Indoctrinating Home Buyers & Sellers

I think the video is absolutely hilarious.

Additionally, if you get into a “combat” mode against the video you give it validity.

I think it’s funny how they portray the Realtor in the video.

I’m thinking about posting it on my blog.

Still laughing.

Although I agree with a few of the points this video makes, that is overshadowed by the assumptions made that we don’t do things that are required by state laws and/or the REALTOR code of ethics.

Education, Lani…..and often it takes time for them to see how you handle each situation.

It’s all included in my buyer and seller packets.

If I have to I will sit in front of the MLS and show them why they need to be priced where I suggest. I don’t make up numbers!

I never give them just one inspector or lender – they can call whoever they want.

To say an agent is not concerned about their clients money is absurd, though. If they don’t sell, I make nothing – but neither do they – and they will lose more than I will – no brainer.

Please, please don’t let me westle you into an open house – that’s the only accurate statement in the video, because you know I get at least 20-30 buyers walking through the door. NOT

Go ahead and try it yourself, I don’t discourage it,however I can show you case after case of people who did do it and the amount of money they lost waiting for their home to sell.

And, sometimes – I don’t bother. If they are that ditrustful, they are not worth my time.

Maybe, I too, will put this on my site and counter each item.

I disagree with the video about the yielding the higher price point. In this market, 99% of sellers are unrealistic about what their crappy properties are worth. If anything, a real estate agent tries to keep prices inflated because of commission. Otherwise, I do think real estate agents (except for Kevin Tomlinson) are sneaky and to be distrusted. They are not entitled to 6% commission (1.8 years of mortgage payments) for a few hours work. Most listings have something like 3 terrible pictures and a 2 sentence description in all caps with misspellings. If I did that quality of work I’d expect to never make any money.

Lani, you talk of indoctrination, but this is a two way street. How about the indoctrination of the American public by the real estate industrial complex about – house prices always going up in value, that housing is a productive asset (even though it is not “investment” but actually consumption – in the same sense that you spend money on automobiles or eating), etc…

See patrick.net for more information. Realtor’s days are numbered. Trulia.com and zillow.com will ultimately be the end of you.

Nice video. Some decent points. Some a bit off. The broker tricks and cons must have been covered in one of the numerous office meetings I missed.

A very close friend is my favorite home inspector. He has killed deals of mine – and saved me potential litigation by doing so (note to self – send bottle of wine to Joe).

Gotta love the balanced POV of miamicondoforum – he took shots at sellers and their properties, not just agents.

Funny comment about Trulia and Zillow though. Reminds me of Brad Inman saying the Internet would be the death of the real estate agent. Then he started HomeGain to sell leads… to agents.

Thanks for the compliment Miamicondoforum.

I work very hard to “bring something to the table” for the client.

I have never “sold” anything to anyone. I assist them, if they need me.

Lani, if someone thought I was “scum,” my answer would be simply not engage that person.

All of my clients contact me, I can’t remember “reaching out” to prospect possible clients.

I guess it’s more of an issue if you are a “typical” salesman’esque’-type of agent.

Thumbs up for Russell…go ask someone else.

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The video’s interesting – some points I agree with (such as buyers checking the comps), some are completely off (such as making sure all offers are presented).

Was preparing to send the annual calendars yesterday and discovered one of my past buyers has their home on the market through a flat rate company for about 12% higher than they paid at the start of the year.

Okayfine, have fun with that.

Wonder if this will get through…

Anyways..here goes…

Other than the payola to the inspector , which does happen, but can not be used to cast a total blanket on this video, what else is erroneous or not truthful.

I have watched this video 5 times and I am trying to see where it is not information that is easy to be substantiated.

Tip 1. Do your own research on comps…yep, great advice. Don’t see anything wrong with that. Where would I get it..well I’d ask an agent and I would tell them to be very specific (OMG you wouldn’t believe the BS CMA’s I have seen) Tell them you want a list of all closed, pending, and actives. Closed can not be anymore than90-120 days old and must be similar in configuration and amenities and prefarably within the same subdivision. We need to make sure we’re comparing apples to apples and oranges to oranges. The pending and actives are for the regression analysis we will need to perform. (you do know what that is don’t you Mr. Agent)

Tip 2.Make sure that your listing contract has a termination clause written in the contract allowing you to fire the agent at any time at your discretion however of course if they have introduced or procured you a buyer you will need to expect to compensate them..and by all means do make sure that ALL offers are conveyed directly to you.

