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MLS search

The most popular activity on my site appears to be searching through our local Multiple Listing Service (MLS). Usually, 30-40 people a day do searches using this tool, which can be found in the right-hand column of this page.

What I’ve always been confused about is, why do people use it?

The “public” MLS search only provides you with general listing information – MLS #, price, and location. Plus, the listing agent’s information.

The “member-only” MLS search, on the other hand, provides you with address, description, etc. Also, you can save your searches, and receive once-daily emails of new listings fitting your criteria, as they come on the market.

The issue is, MLSPIN regulations require that I, as agent, collect an email address from you before giving you access to the database. This is for my benefit, as it allows me a way to engage you, as visitor, as a client (nice comma use).

And, of course, not everyone wants to give out their email addresses.

Do people use the public search to get a general idea of what’s out there? Or, are these people first-time visitors to my site, just looking around?

I don’t know.

I guess people don’t want to register, because they aren’t that serious about buying, or perhaps they already have an agent, and just come here for the stories, then they do a quick search? Or perhaps they don’t want to register because they feel that obligate them to work with me?

If it’s the third reason, I am working on a way to fix that.

While I would want to at least have a cursory conversation with anyone who registers, I wouldn’t require someone to work with me, if they signed up. For one thing, they may be looking in areas I don’t cover (outer-boroughs, for example).

But, soon, I won’t even require that – soon, visitors will be able to sign-up on this page immediately for access to the complete MLS database simply by providing an email address, without waiting for authorization or for a password to be sent to them (meaning, you could just put in a fake email address, obviously. If you were that devious …).

The majority of people visiting this website come here, read the stories, then go on with their lives. A few (my heroes) contact me and we work together to find them new homes.

It’s a fine-line. Should this site exist to provide information, or should its main goal be client-generation?

The look, feel, content, design, and functionality of the site would be different, based on which direction I chose to go.

For example, I ran Google Ads for awhile. Simple text ads in the right-handed column. Brought in a hundred bucks or so, per month.

If this was a “content” site, I could expand on that, the idea being that this is an advertiser-supported, information site. And, over time, I could generate more revenue, that way.

Using this site to pursue new clients means it would look different and appeal to a different set of people. For example, there would be more “calls-to-action” – more buttons saying “contact me!”, for example, and I would promote myself and my services much more than I do, currently.

I know what readers think – do both!

That’s not usually the way it’s done, however.

If you visit other blogs, real estate or otherwise, you can see what I mean.

If you’ve ever been to Curbed.com, the mother-ship of real estate blogs, that’s a perfect example. It’s all about content. You’d never confuse it for a real estate agent’s website. It exists to provide information and entertainment. It is advertiser-supported. And, I’m assuming, wildly profitable. They have a paid staff of seven or eight people (hi Lock!).

Then you have the agent-run real estate blogs. This space is “owned” by four blogs, in Boston.

These are all agent-focused websites, with the goal being to get you to contact the owners of the sites to use them as your real estate agents.

So, I don’t know.

The “wildly-profitable” direction sounds very intriguing. Especially since I’m already spending all my time on the blog, from dawn to midnight. Ha-ha.

Read other posts about: the real estate industry

4 Responses to “MLS search” »»

  1. Comment by Steve | 09/29/07 at 4:09 pm

    Dear

    John,

    After reading your post, a few questions emerged.

    - Regarding the relationship

    between your blog and clients, what percentage of your clients come to you because of your

    blog/editorial work?

    - Since real estate is often a local interest, is Boston big enough to

    drive enough volume through ads to be as profitable as you would want it to be (or to offset income

    you might have generated focusing on clients)? If you take your current daily volume, how much more

    volume would you need to generate significant income? How would you accomplish that? You had

    mentioned “Curbed”. As this covers New York, is this more of an exceptional website rather than the

    norm? Are there other real estate blogs that are successful just showing content (say in San

    Francisco, Dallas, Houston or other major metropolitan cites)?

