Ten things your Real Estate Broker won't say? Oh boy, my dentures are rattling this time!

By
Real Estate Agent with ReMax

Ten things your Real Estate Broker won't say!

 

I came upon this broker-bashing article posted by Yahoo this morning via a feed from SmartMoney.com, which is the web-based magazine from our ‘Friends' at SmartMoney. 

 

SmartMoney...Granny is so ticked off this time; from this day forward I will refer to them as ‘StupidTabloid' due to the vast amount of misleading and erroneous comments they were unwise enough to publish. 

 

You can read the entire ‘Article' (If you can call it that?) at the following link.

 

http://finance.yahoo.com/real-estate/article/107302/10-things-your-real-estate-broker-wont-say.html?mod=realestate-buy

 

The whole article just rattles my dentures...on many levels!

 

Love, Granny

www.ActiveSunshine.com

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Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

Granny, I searched Sam McNeil on Zaba Search.  I think he lives in Forest Hills, NY.  Now, all I need is his email address.....and I'm definitely writing to the editors of Smart Money.  Hah, real smart!!!!

Jul 12, 2009 01:26 PM #1
Rainer
13,462
Carol Simonson
ReMax - Westlake Village, CA

Oh my, Suzanne:

What a WONDERFUL idea, please post his email address here if you are able to locate that or any other form of contact for these Tabloid level-Yellow journalists!  What a GREAT idea, let's actually let them know what we think of their misinformation...let's fight back, rather than being a part of the Sheepeople mentality.  (Sheepeople!)  That's what I call all the folks that follow the leader, rather than thinking for their own selves and applying critical thinking to what the news media (Especially those of this lowly ilk) write and broadcast to the public.

You are marvelous Suzanne...really...great thinking...let's give them the old one-two right where it counts!

Love, Granny...things are looking up!

www.ActiveSunshine.com

 

Jul 12, 2009 01:38 PM #2
Rainmaker
298,491
Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes

#4 is not true for us in Orlando. If you work with both sides of the transaction line 6 or 7 in our contract states you cannot do anything to the determite of either party. 

Jul 12, 2009 01:38 PM #3
Rainer
226,839
Ryan Shaughnessy
PREA Signature Realty - www.preasignaturerealty.com - Saint Louis, MO
Broker/Attorney - Your Lafayette Square Real Estate Partner

I agree with your general response to this article -

#1 Open Houses - Yes, we do hold open houses.  Typically, I hold open houses at the start of the listing and after a price reduction or when requested by the owner.  We do go over the statistics which support the position that few homes are sold on open houses.  We do use them for marketing to buyers - but it is a "this home first" approach. 

#2 Fees are negotiable.  Yes, fees are negotiable.  However, you get what you pay for.  We offer reduced fee programs.  However, reduced fee programs include reduced services.  Also, when we reduce fees, we don't reduce cooperative commissions.  If you are looking only at the total commission and not the payout to the buyer's agent, you are really shooting yourself in the foot. 

#3 Offers.  All offers are conveyed.  In this market, it would be suicide to pocket offers hoping for dual agency or an in-house sale - plus it is violates ethical and licensure rules. 

#4 Information Conveyed to Seller.  I don't necessarily disagree with this one.  We provide a broker disclosure form at the outset.  It tells them who we represent in the transaction.  I don't like dual agency and we do recommend independent representaion for buyers. 

#5 Forget What Side.  I have yet to see an agent who is interested in just making a sale.  They want to find the right home at the right price for their customer.  It is hogwash to suggest that a buyer shouldn't use a buyer's agent at a brokerage simply because the brokerage also represents sellers.  There is no conflict of interest simply because the brokerage represents buyers and sellers on separate deals. 

#6 Zoning.  Experienced agents do know a great deal about zoning.  I can't cite our historic code backwards and forwards and give guidance on what requires and doesn't require permits, government approvals, etc.  Experienced agents write in contingencies for such approvals all of the time where the intended use varies from the current use.  Some examples - garages, fences, ponds, use as home office, etc.

