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The Bay East Association of Realtors and the Contra Costa Association of Realtors have jointly signed a listing distribution agreement with the Zillow Group that will give brokers the ability to market their clients’ properties to the more than 140 million monthly unique users who visit Zillow Group’s consumer brands, including Zillow and Trulia.
For home sellers who want to maximize exposure of their property to potential home buyers, their real estate broker and agent will now have the opportunity to display the most current and accurate listing information on these sites.
“Our goal is to improve the listing search experience for consumers and the agents who represent them,” said Rob Baldwin, president of the Contra Costa Realtors’ association.
“Now that brokers can send their clients listings directly to the Zillow Group sites from the MLS system, buyers and sellers can have greater confidence that the property details are current and accurate,” added Mike Fracisco, President of the Bay East Association of REALTORS®.
The terms of the agreement offer multiple benefits to home buyers, sellers and the agents and brokers who represent them. The listings will make it easier for consumers to identify the source of the listing information, including prominent display of the listing agent’s name and contact information. Brokerages will also receive attribution, branding, and a link back to their websites.
In addition they will have access to detailed metrics on each listing that appears on the Zillow Group sites. Brokers and agents can modify their contact information and receive leads directly from Zillow Group sites, all at no cost.
The agreement between the Bay East and Contra Costa MLSs and Zillow Group takes effect immediately.
For Bay East and Contra Costa brokers who opt-in to participate in the agreement, their listing data will be integrated with Zillow Group listings.
A house in our neighborhood had a Realtor’s “coming soon” sign on it for several weeks before it was replaced with a Sold sign. The listing on Realtor.com indicated that the house was not sold, but was pending, and continued to be pending as I checked the listing.
Two questions:
If the listing Realtor agent puts a “coming soon” sign up, does that give them the exclusive right to accept early offers before the house officially becomes “for Sale?”
Why would the agent put up a Sold sign the day the house is sold, if the sale is really pending?
I am not in real estate so I don’t know the answers. I would appreciate someone who is to enlighten me. Thanks.
In our hot market in Pleasanton some sellers might be thinking about selling the home themselves (for sale by owner) and avoid the heavy commission paid to a realtor.
In our neighborhood there have been quick sales with multiple offers which makes one wonder if hiring a realtor is really necessary.
Of course, there are many things that have to get done to sell a house and a realtor knows all the in’s and out’s, they can also help avoid potential legal issues, but they come at a price.
I believe Zillow will take FSBO’s, along with other sites.
The “sale pending” means an offer has been accepted but escrow hasn’t closed so the ownership of the property hasn’t yet changed hands. Things happen during this process which takes about 30 days or more, and sometimes the “fish comes off the hook” in the process and the line has to go back in the water once again.
@Legogranny: “If the listing Realtor agent puts a “coming soon” sign up, does that give them the exclusive right to accept early offers before the house officially becomes “for Sale?””
Not sure about the meaning of your question. “Exclusive right” means a right conferred on one entity that no other entity can make claims to. The owner of a property has the “exclusive right” to sell that property, and I don’t believe that there are any laws preventing the owner from selling his or her house before it is presented as being “for sale” on the MLS listings.
@granny, this is the new economy unless you have the latest iteration of the Iphone along with a real estate app sync’d to your apple iwatch, you probably missed the whole transaction. I heard it all went down within 5 minutes, listing, multiple offers, counter, close. One buyer offered Taylor Swift concert tickets but the seller had boys and opted for $500K over asking and Game 5 Warrior tickets.
Some Real Estate Agents are unencumbered by ethics.
Some want to sell a house without letting other people know it is available- which can result in a less bidding, a lower price. Sometimes this is done to avoid sharing the commission, depending on how the contract is written.
I say Agents, “Realtors” are just members of a private association, doing things to make more money for their members.
As others have said in this sellers’ market it is very costly and NOT necessary to pay a huge fee based on the value of the house to sell it.
Would you pay a mechanic based on the total value of your car, or rather based on the value of his or her services? The real estate agent did nothing to make your house worth what it is. Many more honest Real Estate agents will charge a much reduced fee, or work by the hour. Just ask, and if they refuse, use another.
Used to be the Real Estate Agents controlled the Multiple Listings,
a way to get your listing out to many other agents.
This was so effective that it gave them an advantage, and a reason to use them.
However the world has changed, and that “monopoly” on information is not as important. Now there are Zillow, and others.
For the “Realtors” to recognize and adapt to the new reality is very newsworthy.
Maybe the more honest of them will also adapt to offering services for a reasonable fee.
I have bought and sold many homes over the years, some as my own residence, some as rentals. I will never again use a realtor. My last 4 transactions have saved me nearly $200,000 in commissions and not one single thing went wrong. If you have reason to want legalities checked, hire a lawyer by the hour, never pay a broker a fixed percentage. The only transaction that I have ever done that had a problem was because the slimy realtor who originally sold me the home charged me for repairs that were never done. When selling that home the inspector noted the same problems but the statute had expired to hold the realtor accountable for his fraud. Yes, he is still in business here in town. No worries PW I won’t name him, but he knows who he is.
Why would you hire a realtor to make repairs on a home?
@NNFR, I’m not convinced you saved $200K in commissions, the same cheapskate seller attracts the same cheapskate buyer in a FSBO. Your calculation is based on what YOU sold the properties for. Also the commission is paid out of the proceeds, meaning the buyer not only has to agree to the sales price but the commission as well because indirectly they are ones paying for it.
Not a real estate porfessional
In a slow market a good realtor is indispensible – they can offer advice on how to prep the home to make it more attractive, they market the property and hold open houses, negotiate with the buyer’s agent and escrow to pull everything together. That all comes at a price but if nothings’ moving, then the professional “fire power” is well worth it, especially if it takes 6 months to sell a house, or a house is in bad shape and needs work, bad location, etc.
In a hot market, less of that is needed.
Perhaps you should study a little more, to get actual facts?
Yes, in most cases the Real Estate Agents money, called “commission”, (as opposed to honest wages) does come out of the sales price.
But the buyer has nearly NO control of where his or her money goes.
All the buyer sees is the bottom line, the sales price.
How the sales money is distributed is per the contract,
normally entered into by the seller.
The only time to effectively negotiate, for lower percentages, or for service by the hour, etc, is BEFORE the seller signs a contract.
Most of the time the contract will say to split the money between the selling agent and the buying agent. This gives the listing agent an incentive to try to do both sides, and get all the money.
This borders on unethical, as it is hard for the agent to work to get the seller the most money, and the buyer the best deal at the same time.
Since it costs the buyer nothing, this another reason a buyer should always have his own agent.