Big hat-tip to Danilo Bogdanovic for having the courage to take a stand and write this eye-opening and extremely important open letter. I hope this is the start.
Courage, morals, ethics and character count in life my friends. The nasty real estate clerks infesting this blog and our country should take note, change for the better, or be very afraid. The wall of deception and corruption is crumbling. What side will you be on when the wall comes down?
The words are Danilo's, the bold highlights are mine (for short-attention span HP'ers!). Please feel free to forward this with your comments to the NAR here.
A Realtor's Note to HP'ers: Not All Realtors are Blind, Corrupt and Evil Liars.
Thank you Keith for allowing me to guest post and to everyone for reading this.
I understand the hatred and disgust most consumers have with agents, brokers, realtors, NAR, lenders, the MBA (Mortgage Bankers Association) and the real estate industry in general. I am an agent and feel very much the same way you do and want things to change.
Most agents are shady, selfish and will screw over their own mother for a dollar. I tend to treat my clients like my friends. I give a crap about them whether it results in a sale today, next year or never. I have plenty of clients who are first time home-buyers that I told months if not over a year ago not to buy anything and wait because rates were still coming down and prices were far from the bottom. Yes, I "killed the deal" months ago, but I have made a client and friend for life. More importantly, I can sleep soundly at night knowing I was honest and upfront with my clients. That's just one example, but it illustrates two very simple ideas - honesty and integrity. These two things are lacking greatly in the real estate industry.
I see agents, lenders and title companies not acting in the best interest of their clients and/or screwing them over often. Sometimes, it's on purpose. Sometimes, it's out of stupidity and lack of knowledge or experience. Either way, it is what it is and there's no excuse. What can we attribute this to? There are several things:
Most agents are concerned with their commission much more so than their clients best interests. The commissions are high and greed steps in. The lack of thought for the consumer is incredible at times and I wonder whether these agent's parents taught them any kind of values or morals growing up.
There is a very minimal barrier of entry. Doctors and lawyers who deal with the livelihood of others (just like agents) and make approximately the same amount of money as agents are required to go through up to 12 years of school and 1 to 2 year internships prior to being able to practice medicine or law. Agents on the other hand only have to pay $400, take a two-week course and pass a kindergarten-level test to get their license (at least in VA). No degree, nothing! To add insult to injury, NAR recently thought it would be "great" to pass a requirement of a high school diploma in order to be a Realtor. HA! Gee thanks guys, what a "huge" step in the right direction!
There is almost no continuing education requirement either. In VA, if you've had your license for less than two years, you only need 30 hours of continuing education and 16 hours if you've had your license for longer than 2 years. Are you kidding me? You know how much changes in the real estate world in 2 years? And how could anyone remember everything that they learned 2 years ago? There's no way!
All agents who are not brokers are supposed to be supervised by the broker at the office that they have their license hanging in and work out of. That's a joke. How can one broker supervise up to 250 agents in one office at one time? They can't! There is no supervision and most brokers are out trying to recruit new agents for the office rather than trying to supervise the ones they have already. It's all about getting more agents into an office to make more money and have more "clout" in the community.
There is no regulation in our industry. Agents get slaps on their wrists IF they get brought up to the board and IF they board finds them guilty of wrong doing. Even so, 99% of the time, their license is NOT suspended or revoked and the fine is minimal. That tells agents that they can screw people without a high probability of getting in trouble and even if they do get in trouble, the consequences are almost nothing. There is no fear of wrongdoing instilled in the industry, which breeds wrongdoing!
Yes, I am a member of NAR, but I'm not proud. I only am because I have to in order to get access to the MLS and a lock box key to get into properties. NAR and General Electric (GE) who makes the lock box key run a monopoly over the industry. I, as one agent can't do anything to change it. But I believe that if we all get together, we can start making a big enough stink and get the industry turned around.
I believe that we should completely turn NAR upside down and recreate it for the better of the consumer and the good agents who care about the consumer and doing the right thing. But we may have to disband NAR altogether and form another association from scratch. I believe that NAR or whatever association it ends up being should regulate the industry much, much more than currently. The shady agents will object while the honest and good agents will have no issues and see it as a step in the right direction. If you're not doing anything wrong, you won't be afraid of being held accountable. It's why criminals hate the police while law-abiding citizens generally like the police.
