One of my Colleagues in Michigan, Cal Mergen created this pictorial to demonstrate the flow of leads from third party sites. (Realtor.com, Trulia, Zillow, MSN.com) infact you name it, most sites operate in a similar sense. Their purpose is to intercept consumer inquiries and direct them to local agents who are paying for their services.
Now Edina, a regional company in the Twin Cities area have noted this happens and say it is not fair, so they intend to withdraw sending their listings to Realtor.com. Their thought if Realtor.com doesn't get the listing, then it can not send prospects to Realtor.com, so Edina as a company gets to keep all its leads.
Apart from the issue that you are reducing the likelihood of your buyer finding your listings Edina because they are just pure and simple not on R.com. can you see any hypocracy in this? As the green line says. What about the poor agent who got the listing, does not even get the inquiry lead, or has to buy it.
Edina Realty is not alone, indeed, the traditional Real Estate model is the same, agent gets listing, company takes the lead and resells to agent. If your MLS feeds listings to these sites then you are losing leads unless you can switch it off. (Our local SWCMLS does can not turn the feed off.)
Keller Williams, believes this is wrong. Listings are the agents. As such we have taken things a step further. In an industry leading move, Keller Williams created their own listing service. With coming up on 80,000 agents, 5 million listings, it negotiated favorable terms with not just Realtor.com, but with over 300 top home search partners.
If a property goes into you site, the lead comes back to the listing agent FOR FREE!!!
Without the ability to prepare a fun diagram here is the flow chart.
Agent works hard
to secure a listing. ==)) imput to KWLS ==)) Realtor.com and 300+ other partners. ==)) lead to agent
This is fair to the hardworking agent and the consumer who gets to see their listings on all sites but get their agent, who knows the property, get to sell it.
Agents, where are your leads going?
(now to work on the graphic)
Learn more about the industry KW lead to closing technology, Eedge.
Search all Madison area homes for sale, free and updated
RealEstateGuy has been a full time, full service Realtor since 1993. He is dedicated to helping people achieve their Real Estate Goals and dreams. In order to provide more specialized service, he created a team of hand picked specialists. Guy believes in constantly learning more, so regularly attends national seminars and trainings. Guy has been a top producer, leader in his office, a president of the Wisconsin chapter of CRS, and has spoken at the State Realtor Conventions.
Get a chuckle. Watch Real Estate Guy video. 30 seconds
Get a chuckle. Watch Real Estate Guy video. 30 seconds