#7 Inspectors.  We don't select individual inspectors.  We provide a recommended list that we vet. We do have different recommendations for the different aspects of the inspection - new construction, systems, roof structures, commercial, etc.  You choose who you want to inspect.  To think that inspectors and brokers are in cahoots is ridiculous.  Pile on disclosures, municipal inspections and utility inspections and you have more than a single set of eyes looking at the property to identify problems.

#8 Contracts.  I don't disagree with this comment.  I do see some poorly written contingencies and special agreements.  However, there is usually an approved form that addresses the issue.  However, this isn't always the case.  If is a non-standard provision, then attorney review may be warranted.  However, the standardized forms used in my area have been approved by a joint attorney-Realtor committee.  Although I am a lawyer and appreciate the business, attorney review of standardized form contracts does make much sense to me.

#9 Websites.  Websites aren't the only criteria for exposing a property for sale.  First, I would want a brokerage who is willing to place my listing on third party portal sites - RealBird, Zillow, Trulia, GoogleBase, and more because the listing will get more exposure on a portal site than a corporate site.  Second, I don't know if exposure is much different between site a and site b.  All of the corporate sites use the same IDX feed from the local MLS so it is the same data.  Third, I agree with the comment on information about the community.  If you are looking for neighborhood x, why select an agent who sells in x, y, and z and more. 

#10 FSBO - The cited statistics are grossly inflated.  Pricing can be difficult and an appraisal won't necessarily help.  Appraisal reports past sales - it doesn't tell you what is available (ie. the competition) and it doesn't tell you what is expired (ie. what was overpriced).  Add to this problems with access, staging the home, negotiating the deal, using appropriate contract language, negotiating inspections, closing the deal, etc., there are pitfalls at every turn.  I could probably read a manual and figure out how to replace my car engine - but simple because I can doesn't mean I should or that it makes economic sense to do so.

 

Jul 12, 2009 01:59 PM #4
Rainmaker
500,627
Brian Burke
Kenna Real Estate - Highlands Ranch, CO
Broker & Advising Expert-Denver Luxury Real Estate

Oh sheeessshhh. This is the kind of stuff that gets written just to stir the pot - readers believe it and we are looking at digging out of a pile of dirt. This could have been written in a positive light but hey then nobody would read it - right? Meaning, it could have been written... e.g. Even though statistics show the selling a house through an open house is about 2-4%, it's still better than zero, and should be decided individually by sellers if that is something they would like to include in their marketing packet (or something like that). 

We do open houses and have a better % than that, but if somebody doesn't want us to do them, we won't. Many sellers (especially lately) are demanding open houses. ~Rita

Jul 12, 2009 02:21 PM #5
Rainmaker
234,265
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial 928-201-4242 - Fort Mohave, AZ
928-201-4BHC (4242) call/text

1. Each of the items in the article has at least one inaccuracy and/or is based on misperceptions perpetuated by (see 2).

2. Each of the items in the article often appear true at face due to the actions of inexperienced/poorly trained agents.

1. Not really, no.

2. Unless they're not.

3. The opposite - you have to give written consent to WITHHOLD an offer from seller.

4. Confidentiality is alive/well even with LDR.

5. They just don't think any of us know what the COE is, do they?

6. Sometimes we know more than the snotnosed brat at P/Z who's there for his college summer job. We just can't DO their job!

7. There they go again wanting us to misrepresent our expertise.

8. See 6, substitute 'lawyer' for 'snotnosed brat'.

9. I hope this is true but I know it's not. :)

10. Ask anyone who did their own transaction with and without a broker while carrying on anything resembling 'normal life' and see what THEY say. (Plus I agree with Ryan--the numbers are probably for dramatic effect--like this comment. :)

Jul 12, 2009 02:37 PM #6
Rainer
13,462
Carol Simonson
ReMax - Westlake Village, CA

Well Rita:  I don't know if their purpose for writing this level of 'Stuff' is to stir the pot, but that is certainly what happens every single time these fools publish such erroneous information to the general public. 