I think we need a "corporate shake up" when it comes to NAR and the industry in general. We need to get everyone up top at NAR (especially Lereah) the hell out of there and replace them with people who care about the consumer and the industry in general rather than their own pockets and self-interests.
We need accountability, transparency, a much higher barrier of entry and increased continuing education requirements. We also need to start holding each other more accountable as agents in day-to-day dealings. If an agent runs across another agent who is doing something unethical or illegal, they should be able to alert a committee and/or board that will deal with them immediately and without fear of getting "black listed" in the real estate community. This, along with what Keith wrote in his post entitled "A HousingPanic open letter to the realtors of America: It's Time for Change" is a great start. Now we have to spread the word and put it into action.
Thanks for listening,
Danilo Bogdanovic
December 21, 2006
An honest realtor writes a very important letter to all HP'ers and his corrupt REIC peers
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55 comments:
Danilo, I actually stood up and applauded at my computer after I read your comments. The points you have made are in stark contrast to the horror stories we are hearing almost daily about clients getting screwed over by the people who should be protecting them the most, especially when it comes to the biggest purchasing decision they may ever make.
I live in Columbia, MD and work down in DC. I see from a quick search that you are over in the Loudoun County area (not a bad place to be for buying or selling houses, as long as the houses keep moving).
Do the other people in your office know about your views, and if so, what is their reaction? Are you concerned that the NAR will "protect their own" and come after you for speaking out?
BRAVO BRAVO BRAVO BRAVO!!!!!!
!!!!!!!!!!!
!!!!!!!!!!!
Everyone in America needs to read this leter.
I have chills.
danilo trying to get a commission!!
we already know all of this - that is what hp is about.
maybe you can can write a book.
where was this letter 2 years ago?
I dont get it, was the bold letters yours keith or Danilos? hehe.
I agree with the letter!!
In fact, if you substitute "US Federal Government" for "NAR or REALTOR" you've got another great plan for another broken and corrupt organization!!
Maybe we can use the ideas in the letter for both, and save American citizens a lot of distress!
This kind of stuff slays me...
When big commission checks were rolling in ...he was rolling out in his H3.
When he we "consulting" folk on the advantages of an ARM - life was grand...now he says the whole system is corrupt.
When he was out of a job - guess what folks - he paid the $400 to get a permit to sell houses...now he is whistle blowing.
Now he is out os a job again - stumbled upon this site and said - hmmmmm....I see my next H3 payment somewhere here...and starts pounding out this sorry ass letter.
Hey Danny Boy - have some balls dude...you look pathetic now.
Poor Danilo - Gregg Swan is probably hiring the hit man right now. Run Danilo run!
Danilo, if you really exist, I urge you to get into leadership of your local Associaiton. I also urge you to start blogging your message.
I don't disagree with much of what you say here. A bit too many generalizations, but I think you are on the right track in most areas.
If you really want change in this industry, like I do, you must be involved. I'm a simple lowly agent in the business for over 5 years now. Already been president of my local, and have many invites to serve on the state level Association.
It takes time, but it is worth it. If you really want to spread your message, doing it on HP won't get it done. You are the one that says you want a shake up, you are the one that has to do it.
I will warn you though, being involved in the Associations takes away from being able to expand your business. In fact it hurts your ability to make more commission. My business has suffered this year because of my extreme involvement. I sacrifice now because I think I can help bring about the change.
The question now is... will you??
Thanks danilo.
Now you and your fellow realtors need to talk prices down to rational levels so life can go on.
Where were all these good doers when families were pushed into overpriced houses CUZ you will be priced out forever?
Let'em all starve. Avoid realtors when buying a house and houses are bloated and overpriced.
Take 25% at minimum off of 2005 prices.
What a great letter. I just wanted to add another story to the "not all realtors are horrible" thread (and, cynics, this IS true): My sister, at the age of 24, lost her job in education (budget cuts!), and, after having little success finding another job at a comparable salary, was enticed into the real estate industry. She took the test, passed, and was granted a license (though she still felt she knew nothing) and started working with a major real estate company and their mortgage brokers. It turned out to cause nothing but anguish. Our parents raised us with a strong sense of right and wrong and a clear understanding of our family's solid ethical guidelines. The questionable moral decisions, the lying, the bullying, the cheating she saw on a daily basis resulted in her full-scale nervous breakdown. Being a decent person, she felt responsible for her client's lives and being a pretty smart person, she realized the financial disasters so many were being talked into. A single mom being talked into flirting with insolvency literally sent her over the edge. She's OK now, but definitely found herself another line of work. I know this sounds a little melodramatic, but I think HP'ers know the kind of predatory stuff that goes on in these offices. The word evil comes to mind.
