have the option of paying only HALF or even ZERO commission!

With traditional real estate, for weeks and months, you have to keep your home at showroom quality. You wait and wait for an offer. Then when one finally comes, in many cases the financing kills the deal.

Auction Lite is like traditional real estate on steroids. You’re no longer waiting, you’re SELLING! In most cases, Auction Lite brings multiple offers on your property within 15 days or LESS! Plus, rather than meeting with different agents and different buyers and juggling paper contracts, everything is done from the comfort of your home or office.

Want more advantages? Here you go.

• With Auction Lite, your house only shows when you want it to. No more running around and cleaning for an hour for a last minute showing.
• Prospective buyers are approved online — so you only deal with people qualified to buy!
• There is ZERO risk to you because the seller reserves the right to accept or reject the highest bid.
• Plus, you benefit from aggressive Internet marketing campaigns, unlimited image uploads as well as YouTube videos of your home, and the entire process is eco-friendly since it’s all online without paper and waste.

Another difference you’re sure to notice is what happens once the auction starts. Human beings are naturally competitive, and an online auction brings this competitive fire to the surface! The result: You get higher offers, even exceeding the negotiated sale price.

Our highly trained Real Estate professionals are eager to help you in all aspects of your Real Estate business. Call us today to learn why Auction Lite is the real estate option for you.  

Call now: (925) 415-5224

24by7bid.com

Real Estate Fast Facts

Fast Facts
Calif. median home price: November 2011: $280,960 (Source: C.A.R.)
Calif. highest median home price by region/county November  2011: Marin: $736,410 (Source: C.A.R.)
Calif. lowest median home price by region/county November 2011: Madera: $103,330 (Source: C.A.R.)

Calif. Pending Home Sales Index: November 2011: 109.8, an increase of 11 percent compared with the prior year.

Calif. Traditional Housing Affordability Index: Third quarter 2011: 52 percent (Source: C.A.R.)

Mortgage rates: Week ending 12/29/2011 30-yr. fixed: 3.95% fees/points: 0.7% 15-yr. fixed: 3.24 fees/points: 0.8% 1-yr. adjustable: 2.78% Fees/points: 0.6% (Source: Freddie Mac)
George Avram
Broker/Owner/Real Estate Auctioneer
Continental Realty Inc.
16 Crow Canyon Court Suite 100
San Ramon CA 94583
DRE# 01422589
925-548-5461
www.24by7bid.com

Fannie Mae: Economy Is Growing, But Momentum Will Wane

While the euro-zone crisis continues to depress the economic outlook here stateside, the U.S. economy is growing and we will see “a decent close to a tough year,” according to a fourth-quarter report from Fannie Mae.

The fourth quarter will end with more than 2.5 percent economic growth, making it the best-performing quarter in 2011.
Fannie Mae also notes that 140,000 private sector jobs were added in November, while September and October employment data was revised upward.
The report also mentioned “slight improvements in housing.”
However, Fannie Mae predicts the positive momentum will slow as we move into the new year.
Second and third quarter data for wages, salaries, and real disposable income were revised downward.
Additionally, consumer spending rose, surpassing income growth, which caused the saving rate to fall from 4.8 percent to 3.8 percent in the third quarter. This is the lowest saving rate since the fourth quarter of 2007. (Krista Franks - dsnews.com)

Yearly Home Values Decline Nearly $700B, But Rate of Decline Slows

As 2011 comes to a close, Zillow anticipates home value declines for the year will total more than $681 billion. The rate of depreciation, however, is slowing.

The $681 billion decline this year is 35 percent less than last year’s $1.1 trillion drop in value.
Additionally, much of this year’s decline occurred during the first half of the year. Values declined $454 billion in the first six months of 2011, and by the end of the second half of the year, values are expected to wan another $227 billion.

“While homeowners suffered through another year of steep losses, the good news is that homes are losing value at a substantially slower pace as the market works its way towards the bottom,” said Zillow Chief Economist Stan Humphries.
“Compared to last year when we saw sharp declines following the expiration of the homebuyer tax credits, this year we saw some organic improvement in home values, in terms of a slowed depreciation rate which resulted in a smaller total value loss for the year,” Humphries said.
Nine of the 128 markets Zillow tracked experienced increasing home values over the year.
The largest gain was seen in the New Orleans area, where home values rose $3.5 billion. The Pittsburgh metropolitan statistical area (MSA) followed with a $2.7 billion upsurge.
In terms of dollar value, the greatest decline was seen in the Los Angeles MSA, where home values declined $75.5 billion.
New York ranked second with a $44.8 billion drop in value, and Chicago followed with a $41.7 billion decrease. (Krista Franks - dsnews.com)

George Avram

Broker/Owner/Real Estate Auctioneer

Continental Realty Inc.

