Belo Corp is Getting Into The Real Estate Business
At least that’s the message Pierce Allman sent in a voice mail to all 275 of his agents late this past week at Allie Beth Allman & Associates. Here’s what Pierce had to say:
You are going to see a press release from The Dallas Morning News any time now announcing that Belo Corporation has invested in SawbuckRealty.com. They are a Web-based residential brokerage based in Washington D.C. They are going to be opening next week in California. If you go to their Web site SawbuckRealty.com, they did an overview of their operation which is geared mostly to first-time buyers and a slightly lower price range. Belo has not stated any promotional plans, but the Sawbuck site will become the platform for the Dallas News real estate site, and it will have full access to NTREIS and MLS. So, the bottom line is the Dallas News has decided to enter the market as an online broker referring prospects to so called partner agents for a 30 percent fee off the top. Needless to say several brokers are meeting next week … And [we] will certainly update [you] with any implications and options. Have a good weekend.
Obviously, if this news is true then it could be a real game changer for local agencies because very few of them have the type of Web presence The Dallas Morning News does. It definitley looks like the company is trying to find a way to monetize their Web site traffic, and getting a 30 percent finder’s fee off the top could add up for them. To give you some background on Sawbuck here’s a press release they put out on Jan. 30, 2008, when they launched publicly. Keep your Web browsers tuned right here folks, because this story is definitely developing …
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From Sawbuck’s website: “Once you are ready to see properties, Sawbuck will connect you with a top local buyer’s agent who knows your target area. We specifically recruit only the best agents and teams, without regard for the company they represent. Some are from the largest area brokers; others are from smaller companies that focus on a specific town or community.”
My guess is they will charge individual agents/teams to participate/receive leads then collect a referral fee on transactions.
Very interesting, if anything is said in tomorrows meeting I’ll be sure to pass on
Speaking of media and real estate, does Wick Allison or his affiliate businesses own property near the Trinity River development? How about Industrial Blvd?
See also: Redfin
The days of agents ‘earning’ huge fees for driving buyers around and leveraging an information deficiency are numbered.
This news is good to hear.