Calgary real estate prospects

[ExtraSlow]

There are a lot of people working to increase tech and reduce costs for that transaction. For a number of reasons, it hasn't taken over the market yet. In our lifetimes, it likely will. Right now, I personally think that the best realtors provide sufficient value to the transaction to justify using them. Also, in my own opinion, the average realtor does not.

[89coupe]

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Not at all. You're reading too much into my posts. I'm curious what activities in the chain are not replaceable by cheaper options. It is not obvious to me what those parts of the agent's role those are. The fact that they exist is obvious, since people still willingly pay agents.

You can’t replace emotion with technology, it doesn’t work.

You have to have a mediator to provide reasoning to both sides.

Technology will never replace that.

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There are a lot of people working to increase tech and reduce costs for that transaction. For a number of reasons, it hasn't taken over the market yet. In our lifetimes, it likely will. Right now, I personally think that the best realtors provide sufficient value to the transaction to justify using them. Also, in my own opinion, the average realtor does not.

Tech won’t help. There are already platforms in place to allow a person to do it themselves easily, and yet they continue to fail.

[jutes]

Inherently people are lazy and will use a realtor out of convenience. What a few thousand dollars to let someone else do all the work.

[ExtraSlow]

I don't think it's going to be easy, which is why it hasn't been successful yet. I'm just saying (which buster pointed out) that there is a a huge financial incentive to find a different way to do this, and the tech industry is amazing at solving these kinds of problems in the long-term.

[Buster]

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I don't think it's going to be easy, which is why it hasn't been successful yet. I'm just saying (which buster pointed out) that there is a a huge financial incentive to find a different way to do this, and the tech industry is amazing at solving these kinds of problems in the long-term.

Exactly.

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My guess is that the RE industry is going to wake up one day and wonder what happened.

[suntan]

Growth factor of 7 sucks.

[89coupe]

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But I think it speaks strongly to the value of all that networking at the GGCC on free-coors-light / no-pop Fridays. Cold-calling up all the HNW homies you met on the green - worth every penny, Buster!

Two deals = GCC buy-in, all in a days work

[you&me]

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My guess is that the RE industry is going to wake up one day and wonder what happened.

Tech is amazing at when dealing with widget-like commodities, but falls short when it comes to anything more expensive and more nuanced... AFAIK, there has yet to be any market that routinely deals in $1mm+ transactions where a middle man of some sort has been eliminated altogether thanks to a technological disruption.

I think the best hope - if you want to call it that - for tech in RE beyond improving the experience of the buyer (which you're already seeing with virtual tours), is to improve efficiencies throughout the entire transaction process, which ultimately probably means facilitating auctions. At that point, agent commissions are greatly reduced, if not eliminated, but they'd be replaced by auction fees which would likely end up being similar amounts.

Personally, I don't have a problem with the RE agents role and their compensation... I have a problem with shitty agents, doing a shitty job and tripping over unsuspecting clients that unwillingly put the care of a major life decision in the hands of someone that might have less training than a bus driver. But that's a whole 'nother issue...

For now, I think it was most succinctly put - Don't hate the player, hate the game.

[zechs]

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part of the chain seems resistant to being arb'd. I can't see it.

People, obviously. Why use a realtor? There is nothing one can do that the average person can't.

The system is a lie, and people have bought into it. It is text-book rent seeking.

The only way out of it is through education of the public, but nobody has an interest in really taking down the system.

As mentioned, since people go through the process so little there isn't much outrage. You get scammed once or twice in your life over the course of decades.

There is a false narrative that a realtor has some magical powers and knowledge that help in selling a property. I've never seen this in action.

The MLS system is also part of the problem. When selling my acreage, everyone from non-MLS sources were awful to deal with.

[89coupe]

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People, obviously. Why use a realtor? There is nothing one can do that the average person can't.

The system is a lie, and people have bought into it. It is text-book rent seeking.

The only way out of it is through education of the public, but nobody has an interest in really taking down the system.

As mentioned, since people go through the process so little there isn't much outrage. You get scammed once or twice in your life over the course of decades.