Todd, I asked you to call for the firing of Lereah and you chose silence. You continue to rant against HP and our message, while supporting the disgusting collection of unprofessional losers over at bloodhound.
And now you're going to come clean and endorse Danilo's manifesto?
Well, better late than never. But I'm not buying it.
So please cc us on your letter to the NAR calling for a clean sweep, and I hope to see this type of attitude evident in your future postings vs. the blather you've been spouting here
RE: original comment
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.....
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We need accountability, transparency, a much higher barrier of entry and increased continuing education requirements. We also need to start holding each other more accountable as agents in day-to-day dealings.
.....
.....
---------------------------------
The marketplace is taking care of the high costs of real estate transactions and the decades of overhang of transaction confusion and complexity and the tens of ways you extract money with your legally shielded, "state-regulated" ways already, slowly but surely.
If anything, your letter is reaction to the market pressures - its ALWAYS this way.
that's ok but looked at from the numbers perspective what I see is that there is a shrinking aggregate pool of commissions to go round and the thieves having shorn the sheeple clean are scrambling to maintain their share of that shrinking pool. So cannibalization takes place - they eat their own.
Its always this way - whether in the disk drive business, or the chips business, or the investment broker business or. or. or.
Have at it. I'll have fun watching
you.
My advice to HPers is don't fall for this "reformist" nonsense. I don't advocate revolution just, every which way you can, sidestep these thieves - when you cannot avoid them, negotiate, negotiate negotiate and despite the romance and very real psychic innate need that is met by a home - when working with these people - HOLD YOUR NOSE as you transact with them so that their stench doesn't waft into your dream home and keeps your vision of a security, safety, discharge of of responsibilty to your and yours intact and smelling sweet.
-K
Sorry HP'ers, but I just don't get your enthusiasm for this letter.
Zillow now indicates recent sales -AS WELL AS HOMES FOR SALE - at no charge to the buyer or seller. Granted, Zillow's just getting started, so it's not on the same page as the MLS - yet. But I can envision the day when it knocks the MLS off the block. Soon, I believe I'll be able to find a house using my own online research and then go through the purchase process armed with my lawyer. A lawyer who actually has the competence and training to understand a contract - and risks being disbarred if he doesn't look after my interests.
Realtors are just middlemen with their hands out. Forget about reworking the industry. Dump it altogether!
In 2003 'I' recieved by brokers license.
Hung out my shingle at a local cubicle farm. Within 6 weeks I was so tired of the Lying, B.S.,(backstabbing or Bulls**t works as well) hypocracy, the ego's and attitudes that I quit and went back to work as a parts counter sales person for a large heavy equipment dealer!
I'm happy now and will never make that mistake again!!!!
P.S. Never did get a Rolex!
I've bought and sold 4 homes over the years. The first was with a realtor. The last 3 were FSBO. I wouldn't even notice id they all went away.
A couple of you are giving this letter writer some grief for not coming out sooner
My take - at least now he's out.
It takes courage to go first. Show me more writings by realtors asking for the NAR leadership to be sacked. Osman was #1, Danilo #2. Show me more - anyone?
Show me another realtor who's been published asking for a complete revamp of the industry as well as oversight and regulation.
This letter is heroic and historic folks. Yes, Danilo serves to benefit for taking this stand for honesty and ethics, as he should.
I hope more of you encourage this type of behavior and realtors (oops, sorry, real estate clerks) who take this stance.
At the same time, keep the heat on the corrupt realtors who want to silence the truth, or spin their way out of their ethical lapses.
They know who they are.
What are realtors supposed to do? Tell someone not to buy a house b/c it's a "bubble"? Cut their own throad? They're realtors, not investment advisors.
Suppose house prices kept going up? Think those scared off by the realtor (they probably would have just bought from someone else) will be thankful for the bum advice? NO!
As for people getting in over their head w/ loans that is the fault of mortgage bankers.