    - Have you been able to build

    up your staff (agents) enough where they can focus on generating the real estate income and you can

    focus on the promotions?

    - Which do you enjoy more?

    - Would you want to expand to

    other markets?

    - Of the big 4 (Boston Blogs), yours is the most readable. You have a talent

    for writing.

    - When you started the blog, what were your goals (independence, financial,

    etc)?

    Steve

  2. Comment by Robert | 09/30/07 at 5:18 pm

    In my

    experience the smartest real estate agents I’ve dealt with and bought from have a simple strategy

    for making money that benefits all parties IF the buyer has done his homework:

    1. Buyer

    finds home on MLS (complete listing).
    2. Buyer calls listing agent.
    3. Listing agent shows

    home.
    4. Buyer shows up ALONE. There is no compelling reason for an educated buyer to have a

    buyer’s broker in 2007. If you can’t find the neighborhood, haven’t checked the schools and

    police logs, or need your hand held you definitely NEED a buyer’s broker but be prepared to pay

    for it….dearly. The buyer’s agent has a vested interest in keeping the selling price as high as

    possible no matter what they they tell you.The only other person a buyer needs is a lawyer.
    5.

    When you show up alone that means the whole commission will go to the listing agent and agency.

    Since they don’t have to split it with your well-intentioned but expensive (even when

    incentivized)buyer’s broker, 4% now seems more than fair (although the smartest will take 3.5% and

    make it up on the volume that comes from happy customers)
    6. If the buyer can’t negotiate, they

    need to find a family member who can.

    I’d appreciate your comments on why this approach

    isn’t one of the best for an EDUCATED buyer (defined as a person willing to take three hours out

    of one day to research a property thoroughly on the web who retains a real estate lawyer for

    closing).

  3. Comment by John A Keith | 09/30/07 at 5:37 pm

    Robert, well

    of course you don’t need a buyer’s agent … you’ve been able to get all the information you

    need from my blog, for free!

    I’m not sure where you are getting your information about how

    a listing agent will lower his/her commission just because the buyer is coming in alone – I’ve

    never heard of any buyer using this negotiating ploy. Does it work for you?

    I’ve never had

    a buyer suggest to me that I am not working in their best interest to get their property for the

    lowest price possible. Just about all my buyers have a firm idea of how much they’re willing to

    pay for their new home, and I don’t think I could ever persuade them, otherwise.

    You seem

    to have it all figured out, so there’s no reason to discuss this, further.

    Good luck!

  4. Comment by Robert | 09/30/07 at 7:15 pm

    Yes, your blog is well-written and the commentary is quite informative, but I gather my raw data

    from alternate sources.

    I should clarify, I’m assuming the seller in a negotiation is less

    likely to reduce the price of the house to meet the buyer’s offer beyond a given number. The

    listing agent will be more willing to reduce his commission slightly to make the deal happen if the

    commission is 4 or 5% rather than if he’s starting at 3% because he’s splitting it with the

    buyer’s broker. I bought my home this way and find it’s very commonly used, although not

    frequently discussed.

    I’ve never claimed that YOU aren’t working in the best of interest

    of your clients, I’m sure you are, but Iknow for a fact there are many who are not. What incentive

    is there for a buyer’s agent to arrive at a LOWER selling price? If the buyer knows how much

    they’re willing to pay for the home then why not hire a pure negotiator that doesn’t benefit from

    a higher price. As a buyer I know I’ll work harder for my price than most buyer’s brokers will,

    based simply on the nature of the compensation arrangement.

    I never claimed to have figured

    it all out, that’s why I asked for your comments. As I said, this tends to benefit all parties and

    seems to be working for many agents in other states…and this one too.

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    Boston Back Bay Condos 3rd Q 2011





    Back Bay Condo Sales 3rd Quarter 2011 - 150. Number of Back Bay condo sales in the 3rd Q of 2010 - 126

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