[quote=svelte][quote=sdrealtor][quote=Coronita]I thought I read somewhere that a few months ago Redfin laid off/furloughed half of their staff.
And I think tech/investor funded Compass did close to 20% RIF around April…
Is that true?[/quote]
LOL another house of cards. They have hundreds of software enginerds making Coronita wages. The is no way real estate brokerage profitability supports those salaries. That company was built by VC’s to be sold not to change the industry. I’ll take this bet from anyone who wants to take it also[/quote]
Wow, Redfin really upsets the realtors! House of cards! The more information gets in the hands of the general public via the internet, the less need there is for advisors on anything, from homes to mortgages to finance to autos. Look what has happened to financial advisors – their pay is dropping. Mortgages – lots of folks on here are getting their mortgages online now. And cars – well Carvana and Vroom are taking off. I bought a new car this week and didn’t even consider Carvana and Vroom. I still like to test drive, but there are even other ways to get those – LA Auto Show and Turo for example.
Once old guys like me die off, the conversion will quicken as my kids generation is less likely than I am to deal with an individual – they do everything online now.
I submit to you that the main reason for a realtor or Redfin is to unlock the door to show you the house. Someone needs to keep thieves out. Otherwise, the fair market value can be determined through appraisals and paperwork is via standard form now. At least in California.[/quote]
You’re going down the rabbit hole now. I only comment and care about companies like redfin, compass and Zillow as a potential investor. I have run an efficient, profitable business for close to 20 years. Most in this business (make that nearly all in this business) never achieve close to that. I’ve made several very profitable personal real estate investments that have made me as much as I made selling real estate to others. That is how the smartest agents use their front row seat in the business to get ahead.
I always laugh at all the top producers with massive mortgages. A downturn and only the strongest make it through with their homes. I watched dozens on alleged top agents and mortgage guys walk away from homes ten years ago.
In my mind if you can’t make a killing trading your own account you’ll never get a chance at my money. I’m almost to the point where my annual dividend income exceeds my earned income. Look at our host Rich. He made a great move at the right time buying his home and has done well investing elsewhere. Smart people do business with people that are successful trading their own accounts. Everyone one else hopes for the best whether they realize it or not
