Comments on: Redfin’s Stats They Don’t Want You to Know http://mocorealestate.com/2011/10/02/redfin%e2%80%99s-stats-they-don%e2%80%99t-want-you-to-know/ Real Estate in Montgomery County, Maryland Fri, 17 May 2013 16:28:12 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: Kevin Lisota http://mocorealestate.com/2011/10/02/redfin%e2%80%99s-stats-they-don%e2%80%99t-want-you-to-know/comment-page-1/#comment-11149 Kevin Lisota Tue, 04 Oct 2011 00:00:46 +0000 http://mocorealestate.com/?p=12494#comment-11149 As I prognosticated, the SEO of their competitors has begun, with 163k+ new agent profiles indexed by Google, none of which work with Redfin. None of them consented to have a profile, but Redfin site gets the eyeballs for their name regardless. Agents are going to be rudely surprised when they see a redfin.com profile bubble up on their name in Google. I just wrote a post about it: http://activerain.com/blogsview/2538893/redfin-just-loaded-163-000-agent-profiles-into-google-you-might-be-one-of-them As I prognosticated, the SEO of their competitors has begun, with 163k+ new agent profiles indexed by Google, none of which work with Redfin. None of them consented to have a profile, but Redfin site gets the eyeballs for their name regardless.

Agents are going to be rudely surprised when they see a redfin.com profile bubble up on their name in Google.

I just wrote a post about it:

http://activerain.com/blogsview/2538893/redfin-just-loaded-163-000-agent-profiles-into-google-you-might-be-one-of-them

]]> By: Daniel Jeung http://mocorealestate.com/2011/10/02/redfin%e2%80%99s-stats-they-don%e2%80%99t-want-you-to-know/comment-page-1/#comment-11144 Daniel Jeung Mon, 03 Oct 2011 15:39:57 +0000 http://mocorealestate.com/?p=12494#comment-11144 Very interesting and well articulated article. I haven't checked my local MLS for redfin's agent stats to see where I stand. If I did, I'd likely be disappointed by my own production levels of late. I guess my response to anyone questioning how productive I've been lately would be that regardless of the total sales, it is the consumer's satisfaction that is the most important metric. I've had a difficult time obtaining listings this year, but my buyer numbers have increased dramatically. (Now if only all my short sales would close...). I pride myself on taking excellent care of my clients. Over the course of my career, I've done 7 sides for one client on her own purchases(non-investment, just lots of moves and all at full commission). I wonder how many consumers would use their redfin agent again if commission was a non-issue? Very interesting and well articulated article. I haven’t checked my local MLS for redfin’s agent stats to see where I stand. If I did, I’d likely be disappointed by my own production levels of late. I guess my response to anyone questioning how productive I’ve been lately would be that regardless of the total sales, it is the consumer’s satisfaction that is the most important metric. I’ve had a difficult time obtaining listings this year, but my buyer numbers have increased dramatically. (Now if only all my short sales would close…).

I pride myself on taking excellent care of my clients. Over the course of my career, I’ve done 7 sides for one client on her own purchases(non-investment, just lots of moves and all at full commission). I wonder how many consumers would use their redfin agent again if commission was a non-issue?

]]> By: Bruce Lemieux http://mocorealestate.com/2011/10/02/redfin%e2%80%99s-stats-they-don%e2%80%99t-want-you-to-know/comment-page-1/#comment-11139 Bruce Lemieux Mon, 03 Oct 2011 13:39:22 +0000 http://mocorealestate.com/?p=12494#comment-11139 Frank - I didn't call Redfin "bad" – far from it. I wrote "Redfin is not very good at selling homes. That’s what our MLS data says." And then provided the data. And I posted this directly on their blog. I'm aware of your site. You're doing some of the most creative things with a consumer facing MLS site that I've seen. A lot of people have tried to crack connecting buyer agents directly to sellers without much luck (since it's so hard). It will be interesting to see how you do. A success at something like this would be much more disruptive than anything we've seen so far. Also, I've been amazed that you've been able to have so many agents from other brokers provide home reviews - on your site. Impressive. Back to agent stats. Your MRIS/IDX license agreement wouldn’t allow you to do this either. I’m guessing that you haven't been called out on it since they haven't noticed. I've seen this view on your site before, but as I'm there now, I can't find it for the life of me. It's not my role to be the MRIS Moral Police. My day job is hard enough, and I don't have time. Still – if you think that you or Refin are right to display this data just because you have it, then you’re missing the bigger point that I try to make in this post. Frank – I didn’t call Redfin “bad” – far from it. I wrote “Redfin is not very good at selling homes. That’s what our MLS data says.” And then provided the data. And I posted this directly on their blog.

I’m aware of your site. You’re doing some of the most creative things with a consumer facing MLS site that I’ve seen. A lot of people have tried to crack connecting buyer agents directly to sellers without much luck (since it’s so hard). It will be interesting to see how you do. A success at something like this would be much more disruptive than anything we’ve seen so far. Also, I’ve been amazed that you’ve been able to have so many agents from other brokers provide home reviews – on your site. Impressive.

