Comments on: “This is the Big One” http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html Redfin Corporate Blog Sun, 22 Nov 2009 20:09:04 -0800 http://wordpress.org/?v=2.8.1 hourly 1 By: At Last, The Outrage is Over (Introducing Redfin Select) | Redfin Corporate Blog http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html/comment-page-1#comment-2874 At Last, The Outrage is Over (Introducing Redfin Select) | Redfin Corporate Blog Tue, 08 Apr 2008 06:27:27 +0000 http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html#comment-2874 [...] We knew already that our customers needed broader property access, and had thought out loud about different approaches to the problem, but seeing a customer struggling in the wild was a fresh outrage all the [...] [...] We knew already that our customers needed broader property access, and had thought out loud about different approaches to the problem, but seeing a customer struggling in the wild was a fresh outrage all the [...]

]]> By: Mike Farmer http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html/comment-page-1#comment-2862 Mike Farmer Mon, 31 Mar 2008 00:42:31 +0000 http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html#comment-2862 It could work if the seller wants to be bogged down with all the verifying and managing. The seller can also market the home online, complete all the paperwork and manage the process through closing. Have at it. It could work if the seller wants to be bogged down with all the verifying and managing.

The seller can also market the home online, complete all the paperwork and manage the process through closing.

Have at it.

]]> By: geton http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html/comment-page-1#comment-2721 geton Tue, 26 Feb 2008 17:50:09 +0000 http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html#comment-2721 I saw an article in the paper about the "open home bandit", a guy who attends open homes and steals credit cards. It turns out I recognized him because he attended my redfin open home for the home I was selling. He tried to burgle me, but because my credit cards and valuables were locked up he had no such luck. It looks like he was targeting redfin and other by-owner open homes. I actually like the idea of verified identify for entry. Most of the people who attend conventional open homes won't even leave their name and phone numbers, so we really don't know who they are. Having someone swipe a credit card and verify that the driver's license matches would actually be much more verification than we get today. The problem would be trusting the verifier. Ebay is notorious for looking the other way and even protecting frauds, simply because they don't have any economic incentive to out them. You would have to have some system that provides an economic or other motivation for the verifier to do their job well. I saw an article in the paper about the “open home bandit”, a guy who attends open homes and steals credit cards. It turns out I recognized him because he attended my redfin open home for the home I was selling. He tried to burgle me, but because my credit cards and valuables were locked up he had no such luck. It looks like he was targeting redfin and other by-owner open homes.

I actually like the idea of verified identify for entry. Most of the people who attend conventional open homes won’t even leave their name and phone numbers, so we really don’t know who they are.

Having someone swipe a credit card and verify that the driver’s license matches would actually be much more verification than we get today.

The problem would be trusting the verifier. Ebay is notorious for looking the other way and even protecting frauds, simply because they don’t have any economic incentive to out them. You would have to have some system that provides an economic or other motivation for the verifier to do their job well.

]]> By: vw http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html/comment-page-1#comment-2707 vw Sat, 23 Feb 2008 06:27:29 +0000 http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html#comment-2707 I think it's an idea that's a step in the right direction. As a buyer, I'd really like to be able to research a house or and area, and view the houses I shortlist at a time that's good for me, sans an agent. Especially if I'm an experienced buyer. I think what's missing from the good Dr's proposed big idea are: 1. Security for the seller. Security knowing that, even if they take all the measures to protect their belongings and assets, that they will not be stolen or destroyed. I think this can be fixed with a) a security deposit from the prospective buyers, held by Redfin b) surveillance equipment in the house - so any evidence of wrongdoing (or not) is captured. c) optional insurance of some kind - there's travel insurance, car insurance, new home owner's insurance. Not too much of a stretch for insurance companies to underwrite some sort of home-viewing insurance, perhaps? d) knowledge of the person viewing the house. The data collected by Redfin could be presented in a viewable format to the seller - of course not the SS#, but other submitted documents pre-approval status, bank letters, where they work, etc. Redfin could even build a viewing appointments calendar - one stop shop where buyers could submit their credentials, make appointments, wire their security deposits, and sellers can view appointments, approve appointments, manage appointments, file for claims, etc. That sounds like fun. Honestly though, even with all every precaution in place, if I put myself in a seller's shoes, I probably would not do it unless the house was vacant. Maybe that's just me. I think it’s an idea that’s a step in the right direction.