And it's folks like you and us who have to spend our time trying to over explain the facts to the public.  I say over explain because it takes about ten extra sentences to explain something erroneous away out of the mind of the general public. 

I really hope Suzanne does get an address that we can post here...wouldn't it be fabulous to be able to direct our frustrations over this crap...directly to the author and publisher? 

Active Rain is SO empowering!

Love, Granny...who is darn near so excited that she might even put her dentures back in!

www.ActiveSunshine.com

PS:  Now...everyone go out and yell at a journalist...and while your at it, kick one of them there Wall Street Bankers in the shin...just for general purposes!

Jul 12, 2009 02:46 PM #7
Rainmaker
475,705
Kenneth Cole
Weichert Realtors Appleseed Group, 2043 Richmond Ave. S.I.N.Y. 10314. office phone 718-698-9797, Appleseedhomes.com... - Staten Island, NY
NYS Licensed Real Estate Salesperson

They only tell half of the story, what about page 2?

Jul 12, 2009 03:49 PM #8
Ambassador
567,950
C Tann-Starr
Tann Starr & Associates, Inc. - Flushing, NY

Suzanne, what if it's the wrong one? There are a lot of people who don't show up in Zabasearch because you can e-mail them directly to have yourself removed from their database. Besides, what if there is a Senior, Junior and a Third with the same name? Which one wrote the article? (LOL) Just sayin... :-)

Granny Carol, there will be no posting of e-mails (LMAO). Play nice in the electronic sandbox. I recently posted an e-mail with the express permission of the owner, HOWEVER we don't have that here (e.g. a blurb in the article saying "contact me" or "here's my website"). Feel free to contact smart money or write rebuttals, but remember we're all bloggers and with free speech comes great responsibility (LOL). I am pretty free with my speech so I know what I am talking about. I walk up to the line, bend it and dance all around it, but I don't want you guys crossing into bad territory because we don't like the tone of a piece and disagree with it. Sounds like that person thinks real estate people suck. The editor who thought it was cool to publish it would be bypassed by me and I'd go higher up the food chain because after reading it I just threw my magazines down the trash shoot. I will no longer be buying that publication and I've been buying them for years. BTW, I don't want to send traffic to that writer so I will not be jacking your blog. The more people who click the link the more exposure that piece gets. I'm trying to get it out of my head but I'm too anal to forget it at this time. Boo hoo... (I am soooo biting my tongue right now and will be linking back to you - LOL)

Heather, we have to be very careful when dealing with dual representation in NY. We start with our state department form explaining agency and make them read it in front of us, then ask them questions to ascertain if they understand it, then request they sign it. I always do two originals because I like having their fingerprints all over my documents so if they get brain dead and say they didn't sign it I can have their prints and signature examined by an expert (LMAO). One stays with me and they take the other with them. It is up to each individual if they want sep or dual representation and if dual then both sides of the party must be made aware of it and agree.

Rita and Brian the first thing out of all of my seller's mouths in sum and substance is "how much and how many open houses will you be holding for me." They all want them. Even the people with the crappy, mold infested houses I have declined to represent (LMAO). Maybe somebody needs to do a wee bit more research? Just saying... Then again, maybe they just stirred the pot for rankings? Isn't there over 4 million Realtors? Maybe we should all send the link to NAR and let NAR deal with Smart Money. Hmm...

Ryan, very interesting. :-)

Candice, looking forward to the rebuttal posts (LOL). I may have to write one regarding the road to hell is paved with good intentions (LMAO). What was the intent, eh? That's the question. I shall be spoofing with my kids about this very soon. This was supposed to be a bathroom break for me but I gotta support Granny Carol in her outrage. That's my girl. Gotta help my Granny out. ;-)

Kenneth Cole, lets all write page two, shall we? I'm gonna do it minion style.

Granny Carol. Gotta go. My kids can't be unsupervised for more than ten minutes or all hell will break loose (LMAO). Will be back shortly. I have an interesting graphic I need to produce. :-)

 

 

 

 

Jul 12, 2009 05:20 PM #9
Rainer
13,462
Carol Simonson
ReMax - Westlake Village, CA

Oh my goodness Carolyn...you've already give me one image (Now burned into my memory for all time!) earlier today with that comment about a (Peek) in your email. 