Back to agent stats. Your MRIS/IDX license agreement wouldn’t allow you to do this either. I’m guessing that you haven’t been called out on it since they haven’t noticed. I’ve seen this view on your site before, but as I’m there now, I can’t find it for the life of me. It’s not my role to be the MRIS Moral Police. My day job is hard enough, and I don’t have time. Still – if you think that you or Refin are right to display this data just because you have it, then you’re missing the bigger point that I try to make in this post.

]]> By: Jim Bilbao http://mocorealestate.com/2011/10/02/redfin%e2%80%99s-stats-they-don%e2%80%99t-want-you-to-know/comment-page-1/#comment-11126 Jim Bilbao Mon, 03 Oct 2011 05:28:56 +0000 http://mocorealestate.com/?p=12494#comment-11126 Thoughtful, balanced, and well written. Looking down the road when objective agent comparison data exists for Realtor results, I expect we'll see that agents specialize, and brokers as well. Some will be better at selling high but less fast or reliably. Others will be great at selling low, more fast and more reliably. Likewise, some agents will specialize in clients for whom "money is no object" that want to buy high. Other agents will specialize in clients that buy low. These specialists will market and find consumers differently. They may all get 5 stars for their matching themselves with appropriate consumers, but receive very different performance marks. Thoughtful, balanced, and well written. Looking down the road when objective agent comparison data exists for Realtor results, I expect we’ll see that agents specialize, and brokers as well. Some will be better at selling high but less fast or reliably. Others will be great at selling low, more fast and more reliably. Likewise, some agents will specialize in clients for whom “money is no object” that want to buy high. Other agents will specialize in clients that buy low. These specialists will market and find consumers differently. They may all get 5 stars for their matching themselves with appropriate consumers, but receive very different performance marks.

]]> By: FranklyMLS.com http://mocorealestate.com/2011/10/02/redfin%e2%80%99s-stats-they-don%e2%80%99t-want-you-to-know/comment-page-1/#comment-11124 FranklyMLS.com Mon, 03 Oct 2011 04:39:14 +0000 http://mocorealestate.com/?p=12494#comment-11124 It has been available to the public for over 3 years in teh DC area on my site over at www.franklyMLS.com . Just enter your last name and click on the Sold data link. While I must say I am impressed with your research, I would suggest refraining from calling Redfin "bad", or for that matter any company "bad." It is a standard Nar code of ethics issue. You can say you are better (in this regard), but generally "bad" is bad. And yes I believe they do solicit feedback equally from all transactions, good and bad. They even count people that lost on a house!! Imagine that. A buyer is mad for losing a bidding war and they get a feedback card... I hope they at least wait a week for the steam to dissipate. Frank Broker FranklyRealty.com It has been available to the public for over 3 years in teh DC area on my site over at http://www.franklyMLS.com . Just enter your last name and click on the Sold data link.

While I must say I am impressed with your research, I would suggest refraining from calling Redfin “bad”, or for that matter any company “bad.” It is a standard Nar code of ethics issue. You can say you are better (in this regard), but generally “bad” is bad.

And yes I believe they do solicit feedback equally from all transactions, good and bad. They even count people that lost on a house!! Imagine that. A buyer is mad for losing a bidding war and they get a feedback card… I hope they at least wait a week for the steam to dissipate.

Frank
Broker FranklyRealty.com

]]> By: Billy Jalbert http://mocorealestate.com/2011/10/02/redfin%e2%80%99s-stats-they-don%e2%80%99t-want-you-to-know/comment-page-1/#comment-11121 Billy Jalbert Mon, 03 Oct 2011 02:38:27 +0000 http://mocorealestate.com/?p=12494#comment-11121 Fantastic response. Trying objectify a business like real estate is tough...but the bottom line is that metrics are usually really good as long as they measure the right things and encourage the right behavior. I just read an article in Bloomberg about a company that placed profits above everything else and didn't understand why their employees behaved unethically. Providing context for those metrics is equally important. You did a great job of that in this response. Sometimes, Sellers really aren't all that motivated to sell in spite of what the market and their agents tell them. Sometimes their agents just don't do a good job. Sometimes, Buyers are motivated by more than just price... It is a complicated business and real estate professionals do themselves and consumers a disservice by trying to make it sound easier than it is. Please note, I am not saying that you are doing that in any way shape or form here and that this is more just an observation of the industry in which I work. It sounds like you two are a really effective team and I think this is an outstanding response. Thank you. Fantastic response. Trying objectify a business like real estate is tough…but the bottom line is that metrics are usually really good as long as they measure the right things and encourage the right behavior. I just read an article in Bloomberg about a company that placed profits above everything else and didn’t understand why their employees behaved unethically.

Providing context for those metrics is equally important. You did a great job of that in this response. Sometimes, Sellers really aren’t all that motivated to sell in spite of what the market and their agents tell them. Sometimes their agents just don’t do a good job. Sometimes, Buyers are motivated by more than just price…

It is a complicated business and real estate professionals do themselves and consumers a disservice by trying to make it sound easier than it is. Please note, I am not saying that you are doing that in any way shape or form here and that this is more just an observation of the industry in which I work. It sounds like you two are a really effective team and I think this is an outstanding response. Thank you.

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