16 Crow Canyon Court Suite 100

San Ramon CA 94583

DRE# 01422589

925-548-5461

www.24by7bid.com

Existing-Home Sales Rise in November

Existing-home sales rose again last month, according to data released Wednesday by the National Association of Realtors (NAR).

That assessment, however, is coming off of lower sales numbers than previously thought, reflecting revisions to NAR’s data going back to 2007. The trade group has adjusted sales and inventory figures for the last four years downward by 14.3 percent, signaling the housing crisis has run even deeper that earlier assumptions.
NAR’s latest monthly report shows sales of previously owned homes increased 4.0 percent to an annual rate of 4.42 million in November from 4.25 million in October, and are 12.2 percent above the 3.94 million-unit pace in November 2010.
Total housing inventory at the end of November fell 5.8 percent to 2.58 million existing homes available for sale, which represents a 7.0-month supply at the current sales pace, down from a 7.7-month supply in October.
The national median existing-home price was $164,200 in November, down 3.5 percent from a year ago.
Distressed homes – foreclosures and short sales typically sold at deep discounts – accounted for 29 percent of November’s sales (19 percent were foreclosures and 10 percent were short sales), compared with 28 percent in October and 33 percent in November 2010.

Although re-benchmarking resulted in lower adjustments to several years of home sales data, NAR says the month-to-month characterization of market conditions did not change.
Lawrence Yun, NAR’s chief economist, says November’s report indicates more people are taking advantage of the buyer’s market.
“Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010,” Yun said. “We’ve seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today’s market for buyers with long-term plans.”
NAR also stressed that there were no revisions to home prices or month’s supply.
“From a consumer’s perspective, only the local market information matters and there are no changes to local multiple listing service (MLS) data or local supply-and-demand balance, or to local home prices,” Yun said.
A divergence developed over time between sales reported by MLSs and sales determined by a U.S. Census benchmark, with the variance beginning in 2007, NAR explained. The trade group cited growth in MLS coverage areas from which sales data is collected and geographic population shifts as reasons for the divergence.
“It appears that about half of the revisions result solely from a decline in for-sale-by-owners (FSBOs), with more sellers turning to Realtors to market their homes when the market softened,” according to Yun. “The FSBO market was overwhelmed during the housing downturn, and since most FSBOs are not reported in MLSs, national estimates of existing-home sales began to diverge based on previous assumptions.”
NAR’s says its 2010 benchmark shows there were 4,190,000 existing-home sales last year, rather than the 4,908,000 sales previously projected.
Revisions covering 2007 through 2010 are expected to have a “minor impact” on future revisions to Gross Domestic Product (GDP), according to NAR. (Carrie Bay - dsnews.com)

GSEs Held $2 Trillion in Subprime Loans at Height of Financial Crisis

At the height of the financial crisis in 2008, Fannie Mae and Freddie Mac held $2 trillion in high-risk subprime loans, amounting to 42 percent of their single-family portfolios, according to Edward Pinto of the American Enterprise Institute.
Pinto, who served as chief credit officer for Fannie Mae until the late 1980s, arrived at this number by relying on data from the Securities and Exchange Commission (SEC),

which filed a lawsuit against six former GSE executives for securities fraud.
According to the SEC, the GSEs released several statements undervaluing the amount of subprime loans in their portfolios.
In a 2010 report, Pinto attributed the industry’s increase in subprime lending to government policies he said “forced a systematic industry-wide loosening of underwriting standards in an effort to promote affordable housing.”
“These policies were legislated by Congress, promoted by HUD and other regulators responsible for their enforcement, and broadly adopted by Fannie Mae and Freddie Mac (the GSEs) and the much of the rest mortgage finance industry by the early 2000s,” Pinto wrote.
Fannie Mae announced a $2 trillion commitment to affordable housing in 2003, according to Pinto.
HUD is reported to have been a proponent of subprime lending. Pinto quoted HUD as saying “The line between what today is considered a subprime loan versus a prime loan will likely deteriorate, making expansion by the GSEs look more like an increase in the prime market.”(Krista Franks - dsnews.com)

Required Disclosures When Selling Real Estate

What you need to disclose to potential home buyers about your property.

