"I don't believe that the consumer is being given the 'whole story,'" says Wasserman. "Buying or selling a home is not a commodity like a book or cosmetics which is shopped by price. Fields such as medical, legal, mortgage, and real estate require counsel based on the client's individual situation. What the dot.coms are attempting is what I call 'Real Estate in a Box'."

Wasserman, a technology-savvy broker who gets 70 percent of her business online, says that while other brokers have applauded her initiative, many do not see the potential implications of Internet growth. Her concern is that sites which today rely on broker data and support may turn around once they have grown and allow access only to those brokers willing to pay steep fees.

"It reminds me of the frog," says Wasserman.

"If you throw the frog into boiling water, it's nervous system will tell it to jump out. But if you put it in a pan of tepid water and turn the heat up, the frog will boil away."

"And if agents don't get smart," says Wasserman, "they will boil away."

A somewhat different advisory has been posted by Steele V. Propp, with The Buyer's Agent Southwest in Minneapolis.

The Internet, says Propp, "is not an Experienced Real Estate Professional. It cannot consult, counsel, or advise you. We can."

In essence, there are three points being made:

First, while data and information online have value, such content is not a substitute for local experience, negotiating skills, or representation.

Second, all realty transactions are unique and the needs of all buyers and sellers are different. While it's easy to computerize book orders and stock market transactions, realty sales don't fit in a mold -- one house is not exactly like another, nor are any two buyers, two sellers or two transactions.

Third, brokers have an obligation to educate the public, to explain the difference between general information and the benefit of specific advice and counsel. In other words, there is a need to distinguish between a "functionary" and a "fiduciary," a matter discussed in detail at http://www.realtyfiduciary.com.

It's not just the context offered by some online sites that has raised eyebrows in the real estate community, it's also material presented online as factual and reliable.

For instance, one online map shows two schools which local brokers say were closed years ago -- both facilities have long-since been replaced with townhouses. Online systems that allegedly help owners determine home values are questioned because they sometimes lack recent data that can be worth tens of thousands of dollars. And recorded sale prices, even if accurate, do not account for inside-the-deal variables such as seller credits, fixture lists (what stays with the property), and repair commitments -- "details" hidden deep inside published sale prices that can make the difference between a good contract and a loser.

Will visitor-beware alerts become common-place online? We already see dot.com ads with big headlines touting consumer benefits -- and lots of little tiny type with a string of reservations. In time the public will catch on and realize that much can be learned online, and also that relying on generic information without local context or timely data can be enormously expensive.

The Common-Sense Mortgage

The latest edition of The Common-Sense Mortgage -- in its second printing since September -- is now available in bookstores online and off. In print for 15 years and widely recognized as the standard consumer guide to real estate financing, it's described by syndicated columnist Robert Bruss as "an encyclopedic, detailed summary of just about everything real-estate investors, agents, lenders and borrowers want and need to know about mortgages."

"On my scale of one to 10," says Bruss, "this superb book rates a 10."

"This continues to be the most, lucid, comprehensive treatment of the subject on the market," says The Real Estate Professional. "If you want solid, reliable information about residential real estate financing, written in a thoughtful, convincing style, this is your source."

For additional information, press here.

Question Of The Week

Q A broker suggested that should we bake bread or cookies before she holds an open house. Any reason why?

A The broker's reasoning probably works like this: baking produces aromas and essences that most people find attractive and which give properties a, well, "homey" touch.

It's not a bad idea and certainly can't hurt.

Weekly Resource