Who Got Me A Little Iggy Today???

By
Real Estate Broker Owner with 3:16 team REALTY ~ Locally-owned Frisco TX Real Estate Co.

Written and copyright © of Loreena Yeo 2007

I have discuss Limited Service in the past and I finally concur that others are right. Different strokes for different folks. And "full service" does not necessarily mean that clients get tthe best expertise available to them. It is true that some agents do disappear after the sign is in the front yard.

I remember that I got agitated because there was a different opinion between limited service offered by this specific broker (known in town) and minimum service as required by the State (of Texas, at least). I felt horrible for the client - whether the broker did or didnt represent. I dont know which.

Today, I received a phone call from a Seller who needed help. Unfortunately, he is represented with a so-called national brokerage firm. Free listing on the MLS!!! Feeds to Realtor.com!!! And ABSOLUTELY NO CATCH!!! When I checked the agent representation, it was a broker registered in Florida. Hmmm..... raised my red flag. When I searched for the house, I could find it one way but not another on the MLS. The garage was not correctly entered into the MLS system. The instructions say call Seller for information/ questions. The Seller only took advantage of sending 2 of the same photos for the MLS system - photos with weed in the front yard. When I interviewed the Seller about how he came up with the price, he said he found it on Zillow - another free site. For those not familiar with Texas, it is a non-disclosure state. We do not publish sale prices as public record.

It gets better. On the buying side, the company pays a buyer 75% of the commission, guaranteed. They professionally state that this program is for homebuyers who do not need services of a "traditional" professional. They call them self-directed homebuyers. The buyers find the house themselves, then use their services for completing the transaction. Sounds simple, after all, buying and selling real estate is not rocket-science.

Sounds promising? I would think that this is the answer a Seller - then- turn Buyer is looking for. How brilliant!

The Seller called me to evaluate the home price. His intuition told him that he had it priced a little higher. Hence, no showings after 45 days on the market. (Actually, it is probably about 20-30% higher). To make matters worst, the Seller is not local. By that I mean, thousands of miles away.

This truly left me pondering..... Is it the Company's fault for inefficiencies? Probably. But that has nothing to do with the business model. Where there is a demand, someone will fill the need. Basic economic principle. According to some consumers, it is the best thing ever !!! Perhaps. Perhaps not. This just got my Iggy juices flowing: Different strokes for different folks. Each to his own.

Moral of the story: You do end up paying what you get for (most of the time).

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Location:
Texas Collin County Frisco
Tags:
home selling tips
fsbo tips

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Ambassador
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Loreena Yeo
Realtor® | Frisco TX Community Ambassador
3:16 team REALTY ~ Locally-owned Frisco TX Real Estate Co.
Robert, I do feel that points are well-received from over here. This business model is great for those who knows what they are doing. Absolutely right. There must be the demand before anyone can supply. If selling the house is seen as "anyone" can do it, it dilutes our value.
October 01, 2007 08:32 AM
Rainmaker
151,411
Amanda Hall
Real Estate Broker - Fort Worth Texas
DFW Living

I've been wondering how Iggy is managing to do business in Texas from Florida.  I recently made the change from franchise to independent and I could have sworn that MetroTex (our local board) requires the office to be in state. 

As far as the business model, I agree--to each their own but we do have some locally owned flat fee brokers here in town that appear to do a great job and I wonder why any seller would go out of state.

Iggy does charge a listing fee--I think it's around $250 according to a recent listing I picked up from them.

October 02, 2007 08:52 PM
Rainmaker
45,977
Sarah Nopp
I am curious- how was the property seller planning on opening the house to show it to potential buyers?
October 04, 2007 04:31 PM
Rainmaker
151,411
Amanda Hall
Real Estate Broker - Fort Worth Texas
DFW Living

Lockbox or combo.  In the case of my seller, it was a combo and our local showing appointment service provided the code to the BA when they called in to schedule up.  Unless you know who IGGY is and catch the fact that they put the seller's number in the private remarks for any further questions, it all appears normal in MLS.  The offer goes to IGGY, but can also be delivered to the seller. 

 

October 04, 2007 05:05 PM
Rainmaker
45,977
Sarah Nopp

Intersting... In our MLS, the Listing Office name shows up in the listing- that is Iggy'sHouse. And the seller's contact information is not allowed to be shown anywhere the public can find it. Also, I believe an agent is required to accompany clients through the property. We don't have appointment services here either. I imagine companies that are trying for a National Model are having to learn all sorts of local issues and MLS rules... Glad it isn't me.

October 04, 2007 10:38 PM
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