When selling your home, you may be obligated to disclose problems that could affect the property's value or desirability. In most states, it is illegal to fraudulently conceal major physical defects in your property such as a basement that floods in heavy rains. And many states now require sellers to take a proactive role by making written disclosures about the condition of the property.

What You Must Disclose

Generally, you are responsible for disclosing only information within your personal knowledge. In other words, you don't usually need to hire inspectors to turn up problems you never had an inkling existed.
Some states require more. However, some states' laws identify certain problems that are your responsibility to search for, whether you see signs of the problem or not. In these cases, or where you could have seen a particular defect but turned a blind eye, you could ultimately end up in court, compensating the buyer for the costs of your failure to speak up sooner.

California's Stringent Disclosure Requirements

California sellers must fill out and give the buyers a disclosure form listing a broad range of defects -- such as a leaky roof, deaths that occurred within three years on the property, neighborhood nuisances such as a dog that barks every night, and more. In addition, California sellers must disclose potential hazards from floods, earthquakes, fires, environmental hazards, and other problems, in a Natural Hazard Disclosure Statement. California sellers must also alert buyers to the availability of a database maintained by law enforcement authorities on the location of registered sex offenders.

Consider getting an inspection. While it's not usually required, some sellers hire a property inspector to look things over before they put the house on the market. (See Home Inspections: A Crucial Step.) The results will help you determine what items or house features need repair or replacement and will assist you with preparing any required disclosures. An inspection report is also useful in pricing your house and negotiating with prospective buyers.
Err on the side of disclosure. If you have even the faintest question about whether or not to disclose something to potential buyers, avoid the potential for liability and tell all. Full disclosure of any property defects will help increase the buyer's confidence that you're dealing fairly. And it will protect you from legal problems later, such as buyers who want out of the deal or who claim damages suffered because you carelessly or intentionally withheld information about your property.
And remember, just because you disclose a problem doesn't mean you must repair or correct it. The buyers have an interest in getting the deal closed as well, and often overlook minor issues. Or, the disclosed item can become a point of negotiation between you and your buyer.
Disclose lead-based paint and hazards. If you are selling a house built before 1978, you must comply with a federal law called the Residential Lead-Based Paint Hazard Reduction Act of 1992 (U.S. Code § 4852d), also known as Title X. You must:

• disclose all known lead-based paint and hazards in the house
• give buyers a pamphlet prepared by the U.S. Environmental Protection Agency (EPA) called Protect Your Family from Lead in Your Home
• include certain warning language in the contract as well as signed statements from all parties verifying that all requirements were completed
• keep signed acknowledgements for three years as proof of compliance, and
• give buyers a ten-day opportunity to test the house for lead.

If you fail to comply with Title X requirements, the buyer can sue you for triple the amount of damages actually suffered. For more information on lead hazards, prevention, and disclosures, contact the National Lead Information Center -- by phone at 800-424-LEAD, or check its website at www.epa.gov/lead.

How to Find Your Area's Required Disclosures

Check with your real estate agent or attorney or your state department of real estate for disclosures required in your state. Also, check with your city planning department for information on local ordinances and disclosures that affect your sale. Finally, be aware that real estate agents are increasingly requiring that sellers complete disclosure forms, regardless of whether or not it's legally required in their state.

How You Must Disclose

Most states' laws mandate that disclosures be on special forms the seller must sign and date. Be sure the buyer acknowledges receipt of the disclosures by signing and dating the forms as well. If your state doesn't require a specific disclosure form, be sure the buyer otherwise affirms receipt of your disclosures, in writing.
To learn more about required disclosures, see Nolo's Essential Guide to Buying Your First Home, by Ilona Bray, Alayna Schroeder, and Marcia Stewart (Nolo).

