Posted by nithi.vivatrat on June 23, 2009
Just now, I was about to press “publish” on a well-sourced post containing general, publicly-available news (nothing nasty) about a large brokerage company, but then I suddenly realized it could be misconstrued as a violation of Section 15 of the NAR Code of Ethics. It got me thinking — it’s interesting to be part of an industry which essentially has its own set of rules beyond standard state and federal laws, covering areas of behavior such as libel and non-competition. Is the implication that the same laws that govern behavior in other industries are not adequate? Can it be proven that these rules “improve behavior”? And do these rules benefit the consumer, as well as the industry participants?
I don’t have the answers to these questions, though I am forming my opinions — I just throw that out there for folks to think about.
Posted by nithi.vivatrat on May 13, 2009
Three little letters every real estate agent spouts. It has been called the “black box” of real estate, was the center of a major antitrust lawsuit from 2005-2008, and may be the key to selling (or buying) your home. What is MLS and why does it matter?
MLS stands for Multiple Listing Service. The singular use of “service” makes it sound like a monolithic system; in reality, there are actually many separate MLS systems across the country, one per region. For instance, the Mid-Atlantic MLS, run by Metropolitan Regional Information Systems, Inc. (MRIS) happens to be the largest real estate database in the country, listing properties in Maryland, Northern Virginia, Washington DC, West Virginia, and Pennsylvania.
An MLS system is a database where licensed real estate professionals list properties they represent for sellers with all the relevant details, such as room dimensions, contact information, tax records, photographs, maps, and of course asking prices. Likewise, MLS is the go-to source for brokers/agents representing buyers to identify prospective properties to show to their clients. WAIT! There is more to read… read on »
Posted by nithi.vivatrat on April 10, 2009
When I tell people who knew me from my tech sector days that I’ve launched a new venture, I’m often asked, “Another tech company, right?” When I answer, “Actually, I’m launching a new type of real estate brokerage firm,” the response I usually get is “Really?”
Of the handful of business ideas I considered for “the next thing,” why did I choose real estate? Leaving aside the reasons I have already given as to why I thought this was perfect timing to start a company, let me explain why I focused on this particular industry.
First, the real estate brokerage industry is way overdue for evolution. Despite all of the technological advancements affecting this industry (internet-based information sources, mapping platforms, and others) over the past decade, the fundamental business process has not changed. Innovation is the exciting part of business.
In addition and related to overdue innovation, this industry has very entrenched incumbent players that have always resisted change (see the Justice Department Antitrust Division’s intervention regarding internet-based brokers, or virtual office websites). Poking a stick at it sounded like my idea of fun — I love a good challenge.
Finally, of all the business plans I considered, this one was in an industry where I could directly impact individual consumers. My last company provided consulting services to large corporations as well as government agencies; there, the projects I enjoyed the most were those I felt had a direct impact on individuals, such as our work in education analytics. This time around, I wanted to work in an area where people could easily relate to what I did and how my business could impact them.
That has been the best part of launching SmithAdams. While I always had to explain what data warehousing was, I never have to define real estate brokerage to people. Many folks have their war stories about good and bad experiences with real estate transactions. So I get to focus on explaining how SmithAdams is different and how we help the consumer save money and improve the overall experience for real people. I love this job.
