Technology in Real Estate
In September 1995 I started a company called FlashNet Communications based on the concept of placing the MLS listings on the Internet. I secured a contract with the Greater Tarrant County Board of Realtors, now know of as the MetroTex Association of Realtors, to place their MLS listings on the Internet. Each week I would go to their offices in Euless and collect a digital tape download of data from their VAX 11 mainframe system and carry it over to our offices and upload it onto our servers. This was even before REALTOR.com.
The Board of Realtors was very concerned about the loss of control over their information. They understood that their most important asset was not their data, but the control over their data. They were concerned about the loss of control over the data, but, they were also very excited by the prospect of expanding the reach of their marketing. The Internet represented a great opportunity, and a great threat.
As fate would have it, my company abandoned the real estate business in pursuit of more rapid growth. Real Estate Agents and Brokers were very difficult to 'sell' websites and connectivity to and the general public seemed to 'want' what we were selling, so, we decided to sell services to people who wanted them rather than to people who needed them. The company grew rapidly and we took it public and then sold it to another public company.
In the meantime the real estate industry grew into the Internet. REALTOR.com became the dominant real estate property information portal and local MLS system began to release their information to more and more websites. Now, the general public has become so accustomed to finding For Sale information on the Internet that the dynamics of the purchasing process have changed. Brokers and Agents that work with Buyers will tell you that most Buyers will provide a list of homes for the Agent to show to the Buyer. The Agent will also contribute to the list based on direct access to the MLS, but, Buyers are generally very well informed about properties that are currently on the market and the relative values of properties.
It used to be, back in the 1990s and before, that the Listing Agent had to work hard to sell a home. Seriously, they had a lot of value to add to the process. Because the MLS system relied upon published books that were distributed about once every two weeks, and because the time lag between inputting information into the MLS system and the books coming out was about 3 weeks, it was often the case that a home listed on the MLS would not appear in the books for 4 - 6 weeks. That is a long time. During that time the Seller relied upon the Listing Agent to get on the phone and call other Agents and spread the word that a new home was on the market. The individual 'network' of the Listing Agent was a major factor in the ability of the Seller to achieve a quick sale.
Today, with the automation of the process, with advanced interactive database technology, with the pervasive usage of the Internet, and with high Buyer utilization of the Internet to participate in the process it is no longer critical that you have a Listing Agent with a Great Network. Listing a home on the MLS is a commodity. It really does not matter who does the listing as long as it is done correctly. Further, the listing process actually takes about 20 minutes if you type slowly, 10-15 if you are a fast typist. The major portion of time is involved with collecting the information from the Seller.
NetOffer has automated the information collection and management process to the maximum extent possible through the development of the most advanced interactive database technology, specifically designed for the Flat Fee MLS Listing business. By automating the process of collecting and managing the flow of information between our Clients and the MLS system we are able to lower our costs and keep our fees at the absolute minimum.
I thought that the above discussion would help explain how we do what we do, and why it is no longer necessary to pay traditional fees for the benefit of using the MLS to help sell your home.
Call with any questions.
My number is 972-470-5888.
The Board of Realtors was very concerned about the loss of control over their information. They understood that their most important asset was not their data, but the control over their data. They were concerned about the loss of control over the data, but, they were also very excited by the prospect of expanding the reach of their marketing. The Internet represented a great opportunity, and a great threat.
As fate would have it, my company abandoned the real estate business in pursuit of more rapid growth. Real Estate Agents and Brokers were very difficult to 'sell' websites and connectivity to and the general public seemed to 'want' what we were selling, so, we decided to sell services to people who wanted them rather than to people who needed them. The company grew rapidly and we took it public and then sold it to another public company.
In the meantime the real estate industry grew into the Internet. REALTOR.com became the dominant real estate property information portal and local MLS system began to release their information to more and more websites. Now, the general public has become so accustomed to finding For Sale information on the Internet that the dynamics of the purchasing process have changed. Brokers and Agents that work with Buyers will tell you that most Buyers will provide a list of homes for the Agent to show to the Buyer. The Agent will also contribute to the list based on direct access to the MLS, but, Buyers are generally very well informed about properties that are currently on the market and the relative values of properties.
It used to be, back in the 1990s and before, that the Listing Agent had to work hard to sell a home. Seriously, they had a lot of value to add to the process. Because the MLS system relied upon published books that were distributed about once every two weeks, and because the time lag between inputting information into the MLS system and the books coming out was about 3 weeks, it was often the case that a home listed on the MLS would not appear in the books for 4 - 6 weeks. That is a long time. During that time the Seller relied upon the Listing Agent to get on the phone and call other Agents and spread the word that a new home was on the market. The individual 'network' of the Listing Agent was a major factor in the ability of the Seller to achieve a quick sale.
Today, with the automation of the process, with advanced interactive database technology, with the pervasive usage of the Internet, and with high Buyer utilization of the Internet to participate in the process it is no longer critical that you have a Listing Agent with a Great Network. Listing a home on the MLS is a commodity. It really does not matter who does the listing as long as it is done correctly. Further, the listing process actually takes about 20 minutes if you type slowly, 10-15 if you are a fast typist. The major portion of time is involved with collecting the information from the Seller.
NetOffer has automated the information collection and management process to the maximum extent possible through the development of the most advanced interactive database technology, specifically designed for the Flat Fee MLS Listing business. By automating the process of collecting and managing the flow of information between our Clients and the MLS system we are able to lower our costs and keep our fees at the absolute minimum.
I thought that the above discussion would help explain how we do what we do, and why it is no longer necessary to pay traditional fees for the benefit of using the MLS to help sell your home.
Call with any questions.
My number is 972-470-5888.
posted by DallasFlatFee at 11:12 AM
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