Fannie Mae: Three Servicers Improve Foreclosure Prevention Efforts

Fannie Mae released the results of the Servicer Total Achievement Rewards (STAR) Program Thursday, announcing improvements by JPMorgan Chase, PHH Mortgage, and U.S. Bank. All three banks improved their foreclosure alternative practices.
“The STAR program evaluates servicers’ capabilities and results and holds them accountable for preventing foreclosures and protecting the interests of American taxpayers,” said Tara Clayton, VP of servicer review and measurement at Fannie Mae.

“STAR is making a difference when it comes to increasing servicers’ focus on areas of critical importance to homeowners, Fannie Mae, and the market,” Clayton stated.
STAR breaks servicers into three categories based on the number of Fannie Mae loans they service.
In the first peer group of 11 servicers, four are expected to receive a three STAR rating – meaning they are at or above median performance – in 2011. Those four include CitiMortgage, Everbank, GMAC Mortgage, and Wells Fargo.
In Peer Group Two, six of nine servicers are expected to receive a three STAR rating at the end of the year, including Aurora Bank, FSB, Central Mortgage Company, Fifth Third Bank, The Huntington National Bank, and Regions Bank.
In Peer Group Three, nine of 13 servicers are expected to be at or above median performance level.
The nine banks include American Home Mortgage Servicing, Arvest Mortgage Company, Associated Bank, Capital One, Colonial Savings, Doral Bank, Manufacturers and Traders Trust, Nationwide Advantage Mortgage, and Navy Federal Credit Union. (Krista franks - dsnews.com)

Real Estate Fast Facts

Fast Facts
Calif. median home price: October 2011: $278,060 (Source: C.A.R.)
Calif. highest median home price by region/county October  2011: Marin: $781,250 (Source: C.A.R.)
Calif. lowest median home price by region/county October 2011: Lake County: $96,500 (Source: C.A.R.)

Calif. Pending Home Sales Index: October 2011: 122., an increase of 3.1 percent compared with a prior year.

Calif. Traditional Housing Affordability Index: Third quarter 2011: 52 percent (Source: C.A.R.)

Mortgage rates: Week ending 12/8/2011 30-yr. fixed: 3.99% fees/points: 0.7% 15-yr. fixed: 3.27 fees/points: 0.8% 1-yr. adjustable: 2.80% Fees/points: 0.6% (Source: Freddie Mac)

George Avram

Broker/Owner/Real Estate Auctioneer

Continental Realty Inc.

16 Crow Canyon Court Suite 100

San Ramon CA 94583

DRE# 01422589

925-548-5461

www.24by7bid.com

Top defects to look for when buying an older home

Q: Buying a house worries me. I don't know what I should be looking out for! I know that the older the house, the more likely it is that the wiring, plumbing and roof might be out of date, and the paint could even have lead in it if it's old enough. I have been looking at houses and like a handful of them, but obviously don't want to pay for an inspector for all of them. Help!
A: The fact is, you're simply not going to be able to rule a home all the way in -- or out -- without paying for an inspection. Your best bet is to generally select the home on which you want to place an offer based on its location, basic specifications and how well they fit with your wants and needs, and the price you are able to negotiate for it.
You simply have to go into a home purchase with the understanding that it will not be a done deal until you do pay for a home inspection, and pest and roof inspections, too, in most cases.
Generally, home buyers don't have a laundry list of homes they feel are interchangeable with each other; they tend to have a strong preference for one over the others, or a ranked list of homes, based on things like location, aesthetics, price and the like.

And the fact is that the average plumbing, electrical or roof repair or upgrade might not even be a deal-breaker, depending on how strong your preference is for one home over the others.
If the home costs $250,000 and you love it, would the fact that it needs a $5,000 roof deter you from buying it? Most buyers would say no -- and on today's market, most buyers would simply try to negotiate with the seller to make the repair or get an upgrade credit, or chip in some or all of the needed repair.
With that said, there are some basic things you can and should watch out for with respect to the areas of concern you mentioned. First things first: disclosures.
Your agent can find out whether the seller's disclosures are already available for the properties in which you're interested.
Many times, smart, honest sellers will flat out disclose what plumbing, electrical and roofing kinks and quirks a home might have; if they mention lots of little repairs they've had to do over the time they've owned the place to a particular system (e.g., multiple times they've had to have the sewage line snaked, etc.) that may indicate that particular system (a) might need some work and (b) definitely needs a closer, professional inspection.
In terms of things you can see with your own two, untrained eyes, if you're looking at an older home and have concerns about its electrical system, look to see:

