Ogre or Sympathetic Business Owner? (LA 894)
Transcript:
Steven Butala: Steve and Jill here.
Jill DeWit: Hello.
Steven Butala: Welcome to The Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.
Jill DeWit: And I'm Jill DeWit, broadcasting from sunny southern California.
Steven Butala: Today, Jill and I talk about [Ulga], our sympathetic business owner.
Jill DeWit: I have share, that was not the first version of this title that I came up with. They-
Steven Butala: There's a lot of words you can describe what a business owner ... a lot of adjectives. And [crosstalk]
Jill DeWit: Exactly. That you feel like sometimes, and I know we're gonna talk about it more, but actually it was very easy to make notes on this one.
Steven Butala: Hey, it's really hard sometimes because you work with people all day long to be ... You just run out of patience at same point and nobody wants that. We have all worked for people who have no patience and-
Jill DeWit: Exactly.
Steven Butala: Who are owners. We've all worked for people who are just way too nice and nothing gets done. It's way more difficult than it sounds to be that person in between, I think.
Jill DeWit: Yeah.
Steven Butala: Well talk about it.
Jill DeWit: Okay.
Steven Butala: Maybe well vent about it too.
Jill DeWit: Maybe.
Steven Butala: In Jill's case. Before we get into it, let's take a question posted by one of our members on the landinvestors.com online community, it's free.
Jill DeWit: Travis asks, "Hello all. Is it possible having thought of this all the way through ..." oh, excuse me. "It's possible having thought of this all the way through, however, when comparing Redfin data from the Redfin center to data from realtor.com data center-"
Steven Butala: It's a good question.
Jill DeWit: This is great. "Their spreadsheet showing data by zip, I get wildly different days on market for each market. Often, more than double for Realtor to Redfin. If Redfin and Realtor are both tied to the same MLS's, then why would this data differ? Does anyone have further insight into how these sites compute their data? Anyone else have the same experience?"
Steven Butala: I have. Yes, I know the answer to this.
Jill DeWit: Great.
Steven Butala: I know the answer to this question.
Jill DeWit: Yay!
Steven Butala: Realtor.com is-
Jill DeWit: You usually do.
Steven Butala: Realtor.com is owned and operated by the National Association of Realtors. The whole country is made up of several hundred MLS's. They're all independently operated in separate little areas of the country. Some of them are super rural, some of them are really urban, like Los Angeles or Phoenix. Some really urban areas have two. It's like sports franchises, it doesn't make a lot of sense. But realtor.com you have to be, if you're a part of the MLS, or any MLS, you have to be, you pay dues to the big guys, the feds let's say. All of the stuff rolls up to realtor.com period.
Jill DeWit: Right.
Steven Butala: Redfin is its own little independent company. I think they might be publicly traded or if they're not, that's probably part of their exit strategy.
Jill DeWit: Right.
Steven Butala: Certain MLS's participate through Redfin and certain don't. I don't know what their coverage percentages are.