I love how Thomas didn't like how the agent he spoke with wasn't "digitally advanced", but hired someone that didn't have a profile picture on their ditigal media page.

Peter,

The reason that company was feature on ABC news, is because ABC was paid for doing that.  This is known as advertorials, and no it isn't free  A

If you're talking lead-gen, this is the company to use. You are contacted to give them a proposal, stating what you're willing to list their home for (commission), send a CMA and let them know why they should hire you. 

If you get the listing, you don't pay UpNest until it Closes. I know agents who do this and I think they charge a 20% referral fee - not 100% sure but, it was a reasonable percentage.

The thing is, you may opt to take a tiny percentage off but, do a bang-up job showing what differentiates you from others in their pool. If it's less than what the seller thinks is 'standard,' they're happy to have any discount - big or small. 

They've been around for a very long time - I remember agents using them as many as 8 or 10 years ago.

So real estate agents can be part of yet another lead generation service that charges a referral fee at closing. In that way, this service is the same as many others.

On the customer side, they can use an online tool to select an agent, which many sellers and buyers would like to do. That doesn't mean they are going to get a great agent though, and in fact it might more likely mean they don't. They will get an agent who has agreed to pay a fee. And one who might have the "right" commission schedule. That's not any guarantee of quality.

What's interesting is more than 5M people watched that video. So obviously there is a lot of interest out there.

It looks like I will be zigging when the majority is zagging again so I will have to let everyone know how it goes. I built a profile last week but haven't seen my broker to get his wet signature on the form. So far it has cost me nothing but about 15 minutes of time.

Yes, I will have to pay a referral fee if I close with one of their leads but I am looking at it as it is a lead I may not have otherwise received which means a closing I would not have had. ;-)

We use Upnest. If we close the transaction, we pay what amounts to a referral fee. Why is that bad? At the same time, we are not a discounter which is all that I can say about commission structure.

I have not, yet. What were your thoughts?

"Saved him SEVEN POINT FIVE THOUSAND DOLLARS?"
WHO trains these reporters?

Oh wait . . . they are coming out of colleges. Never mind!

As with the last boom in real estate, there are many new options for people out there. Staying focused on working with your clients, doing a great job and being up on the latest technology-incorporating that which makes sense and asking for referrals still works. 

I've always found my own listing leads.... target marketing ....direct mail... more sellers are found offline than online.... the postcard triggers them and they go online to see if you have a presence...then the phone rings.

Well the comments were turned off I'm sure for a good reason. I can't believe that ALL realtors in that guys area were techno challenged.

BFD on a drone video which his property deserves with his acreage.

No one mentioned that those UpNest agents were paying to join the site. A hefty bit.

Nope. This could be a good blog topic for you. Do not count on readers clicking on links in this section.

Upnest wants me to pay them a portion of my commission they are trying to reduce.  How are we on the same team? Another service with there hand in my pocket, no thanks!

I'd be interested to see how well they do in a Buyer's market.

What Ron and Alexandra Seigel said. This, by the way, as a service is not a new concept. I can't believe that someone with a home like that didn't know someone who could have referred him to an excellent agent.

Great job by the company for being featured in a news piece.

I think many real estate agents should pay attention to what the seller said in the piece, especially about the agents he previously interviewed - "they weren't digitally advanced".

I have not.

      Screaming hot market with multiple offers.   They should have picked a "calmer" market with DOM of 60 or 90 days, negotiations required.

      The only take-away I got from this carefully disguised advertisement masquerading as "news", is that the Public is tired of paying the price of a new car to sell their house.  They are going to shop commissions.

Had not seen this and it is in my region, had not heard of them before, will have to look into it more. Their website is clean and although you can click through as an agent to register there is no mention how much they charge. They do call it a referral fee, so they may have to be a licensed broker where they are established to receive a referral fee. Interesting concept if they provide solid clients ready to transact. All depends like anything on the return on investment.

Hey, I just signed up. See what happens.I have absolutely no problem paying referral fee

I guess that works if sellers are only interested in commission reductions or sales volume. I'm not a high sales volume agent. Sellers don't use me because I sell the most houses or discount their commission. They use me because I know how to get their house sold; usually in less than 30 days. 

Yeah, news is unreliable or bought. I will have to look into that since it is out there and known to the public though. Also new stuff to keep up with. -K

From what others are saying, this isn't what it appears.

No I haven't seen it previously. 

Great question and asnwers. Good luck. 

Good answers are here. I hope you find the best one. 

I have seen it--and went through it to find out my previous brokerage had registered me on it (haven't been there since 2015).  So they deleted that for me, but it's been out there for a while.  

Interesting.

I have heard of them but will not use them, rather keep the 30% myself.

I had not heard of it. The rules of marketing say "test everything" (unless you currently have enough business)

Just what we need is another lead generation company! 

30% referral fee at close of escrow. In my market, I'd end up with...uh, no.

Fortunately, I do not tv.

Sounds like the exact same thing HomeLight is doing.

The problems with that is, these companies find the right agent for you based on their previous sales, etc....  Our MLS shut down the stats section of our MLS because someone was giving these companies the stats of all of our MLS agents.  They eventually brought back our MLS stats, but I believe for brokers only.  The MLS sent out a nice letter saying that anyone caught giving out this info could be punished with suspension and what not.

These companies like upNest and Homelight are, again, taking advantage of our very MLS stats and reports to gain benefit for themselves, just like Zillow is taking our listings.  It's all a bunch of BS if you ask me.

I hadn't seen it but just watched. Seven POINT five thousand dollars saved?!

Redfin, a public company charges 1% for listing. I have seen realtors carry biz cards sayong 0.9% guaranteed to sell or buy back from you.

Interesting stuff but NAHHHH.

Pass

I don't watch ads...

Peter Mark A service that is free for everyone except for the digitally advanced real estate agent. The seller saved 2% on the fee and the agent paid for the service with a hety referral fee and gave a rebate. I can see why the agent couldn't afford to have a photo done to upload it to the social media sites.

So now we get to pay to be rated by yet another 'real estate' company.

Matters not what I think but it does matter what Agents are going to do.

Roll over and play dead, of course.

What's it going to take?

No.

Lots of money to be made selling shovels to the miners.

Peter Mark - sometimes you pay to get highlighted....

I haven't seen it yet but will go take a look. I don't think I will be impressed.