Recounting a tale from the trenches in the Charlottesville Realtor/real estate world …Another Realtor was showing buyers a development in Charlottesville and an agent was onsite holding an open house. As the buyers looked around, the Buyer’s Agent (BA) and the sellers’ agent (SA) got to talking.BA: This road in front of the development: It goes into a neighborhood, correct?SA: Yes, but you don’t want to take them that way. It looks much better the way you came in.BA: I understand, but I want them to see what’s around this property, going both ways.SA: If you go back the way you came, you can show them how close the grocery store is.BA: Thanks, but I can do both.SA: You should really go out this way – it’s much better.When the Buyers and the Buyers’ Agent got in the car – the wife asked, “Which way are we leaving?”… Then, I’ll show you how close this is to grocery store, restaurant, etc.” Turns out, the wife had heard the Realtors’ conversation.1 – Your Buyer Agent is supposed to look out for your best interests.2 – Had this been a Dual Agency situation, do you think the buyers would have been more or less likely to see the “other” areas?3 – Realtors don’t have an obligation to assess an area’s safety level, but they do have an obligation to be the “source of the source” – provide references by which the clients can determine for themselves.4 – Recognize two things – not all Realtors are focused solely on “making the sale”; but some are.
Browsing Category Public Perception
This is exactly what the NAR should be doing
Lawrence Yun is providing a counter-point to the press coverage – based on actual facts and context rather than sunshine and smoke.A recent Wall Street Journal article points out that home price trends are divergent, depending upon the source…. …Secondly, the Case-Shiller price index – which has been gaining more media coverage as of late – covers only 20 markets (ed note: none in Virginia, but surely Washington DC includes some of NoVa)…. This is total distortion of market conditions based on a small selection of falling local metro coverage….(I have been told by few reporters off-the-record that they are interested in increasing their viewership even if it means putting things out of context.)… Now – you’ve got RSS, let’s see some trackbacks and comments and we’ll be on our way.Lawrence Yun responding to critics, Dale Stinton, CEO of NAR commenting on a blog …
If NAR spends so much money on PR
Why don’t more people know how to spell “Realtor”?It’s great that people make their way to my blog when searching for Charlottesville Realtors -But – for those who arrive (thank you for reading) searching for “realator” or “realitor” – it’s “Realtor.”Re·al·tor (rÄ“’É™l-tÉ™r, -tôr’) A service mark used for a real-estate agent affiliated with the National Association of Realtors. This service mark often occurs in print in lowercase and in the plural as well: “The economic aftershocks are already rippling through the area’s non-defense businesses, from realtors to pizzerias” (New York Times). Source.I’ve always thought it was two syllables. Who knew it was three?
Pulled from the comments – More on Dual Agency
“Dual agency practiced by one agent is always a conflict of interest for the agent even if legal dislcosure is made.In a designated agent situation, the principal broker is by law acting as a dual agent and is in a conflict of interest position even if legal disclosure is made.Virginia law requires disclosure of dual agency but our Code of Ethics requires “informed dislcosure . It doesn’t go far enough in my opinion.Unfortunately, the laws in our state regarding dual agency (including designated agency) do not require an agent to specifically disclose to either seller or buyer the number of ways in which his “representation†of them will change once dual agency is invoked by him or his broker.Specific examples should be given such as “I can no longer advise you on value or offering priceâ€. They won’t be hearing information such as “I can no longer inform you about the wild and loud parties that go on every weekend at the house next doorâ€.When signing most listing agreements sellers agree in advance to go along with the a potential dual agency without this vital information. The agent is already free on the seller side to work as a dual agent as long as his buyer client agrees.I wonder how many well informed sellers or buyers would agree to go along with it when offered if they knew that “their agent†could no longer be their advocate but would merely be providing ministerial services?I wonder how many times the request to agree to dual agency is presented to a seller as the agent is holding an offer in hand.I wonder how many times the act of bringing in a second agent to “represent†one side in a designated agency situation is accomplished at the last minute with little knowledge of the new client by the new agent and without actually being familiar with the property or showing it to him.Our Code of Ethics requires Realtors to ALWAYS place the best interests of our clients ahead of our own.
“Suing for lack of competence”
Trailblazers for what?Advice for buyers:Ask questions…. For too long, buying a house was an almost trivial matter for some, as was choosing a Realtor…. The Ummels say he encouraged them to get their loan through him. Mr. Little ordered an appraisal of the house but did not respond to the couple’s requests to see it, the suit charges.How I wish this were a case of Dual Agency; that would be too easy.
Rumors and expectations of the Realtors’ demise were greatly exaggerated
As predicted on 3 January of this year:The numbers of Realtors in the Charlottesville area is certain to decline in 2008…. Yesterday was the deadline to renew Realtor memberships and 98% of Charlottesville area Realtors chose to re-up for another year…. That number’s accurate – out of just over 1100 Realtors, only 27 have decided to hang up their memberships.Nationally, membership is flat.Locally, these are a few questions to ask your Realtor before you hire him. If you are a buyer or seller, ask yourself – when choosing someone to represent your best interests, would you want someone who does it only a couple times a year, or someone who lives and breathes it every day?The Pareto Principle (the 80/20 rule) proves itself again.More on the impact of the slowing market and part time Realtors here (from 2006).This was my first lead-in sentence:“in a sign of either delusion or confidence that the market will rebound, about 98% of Charlottesville Realtors decided to re-up their membership …â€But I chose a less blustery opening.
Realtors gaming the MLS
This Realtor wanted to be able to withdraw a listing and put it back on so that it both got a new MLS number (to appear “new”) and so that the Days on Market number would reset – ostensibly because that’s what the clients wanted. MLS rules prevent this, but there is always “another way.”When I questioned why – she said that other agents do it, and while she agrees it’s not right, if they’re going to do it, she wants to as well. Rather than report the offenders to the MLS so that the data could be accurate, she would rather game the system.Does this type of gaming the system work? Only on those who don’t have competent buyers’ agents who will track the history of the listing.Now – contrast this attitude with that of previously-mentioned Roost:”The MLS is really the definitive hub … (its) core mission is the integrity of the data,” he said, which is why Roost decided to operate via these relationships in each market rather than rely on brokers to send listings feeds to the site.There’s a reason that Realtors are losing their competitive edge.