I'm sitting on the edge of my chair with anticipation (Or is it apprehension) as to the graphic you need to produce next!

I'm may be scarred for life! LOL

Love,

Broker-Granny...eye's wide shut!

www.ActiveSunshine.com

 

Jul 12, 2009 06:02 PM #10
Ambassador
567,950
C Tann-Starr
Tann Starr & Associates, Inc. - Flushing, NY

My lovely partner in crime Michelle Viggiano is doing "The Road To Hell..." part (LOL). I'm working on "Paved With Good Intentions?" (ROTFLMAO). We have been spoofing off and on all night on this tasty bit of double trouble. How can I not define cyberhell? (LOL)  Here's a sneak preview of the tag team blog graphic for part one inspired by Granny Carol's mini-rant:

Carolyn Tann-Starr CyberMinions.net

I'm still working on part two. Michelle and I are brainstorming right now. I love Club Chaos. ;-)

Granny Carol, this may take a while (LMAO)

 

Jul 12, 2009 09:59 PM #11
Ambassador
567,950
C Tann-Starr
Tann Starr & Associates, Inc. - Flushing, NY

Okay Granny Carol. I know where I am going with this... Part Two graphics are done... :-) We have a story to tell... I think it may surprise you (LOL). Will let you know when we post. I will be linking back to you in part two, sweetie. See what you started, lovely? (ROTFL) Wonder what the rest of your peeps will be writing, eh? I can't be the only one about to have a wee bit of fun here. I feel positively inspired... Time for late night... ;-)

Carolyn Tann-Starr CyberMinions.net

 

Jul 12, 2009 10:29 PM #12
Rainer
13,462
Carol Simonson
ReMax - Westlake Village, CA

Hmmmmmmmm!

Jul 12, 2009 11:12 PM #13
Rainer
13,462
Carol Simonson
ReMax - Westlake Village, CA

I don't understand...Im so lost even the GPS unit in my car couldnt help me with this!

 

Love,

Broker-Granny, aka...Deer in the headlights...that's me...again

www.ActiveSunshine.com

Jul 12, 2009 11:14 PM #14
Rainer
13,462
Carol Simonson
ReMax - Westlake Village, CA

Oh my goodness Carolyn: 

I really am confused about whatever it is you are up to! 

Just tell me this much...is this going to hurt?  and...will tar and feathers be involved?

Oh...and will I be the featheree...or the featheror...somehow I think that just might matter a bit!

Love,

Broker-Granny...who just happens to be allergic to all but the finest of downy feathers...that is...when it comes to tar and feather matters.

www.ActiveSunshine.com 

 

Jul 12, 2009 11:25 PM #15
Ambassador
567,950
C Tann-Starr
Tann Starr & Associates, Inc. - Flushing, NY

LOL @ Granny Carol. We're going a little high-brow, tongue in check with it. No worries... well... um... maybe a tiny one (LOL). Just kidding...

Jul 12, 2009 11:44 PM #16
Ambassador
567,950
C Tann-Starr
Tann Starr & Associates, Inc. - Flushing, NY

Okay, we're seriously considering the tar part. ;-)

Jul 12, 2009 11:54 PM #17
Ambassador
567,950
C Tann-Starr
Tann Starr & Associates, Inc. - Flushing, NY
Jul 12, 2009 11:55 PM #18
Anonymous
Anonymous
Anonymous

There are a lot of real estate professional-bashing articles out there right now, due to the economy.

There are many people who think that inspectors and Realtors are in collusion. There are even many home inspectors who think that if a specific Realtor doesn't use him, preferring to recommend other inspectors, those other inspectors must be in collusion with the Realtor. I would submit that the home inspectors who doesn't get referred simply doesn't know how to market himself, doesn't have appropriate bedside manners, etc.

Aug 10, 2009 12:44 AM #19
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