There are lots of web sites out there promising you all kinds of help you might not need if you are buying or selling a house or condo. It might be access to a gazillion lenders or real estate agents who will cut interest rates or commissions for a crack at your business. It might be the ability to get access to listing information without speaking to some pesky real estate sales person. It might be a free estimate of your home's value.
So you push "Continue". Then a little screen comes up asking for your basics - your name, where you live and how to contact you. Then you're off to this wonderul web site where you can do it yourself or save a few bucks - or maybe not.
What happens next is that the proprietor of this web site sells your information to one or more lenders and real estate agents - maybe even moving companies, interior designers - you name it. Your name gets put out there to people who make money helping other people get moved.
But does your contact information get sold to good, experienced loan officers and agents and others who will provide high-quality, professional service?
Sorry, but probably not.
The experienced professionals get most of their business from people who have done business with them already. Because the lender or agent did a superb job, every time the client hears the word "move" or "real estate", they think of their professionals like you think of Kleenex when you're about to sneeze.
Then they say, "You just have to call so-and-so! She was totally amazing!"
The lenders and agents who can't get business that way, as well as agents who can't attract business through effective marketing efforts, often go to lead generation companies and pay for names of people who actually gave up their contact information.
What are your alternatives? I suggest that if people don't already have an agent, that they assemble a list from the following sources:
Once you have compiled your list, narrow it down to the top three or so and interview them in person. And keep going until you find someone fabulous, who makes you comfortable, and when you've found the best fit for you, go for it!
If you think the on-line companies screen agents, they don't - at least not by anything other than zip code and their willingness to pay for the names they receive. Screening lenders and agents yourself isn't all that hard. And it pretty much guarantees a much nicer transaction!
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If you are looking for an agent to help you buy or sell a home in the Washington, DC area, check out my other blog posts. Then, if you'd like, call me at 202-549-5167, and I'll give you the names and numbers of clients I've worked with. Then let's talk to see if we are a good fit!
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Pat Kennedy, author of "The Irreverent Guide to Real Estate" , has been selling homes in the Washington, DC area for over 25 years. She's licensed in DC, Maryland & Virginia
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Nice graphics! Good post!
Pat, this is a great topic. You did a fantastic job explaining how information is generated to other sources and eventually it all leads to spam.
Excellent advice, and perfect graphics to go with it. I do love your posts!
Oh such great advise Pat.... Go with someone that is recommended is so much a better bet!
The funny thing is I think my association sell our information, but I am not 100% sure. Thanks for the post.
Thanks, Andrew!
Carol, Thanks, and I really think most people are clueless about how the information gather industry works!
Margaret, I appreciate your comments! Thanks so much!
And James, of course, that's how I get all my business so I'm kinda biased!
Patricia, I think I have given away too much information. But if they want it, they'll find it anyway.
What a great post, Pat! It goes hand in hand with asking the consumer to give the life history before letting them search for listings on your site. When I see those forms while surfing for information, I just click out and move on.
Great information. I have seen the same information come thought multiple lead generate sites. Early on in my career I did subscribe to them but learned my lesson early on. One lead that I received filled out a form on a Baby site and somehow her information was sold to home buying lead services.
Patricia - good comments on lead generation, Do Part II and talk about who gets the referral from the relocation company that's taking 35% - 50% of the commission.
Kay, we've probably all given away too much information, every time I look at all the spam in my email.
Lisa, a lot of the real estate company sites want an awful lot of stuff before they'll let you onto their listing search sections.
Stacy, Yeah. They don't screen the leads or the agents they give them to.
And Sharon, what a great post idea! I'll do it!
wow it seems everyone took my words - so I will just say {{{{{{applause}}}}}
I use a separate e-mail for things like this...then I can go in and just hit delete, plus it does not clog up my real e-mail. This is great advice to all who are searching for homes this way Pat...thanks for posting it.
I use a separate e-mail for things like this...then I can go in and just hit delete, plus it does not clog up my real e-mail. This is great advice to all who are searching for homes this way Pat...thanks for posting it.
Great tips for the consumer. I find if people do sign up on your website but you are respectful of them and don't bombard them with emails, phone calls, etc. they will stick around and use your site often! Nobody likes a pushy agent, that's for sure.
Patricia - great post - indeed, being referred is the best way to find an agent or any other professional!
And don't forget that home buyers/sellers get what they pay for.
If people are looking for super cut-rate, discount "Wal-Mart" of real estate agents/lenders they'll get people who are a) resentful they had to pay for a lead, b) resentful they had to reduce their "normal" compensation to the bargain basement and c) will be looking for the quickest deal they can cut. It means they're looking out for themselves and not for their clients' best interest. Or they'll offer a menu of services so slim (and sloppy) that you may as well have gone FSBO.
At some level, it's about respect. I'll respect your interests and desires and aspirations if you respect my experience and expertise. If you want $1.00 service in a brown paper bag, that's what you'll get.
Pat--What a great job explaining to the consumer who really benefits from these sites...The best agents work mostly with referred clients and few pay for these overpriced services. If someone wants a great agent, ask someone the old fashioned way!
Great information for clients/consumers. Even for Realtors. I'm always looking for SEO and sometimes I go astray which gets me a whole lot of spam.