As a buyer, I’d really like to be able to research a house or and area, and view the houses I shortlist at a time that’s good for me, sans an agent. Especially if I’m an experienced buyer.

I think what’s missing from the good Dr’s proposed big idea are:
1. Security for the seller.
Security knowing that, even if they take all the measures to protect their belongings and assets, that they will not be stolen or destroyed.
I think this can be fixed with
a) a security deposit from the prospective buyers, held by Redfin
b) surveillance equipment in the house – so any evidence of wrongdoing (or not) is captured.
c) optional insurance of some kind – there’s travel insurance, car insurance, new home owner’s insurance. Not too much of a stretch for insurance companies to underwrite some sort of home-viewing insurance, perhaps?
d) knowledge of the person viewing the house. The data collected by Redfin could be presented in a viewable format to the seller – of course not the SS#, but other submitted documents pre-approval status, bank letters, where they work, etc. Redfin could even build a viewing appointments calendar – one stop shop where buyers could submit their credentials, make appointments, wire their security deposits, and sellers can view appointments, approve appointments, manage appointments, file for claims, etc.

That sounds like fun.

Honestly though, even with all every precaution in place, if I put myself in a seller’s shoes, I probably would not do it unless the house was vacant. Maybe that’s just me.

]]> By: Molly Hadley http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html/comment-page-1#comment-2557 Molly Hadley Tue, 05 Feb 2008 20:09:10 +0000 http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html#comment-2557 It could easily be done and prospective buyers tracked and held accountable but at what point do agent and buyer actually interact in person? The brokerage could issue their existing electronic keys and instructions to clients but it does open up more liability for the brokerage. Locks exist that are web based and time coded in the vacation rental industry. A box should be not that big a deal. However, I bet you'd find yourself answering to the sellers for doors left unlocked etc. This brave new world is too anonymous for me, I like showing clients property. It could easily be done and prospective buyers tracked and held accountable but at what point do agent and buyer actually interact in person? The brokerage could issue their existing electronic keys and instructions to clients but it does open up more liability for the brokerage. Locks exist that are web based and time coded in the vacation rental industry. A box should be not that big a deal. However, I bet you’d find yourself answering to the sellers for doors left unlocked etc. This brave new world is too anonymous for me, I like showing clients property.

]]> By: Giles@DevelopingAtlanta.com http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html/comment-page-1#comment-2535 Giles@DevelopingAtlanta.com Sun, 03 Feb 2008 16:50:15 +0000 http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html#comment-2535 The truth be told... Almost all good agents RRRReally get their clients house ready for a parade of strangers coming through their house. Meaning if you act as if it is your house and it has all of these precious things in it like a museum then how do you expect the average buyer with no imagination to see themselves at home in your house. Your house should be fairly bare bones and EVERYTHING that you think someone might take should be boxed up and in the attic or in storage in preparation for your move. Anyone who would leave personal documents, expensive jewelry, etc etc. in a house that is to be shown has not been properly coached by his or her agent. but of course there could be fraud, no different than anything else in life... The truth be told… Almost all good agents RRRReally get their clients house ready for a parade of strangers coming through their house. Meaning if you act as if it is your house and it has all of these precious things in it like a museum then how do you expect the average buyer with no imagination to see themselves at home in your house.

Your house should be fairly bare bones and EVERYTHING that you think someone might take should be boxed up and in the attic or in storage in preparation for your move. Anyone who would leave personal documents, expensive jewelry, etc etc. in a house that is to be shown has not been properly coached by his or her agent.

