@Jay
Read my new forum I break down what Zillow and Trulia is from a Realtors view. Things that most don't do because they do not read, they only look at the pretty commercial.
http://www.biggerpockets.com/forums/311/topics/148...
Now I also get what your saying happen to your profession but it was the environment that caused the demise. The melt down in 2008 was caused by the stock market, see the stock brokers/firms found a way to introduce junk in the market what was called a derivative. See they bundled home loans from people that had a huge chance of defaulting with other products and sold it to people all over the world, which in the history of banking was never done. The value to the bank in the form of a loan, had a huge chance of being paid back. I knew people that didn't even have a job getting home loans. Arm's were being pushed, their design best for investors doing flips. See because the property was re-done before the loan would reset.
See greed of a few groups destroyed it. They wanted to make more money, receive bigger bonus from something that was truly not there but made up. The stock market is about deception, I know a few of my family were brokers. Greed is evil not the love of money!
You could look at wholesaling the same way, your signing a contract with a consumer to purchase but turn around and sell it to another investor to purchase. I would not sign a contract with anyone unless it states your purchasing because if the other investor doesn't you have a way out.
See when we sell a home and a person agrees to purchase it, their bonded to purchase unless the home inspect fails, death, loss of job. It has to be a real reason. You don't want to purchase, the seller has the right to sue for losses. See this is the law aspect of Real Estate created by the state government to protect people
That do whatever to generate profits on the stock market caused changes because regular hard working people were harmed in the process or people that should have never been given a loan.
Now CNBC used to have a show called "How I made my millions". It's not on anymore. Figure out why. TV outlets are used to have people think various ways or not.
Now if you remove the Realtor, your creating an open system where people will cheat and swindle people like previously in history. History tells you the future!
From history. At first, people in this new world were peddling real estate from street corners (literally!). They would pass out fliers and entice buyers or sellers with their “expertise” – a.k.a swindle people out of as much money as they could. A few legit realtors were starting to pop up at this time, and they weren’t so thrilled to have these inexperienced swindlers taking advantage of people. They decided that, once again, there was safety in numbers, so they banned together and created the National Association of Real Estate Exchange on May 12, 1908.
Now apart of being a real estate agent you accept the code of ethics which is taught in the pre-licensing courses and then taught again more in continuing education. This is the protection for the consumer.
Your speaking from your eyes and believe what Tom Barrack because you do not want to pay the commission. You do not have to retain the services of a Realtor. But I do know this, the one that develops a team of experts in various areas will do me deals. See business is about people, the more on your team the more gets done. One man can not do it alone.
It will always be items people truly do not want to pay for, example I do not want to pay for the bed and bed spring separately, I do not want to pay a waiter for delivering my food - but I do and I tip 20%, I do not want to pay for delivery of an item ordered online - I had to wait for it to come when back in the day I could get it from the store on my own. I can go on.
Also for the group this goes to the investor. How much does the MLS charge per year for access? And is it based on group pricing or an individual charge to each agent?
A little about Tom Barrack from this article -
http://money.cnn.com/2005/10/21/news/newsmakers/barrack/?cnn=yes
He said it was time to sell. Based on his strategy it would have been time to sell.
His strategy is to buy classy but neglected properties anywhere in the world where prices are low. Then, he'll pour in capital to fix them up, and resell in them in five years of so with their pedigrees fully restored.
Auction dot com is a classic real estate auction, real estate auction have been around for a long time. Only change here is their on the Internet.
Also look at this line from auction dot com
"Seller pays buyer's broker/agent commission of 1% or $400, whichever is greater".
Pull up a property notice what it says under listing. It can be a Listing Agent, Broker, Law Firm, Company, or in a rare occasion a homeowner. These sites were not designed to get rid of us but help us!
Under the Seller section why sell with us -
"Compressed closing schedule reduces overall transaction cost"
The closing process is changing across the board in the industry because of the fallout from the crash.
Analyze an auction, it's a bidding war platform. Your trying to get people to over pay for a property (asset) that might not be worth it. If you watch "Flip or Flop" on HGTV the stars of the show are Real Estate Agents and they research the neighborhood pulling accurate comps, then they go to auctions and bid - not trying to overbid.
Now this comes from BiggerPockets own Brandon Turner
The Real Estate Agent’s Ultimate Guide to Working with Investors
Who is on Your Team? (This is the investor)
It’s a good idea to know who your investor is working with on their projects. Even if they are a one-man (or woman) operation, no investor can do it all together. It’s a good idea to see how prepared your investor is with:
- General contractors
- Lenders
- Property Managers
- Attorney
- Insurance Agent
- Accountant
- Escrow/Title Representative
- and more.
