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Redfin: Knockoff-ee or Knockoff-er

AvatarRedfin’s Glenn Kelman mentioned a “Redfin knockoff” that had set up a booth at Inman’s Real Estate Connect conference in San Francisco last week.

I had a response in mind but Thomas Heimann from Bravo Brokers in Sarasota beat me to the punch.

 

“A Redfin knock-off bought a booth and sent five people to the show.”

Harsh words Glenn; you know there were actually quite a few companies who are doing what you are (giving buyers a commission rebate) long before you did. Someone could accuse Redfin of being their knock-off.

While you have done a truly superb PR job for Redfin, and while Redfin certainly is at the leading edge with respect to the search and mapping technology you have developed, you have not invented the idea of flat rate or commission rebates. …

There’s little new under the real estate sun, folks, at least in terms of untapped business models. The “race to zero” contingent has been in existence for a long time in one form or another. Most seem to fall by the wayside before the reach zero, though.

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Popularity: 9% [?]

Bad MLS Comments

AvatarAthol Kay has the market cornered on the Bad MLS Photo of the Day. So I thought I would contribute with the Bad MLS Comment of the Day. Except this isn’t going to be a regular feature (I think.)

As David Letterman would say, these are actual MLS comments from actual real estate agents. If they weren’t could I do this?

/waving index cards in the air

Please call lister or owner prior to showing (special pest instructions).

Oddly enough, I usually advise my sellers to get rid of the pests before showing.

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Popularity: 10% [?]

Carnival of Real Estate #53

… has posted at Larry Cragun’s Real Estate Undressed.

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Popularity: 7% [?]

Phoenix Real Estate Absorption Rate: August 6

AvatarThis week’s Phoenix real estate absorption rate update comes with a new twist: a scrollable map of the Phoenix area rather than the usual table format.

Simply click on the market for the city of interest and all the information you’re accustomed to seeing will be right there. The red markers are for buyers’ markets (six-month-plus supply of homes), the green markers are for Tempe sellers’ markets (less than five-month supply of homes.) When a market falls in the five- to six-month range, we’ll call it neutral.

Overall, net inventory in the Phoenix real estate market fell by about 100 homes to 38,899 while sales rose to 3,492. The large rise in sales from the 30-day rolling period ending a week ago - more than 400 homes - has me thinking last week’s figure was some sort of statistical or software-based anomaly, or at least one unbelievable slow week at the start of the 30-day period.

Maricopa County’s absorption rate for single-family homes is 11.14 months, down 1.71 months from last week’s update.

As always, keep in mind that all data is provided by ARMLS and is deemed reliable but not guaranteed.

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Home Inspectors on the Roof: Rescued from the Comments

AvatarWhen I originally wrote this post, I approached the issue of home inspectors walking on tile roofs from a perspective of leverage. Unless there are before-and-after pictures of the roof, any buyers’ agent claiming there are broken roof tiles that must be replaced is going to have an argument on their hands because they can’t prove whether the tiles were broken before the inspection.

I wasn’t weighing in on the significance of cracked roof tiles, the professional standards that home inspectors must meet or even the value of the little logos on different inspection reports. (I was trying to think of a real estate equivalent for the West Side Story rumble that broke out in the comments … maybe exclusive buyers’ agents against the rest of us, but that’s more a business option than a certification.)

As far as leverage goes, I’m apparently not the only one who feels the way I do. You can read Brad Deal’s full comment here, but here’s a brief excerpt:

I am both a home inspector and a real estate broker with many years of experience. The real question here is the difference between a “Generalist” and a “Specialist” in regards to home inspections. …

What an inspector includes in his report is a business decision. The schism that is developing between the experienced inspectors and the less experienced inspectors is breeding contempt between the groups thus the comments that every good inspector should walk tile roofs is stated, but in the next breath they will state that you should never exceed the standards of practice. The true definition of a home inspection is something I struggle with on every report. In my opinion there is a need for a progressive level of Standards that should be met as the inspector becomes more experienced.The truth lies somewhere in between. The experts on this forum walk the roofs. From their point of view this is the proper way of identifying defects for their client to make an “Informed Purchase Decision.” From my point of view as a real estate broker, I do not want anybody walking on my client’s tile roof unless it is the roofer retained by the Seller. I just don’t need to deal with the potential problems that arise from “He said, She Said.” And these problems can become significant. Even though I used to install tile in my youth I still inspect from a ladder at the eaves. … [emphasis added]

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Popularity: 13% [?]

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