A new required data entry field came into effect in the Charlottesville MLS earlier this month addressing “limited service” companies:This new field applies to those properties that are listed by an MLS member, for a flat fee or commission, for a seller who is not engaging the full services of a REALTOR®.Listing brokers participating in a limited-service model need to be certain they comply with all statutory requirements of a listing broker for their state. Listing brokers offering limited services must also ensure they adequately disclose to sellers what services they are and are not providing to their client…. That is the service.There is so much more to real estate representation than driving around and taking pictures – negotiating, listening, counseling, analyzing, guiding, drawing opinions, thoughts and opinions out of clients – to itemize every step in a representational relationship would be nearly impossible. Every transaction is different and the “might happens” are innumerableOne more thing – so long as Realtors are dependent on whatever the seller is willing to pay the Buyer-Broker, many consumers will embrace the mistrust that is bred by the commingling of commissions.
Browsing Category Public Perception
Whither false blame?
Readers of real estate blogs – buyers, sellers, consumers among them – already know the how wrong the claims made in the article are (as do the commenters on your blog).The word “disappointing” keeps coming up in comments referencing the Wharton article.dis·ap·point·ingfailing to meet expectationsThe clear lack of knowledge and awareness about the real estate profession indicts the entire article.Misdirected blame and clearly wrong arguments from prestigious institutions and leaders such as Wharton do great disservice to all involved – the Realtors, the buyers and sellers, the lenders and I would argue themselves and their students as well as policy makers who may trust such business education leaders’ opinions – and then we all may suffer.Thanks to Greg for sending the traffic and to everyone who commented here on yesterday’s post about the article posted at Wharton’s blog, The Subprime Blame Game: Where Were the Realtors?Seeking to level blame on some Realtors is one thing – there are unscrupulous individuals in every profession…. There is plenty of culpability to go around, but to argue that all 99% of Realtors were advocating on behalf of the Sellers is liable to give some apoplectic fits.Greed is the primary culprit – greed that affecting the decision making ability of people in every camp – buyers, sellers, Realtors, lenders, appraisers, inspectors, title insurance companies …… Promote the interests of the buyer by” and then this – a sample Exclusive Right to Represent Buyer’s Agreement can be found here.The author and professors make one accurate argument accidentally – until the real estate industry, mortgage industry, HUD, etc. embrace divorced commissions, we have a long way to go…. Until this is fixed, the perception will exist amongst those who don’t know any better – whether by unfamiliarity or neglect (as would seem to be the case in the Wharton professors’ cases) – that true representation does not exist.I come not to condemn the professors (I have read the Mortgage Professor site for years), but to enlighten them to the wonderful world known as the 21st century and Buyer Brokerage.
So much misinformation about Realtors it’s almost comical
Comical misinformation about Realtors and buyer agency.
Does community involvement matter to consumers?
Well, does it?One of the (many) points of discussion at the Virginia Real Estate BloggerCon this week was community involvement by Realtors. The consensus in the room was generally that Realtors who are involved in their communities likely are better Realtors. One perspective is that if a professional has investment in his or her community, he is likely going to be more informed and educated about that community; another is that involvement is irrelevant so long as he knows the market. From a consumer’s point of view – does a Realtor’s involvement in his or her community matter to you?
Another reason blog “leads” are better
The differences between leads generated from blogs and “leads” purchased through one of the various blood-sucking non-value-adding referral companies are many. Some of the most crucial differences are that blog clients:1) Are typically further along in the process of hiring an agent (whether buyer’s or seller’s representation)2) Have vetted me, at least a little bit, by reading what I have written over the past 34 months, which makes the process more efficient for both of us.3) Frequently are more aware of the current market and some of the factors impacting the market.4) They’re not “leads” per se, they’re typically conversations about whether we might work well together.4) I would never have gotten this question from a blind internet lead:(b) We’d obviously prefer to avoid dual agency if at all possible. If an appropriate listing comes up through your C21 office, though, what safeguards are in place to protect both sides?I love that this question is asked up front! Fortunately, I have an opinion on dual agency – get rid of it.All in all, the hours spent reading and writing every day are worth it for my own knowledge and ability to represent my clients.
How to Choose an ethical lender
Finding a lender who will represent your best interests rather than their own has always been important; even with the web, doing the necessary due diligence is seemingly more difficult than ever.The foundations of real estate and lending are relationships and reputation…. (This means that guaranteed rate you were depending on likely won’t be available come closing day, and that 6.25% interest rate may be 7%) To use the cliché – if it seems too good to be true, it probably is.Or as I put it to my clients, choose someone whose office you can walk into, look them in the eye, shake their hand, and tell them to “fix it,” even if fixing it means they pay for it…. They should; if they don’t, run.The “broker versus banker” debate is an entirely different debate to be covered at another time.Do they offer a wide breadth of options?Do they try to push you the maximum you can spend, or do they listen to your needs and budget and help you determine what you should spend? Just because you can afford something doesn’t mean you want to.Shop around; there are plenty of reputable, trustworthy lenders in town.Finding a good lender, Realtor, home inspector is a matter of trusting someone’s reputation.
Insight into blog readers’ minds
But if that Realtor has a qualified buyer, what good would come from shooting yourself in the foot?- real estate sales in charlottesville va+july 2007 – or, go straight to the Market Statistics category on RealCentralVA- realtor ethics questions and illegal incentives – duh. This is the problem with cooperative compensation – where the seller “pays” the buyer’s agent – particularly builder incentives.- charlottesville va foreclosures – why is one of the condo communities in Charlottesville advertising for this search term? I can understand the big companies and the odd Realtor but what are they saying?- advertizing real estate & relocation realitors – only for the misspellings. It’s Realtor.- dual agent horror story – surprisingly there are only slightly fewer results in Google for “dual agent success story” – but the results for the horror story search are much, much more pertinent.- jim duncan – there are 2.3 million results for this search, and I’m number one and two.