There is a false narrative that a realtor has some magical powers and knowledge that help in selling a property. I've never seen this in action.

The MLS system is also part of the problem. When selling my acreage, everyone from non-MLS sources were awful to deal with.

LOL,

Did you read what you just said.

[suntan]

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LOL,

Did you read what you just said.

In the UK, people sell their homes themselves.

[89coupe]

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In the UK, people sell their homes themselves.

You can sell your home yourself in Canada.

Nobody is stopping you, it’s allowed lol

[dirtsniffer]

In Ontario, realtors are used to find rental tenants.. I know Ontario is full of idiots, but come on!

[Buster]

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Tech is amazing at when dealing with widget-like commodities, but falls short when it comes to anything more expensive and more nuanced... AFAIK, there has yet to be any market that routinely deals in $1mm+ transactions where a middle man of some sort has been eliminated altogether thanks to a technological disruption.

I think the best hope - if you want to call it that - for tech in RE beyond improving the experience of the buyer (which you're already seeing with virtual tours), is to improve efficiencies throughout the entire transaction process, which ultimately probably means facilitating auctions. At that point, agent commissions are greatly reduced, if not eliminated, but they'd be replaced by auction fees which would likely end up being similar amounts.

Personally, I don't have a problem with the RE agents role and their compensation... I have a problem with shitty agents, doing a shitty job and tripping over unsuspecting clients that unwillingly put the care of a major life decision in the hands of someone that might have less training than a bus driver. But that's a whole 'nother issue...

For now, I think it was most succinctly put - Don't hate the player, hate the game.

Auctions don't need to be expensive.

coupe basically acknowledges that that's basically what he is facilitating. Any time an agent says it "sold for XXXX over list!!!", they are basically acknowledging that the market is establishing the price, and their expertise on the matter of pricing is irrelevant.

[suntan]

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You can sell your home yourself in Canada.

Nobody is stopping you, it’s allowed lol

As the normal course of business, which is not the same here.

[89coupe]

It’s funny how most on here call Realtors idiots but most successful Realtors make at least 5x more than your average Engineer, Geologist, or IT tech.

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As the normal course of business, which is not the same here.

I haven’t researched, but a quick Google search shows there are plenty of Realtors in the UK

[suntan]

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It’s funny how most on here call Realtors idiots but most successful Realtors make at least 5x more than your average Engineer, Geologist, or IT tech.

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I haven’t researched, but a quick Google search shows there are plenty of Realtors in the UK

There are a lot of blue haired trannies on Twitter. Therefore, being a blue haired trannies is common. QED.

[Euro_Trash]

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and their expertise on the matter of pricing is irrelevant.

This. In my experience realtors post listings on MLS and help with the paperwork - they don't add anything related to negotiating (everything is directed by clients), finding homes (every house I have bought I found myself on MLS) or "taking the emotions out" as Brad said.

[suntan]

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It’s funny how most on here call Realtors idiots but most successful Realtors make at least 5x more than your average Engineer, Geologist, or IT tech.

Most realtors are idiots.

That does not mean you are an idiot.

You won't even meet most of these idiot realtors, simply because of the fact that there's a metric fuckton of realtors.

Comparing the "most successful" versus the average. Good job.

I had a friend list with Neustaedter. You don't deal with him directly, you deal with an underling, usually a vapid female hottie. She didn't even look at the house until a week into the engagement. Then she didn't set up a listing. He had to ask her to set up a listing. It was full of mistakes. REALTOR.

[89coupe]

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Most realtors are idiots.

That does not mean you are an idiot.

You won't even meet most of these idiot realtors, simply because of the fact that there's a metric fuckton of realtors.

Comparing the "most successful" versus the average. Good job.

I had a friend list with Neustaedter. You don't deal with him directly, you deal with an underling, usually a vapid female hottie. She didn't even look at the house until a week into the engagement. Then she didn't set up a listing. He had to ask her to set up a listing. It was full of mistakes. REALTOR.

Who is the “idiot” who hired him?

Hmmmmm