Uhmm no it isn't. It is the fault of the people themselves. Remember something called personal responsibility? But it's a lot easier to blame your financial follishness on someone else...your mortgage banker, your credit card company, your realtor, your stockbroker, the president, Bernake, Greenspan, Congress, illegal immigrants...it's all their fault you bought a $600,000 home on a $40K salary with a negaitive option ARM.
"As for people getting in over their head w/ loans that is the fault of mortgage bankers."
Danilo, Osman -- it takes no courage to post your messages here and preach to the choir on HP. Show what you've got by posting your messages on Real Estate blogs like Swann's.
devestment
Good article-and real courage, not lame attempts like Osman and Danilo to market to HPers.
Bubble Shmubble said...
Uhmm no it isn't. It is the fault of the people themselves. Remember something called personal responsibility? But it's a lot easier to blame your financial follishness on someone else...your mortgage banker, your credit card company, your realtor, your stockbroker, the president, Bernake, Greenspan, Congress, illegal immigrants...it's all their fault you bought a $600,000 home on a $40K salary with a negaitive option ARM.
Hey Shmubble Schumko...it is partly the fault your mortgage banker, your credit card company, your realtor, your stockbroker, the president, Bernake, Greenspan, Congress. Some of these people are supposed to be experts and took a moral oath to the help the people, not screw them.
Granted morons aren't reading the fine print or asking the right questions. But people trust professionals. Trouble is companies arent hiring professionals any longer. Mortgage people, realtors, stockbrokers are likely to be just off the street with a bare bones education. Sort of like our president. The credit card companies have call centers are based in India, where a person that talks like Ali Baba is called John or Sue Smith. Congress is now a business, where we place people in office to make money for themselves.
RE:
---------------------------
devestment said...
http://tinyurl.com/y3ngts
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Great link. I particularly liked it that he states this aspect front and center:
--------------------------
Here's Strike Three: Many, if not most, sub-prime loans carry hefty pre-payment penalties. This potentially locks the borrower into paying above market rates even if they have been able to clean up their financial picture.
--------------------------
The immorality of that has always sickened me. Whether you have Judeo-Christian or a humanist or even a Confuscian ethic, the penalising of redemption, of recovery, of a return to the responsible citizens fold is appalling.
It makes no business sense for the overall industry either. But that's for another topic.
Back to the topic at hand.
-K
'Twas the night before the economy crashed,
When all through the house.
Not a creature was stirring, not even a Realtor® louse;
The Wall Street bonuses were hung by the chimney with care,
In hopes that Uncle $ugar soon would be there;
The FBs were nestled all snug in their beds,
While visions of buyers danced in their heads;
And mamma in her 'kerchief, and I in my cap,
Had just settled down for a long winter's nap,
When out on the lawn there arose such a clatter,
I sprang from the bed to see what was the matter.
Away to the window I flew like a flash,
Tore open the shutters and threw up the sash.
The moon on the breast of the new-fallen snow
Gave the lustre of mid-day to objects below,
When, what to my wondering eyes and my nose,
A miniature sleigh, and eight fat CEOs,
With great big exotic mortgages in tow,
I knew in a moment the economy would blow.
More rapid than eagles his mortgage buyers they came,
And he whistled, and shouted, and called them by name;
"Now, Morgan Stanley! now, Goldman Sachs!
On, Fannie Mae, and Freddie Macs!
To the top of the charts, to the top of the wall!
Now dash away! dash away! dash away all!"
As foreclosures that before the wild hurricane fly,
When they meet with non-payments, and mount to the sky,
So up to the house-top the brokers they flew,
With the sleigh full of money, and Bob Toll too.
And then, in a twinkling, I heard on the news
The light little squeaking as they turned the screws.
As I drew in my hand, and was turning around,
Down came my equity with a terrible sound.
A wink of his eye and a twist of his head,
That soon made me quiver and filled me with dread;
He spoke not a word, but went straight to his work,
And emptied all the pensions; then turned like a jerk,
And laying his finger aside of his nose,
Giving a nod, up the chimney he rose;
He sprang to his sleigh, to his team gave a whistle,
And away they all flew like the down of a thistle.
But I heard him exclaim, ere he drove out of sight,
"Happy Housing Crash to all, and to all a good-night."
Fantastic Danilo!
