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Old 04-03-2024, 09:31 PM
 
Location: Ocala, FL
6,470 posts, read 10,332,410 times
Reputation: 7899

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Quote:
Originally Posted by JG183 View Post
Some professions (like insurance agents, and R.E. agents) will soon be made obsolete by automation. It's been coming for a while, but this recent class action ruling should be your clarion call to pivot career-wise.
If you are assuming that Artificial Intelligence will soon be made obsolete, you are insane. AI lacks professional experience and will not easily learn/acquire it in my lifetime and probably not for generations to come. We live in the here and now and not what might happen in the future.

While you are grasping at straws, where is my flying car that we were promised decades ago?
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Old 04-03-2024, 10:15 PM
 
Location: New Jersey
4,177 posts, read 5,056,132 times
Reputation: 4228
Quote:
Originally Posted by MikeJaquish View Post
I know several attorneys who became agents but no agents who became attorneys.
Indeed, because it's far easier to step down (lawyer to agent), than it is to step up (agent to lawyer).

Quote:
Originally Posted by MikeJaquish View Post
Chapter and Verse from the Real Estate Manual of Cluelessness.
<snipped another ad hominem attack>

The MLS is a parking lot for listings. Once the stranglehold of the NAR is fully removed, any number of existing websites can be used to view properties.

Quote:
Originally Posted by dontaskwhy View Post
If you are assuming that Artificial Intelligence will soon be made obsolete, you are insane.
I said nothing of the sort.
The same way that I can go to amazon.com , or walmart.com , to shop for items which I want to purchase, is how I'll be able to go to a website to shop for properties... and deal directly with the seller

Quote:
Originally Posted by dontaskwhy View Post
...where is my flying car that we were promised decades ago?
I'll let
Dr. Neil DeGrasse Tyson explain it for you.
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Old 04-04-2024, 05:27 AM
 
Location: Cary, NC
43,265 posts, read 77,043,330 times
Reputation: 45612
Quote:
Originally Posted by JG183 View Post
Indeed, because it's far easier to step down (lawyer to agent), than it is to step up (agent to lawyer).



<snipped another ad hominem attack>

The MLS is a parking lot for listings. Once the stranglehold of the NAR is fully removed, any number of existing websites can be used to view properties.



I said nothing of the sort.
The same way that I can go to amazon.com , or walmart.com , to shop for items which I want to purchase, is how I'll be able to go to a website to shop for properties... and deal directly with the seller


....
I'm no NAR apologist by any means, but much of what you state is balderdash.

1. Not all MLSs are owned by REALTORS. NAR has no grip on independent MLSs.

2. MLSs are robust marketing venues and databases. Where will those websites gather sales data from the last 10+ years?

3. MLSs operate with significant standardizations.

4. MLSs are very expensive to establish, operate, and maintain, as are competitive websites. Zillow knows that to be a fact, along with others who didn't have the cash to burn that Z has incinerated.
We had a North Carolina outfit, bunch of clowns, try to establish an independent statewide MLS, open to all agents. All they managed to do was beat countless agents out of a $100 entry fee. Lasted less than a year, as I recall.

5. How many very expensive websites do you propose one would need for local searches in the absence of MLSs?

6. Walmartization of properties? Commoditization of real estate marketing and sales? LOL. Seriously, LOL. "Hmmm. I will take the toilet brush, the mascara and that little $800,000 love shack with the nice granite counters at 123 Elm Street."

7. Many sellers do not want to interact with buyers. A great many sellers. Oversimpification and naïveté don't alter that fact.

The commoditization shtick has been outdated for years.
"Cluelessness" triggers your reactions? There's an easy fix. Cure your cluelessness. Learn. Then, post sensibly.
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Old 04-04-2024, 07:39 AM
 
Location: Columbia, SC
10,966 posts, read 21,972,507 times
Reputation: 10659
I can't rep Mike J, but I would if I could. Those are a couple of fantastic posts. If the MLS goes away, where do these uninformed posters think they'll find the properties for sale online? I know agents certainly aren't going to manually list properties on hundreds of different sites. At most they'll post it on their company site. Now buyers have to go browse the sites for all the different agencies in the areas they are searching in. Last I saw, I think there were 378 different RE companies in my market alone.

Pretty much everyone of those public interfacing sites syndicate their info from the MLS. If the MLS is replaced by some other similar platform, it's still the MLS being called something different.
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Old 04-04-2024, 09:21 AM
 
1,135 posts, read 401,075 times
Reputation: 590
Quote:
Originally Posted by MikeJaquish View Post
I'm no NAR apologist by any means, but much of what you state is balderdash.

1. Not all MLSs are owned by REALTORS. NAR has no grip on independent MLSs.

2. MLSs are robust marketing venues and databases. Where will those websites gather sales data from the last 10+ years?

3. MLSs operate with significant standardizations.

4. MLSs are very expensive to establish, operate, and maintain, as are competitive websites. Zillow knows that to be a fact, along with others who didn't have the cash to burn that Z has incinerated.
We had a North Carolina outfit, bunch of clowns, try to establish an independent statewide MLS, open to all agents. All they managed to do was beat countless agents out of a $100 entry fee. Lasted less than a year, as I recall.