but of course there could be fraud, no different than anything else in life…

]]> By: Dr. With Ideas http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html/comment-page-1#comment-2531 Dr. With Ideas Sun, 03 Feb 2008 01:31:03 +0000 http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html#comment-2531 Just a few clarifications here from the idea's originator. The seller will open their home to a <em>verified</em> buyer. This is someone who has submitted themselves to a background check that would include at the minimum the presentation of: 1) photo-ID, likely along with a thumb print, 2) prequalification for a loan amount sufficient to buy the house. There will be no strangers in the house. Anyone who enters will be easily traced. What sort of background check is required for a real estate agent's license? If there is someone intent on harming a person in their home, it would make little sense for them to disclose identifying information before doing so. Also note that a key is NOT necessary to enter most homes if one is determined to get in. Additional security measures could easily be deployed to assure sellers. In-house monitoring via video could be easily installed (or threatened) for a fraction of the cost of the commission. To clarify one thing from Glen’s post. The buyer will not provide specific information to the seller. The seller will be "verifed" by the specific criteria to Redfin or some other agency capable of conducting information acquisition and storage in a verifiably secure manner. Redfin could easily handle and perhaps profit from this. Quoting from some of the posts: <em>What this doctor doesn’t think through is that this opens up one’s house for anyone to go thorough, whether they’re qualified to buy, or not</em> This is not the case. This opens up the house for a verified buyer with the documentation to prove their identity and sufficient resources to complete the purchase. <em>This opens up the seller to huge legal consequences, too, should the looky-loo do a slip and fall, or pretends to do this and sues the seller.</em> I am not a lawyer, but I don’t understand how injury incurred without an agent present is any different than injury that occurs when the agent is present. <em>I need to know the buyer is qualified, not their financial history</em> A financial history will not be provided, but a bona-fide approval will be. Personal details will not be disclosed. <em>What if the person who came in was really looking for prescription drugs? Don’t think it happens? It does.</em> Again, an agent doesn’t monitor their client’s every move when visiting a house. An agent can easily be used to gain entry and the “buyer” can easily gain access to a medicine chest. The solution is the same in either system: remove or lock up valuables. How much would it cost to provide a small safe to the seller if they are living in the house? <em>BTW, E-bay’s trust model is broken when a long-time seller with good credentials gets phished/hacked (it happens often enough). For a week, scam artists sell like mad using good credentials then dump the account.</em> I am not sure how someone will scam the system in a legal way. If you are required to represent yourself to a notary and provide ID and a finger print, I believe you will be breaking some sort of law to create false documentation. I don’t know how much of a deterrent this is to the determined, but it makes it much easier to catch the person after the fact. This may be a way for Redfin to be useful. They send out an agent who is a notary, take the info, a photo and print. The person gets an electronic fob which gives them (along with a time dependent code) access to a seller’s home. Heck, they could probably charge for it. <em>I was really busy last month and spent about $30,000 on my credit card. I signed up for several matchmaker services, resume websites, and, oh yeah, I took a few flights to London, The Middle East, and Singapore. I’m really tired because I was so busy! What really happened was someone “borrowed” my credit card number, shared it with friends and family, charged a number of trips, and used dating and job services. I figure the person(s) who had the card number was really hurting and in need of a job, a date, and travel.</em> Stealing or buying a single number is an anonymous transaction. Perpetrators in the proposed system will be well documented. Someone will be able to fool the system, but it will be much harder to hide with all the information on hand regarding their identity. <em>A buyer giving all that personal information to the seller. Is Glenn sure it wasn’t his proctologist? It would explain his fascination with all this digital information. BAH DUM!</em> Ha ha! Quoting from Wikipedia: Proctology is a field in medicine. The word Proctology is derived from the Greek words Proktos, meaning anus or hindparts, and Logos meaning science or study. Physicians specializing in this field of medicine are more commonly called colorectal surgeons, as the term proctologist is outdated in the more traditional areas of medicine. See above. Information transfer is limited. The approval will come from Redfin or Secure real estate transactions inc. Just a few clarifications here from the idea’s originator. The seller will open their home to a verified buyer. This is someone who has submitted themselves to a background check that would include at the minimum the presentation of:
1) photo-ID, likely along with a thumb print,
2) prequalification for a loan amount sufficient to buy the house.
There will be no strangers in the house. Anyone who enters will be easily traced. What sort of background check is required for a real estate agent’s license? If there is someone intent on harming a person in their home, it would make little sense for them to disclose identifying information before doing so. Also note that a key is NOT necessary to enter most homes if one is determined to get in.
Additional security measures could easily be deployed to assure sellers. In-house monitoring via video could be easily installed (or threatened) for a fraction of the cost of the commission.
To clarify one thing from Glen’s post. The buyer will not provide specific information to the seller. The seller will be “verifed” by the specific criteria to Redfin or some other agency capable of conducting information acquisition and storage in a verifiably secure manner. Redfin could easily handle and perhaps profit from this.
Quoting from some of the posts:
What this doctor doesn’t think through is that this opens up one’s house for anyone to go thorough, whether they’re qualified to buy, or not
This is not the case. This opens up the house for a verified buyer with the documentation to prove their identity and sufficient resources to complete the purchase.
This opens up the seller to huge legal consequences, too, should the looky-loo do a slip and fall, or pretends to do this and sues the seller.
I am not a lawyer, but I don’t understand how injury incurred without an agent present is any different than injury that occurs when the agent is present.
I need to know the buyer is qualified, not their financial history
A financial history will not be provided, but a bona-fide approval will be. Personal details will not be disclosed.
What if the person who came in was really looking for prescription drugs? Don’t think it happens? It does.
Again, an agent doesn’t monitor their client’s every move when visiting a house. An agent can easily be used to gain entry and the “buyer” can easily gain access to a medicine chest. The solution is the same in either system: remove or lock up valuables. How much would it cost to provide a small safe to the seller if they are living in the house?
BTW, E-bay’s trust model is broken when a long-time seller with good credentials gets phished/hacked (it happens often enough). For a week, scam artists sell like mad using good credentials then dump the account.
I am not sure how someone will scam the system in a legal way. If you are required to represent yourself to a notary and provide ID and a finger print, I believe you will be breaking some sort of law to create false documentation. I don’t know how much of a deterrent this is to the determined, but it makes it much easier to catch the person after the fact. This may be a way for Redfin to be useful. They send out an agent who is a notary, take the info, a photo and print. The person gets an electronic fob which gives them (along with a time dependent code) access to a seller’s home. Heck, they could probably charge for it.
I was really busy last month and spent about $30,000 on my credit card. I signed up for several matchmaker services, resume websites, and, oh yeah, I took a few flights to London, The Middle East, and Singapore. I’m really tired because I was so busy!
What really happened was someone “borrowed” my credit card number, shared it with friends and family, charged a number of trips, and used dating and job services. I figure the person(s) who had the card number was really hurting and in need of a job, a date, and travel.
Stealing or buying a single number is an anonymous transaction. Perpetrators in the proposed system will be well documented. Someone will be able to fool the system, but it will be much harder to hide with all the information on hand regarding their identity.
A buyer giving all that personal information to the seller. Is Glenn sure it wasn’t his proctologist? It would explain his fascination with all this digital information. BAH DUM!
Ha ha! Quoting from Wikipedia: Proctology is a field in medicine. The word Proctology is derived from the Greek words Proktos, meaning anus or hindparts, and Logos meaning science or study. Physicians specializing in this field of medicine are more commonly called colorectal surgeons, as the term proctologist is outdated in the more traditional areas of medicine.
See above. Information transfer is limited. The approval will come from Redfin or Secure real estate transactions inc.

