This post isn’t about bashing any brokerage it’s about how the world of real estate continues to evolve. Many of the big brand brokerages work hard through TV advertising, the Internet and print to convince consumers brand recognition will bring more buyers to your home.
Before the internet took over this claim had a good deal of merit. The brokerage with the listings was likely the company that would produce the buyer for the property as well. However when the internet and Internet Data Exchange (IDX) made every MLS listings available on Realtor.com, Trulia, Zillow, all brokers sites and individual agent websites, the idea that one brokerage had more leverage over another to produce a buyer went out the window.
Over the last few months I’ve been checking the Northern Virginia MLS to see if by virtue of size or advertising muscle do the bigger brokerages produce more buyers for their own listings. In 108 transactions in March only 12% of the homes were a single brokerage transaction and the size of the brokerage didn’t matter. They ranged from small independents to the big franchise companies.
As an interesting note out of the 8 dual agent transactions (one agent handling both the listing and sale) half of them had zero days on the market. This always makes me wonder if the seller might have been short changed by the home not getting a chance on the open market.
What does this mean if you are thinking of listing your Northern Virginia home? With 88% of homes sold (in this sampling) by cooperating brokers it means the agent you hire should have a record of working well with other agents in the area. If an agent tells you in an interview, bigger is more likely to get your home sold ask them to show you the numbers. How many single agency transactions their company has completed in your neighborhood in the last few months. Will the numbers support their claim?