• whether there are three-pronged or two-pronged plugs throughout (three-pronged plugs suggest, but do not guarantee, that the home might have modern grounding, which can reduce the risk of shock, and some of your appliances and electronics might need a three-pronged outlet to plug into);
• look for those little reset buttons on the electrical outlets in bathrooms, kitchens, laundry rooms and garages (they indicate modern safety upgrades known as ground-fault circuit interrupters (GFCI), which minimize shock hazards around water;
• watch for fuses vs. breakers (a fuse system is an older, almost obsolete method of electricity management and may indicate that an electrical upgrade will be needed in the home's near-term future); and
• scorch marks on and near outlets (not good).

Water stains on walls and ceilings may indicate roof, plumbing or drainage issues; similarly, looking under sinks is a quick way to look for water damage and staining from plumbing leaks.
Actually, many roofs that require repair just look like it from the exterior, when viewed with the naked eye; if it seems rippled or raggedy or worn, it might require some repairs or upgrades in the near future.
But here's the thing: Even if you do see any of these items, you should not necessarily construe them as a deal-breaker. Rather, you should take any or all of them as signs that you should ask your property inspector to pay special attention, or make sure you obtain a specialty inspection or repair bid from an expert like an electrician or roofer.
And by the same token, a home can have none of these visible signs of plumbing, electrical or roofing issues and still have major, deal-breaker-level condition problems.
I once represented a buyer who got into contract on a home that had been gutted and remodeled after a fire -- new electrical, new plumbing, new roof -- all on top of a completely rotten foundation that received six-figure repair estimates from multiple contractors.
When you find a property that works for you and get into contract on it, don't cut corners or costs when it comes to having the home thoroughly and professionally inspected.(Inman News - Tara Nichiolle Nelson)

The quest for quality in real estate services

Real estate agents in our industry spend millions of dollars as a group annually to become a Realtor and to stay a member of the Realtor family. As someone who cut their teeth working with some of the most highly trusted brands in the world like Fisher-Price, Sesame Street and others, I have a few observations of the real estate industry's branding efforts.
First, when I ask most Realtors what makes them different than non-Realtors they say, "the code of ethics." While I appreciate the fact that those who live to the letter of the National Association of Realtors Code of Ethics may treat their customers differently, I would beg to differ that the code is a strong brand differentiator.