Make sure that if you reduce the price that you do so based upon the above referenced regression analysis. And that said reduction does not extend the listing agreement.

Tip 3 Forget about open houses…agreed! Hey this one is a toss up..simply a matter of opinion but hey you can’t argue what the video says isn’t true. There are literally dozens of traning courses all over the Internet and by the NAR that encourage agents to hold open houses as a form of marketing THEMSELVES…so this tip is actually right.

Can’t see how anyone would have a problem with that one.

Tip 4. ABSOLUTELY CORRECT..while some here may not negotiate their commission…it is no longer scarosanct and of course one is able to negotiate it. Just becasue you won’t do it doesn’t mean that MOST won’t as the video says…so this tip is accurate as well.

I addressed it earlier but yes there are some unethical agents out there so indeed you should have all offes submitted for your review.

I would never accuse an inspector of being on the take but we all know how inspectors get paid. They are not paid to red tag properties they are hired to get them bought or sold. Also…what’s wrong with an independent point of view?

And yes you most assuredly need to know building code ordinances and no way you should assume an agent knows them. If they say they do, have them sign a document where they state that they will be responsible for any violations. That will often smoke out the BS.

Now the big one that most agents have a problem with. Wherein the video says you should consider going about it yourself.

Hmm..is it wrong to consider it? Is it wrong to educate yourself…think twice before you answer that question. Here’s why.

Let’s say today John wants to sell his house on his own and he is inundated with agents telling him he is unprepared and does not have the knowledge to sell his home on his own. So he should hire a professional and spend 6% becasue the professional knows better. Him, so if John’s house is worth $200,000 it will cost him $12,000 to have the professional sell his house for him.

But wait Johnsays, hey I’m a bright guy, I think I can do this…so he begins to educate himself and he reads 1 book. 1 Text book and he feels he can tackle this on his own. Are you as agents saying John is wrong?

Well what if that book he bought was the real estate licensee text book. The same book that everyone else reads. Then he takes a test based upon what he read in the book and now he is a licensed real estate agent.

Is he now capable of selling his house on his own? Now that he is armed with the same information that many of the agents who said he would fail as a FSBO. By the way, he spent $199.00 for the book and took his class and test online.

Now he’s saved a whopping amount of cash and he’s now licensed. yes, he only read 1 book and last week he wasn’t licensed but now he’s got the Blue R on his lapel and all of a sudden he CAN sell his home on his own because suddenly he has new found knowledge that no other FSBO could ever obtain unless they got the Blue R button.

So…is that tip on the video all that wrong?

Lastly we get to the Internet part. Please, it is so right..actually it’s a lot wrong..it said half and we all know it’s MUCH higher than that now..85%+ I believe is the new number.

yet, most agents have the web presence of a cadever and their websites take up space like abandoned billboards on the info superhighway.

Of course, not those ehre, this is the upper echelon of web savvy realtors but if you have any doubt that most..90+% have little if any clue about utilizing the internet to snare buyers you are kidding yourselves. Heck there are evn some in this space and other high profile real estate spaces who have not or have no idea as to how to optimize their blog or website to capture business.

Before you throw pitchforks, you can’t possibly disagree since the above statement is founded directly from NAR data.

So I ask the detractors of the video…I understand that you may be uncomfortable with the content, and maybe it’s delivery and now unfortunately it’s widespread distribution…but all in all you can not possibly be honest with yourself in sating that all in all it provides some valuable information and insight as well as a caveat for Sellers to explore.

I for one welcome this kind of video. I am contacting the producer for distribution and editing rights. We’re going to put it on our real estate site and ENCOURAGE the transparency that the video seeks to evoke and we are going to let any selelr and buyer know to ask our staff ANY of these questions and we’ll be prepared to provide them with open and honest responses to ensure the comfort of the client who is trying to resolve a transaction in the most volatile of markets ever seen.

Makes me wonder how some can be so cocky as to summarily dismiss that which is uncomfortable.

Remember, this si a public forum wherein anyone can read and it just seems to me that with so many having a tough go at it this year that they would embrace that which may endear themselves to a consumer who holds their profession in such low regard.

I don’t know, just seems like good business to me.

I write a weekly column for a couple of local newspapers. I can tell you that many people just hate real estate agents, just to hate real estate agents.

The comments that are on the column are nasty and mean. Some of these “consumers” actually think we just sit around all night making lists on how to screw them over.

Paranoia. While I don’t doubt that there are some crappy agents out there, I am not one of them.

There, I said it.