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The header question might seem absurd to most of you brokers as I've read your posts. It seems Realtor.com and MLS seem to be the driving force for your sales.
I'm in a little different world of real estate than most of you and really would like to get a handle on if it could be worth it for me. Yes always looking to drive more business especially now that business has slowed down.
All the other local brokers are on a MLS of some sort and Realtor.com
They cannot or will not tell me if it pays off. They don't track their buyers. DAH, and I believe that. The office pays for it and the office help posts their listings. The agents don't care where the buyers are coming from. They just do their phone time. Franchise type offices.
I trained with a land developer and that was the biggest and most impt thing we did was track our buyers! I sure learned a lot from that, and I do track at my office big time.
The most local broker nearest to me is on MLS. I asked her if it helped with her sales. She said no. Well, you know I can't believe what she says because she does not want me down the street. But? maybe she had a good day and told me the truth.
I"ve NEVER had to be on MLS. But always looking to increase a buyer lead, especially now that sales are slow. Last year, I refused placing ads I was so busy. Could not handle one more customer.
For my type of market, brokers are NOT going to go show what I sell. If they try, honestly, most would turn around before they got there out of fear.
I was told posting on the MLS is tedious. I don't want a tedious hassle with a bunch of rules to figure out and timelines. I'd rather spend that time with buyers. The other brokers in my area do residential. I do remote raw land for the most part.
Do brokers look on the MLS with their customers to find remote land? HUM, who can we find that sells remote land in the boonies w/o electric or phone, bad roads and we'll never find it again after we buy it w/o our broker? (really, we usually do have electric). I did just take on 5 properties today that even scares the heck out of me! I'm excited, but charging a BUNCH to do it.
I can't get a straight answer from the locals. Really because I don't think they know, and the other I don't trust to tell the truth.
Selling remote land in the boonies, and yes people want it and buy it. Do you think it would be worth my while? And our MLS here in NM is in different areas. None close to me. We would pay for each area we want posted.
If you have experience with land in the toolies kind of customers. Please answer if you think it would be worth while.
I'm a small office. My associate and myself. We are in 4 counties now and soon opening another office, still just 2 people, a 3rd joining in Feb. to take on the residential I most dread to do myself. She's game. Another year? We're taking over! Look out NM!
Re Vacant Land vs Residential - keeperk, I've got both types on listings on Realtor.com, and I can track the hits on my listings. I only get a fraction of the hits on my land vs my house listings. I think in town lots might do better, but my rural parcels don't get many hits.
I'm originally from a rural area where most of the agents aren't members of a MLS, however most will co-broke. I think you've got a niche there in NM where you'd probably just find yourself spending more time than you want inputing listings. If I were you I'd probably look at maybe being part of a network such as United Country or one of those if you're wanting to expand. But research it thoroughly and make sure your ROI will make it worthwhile.
Raw land...hmmm....Our MLS is very active with land (not sure about Realtor.com) , but it's very active with everything. I would look into Loopnet. I track all of my land through there and the audience is very much in place for those types of transactions. RLI has a board too so maybe their listing service will work for you if you have your ALC.
I can't imagine being in this business without the education and support I've gained (and had the opportunity to help give) from being a member of the local board, State board and National association. Participation in the local MLS, as well as Realtor.com is just one of the benefits.
I know this probably sounds odd. But it's my experience over almost 2 decades.
What works for me, though, may not have any bearing at all on your practice. And I suspect my area and state is very different from your area and state.
Re Vacant Land vs Residential - keeperk, I've got both types on listings on Realtor.com, and I can track the hits on my listings. I only get a fraction of the hits on my land vs my house listings. I think in town lots might do better, but my rural parcels don't get many hits.
I'm originally from a rural area where most of the agents aren't members of a MLS, however most will co-broke. I think you've got a niche there in NM where you'd probably just find yourself spending more time than you want inputing listings. If I were you I'd probably look at maybe being part of a network such as United Country or one of those if you're wanting to expand. But research it thoroughly and make sure your ROI will make it worthwhile.
That's exactly what I was thinking it would be and wanted to avoid that if it were the case. Especially to spend a bunch of money, add more work load and find it didn't work. Yes I'm in a nich for sure. It's my little secret. So far we have brokers in dresses, their no threat.
As of April of 06, I did join a United Country franchise.
Quote:
Originally Posted by walidm
Raw land...hmmm....Our MLS is very active with land (not sure about Realtor.com) , but it's very active with everything. I would look into Loopnet. I track all of my land through there and the audience is very much in place for those types of transactions. RLI has a board too so maybe their listing service will work for you if you have your ALC.
What is Loopent, RLI and ALC? Sounds helpful but foreign right now. I would ck. into it.
Quote:
Originally Posted by MikeJaquish
Farm Credit also has a land listing service, and can offer land financing.
Might be worthwhile if they are active in your area.
I use Farm Credit all the time. In fact was on the phone with them today. Really most of my buyers end up paying cash or get a Home equity loan and use that cash for the better interest rate and less lender fees.
Farm credit is great for my type land and have got my deals done easy, fast and clean. I love it when I do a deal with them.
They do have limitations though like, they want electric... What is their "land listing" service? Or I'll give them a call about that.
Thanks for your ideas guys. Thus far, I'm leaning towards the MLS would not work best for what I sell after reading so far. Will watch for more posts for the more definate favorable and weigh it.
Thanks guys for your input.
Keeperk, I am going to suggest you look to get a point2agent website. you can set one up for free. these website will allow you to "handshake" listings with other agents, both in your state and throughout the country if they want to. You can post your land on several other websites, some free and some not. Want you need is exposure and a way for folks to find you for land. DM and I will send you an invitation link to get this website. I think you will be amazed at it can do for you.
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What is their "land listing" service? Or I'll give them a call about that.