5. How many very expensive websites do you propose one would need for local searches in the absence of MLSs?

6. Walmartization of properties? Commoditization of real estate marketing and sales? LOL. Seriously, LOL. "Hmmm. I will take the toilet brush, the mascara and that little $800,000 love shack with the nice granite counters at 123 Elm Street."

7. Many sellers do not want to interact with buyers. A great many sellers. Oversimpification and naïveté don't alter that fact.

The commoditization shtick has been outdated for years.
"Cluelessness" triggers your reactions? There's an easy fix. Cure your cluelessness. Learn. Then, post sensibly.
Any MLS that do not join the settlement is asking to be sued.
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Old 04-04-2024, 10:33 AM
 
Location: Cary, NC
43,265 posts, read 77,043,330 times
Reputation: 45612
Quote:
Originally Posted by The_Sim_Mister View Post
Any MLS that do not join the settlement is asking to be sued.
???
The settlement is NAR's.
In light of the NAR settlement, independent MLSs may revise their operation standards for members as some already have, but they sure aren't going to "join the settlement" or kick in a portion of the $418 million.
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Old 04-04-2024, 10:38 AM
 
1,135 posts, read 401,075 times
Reputation: 590
Quote:
Originally Posted by MikeJaquish View Post
???
The settlement is NAR's.
In light of the NAR settlement, independent MLSs may revise their operation standards for members as some already have, but they sure aren't going to "join the settlement" or kick in a portion of the $418 million.
By joining settlement i mean changing their procedure and ban listing of commission. Failure to do that will just open them up to getting sued.
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Old 04-04-2024, 10:42 AM
 
7,736 posts, read 3,778,838 times
Reputation: 14610
Quote:
Originally Posted by dontaskwhy View Post
If you are assuming that Artificial Intelligence will soon be made obsolete, you are insane. AI lacks professional experience and will not easily learn/acquire it in my lifetime and probably not for generations to come. We live in the here and now and not what might happen in the future.

While you are grasping at straws, where is my flying car that we were promised decades ago?
A major economic unknown is the implications of AI on future economic growth which will be reflected in future corporate earnings and hence stock market returns (one source of wealth for most people), on residential real estate values (another source of wealth of most people), and on employment patterns. While AIs may not put a significant number of people out of work in the coming 5 years, employees who understand how to deploy AI will absolutely displace employees who do not. In past decades, the joke was that non-technical people could always ask, "Do you want fries with that", but it is clear that AIs will quickly displace that low-value-add activity very soon.

The implications are difficult for most people to comprehend. Here's just one example: current AI-Large Language Models such as ChatGPT use a tremendous amount of computer storage (e.g., disk drives) and computer memory (RAM). How much? By some estimates, today's ChatGPT uses more than the total of all storage and RAM that even existed on the planet back in 1990. Another: a human brain is estimated to perform at ~20 quadrillion operations per second...let's say 20 petaflops. Question: In what year did all the computers in all the world in sum perform at 20 petaflops? The answer is 1993. And at what year will all the computers of the world perform more calculations per second than all the human brains alive on the planet? The current estimate is 2028. This type of exponential/geometric growth is difficult for us humans to comprehend.

Here's another example: competition for AI talent.

The Fight for AI Talent: Pay Million-Dollar Packages and Buy Whole Teams
Search for AI expertise heats up amid a shortage of candidates and as layoffs hit other areas of tech

"Tech companies are serving up million-dollar-a-year compensation packages, accelerated stock-vesting schedules and offers to poach entire engineering teams to draw people with expertise and experience in the kind of generative AI that is powering ChatGPT and other humanlike bots. They are competing against each other and against startups vying to be the next big thing to unseat the giants."

****

The implications for how we search for real estate are extremely difficult to guess. Just for fun, I recommend you play around with Duane-3 and perplexity.ai. Ask them anything. Literally anything. Then, think about how good they could be in 5 years and 10 years.

Last edited by moguldreamer; 04-04-2024 at 10:54 AM..
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Old 04-04-2024, 11:07 AM
 
Location: Cary, NC
43,265 posts, read 77,043,330 times
Reputation: 45612
Quote:
Originally Posted by The_Sim_Mister View Post
By joining settlement i mean changing their procedure and ban listing of commission. Failure to do that will just open them up to getting sued.
Oh. That is a very different statement.
There is so much confusion and misinformation floating around, it is good to mind precision.
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Old 04-04-2024, 12:15 PM
 
5,959 posts, read 3,706,857 times
Reputation: 16985
Quote:
Originally Posted by JG183 View Post
That doesn't make sense.

Yes, a R.E. lawyer won't go touring with me, or rearrange the furniture, etc.

Those functions are superfluous to the actual sale of the property.

I've had countless experiences with agents who claim to be experts in their locale, but can't answer questions like "what's the zoning for this address?", "if I want to build a garage on this property, what are the setbacks?", "are there any easements?", "since this is a short sale, when could I actually take possession?"...
Typically, buyers are NOT to rely on the representations (word) of a real estate agent on matters like this. If you're seriously interested in a property, you could either check out these conditions before making an offer to purchase, OR you could put those conditions in the contract with a certain date or time limit to satisfy yourself that the conditions are acceptable to you.

Most R/E contracts that I've seen provide a certain amount of time to have the property inspected, zoning checked, and other such things to the satisfaction of the buyer. So, it would behoove you as the buyer to make sure you have a reasonable amount of time to make sure that the property suits your wants and needs.


.
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