To those tearing him down by pointing out the self serving possibilities I have to say SO WHAT.
Would you rather no Real Estate Clerks ever come clean?
Come on.
Good post. I think one of the advantages of blogs like this and Keith's in general is the ability to voice your opinion in an open forum. For all of our country's present woes, it goes to show you that we don't take any bullshit sitting down. The web gives us even more voice and a new platform from which to dissent. A good thing indeed.
--But, I'm surprised to see there aren't any "#&#(# liberal" comments thrown in yet? C'mon, where's the neocons when you need them to spice things up?
No Keith... I did not choose silence. I gave you my opinion on that matter. Dude is an economist and a figure head. Dude wrote a book and you chose to cherry pick the info you wanted to make a point. Dude has been right about what he has said all throughout this year. Still, dude means nothing to me.
Danilo's manifesto is a joke. It is obvious that he, like you (sock puppet probably), has no idea how things work at NAR. He, like you (sock puppet) is not involved and wouldn't give a crap to volunteer themselves to be involved to fight for the changes that need to be made.
I'm doing that. I've chosen involvement over business on way too many occasions the last couple of years. Danilo ain't done shit but maybe write a letter to a blog that posts half truths and lies.
I'll say again, writing letters won't accomplish anything. Only involvement will. If Danilo cares as much as he says he does, he'll walk in my shoes.
I seriously hope that there are real Danilo's out there in every corner of the real estate world. I hope they are just as fed up with the status quo as I am... but I also hope they actually do something about it.
I've warned my local association about what lies in store in the very near future that will not only threaten the MLS and associaiton, but will actually bury them.
I'm prepared for all of it. I'm prepared to walk out on the various associations and MLS's once the zillow's and others can be a real viable choice. The thing is though, I'd rather keep our associations and MLS's in tact as much as possible. I believe there is opportunity to utilize all resources to make the entire industry better for all, mostly for clients.
You have a reading comprehension issue Keith and for that I am sorry. I hate to have to keep pointing these things out to you and it must be difficult as well to hear it from a mere GED educated person on a top ramen diet.
ripedurian,
You commented "To those tearing him down by pointing out the self serving possibilities I have to say SO WHAT.
Would you rather no Real Estate Clerks ever come clean?"
It's fine that Danilo is posting this but, sorry, just like a prison born-again conversion, "coming clean" when the world's falling down around you isn't worth much. There are no atheists in foxholes and in coming years there will be no realtors who say they supported Lereah and the REIC. Danilo smacks of desperation, not contrition. The guys who deserve applause "come clean" before things turn ugly.
Ahh yes the witty name calling...
If you believe your realtor or stckbroker is an expert in anything other than bullshit, you get what you deserve. I have absolutely no sympathy for the morons out there who got burned. Judging by the hatred at realtors/bankers/NAR here it suggests many of you were scammed and now want payback. Why else would there be such vitriolic hatred unless it was personal? Did the big bad mortgage banker make you get a negative option ARM?
RE:
"Hey Shmubble Schumko...it is partly the fault your mortgage banker, your credit card company, your realtor, your stockbroker, the president, Bernake, Greenspan, Congress. Some of these people are supposed to be experts and took a moral oath to the help the people, not screw them.
SOW/SEW
perhaps some of the HPers could also look into the differences in
their/they're/there
it's/its
are/our
your/you're
alot/a lot
plular/possesive (horses/horse's)
thank you.
anybody can be a doctor...yeah that's true why I even saw a black man in the ER one day, can you imagine that? A negro touching a white woman in the hospital, before you know it they will be allowed to vote!!!
I'm sorry, did anyone hear Todd Tarson talking?
Anyone?
zzzzz....
Kinda funny and sad. Yup, all of you are.
Talk is cheep. We want action. We at HP are taking a stand and either the realtwhores are with us or against us!!!
When we see results we will be thankful to Danillo and all those who stand up for what is right and honest.
------------------------
RE: bubble
realtors are like car salesman
------------------------
Therein lies the problem. They certainly act like car salesman, when in many states they are an AGENT, a legal term, of the buyer/seller. The duties of an agent are laid out in law. For cali. this is explained in, for example:
http://www.dre.ca.gov/pdf_docs/ref10.pdf
Of course not anybody can be a agent. They have to be licensed.
