This morning, while checking my overnight email, I ran across a notice from Overstock.com that they now have a real estate section.
Curious, I visited their site and looked up my market: Tucson, Arizona. Their statistical breakdown comes up at the top of the page, but has some figures that are curious, to say the least:
One notable figure is the overal number of residential properties - their figures as of this morning show 9,669 residential listings available. Is this a combination of FSBOs, "Make Me Move" type kites in the wind and MLS listings? Unclear. The latest official MLS stats show roughly 7700 properties of ALL types for sale, and numbers are declining.
They show 110 listings available for land, when the MLS shows over 1900 in just the immediate Tucson metro.
Another thing to note is that they have a listing feature called "O Hot Value" which is supposed to denote particularly good deals in the marketplace. 
With dubious statistics already shown, following the site's recommendations on what may be a good buy is of limited value to consumers.
Overstock Real Estate offers a free MLS search to consumers, but only shows 74 properties this morning for residential listings, from a handful of member brokerages. To satisfy my curiousity, I have written to the company to inquire as to what it costs to join, but see no real reason to pay anything to do so.
I think we will see more and more online retailers and "bargain" distributors getting into the Real Estate marketing business as a way to generate revenue from unused server space. The biggest thing we professionals need to remember is that our customers will be doing their own research online also--and may be getting inaccurate or outdated statistics and information as a result. Our role as educators is increasing all of the time--how to handle it and the manner in which we present accurate information to our clients may be what makes or breaks one's business!
(Photos are screenshots from Overstock.com Real Estate and their email announcement)
Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.
All original material written by Kent Simpson unless attributed to source.©2011, 2010, 2009,2008,2007
"Never forget - Real Estate Is About People"
I'm not surprised they would do this. They USED to be a good discount site that sold overstock at discount prices. Now they sell ANYstock they can consign and they have diluted and poluted thier brand.
Doesn't surprise me. Just another example of our industry being highjacked and fragmented. All the more reason to just get back to basics and work on developing personal relationships with each client.
"I don't care to belong to a club that accepts people like me as members."~ Groucho Marx
Thanks for your post. One of the great reasons for joining AR and paying attention is that AR keeps us on the cutting edge of industry information.
Years ago some Sears stores tried selling real estate without success. Bottom line is the majority of real estate buyers and sellers need professional assistance in completing the largest financial transaction of their lives.
Kent, educating our clients is becoming more important every day. Good example of a typical site that doesn't have up-to-date information. Thanks.
Kent - I did not know that Overstock was in the home selling business. I often wonder where some sites obtain their statistics.
I ordered from them Christmas. The order was so wrongly filled I vowed never to use again. 3 of 4 items were incorrect.
Maybe they can help us reduce the inventory. My opinion though, is that they will make about as much difference as E-Bay. Negligible.
It seems to me that I saw this a few months ago. It looks like they are just getting feeds from other sites right now. Another way for them to get more hits on their site. ~Evelyn
Real estate education has to be at the forefront of working with any buyers. It is especially true in finance, and should be true in real estate as well.
Kent... maybe they're only listed the properties that are "over-stocked". :-)
Kent~
You pointed out something that has been on my mind a lot lately..." The biggest thing we professionals need to remember is that our customers will be doing their own research online also--and may be getting inaccurate or outdated statistics and information as a result. Our role as educators is increasing all of the time--how to handle it and the manner in which we present accurate information to our clients may be what makes or breaks one's business!"
The exposure may be good, but O stock can't really be taken seriously for such immportant transactions.