Consumers expect every licensed real estate agent to live by a standard of service that includes integrity, honesty and above-board practices. Wouldn't you lose your license if you demonstrated unethical or even unprofessional business methods? I don't believe the code of ethics "cuts it" as a key brand differentiator.
Now let's look at some of the strongest brands in America today, like Apple, Trader Joe's, Ritz-Carlton, Nordstrom's and others. What do they have in common? Do they simply offer the promise that "we won't rip you off"? I would say no. They promise a lot more than that.
Service consistency
Each of these high-quality brands delivers a consistent level of service. When you walk into an Apple Store or purchase equipment you know you will enter an environment that is fun and full of positive energy.
You know you will work with someone who is knowledgeable and respectful regardless of your level of product knowledge or technology expertise. You will not need to leave the environment until your question has been answered or you have found the product that works best for you.
Have you ever walked out of a Nordstrom's store feeling you didn't get the service you deserved? Has Trader Joe's disappointed you without providing a great sample from a warm and friendly "crew" member?
Did you ever walk out of an Apple store with buyer's remorse because you didn't feel the product you purchased was up to snuff or the sales rep wasn't completely helpful or respectful of your time?
This is what great brands do. They set an expectation of service quality and then deliver on it every time you interface with the brand.
Can the real estate industry claim this level of service consistency? Do we set expectations with the consumer and then meet it with every Realtor experience?
Do we consistently monitor service satisfaction levels and then eliminate those who do not provide the service quality we know consumers deserve?
I would say definitely not. The consumer experience in real estate is inconsistent at best. In my own experience I have satisfying customer service experiences and absolute disasters! I'm sure I'm not alone on that.
We wonder why our profession doesn't have higher satisfaction ratings with consumers, yet we do nothing to ensure a consistent service experience.
For the most part, it is highly unlikely that a consumer will have the same service experience with two agents in the same brokerage, not to mention with agents across the country.
How can we expect to build a meaningful brand that is not based on accountability to a standard of service quality like every other strong brand in America delivers?
Measurement of service quality
The industry uses the excuse that agents are all independent contractors, thus we cannot require a certain level of service quality. I would beg to differ with that cop-out, too.
Have you ever purchased carpeting or other types of contracted services from Lowe's or Home Depot? They use a network of independent contractors to provide services under their brand. Those contractors are carefully vetted and chosen.
After they complete a project at your home you receive a feedback form asking you to rate the experience of those contractors at your home. If a contractor gets known for being too messy, disrespectful of the homeowner, or doesn't show up on time, guess that happens to that contractor? The contractor gets fired, of course!
The same thing that happens to employees at Trader Joe's, Enterprise Rent-a-Car and other great brands known for their service quality.
If we're going to change this industry we're going to have to put real service quality standards in place, and when an agent doesn't meet the standards we need to clear them out! The industry also needs to promote what the Realtor brand stands for and show a genuine interest and commitment to improving the customer experience with Realtors.
Why are we having such a hard time adopting the concept of consumer feedback and ratings transparency? Every other industry in America -- even doctors and lawyers -- now participate in consumer feedback programs, yet somehow the purchase of a consumer's largest asset continues to be unregulated.
I'm amazed there haven't been more lawsuits given the gravity of the purchase, coupled with such poorly managed service delivery.
So what can be done to change this weakness in the Realtor brand?
Outline service quality standards
As the stewards of the Realtor brand, NAR can outline service quality standards based on input from consumers about what a satisfying consumer experience looks like. Service quality standards should not be outlined solely by agents or brokers.
The standards need to conduct the highest level of service quality, not just a compliance-driven mindset that so many industries use.
For example, I was asked to complete a satisfaction survey in a hospital after my mother had spent several weeks there.
The questions were ridiculous and had nothing to do with service quality. The questions at the hospital centered around things like "Were you told about your insurance requirements?" rather than about things like "Did your family member receive the respectful care they expected?"
 These questions were actually insulting because they did not give me a chance to provide the feedback I wanted to give.
I wanted to tell them about the nurse who went totally above and beyond the call of duty and provided us with an amazing experience. I wanted to tell them about the woman in the bed next to my mother who called for over an hour for someone to help her out of bed so she could urinate. Nobody ever came, and sadly, she wet the bed.
Our industry at some level has adopted somewhat of a "blind eye" to what consumers are looking for. Of course, there are many amazing agents out there who go well beyond the call of duty.
Many times, they are just amazing people who have taken it upon themselves to deliver an amazing customer experience. There are no standards of service that have required or even encouraged them to achieve this level of service quality.
The industry needs to define service quality standards by what it takes to delight consumers, not just by whether the disclosure documents were completed properly or the inspection was completed on time.
Adhering to service quality standards
We have an industry that is based on membership. NAR is incentivized to include even subpar agents in its ranks so that it has the political power on Capitol Hill with the largest trade association in America.
Local associations and multiple listing services need the membership revenue to support the programs they would like to deliver.
Brokerages need to maintain their lowest producers so they can continue to receive technology fees and marketing fees.
Real estate industry is an industry with an extremely low cost of entry. Maybe it's time to change that and think about adhering to quality standards and see what happens?
I have heard from many top-producing agents who would be happy to pay more for their monthly subscriptions and fees if it would help eliminate the agents who are unprepared and deliver poor service to their clients.
Maybe it's time to overtly demonstrate to consumers and the U.S. government that we are serious about stepping up the levels of professionalism and have outlined strong recommendations to brokers and associations about putting programs to place to improve the customer experience.
Maybe as an industry we could actually put a meaningful service quality monitoring program in place that is run by the industry and not by third parties.
Zillow, for example, now includes 70,000 consumer ratings on its site in just a few months after it launched them. Consumers are desperate for this information, and because we are not providing it to them they are, yet again, going to third parties for answers.
It's time for real estate to wake up and realize that the needs of consumers really do drive the industry. Just because it's not convenient for us to provide meaningful methods for managing service quality doesn't mean they don't want it.
They will find it somehow, some way. I would really like the solution to come from the real estate industry - before it's too late.
Marilyn Wilson is a part of the WAV Group, a real estate research and consulting firm. (Inman News)