In effect, California State restricts/creates a monopoly for/provides exclusive rights to certain people to act as brokers. In return they have to perform to the duties and obligations laid out in law.
Instead they, of course act like car salesman.. I ask you - would you buy a used car let alone a home from this type of individual.
The system is rotten and the state governments collude in this by granting the right to steal to a subset of the population. That's not how they put it of course.
-K
Thanks for posting that. These few realtors are sorta what I want to strengthen the ranks of with high hopes that my wife will join the profession.
BTW I love that Real Estate Clerk term, and hope it catches on. Because "RealtWhore" sounds so right and yet so bad. And I am sugegsting to my wife to get into that ... yikes ...
I hope it gets ameliorated from clerical. Atleast there is hope.
I'd just say, she's a student of real estate for a few years after she starts. 15 years after drifting into a IT position I still consider myself a student of Information technology so I guess starting out as a student of real estate isn't bad.
Cool.
Cow_tipping.
"honesty and integrity. These two things are lacking greatly in the real estate industry"
replace 'real estate industry' with 'people today'
It's unfortunate that some have gotten so burned that they classify all agents together in one group. Don't forget that we're all humans and that no two people are ever exactly alike.
As for why I didn't post a blog before...I just found out what blogging was 6 weeks ago.
And yes, friends and coworkers know that I would love to see change for the better. But I can't make them get involved - that's up to them.
Richard...No, I'm not "hurting" and trying to attract business or get a commission, especialy not on HP, are you kidding me?!
And I actually quit a much higher paying job to become an agent because I wanted the flexibility of starting and finishing work later in the day and because I'm not one for cubicles or corporate structure. And real estate is my profession, not a temporary gig.
Todd, yes I do exist. I have to say that it's amazing how your attitude changed from one post to another without even giving me a chance to respond... Call me a joke if you will, but you don't know me nor what I do in my personal time so you have no basis to call me anything. I'm glad that you're involved in trying to bring change around at the local and state levels though I'm amazed that you bash those who have similar views and are on the side as you. No wonder others are hesitant to get involved - there's fighting going on even between those on the same team!
Thanks again for listening.
No you didn't. If you did you are a weirdo.
chris g said...
Danilo, I actually stood up and applauded at my computer after I read your comments.
Danilo, my apologies to you. You do exist and I should have looked into it before I responded the way I did. I was responding to the sock puppet. Keith gets away with telling half truths and lies all the time. It is normal operating procedure for him.
Please consider getting involved though. It is a thankless task, but one that is most important... mostly to those we serve.
The time is now to be creative and respond with transparency and other needed changes. But it won't happen by writing some letters. We have to out maneuver the old guard the whole way. We have to embrace the coming changes and roll with them to have the advantage of those who simply choose not to see it coming.
I hope you understand, I just trust Keith to tell the real story about as far as I can throw a piano. I agree with many of his positions, I just don't agree with the presentation (and correcting him with facts is so easy).
I hope you have a great career in this biz, and once again I apologize to you for the discredit I showed.
A suggestion.
If you are really trying to fix this - cut this crap about buyer's agent.
In Cali, I was perfectly comfortable with looking for properties on my own todd. You realtor a*holes make it soooo difficult to do so - time and again I was told - "look its better if you come with your own agent" - better for who(m)? It was a total cabal.. Luckily, a sufficient number of seller's agents were prepared to break thru their broker's / REMAX's sh*t to get me a look in to look for myself.
For loans I did my own stuff - the usual get 3 quotes - no mortgage broker sh*t. Thank god that aspect wasn't locked up in Cali.
The right game plan for me was after I liked a property I hire a lawyer that specializes in real estate to draw up the contracts etc.. and that's it. This was the British style in the 80s at least - worked well enough for me. The price I pay is the price I pay.. The seller can give portions of it to whomever they want to according to the services performed.
ONE MARKETING AGENT (on the seller's side ) - GEDDIT ? and only if the seller wants one. Otherwise let them use the net, listing only agents, FSBO or whatever WITHOUT ANY HINDRANCE or artificial obstacles that prevent an effective showing or marketing of their property - and then they can use a lawyer specialising in real estate themselves to draw up contracts.
I dare the NAR to remove all obstacles to this route. They can continue down their path. And may the most competitive path win.
-K
-K
Car dealers are even richer than real estate brokers. In case you were wondering.
