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Well said. I question why the real estate industry is fighting technology - they will lose. There is not one industry which, once technology to share information was introduced, did not eventually result in a freer marketplace where costs were brought down dramatically (compared to how they were pre-technology). Technology + information are like water. You simply can't hold it back forever, it will find cracks, weaken the infrastructure, and patiently over time achieve its end.
Other fatalities of technology I'd like to reference are bookstores, electronics retailers, life insurance, car insurance, travel agencies, movie rental chains, and music retailers.
Soon you will also be able to add to the list full service real estate agents, utility companies, car dealers, most PC manufacturers, telephone companies, and contractors.
If you follow the original question of the thread it would seem that the real estate industry is ahead of the curve in regards to technology.
If we were not then the OP would not have been looking for access to the MLS. They would have been able to access all the information elsewhere on one site.
I've always wondered what would happen if the large brokers pulled their listings out of the MLS and had them in house only. They could then have exclusive mutual agreements with the other large brokers to share the data (or not)
Other fatalities of technology I'd like to reference are bookstores, electronics retailers, life insurance, car insurance, travel agencies, movie rental chains, and music retailers.
Oh my stars. There are more travel agencies and agents than ever before.
They are not brick and mortar like they once were....Instead they use the internet to advertize and compete. Cruise lines and tour companies pay them a minimum of a 10% commission for each booking.
Back when, Renaissance Cruise line was a maverick and made the business decision to do their own advertizing and accept only direct bookings from consumers, without paying travel agencies.
They had no travel agency advocates. Most consumers had not heard of them. They were unable to fill their ships and achieve their financial objectives. They are no longer in business. No cruise line, tour operater, hotel or airline will under cut a travel agent on pricing. It's suicide.
Insurance is sold online by carriers, brokers and agents. Technology has changed how people shop and acquire insurance. It has not however, reduced the cost or put agencies out of business.
Amazon has done well with technology. They are, amongst other things, primarily a book store.
And pray tell, how is it that technology will replace contractors. Will you have your septic tank drained via your PC?
I've always wondered what would happen if the large brokers pulled their listings out of the MLS and had them in house only. They could then have exclusive mutual agreements with the other large brokers to share the data (or not)
We may see this someday.
My 500 pound gorilla broker threatened to do this to force two competing/redundant MLS to merge.
In most states, all information available to real estate agents is public information and has been for a long, long time. Technology makes it easier to access this information. Your neighbor can peak into your bedroom, see your historical and current mortgage debt and know if you are current on your mortgage and property taxes.
There are, I think, 8 states that seal, what is considered public information, elsewhere.
A stock certificate is a thing. It's the same in Tampa as it is in Albany.
A airline ticket is a thing. It's the same in Baltimore as it is in San Jose.
A house is unique, and not the same in New Orleans as it is in New York.
Get it? Got it! Good.
Yes attack me, and call me a troll despite my post history showing otherwise. It's okay if you have to resort to this since your point lacks reasoning...
If as you say "A house is unique, and not the same in New Orleans as it is in New York," which is equivalent to saying we need air to live, what exactly are you implying of websites like this where real buyers try to help other buyers out in terms of neighborhood info, as well as other numerous websites (admitted by your colleagues) where your information and listings can be accessed by the public, some for free?
Are other buyers who answer questions on these forums useless, because by your implied definition one can only get "real/inside" info from a realtor?
I won't resort to attacking you personally, as who seriously has the time for this back and forth rhetoric? Oh wait, brokers! (ok, couldn't help it ). But seriously, best of luck in your LOB; even Dolly Lenz was smart enough to diversify her efforts, Ciao!
Oh my stars. There are more travel agencies and agents than ever before.
They are not brick and mortar like they once were....Instead they use the internet to advertize and compete. Cruise lines and tour companies pay them a minimum of a 10% commission for each booking.
Back when, Renaissance Cruise line was a maverick and made the business decision to do their own advertizing and accept only direct bookings from consumers, without paying travel agencies.
They had no travel agency advocates. Most consumers had not heard of them. They were unable to fill their ships and achieve their financial objectives. They are no longer in business. No cruise line, tour operater, hotel or airline will under cut a travel agent on pricing. It's suicide.
Insurance is sold online by carriers, brokers and agents. Technology has changed how people shop and acquire insurance. It has not however, reduced the cost or put agencies out of business.
Amazon has done well with technology. They are, amongst other things, primarily a book store.
And pray tell, how is it that technology will replace contractors. Will you have your septic tank drained via your PC?
Sorry...should've clarified my comments. Technology + access to information will result in industries that are fundamentally changed. It's just unavoidable.
And you're wrong about travel agents being undercut. Travel agencies are closing at record speeds now that consumers can quickly and easily book travel for themselves online. There will always be a need for travel agencies - business travel is a great example, but it will be a small fraction compared to say 1999 or even 2009.
To that point, here's a link about United passing on credit card fees to travel agents, nudging consumers to just bypass them altogether:
This has nothing to do with profitability - when prices come down, adoption goes up. To your point about insurance...you're right that nobody went out of business. Insurance carriers figured out ways to adapt to the fact that term life insurance could be comparison shopped. End result? Premiums are down smthg like 75% compared to what they were 20 years ago, but more people carry life insurance.
To the point about the MLS - this is the oil reserve for realtors. They refuse to open access to all the MLS-es. End result? Slowly, the information available through the MLS is being aggregated by software anyway. So give it 2-4 years, there will be no real value in the MLS over going to whatever Google or MicroSoft or Redfin etc.
Look at a site like FranklyMLS.com Virginia & DC MLS via Keyword Search & Wiki. Homes for Sale for an example. I can see tax history, price reduction history, comments history, comps, and other useful information for the DC/Baltimore metro area. On this site, realtors contribute heavily to reviews and photos of listings. The end result is they're more likely to reach a wider audience who finds their knowledge of a home or development or area useful and want that realtor to help with a targeted home search.
The RE machine is clinging to the past notion that you need an experienced realtor and access to the MLS to complete a transaction. They are fighting technology when they should be partnering with everyone to solidify their need in the marketplace. But instead, they'll find themselves looking on the outside in of the RE industry 5 years plus out at the expense of many realtors' careers.
Amazon is not primarily a bookstore either. They are a shopping mall, a retail data aggregator and distributor, a software company, a discounter, an auctioneer, a product data portal, and the list goes on. Who can compete with them? And, they're on record pace to put the nail in the coffin of books, magazines, and newspapers. Yet, the end result won't be that people don't read books, they will read more books because they cost much less to read on a Kindle or iBook reader or whatever.
Contractors are going to be forced to live or die by their reputation. When I tell contractors or handymen that I found them through Angie's list, they know I know what they've charged others, what their reputation is, and what their risks are to their reputation and ability to secure business moving forward. As a result, they're more honest. In the end, we all win because if we're paying less and work is more accurately priced, we have more money to spend on improvements or contractors.
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). But seriously, best of luck in your LOB; even Dolly Lenz was smart enough to diversify her efforts, Ciao!