]]> By: A New Way to Show Real Estate? « Eastside Real Estate Buzz http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html/comment-page-1#comment-2515 A New Way to Show Real Estate? « Eastside Real Estate Buzz Fri, 01 Feb 2008 03:01:16 +0000 http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html#comment-2515 [...] any rate, when I read “This is the Big One” by Glenn Kelman on Redfin’s Sweet Digs blog, having just had an issue over my credit card, I [...] [...] any rate, when I read “This is the Big One” by Glenn Kelman on Redfin’s Sweet Digs blog, having just had an issue over my credit card, I [...]

]]> By: If You’re Working With an Agent, the Agent Needs to Show You Homes | Phoenix Real Estate and Homes for Sale - Dalton’s Arizona Homes Blog http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html/comment-page-1#comment-2507 If You’re Working With an Agent, the Agent Needs to Show You Homes | Phoenix Real Estate and Homes for Sale - Dalton’s Arizona Homes Blog Thu, 31 Jan 2008 15:22:13 +0000 http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html#comment-2507 [...] on Redfin’s blog yesterday. The post was about an idea a friend of Glenn’s had for a web-based lockbox anyone could access with sufficient documentation … everything just short of DNA testing. The comment wasn’t. “What really needs to [...] [...] on Redfin’s blog yesterday. The post was about an idea a friend of Glenn’s had for a web-based lockbox anyone could access with sufficient documentation … everything just short of DNA testing. The comment wasn’t. “What really needs to [...]

]]> By: Developing Atlanta http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html/comment-page-1#comment-2505 Developing Atlanta Thu, 31 Jan 2008 14:37:30 +0000 http://blog.redfin.com/blog/2008/01/this_is_the_big_one.html#comment-2505 [...] the property, and we would rather have those folks focusing on what Redfin agents do best….. Click Here for the rest of the story from [...] [...] the property, and we would rather have those folks focusing on what Redfin agents do best….. Click Here for the rest of the story from [...]

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