What’s the difference between Altru Realty and other discount real estate brokers like Redfin? Do they offer the same service as traditional brokerages?
Every real estate brokerage firm differs in its expertise, service, and reputation. However, every discount brokerage firm is the same in that its Realtors/Agents may represent the buyer, the seller or both. At Altru Realty we are the exception
Look on any real estate website from Redfin, Coldwell or Keller Williams and you will not find any information on “Single Agency” representation. What does Single Agency representation mean? This means that we only negotiate for one party: the seller. We have fiduciary responsibility to the seller which includes confidentiality, loyalty, obedience and full disclosure.
Most of these other real estate companies also don’t have training for their agents on negotiating. In our world, the Altru Realty world, if you don’t know how to negotiate, then you aren’t skilled at selling homes by our standards. In other words, most agents may get deals done…but are they netting the most for their sellers? If they represent both buyer and seller their allegiance is divided between the two parties and the goal becomes the typical “meet-in-the-middle” transaction. The seller can be leaving money on the table in this scenario.
The reason you will find a void of information on all of these brokerage sites is that the industry, as a whole, sees nothing amiss with the real estate agents. Their focus is on sales and commissions earned. If you look at Altru Realty’s value proposition to sellers, it’s all about the transaction. What we do differently is that we transform our real estate agents into expert negotiators, making them earn the title of “ALTRU® Certified Negotiator.” We see real estate differently. We believe that sellers are being done a disservice because the industry is focused on the wrong thing.
But there are constants among discount real estate brokerages, including Altru Realty, that are the same as any traditional brokerage and that is marketing. All real estate brokers, discount and traditional, use the same MLS systems and downstream data feeds to populate their listing across a broad spectrum of important websites. Every large firm uses what’s called the IDX feed which also populates their listings to most larger real estate brokerage websites. When buyers search for homes, 85% of the time they end up working with a buyer’s agent and not the listing agent. The reason that happens is because, once again, the industry is monopolized by large and powerful corporations that focus on the money that can be made by withholding the listing agent’s name and contact information from the buyers, thus leveraging that valuable listing for their own gain.
Who are the big players doing this? It’s Zillow, Trulia and Realtor.com. Of course, there is a solution to this dogma which we’ll unveil in summer 2018.
The point is, the real estate market and the big money that runs it (or ruins it) will keep their profit-centric business models doing what they do and we will keep our business model the same too, showing the world that you can be successful at running a discount real estate brokerage company, while providing a premium service that is even better than what’s offered by the higher cost traditional agents.