Todd,
No worries and partially my bad...words online don't always convey what the author may have meant. I'm glad we're all trying to make things better!
And thank you anon and chris g.
Transactional Agency, One person for the deal. She/He gets 1 or 2 percent to push paper.
Been there done that. Saved me thousands in Real Estate Clerk Commissions.
heheheheh
s.k.,
Everything you says is possible today. You want to sell on your own, there is fsbo.com and many others like it. You wanna buy on your own, you make an offer to the seller's agent directly and tell the seller's agent you want 3% of his/her comission. Or you buy fsbo and don't deal with any agents at all.
What the NAR has is the MLS listing. As a seller you don't have to use it. As a buyer you don't have to use it. If you want to use it, you pay a fee in the form of a comission to the seller's agent.
I'm not defeding the NAR, just stating that as a consumer you do have the option of never dealing with them if you so choose.
re anon 11:57
It is possible I agree- I used a listing only (MLS access enabler ) agent myself in Cali, when selling and no buyers agent when I looked for a house and found it and escrowed it etc. in 2000 - and went the full service route in 1994 (and company paid so didn't care in 2004 ) but I tell ya - it was so difficult - and not the type of difficulties that one might encounter if one tried to say write a computer program without any experience ( or aptitude ) or even something simple like dig out after a snow blizzard without reading up on optimal paths.. The difficulties were more of the type of barriers to entry that countries erect when they want to pay lip-service to free trade but actually continue their protectionist ways.
I particularly dislike that the custom and practice model for real-estate commissions is 6% and YOU the BUYER has to ASK the agent, the AGENT to cut that back to 3% - its the embedding of a 6% ( or 5 or 4.5 but a 4-way cut ) cut into the sales price that predatory.
I don't want to hijack this thread but if a thread opens up on the types of barriers that realtors erect I'll contribute. Meantime here is a quote from redfin:
"Everything isn’t rosy for Redfin, though. They’ve been operating in Seattle for a number of years and have numerous war stories to tell about threats, stalkings and other disturbing behavior towards their employees and some customers from, apparently, angry real estate professionals. Hopefully things won’t get out of hand as they continue to disrupt this stubbornly inefficient market."
-K
Is this a lot, uknowwhoiyam?
te he
http://tinyurl.com/y2xzrk
17 years ago ,when I was a realtor,I noticed the market prices started to overshoot and go to high . At that point I advised all buyers I ran into not to buy because the market was over-shooting . I lost alot of money for talking people out of buying but I was able to sleep at night .
By the way , I was right ,the market overshot and people lost money .
Buyers need to be told to back off when the market starts to overshoot ,not told to "buy now or be priced out forever by RE agents ",or "now is a good time to buy " .
The buyers could of boycotted the sellers increases had they any support by the RE industry and mortgage scum on what was sane .
The cow is out of the barn and I wouldn't be surprised if people never trusted the RE industry again .
I think you're in the over-100 crowd.
+++++++++++++++
Thank you.
I am glad you like my thoughts on things.
Back at ya.
iw
Dear Bubble S,
Without calling names, I'll try to explain the situation:
For some people, trying to do their own fiances is like trying to do their own Electrical work. You have a group of a few people (like my Dad) who have no problem whatsoever. Then there is a group (kinda like me) who can do a few simple things, but also know there comes a time when you need professional help (like having a pro do your taxes).
Finally there are those who should NEVER be allowed near ANYTHING related to the situation (electrical or fiancial). Sadly, some in this group do not listen to reason and make life dangerous and/or harder for EVERYBODY.
Danilo Bogdanovic:
Feel very sorry for you. Don't know what market you're in, but what you describe is NOT how we do business. You act as if you're the only agent that has told a buyer or seller to wait to buy or sell. We do this as a normal course of business if we feel it's in the best interest of the buyer or seller to wait. We have known agents like you are describing...just not in our state or area. Perhaps another profession is calling that you would be better suited for?
Most of what realtors were supposed to do (and didn't) can now be done by software. There is still a place for something like a 'real estate consultant' but their role would be very different from that of current real estate agents.
It's worth having a discussion or a thread on the subject of what should the real estate agent profession morph into in an ideal world.
#1 - the pay structure must NOT place the interests of agents in conflict with the interests of buyers and sellers.
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