I am the Director of Real Estate for CondoDomain.com and oversee the initiation and launch of broker partnerships across the country. Working alongside CEO Tony Longo, I am responsible for recruiting and managing all new brokers as well as advising on the strategic, long-term business success of CondoDomain.
1. Create a more effective regulatory framework for real estate and mortgage professionals.
- Absolutely. The licensing requirements for real estate agents is ridiculously low and needs to be raised.
2. Reform the mortgage origination process.
- Yes.
3. Promote a more efficient real estate industry, reducing costs and promoting services that favor the consumer.
- The consumer-centric era is well underway and there is no going back to either the broker-centric or the agent-centric eras. Agents and agencies need to adjust to the technological advancements, increase transparency and push for ultimate efficiencies (like we do here at http://www.CondoDomain.com :)
4. Ensure competition and transparency in the way real estate agents are compensated.
- If buyers of real estate actually understood that they are paying the commission (through their down payment or through their financing), they might approach the table differently. We are allowed (in most states) to refund part of our buy-side commissions because we receive our flat fee and return the balance to the buyers. In terms of transparency, we believe that our model is one of the most transparent out there. We have absolutely NO financial incentive for our buyers to purchase a more expensive property - we get compensated the same. This will be a hot button issue (yet again).
5. Consolidate MLS information into a single national database.
- Lovely idea, but so frustratingly unlikely. Also, creating a national database might result in a monopoly, thereby decreasing competition. Have to admit though, a national MLS would be fun to play around in!
6. Real estate professionals should provide buyers and sellers with vastly improved market analytics.
- Couldn't agree more. Some agents do, but the vast majority do not (see point #1).
7. Reform the mortgage securitization process.
- I believe this is in the works.
8. Reduce settlement services costs, regulate bundling of services to prevent price gouging.
- Efficiency, efficiency, efficiency (see point#3)
9. Ensure affordable housing, smart development.
- Agreed. And believe that with the bursting of the housing bubble, this is already on that trajectory. Would add 'smart' and 'green' buildings and buildout.
10. Remove barriers to alternative business models.
- :) Yes please!
Sorry, my typing was too fast, thereby resulting in typos, which I despise. That's "...if the system isn't broken, why try..." And it's not "dong"! "...while a consumer is doing the..." :) _____________________________________ Brian-Logan Reid Director of Real Estate www.CondoDomain.com blr@condodomain.com
After reading through all the comments to my partner's (Tony Longo) post yesterday, the recurring theme that I picked up on was along the lines of, "Well if the system isn't broke, why try and fix it". Someone also rightly pointed out that if the brokers/agents do not see it as being broken, then they have zero incentive to offer anything different. The thing is, though, the real drivers of the industry, the CONSUMERS, are beginning to educate themselves to our industry and are beginning to ask questions. Which is good. This is how we evolve as an industry. The current broker-centric model is finally beginning to shift to the consumer-centric model. The 'traditional' brokers that have been in business for X amount of years are working the system the best they can, as they still possess the opinion that the model works...and it does...for them. With the now public property information available to all to see and utilize, consumers are participating much more than they have in the past in the search process. And we believe that they should be rewarded for doing so. Why should an agent get paid the same, while a consumer is dong the majority of the initial legwork themselves? The point is that is room for everyone in this marketplace. Go traditional. Go innovative. Or go discount. Here's to offering the best possible service to your customers/clients. _____________________________________ Brian-Logan Reid Director of Real Estate www.CondoDomain.com blr@condodomain.com
