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What you describe is the result of your knowledge about all the factors that impact fair market valuation plus some experience regarding practical application of negotiating strategy.
So... why can't an AI system do the same thing? An AI system with access to Big Data regarding all prior real estate transactions, indeed all publicly available information regarding everything at City Hall -- superfund sites, schools, noise from nearby roads, police blotter information, tax roles indicating trends in valuation, weather patterns, etc etc etc -- coupled with a minimum wage person to open the door for the prospective buyer?
BTW, the potential impact of AI isn't unique to real estate. AI systems already perform much better than physicians in diagnosing diseases and recommending treatment protocols.
Sure. Bring on the AI.
No problem. I will be watching to see how it goes.
Thanks for noticing and kindly mentioning that I AM good at what I do, too.
It is one reason I don't fear competition.
I do have sympathy for you because you are trying to do right by your clients. Unfortunately, the reality today is that agents that tread into legal work and things like overseeing builders, 'inspecting' floor joist installation, etc, etc are operating very dangerously and when things go wrong for a client, you are at big risk of big lawsuits and/or regulatory actions against you. Nobody is saying that measuring joists is rocket science but as soon as you open the door to anything that smells like an inspection of any sort (even "pointing out" defects) opens the door to liability for the things that you don't catch, aren't qualified to catch, didn't take the time to catch (you're not an inspector, after all).
Likewise with reviewing CCRs, etc. I agree with kokonutty. To put it in planetary terms, I would say that you work on a rogue planet (orbited by debris disks, sub-brown dwarfs, and proplyds).
It's very clear that the practices of buyer's agents and what they will and won't do (based on liability and regulatory concerns, not laziness) vary greatly from agent to agent and perhaps from region to region. I remember that post that out west many agents do legal work that would get them locked up in the east. But I think it's correct to say that liability and regulatory concerns are tightening, not loosening and the impact is that generally what agents can 'safely' do is narrowing, not widening.
But whatever the good intentions, it's clear that agents are getting squeezed in the services that they can provide to clients without risk of liability or regulatory problems. You seem to be saying that the 'good' agents will just do these things anyway and that anyone who doesn't is 'lazy'. Frankly, I think that it's irresponsible and unethical to label competing agents who take more care to work within the boundaries of responsible conduct as 'lazy'. This is destructive for the industry because your more responsible competitors are put at a competitive disadvantage. Kind of like a hotel that ignores fire regulations but instead invests money on things that are visible and attract customers. That's unfair to the responsible competitors and regulatory action is required to make it right.
Interesting... my Realtors have always filled out an inspection form.
It is codified under California Law... AGENT VISUAL INSPECTION DISCLOSURE
(CALIFORNIA CIVIL CODE § 2079 ET SEQ.)
California law requires, with limited exceptions, that a real estate broker or salesperson (collectively, "Agent") conduct a reasonably competent and diligent visual inspection of reasonably and normally accessible areas of certain properties offered for sale and then disclose to the prospective purchaser material facts affecting the value or desirability of that property that the inspection reveals. The duty applies regardless of whom that Agent represents. The duty applies to residential real properties containing one-to-four dwelling units, and manufactured homes (mobilehomes).
I think real estate agents will soon go the way of travel agents. I bought our last house FSBO and hope to sell this home FSBO. It's not rocket science. More and more of the public is open to FSBOs and/or discount DIY real estate listing companies (that will get you in the MLS for a reduced cost with very little service, which is a fair trade IMO).
Had two homes in Wyo and Mont that were sold thru realtors. Wouldn't do it again tho. Totally incompetent - didn't know anything about the homes, asked me all kinds of questions in FRONT of the potential buyers. Don't know how some got their licenses. None were born there - 95% of them came from someplace back East. Wished they would have stayed there.
One screwed up at closing - we had to wait two weeks for the check to clear, b/c the buyers didn't follow the rules set forth in the contract. My agent didn't explain it properly to the buyers agent.
We asked for new photos to be taken - that wasn't done. So, I did them myself and got a charge back from the re agency. I kept the photos, since I already paid for a pro-photograher to do them.
The guy who bought the Mont home was driving around the area and a neighbor directed him to me. I shoulda kept my mouth shut and saved the 4% commission I ended up paying an lazy agent who just pushed paperwork and did nothing to earn it.
The Wyo home went into foreclosure seven years after a kali bought it. I got it back and now it's a rental. Both were sold for exactly what I was asking.
After I see how agents act on tv, I wouldn't use any of them. When I sell my ancestral property in the mountains here - it will be to relatives.
Interesting... my Realtors have always filled out an inspection form.
It is codified under California Law... AGENT VISUAL INSPECTION DISCLOSURE
(CALIFORNIA CIVIL CODE § 2079 ET SEQ.)
California law requires, with limited exceptions, that a real estate broker or salesperson (collectively, "Agent") conduct a reasonably competent and diligent visual inspection of reasonably and normally accessible areas of certain properties offered for sale and then disclose to the prospective purchaser material facts affecting the value or desirability of that property that the inspection reveals. The duty applies regardless of whom that Agent represents. The duty applies to residential real properties containing one-to-four dwelling units, and manufactured homes (mobilehomes).
We were discussing buyer's agents and the increased liability risks when they do anything that looks like an inspection or comment on the condition of a home to a buyer.
This form is a requirement to be filled out by the seller's agent with the purpose that it helps with disclosure on the seller's side. So California makes sellers agents do a visual asessment of the home to ensure that no obvious defects exist that aren't disclosed.
How is this relevant to our discussion of buyer's agents? Can anyone explain the relevance to what we were talking about?
So, your question was merely a rhetorical device.
Got it.
Regardless, I will play along a bit more to explain for folks who thought it might be sincere or may have taken it literally:
Some people find reward in a job well done, and the better a job is done, the better the reward.
This could be considered as further "compensation" for garnering a better price for the client, or helping a client acquire a less expensive home that fits their needs and makes them happy.
Smart agents work for true client satisfaction, knowing that very often this leads to repeat business and referrals to coworkers, to friends and families. Those new clients are much less expensively secured, and more easily secured, than are potential new clients who are found through commensurate expenditures in marketing.
I can point to multiple examples of one client, well served, who initiates a referral trail of 6 or 7 or 8 closed transactions.
Who would be so stupid as to screw up such a productive situation, to ignore the opportunity to build advocacy from former clients, with nickel/dime, short-sighted greed? Not me.
I have to admit, however, some folks' mamas DID raise such fools.
For such fools, only money matters, and only money can serve them as their sole measure of personal success. I find that sad, but also recognize the existence of such folks in any endeavor with a financial reward available.
It is extremely difficult for such people to grasp the possibility of satisfaction separately from grabbing the most money possible, or to work to earn future business or referrals from happy clients in lieu of passing up one more nickel to pull off the table immediately.
Dumb approach to business, I believe, but it is extremely difficult for the greedy to grasp that fact.
No. Not rhetorical at all. Let me repeat it here, verbatim, for those who may have missed it in addition to yourself:
"Where is the buyer's agent who wants to propose a system that gets him more money as the contract price goes down rather than up?"
You are obviously not the guy I was seeking. That's okay, but no need to go off on those well trodden tangential paths.
Last edited by kokonutty; 01-27-2018 at 11:39 PM..
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