Roost - Latest Comments in Social Networking Pays Off…But It’s Not The Only Thing

Re: Social Networking Pays Off…But It’s Not The Only Thing

georgeselix — Wed, 22 Jul 2009 22:01:16 -0000

You're both right, or wrong, depending on how you look at it. Search is the killer app - for the right-now-want-to-buy-or-sell-a-house person. But social media is the vehicle for staying in contact with people so that when they decide to buy/sell, they come to you first b/c of the relationship. Over 90% of consumers want to use their agent again in the next transaction, only 17% do (NAR stats from 2007). Why? Because the pile of calendars and refrigerator magnets doesn't build a relationship. So, when it's time for the next transaction, consumers look for new referrals. Value is created (pretty easily, BTW) on web sites that support, educate, help, nuture, and guide the consumer. But social media is emerging as the best way to maintain relationships that drive value and subsequent business.

Re: Social Networking Pays Off…But It’s Not The Only Thing

Derek Overbey — Sat, 28 Jun 2008 23:22:56 -0000

Random,

I guess I was just stating that fact because Mr. Rowles seemed to be discounting agents altogether. I was just trying to get across that they are still needed.

As for the commissions they receive, we have already seen the traditional 6% come down to about 5% in the Bay Area. It is even lower on average in certain specific regions. Do they deserve 6%? It is hard to justify with the availability of information and consumers doing a lot of the research upfront but I do believe they deserve something because the transaction side of real estate can be very complicated,

Derek Overbey
Sr. Director of Partnership Strategy
Roost.com

Re: Social Networking Pays Off…But It’s Not The Only Thing

Random Man — Fri, 27 Jun 2008 20:01:10 -0000

Of course you "think the agent is still very important". Thats your business model.

I personally thing their commissions they take are too much. And we are seeing that correction from your competitiors who offer agent-services at reduced commission.