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Mortgage Broker News | 21 Jan 2015, 10:54 AM Agree 0
A match-making website encouraging Realtors to bid for the right to represent a client is drawing mixed reviews from sales reps – could a similar version soon follow for brokers?
  • KJL | 21 Jan 2015, 01:18 PM Agree 0
    This will last about a week .... Who is determine the worth ? Half the realtors today are part time same as mortgage agents. They cannot survive in the real world so hey think they will be guru's in another field. Good luck ! Mights as well use "Angies List" !
  • New Agent | 21 Jan 2015, 01:23 PM Agree 0
    Was in the realty sales side for years and honestly there is little to listing a house. Agents base value on what someone else is listing for, not actual sales prices, and hope to sell. There is actually so much less work to do for an agent now with educated clients researching listings on line. Also a mortgage agent is the one who make s the sale work and gets paid less than 1%. Realtors on each side can get paid 3% of sale price. Fair to the client?
  • Derek | 21 Jan 2015, 01:46 PM Agree 0
    Agreed. This doesn't appear to help people find 'good' realtors, just cheap ones.
  • a good realtor | 22 Jan 2015, 07:10 PM Agree 0
    @ new agent , if all an agent does is list the house they are not very good agents. An agent markets , appraises, advises, and acts in their clients best interest. Ask any one who has sold or bought without a good agent and they will tell you all the things they did wrong, which may have cost them $
  • Reality Check | 07 Apr 2015, 06:52 PM Agree 0
    Not sure how this site "helps consumers find a good REALTOR®" when the site allows anyone to join that is a registered agent. If you ask me it does a huge disservice to everyone including the consumer. The lowest bidder gets the lead (which is a horrible business model to begin with...just ask any homeowner that's chosen the lowest contractor bid and then a month later gets someone who knows what their doing to come in and fix it, and this time at a premium rate), doesn't know who the agent is, and is going to feel obligated to use that person because they won the bid, as well as the agent feeling obligated to take it on even if they don't want to because they just dropped almost $200 on a name and phone number.
  • Sharn | 11 Jul 2015, 05:04 PM Agree 0
    Hi Reality Check,

    Just noticed your comment - sorry or I would have replied earlier.

    We don't approve everyone who is a registered agent. We want to be sure that the agents have a good reputation and are from the best brokerages. We've successfully made introductions that have led to home sales and both parties being very happy with the results :)
  • Michael | 04 Sep 2015, 10:59 AM Agree 0
    The system is flawed as it does not guarantee any serious sellers are actually on there. Let’s see some actual numbers. How many people that post their property end up listing their home within the stated time period. How many sellers actually sign up with the “winning bidder”? How many times do most sellers repost their property? How many reposts before the seller is willing to meet with someone.

    I was curious to give it a try. Lucky me, I was the winning bidder. $170 later, I received a contact # and an address. I phoned the seller several times (because it seems like a pay as you go phone that is always off), and never did end up speaking with anyone.

    I sent a quick follow up email. The seller wrote back, and seemed to want an agent to do it for even less than the "bid". Which I was even willing to do. I made a very competitive offer on her particular property. (.5% + 2.5% for a cooperating agent), and (2% if I can it without any other agents). Have not heard back from them since.

    The lead is gone, $170 is wasted, and feeduck will encourage her (if the person actually serious to sell), to go on the site again and look for another agent that will cost another agents $170 for a dead lead.

    The way I look at it is, $170 business expense. ($20 in HST that I will get back, and $75 in income tax that the CRA will not get. Net Loss = $75. Not the end of the world, but disappointing in principle. If I am not even given an opportunity to explain what will provide in person. It is just a waste of money. I am busy, but not swamped (end of summer!). so I thought I would give it a try. I am happy to give deals, as I focus on the bigger picture. Good Deals, Good Service = Happy Customers, and Referrals.

    It is a very flawed system, as there is absolutely no warranty for Sellers/Agents. I strongly doubt they are "prescreened" much beyond a phone call "Is it your house? Are you signed up with any other agents?".

    Obviously FeeDuck wants as much volume as possible at $150 per head. There is no motivation for them to confirm if sellers are actually serious or not.

    If sellers were required to leave a deposit (even refundable), I would be much more impressed. Even $50. It would prevent a lot of tire kickers from posting their homes up , and would show that feeduck is actually a reputable company that is looking out for interests other than their own.
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