Just Don’t Call it a “Shadow Market”
What: Cash Buyer looking for a 3 BR/2 BA Craftsman Bungalow near the Lakes with all the “goodies” :ã€€ built-in’s + original character, updated Kitchen and Baths, 2-car garage; upper level Master BR. Linden Hills, Fulton, Kingfield, Bryn Mawr, Minikahda Vista all OK.
Price: up to low $400’s.
Contact: Ross Kaplan, Edina Realty City Lakes (952-285-3182)
–Posting on Edina Realty “Network One”
What if there was a way, simply by hitting “send,” to instantly reach almost 2,000 Twin Cities Realtors — and through them, perhaps 50,000 area home owners — to let them know you’ve got a Buyer looking for a home like the one described above?
Make that, exactly like the one described above.
There is . . . and I just did! (an hour ago, in fact).
This amazing, not-so-new “killer app” is called “broadcast email,” and one of the (many) virtues of working at the Twin Cities’ biggest real estate broker is being able to instantly reach an army of fellow Twin Cities Realtors with such a “Buyer Need” (what we Realtors call it).
Nothing New Under the Sun
In fact, Realtors have always networked for their clients; what’s different is today’s technology — specifically, the Internet, social networking, and now the explosion in mobile app’s and computing.
So, in addition to doing face-to-face networking and marketing at their own weekly Broker meeting each Tuesday morning, Edina Realty agents receive an email with every other Edina office’s new and upcoming listing activity later that day.
Edina agents can (and do) also avail themselves of an online company bulletin board, called “Network One,” that collects all that information in one central location.
In fact, with over 1,000 pre-lists and Buyer Needs currently, Network One is the biggest repository of such information in the Twin Cities.
If you think access to something like Network One affords Edina Realty clients a competitive advantage . . . you’d be right!
Jim Buchta Star Trib Article
The foregoing is also the subject of Jim Buchta’s recent Star Trib article, “More Buyers Are Seeking Homes in ‘Shadow Market.'”
The only thing I take issue with in an otherwise excellent piece is nomenclature.
So, calling pre-list networking a “shadow market” makes the process sound furtive (sort of like a “black market”), instead of public.
Assuming homes marketed on such networks constitute “shadow inventory,” it also risks confusion with another, more commonly used definition of that term — namely, all the delinquent and foreclosed homes rumored to be held by banks, and waiting to come on the market.
P.S.: the photo (above) is from the commodities pit at the Chicago Board of Trade — not Edina Realty’s weekly meeting.