Tuesday, May 15, 2007

REDFIN want to be the Amazon, ebay etc of real state.

We like everyone still watch TV to socially entertain ourselves. The recently aired segment by '60 minutes' on REDFIN has sparked a debate all over the continent. '60 minutes''s Lesley Stahl, explained how the Internet is changing the real estate business by highlighting Seattle-based discount broker Redfin and its founder Glen Kelman.
I for myself side with redfin. Many a times I have found that real estate agents go and paste a price on property as he or she wish. Then another does the same thing. If you do search for a piece of property, one would find multiple sources providing contrasting prices. They fail to understand, this day and age, when one could focus on a property using Google Earth or Virtual Earth. To map and analyze a property without much help from agents.
But according to many industry blogs buzzing today with commentary on the piece, agents who work for traditional real estate brokerages, disagree.

One blogger, Jonathan Dalton of Century 21 Arizona Foothills and Dalton's Arizona Homes, wrote, "In light of Sunday's 60 Minutes piece - shedding light on the real estate industry, if you believe the Inman news hype, or simply glorifying rebate-model proponents such as Redfin - in which Redfin's Glenn Kelman [was] featured, the question becomes how much time is spent discussing industry reaction (or lack thereof) to the bill of rights publicity stunt. And if any, it will be even more interesting to hear Kelman explain the yawning of the REIC."

60 minutes' Chipping Away At Realtors' Six Percent
RISMedia had the best article on this among many.

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