The lazy agents way to collect a paycheck

I was working another post and in my research came across a comment from Marc Davison (1000 Watt Consulting Blog) that really fit the exact phrasing for what I was trying to convey. ?Mmm, when did not having to work hard become the path to success? Oh yeah, 1997-2005. I wish we can scroll back time. I wish I could sit around and collect paychecks by doing little or nothing.?

The comment above was in response to a post regarding implementation of Web 2.0 services by Reactors, or lack there of. Things like this blog for example. Yes there are quite a few of us that GET IT especially when it comes to Tampa Bay Real Estate. Blogging and Real Estate seems to be a bit more lofty of a goal for too few. We, are a rare minority in the scheme of National Real Estate statistics. Ok, so where am I going with this ?

Well, besides the whole Real Estate Technology thing, I think one of the larger problems with our industry is the lack of oversight by the Brokers, much the same has transpired with the mortgage industry. No way your saying?.say it isn?t true ?

Let me share these two small stories with you to help explain my point.

1. A local Buyers Agent works with an out of town client (out of town meaning out of State or out of the Country) who wants to invest in a large home and has a set price in mind. The agent locates a suitable home and helps to buy the home at the full asking price of the seller. Where this gets interesting is that the agent never attempted to negotiate for a lower price for the buyer. This agent in doing this deal just added to the entire housing industry mess we are in. How ? because this agent was truly un-ethical, greedy and lazy to boot. In the current market, not even attempting to negotiate for your client to gain a better price is shameless, regardless of how much money the person has.

2. A seller negotiates with a client to list their vacation home at a reduced rate of 2% if the deal is split between buyer and seller agents. So this agent takes a picture from the client and lists the home on the MLS and waits for the buyers to call. What?s wrong here ? The Agent took the clients picture (which by the way was a very bad shot of the home). The agent did not take any pictures of their own or even suggest to the client that they would need additional pictures to help advertise the listing. There also, was no mention or suggestion of Virtual Tour or brochures (oh, I think the client did the brochures?) and no web marketing. Meaning the listing was not advertised anywhere except the MLS, the Brokers site and Realtor.com (with-1 photo). So now the home has little to no chance of getting a buyer in the current market.

Our industry has gotten a huge black eye lately and agents like these don?t help make it any better. A lot of the agents are the ones that are complaining that Web 2.0 technologies are too hard or complicated. They are the same lazy ones that act as I mentioned above. Those of us that really go the extra mile for our clients continue to get maligned in the media because of our industries lack of oversight in cases like this. And who is to blame ? Mostly the same lazy brokers that are allowing this to happen. Either they are too lazy to educate their teams or they have no clue? It?s time that our industry started to gain a better hand at managing the ethical ways in which we conduct business.

Our clients are getting smarter and more savvy at technology. I think it?s time for an over haul of our Realtor s ethics pledge, or rather the methodology to ensure that the agents and or brokers that allow this are sent packing.

If your a home owner that has had a bad experience like this or even an agent, speak up.

• Do you agree ?

• Disagree ?

• Maybe you have a better way of addressing this ?

• Inquiring minds would like to know ?

Please leave a comment.

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Why we should embrace change

MLS Data compliance and NAR vs. DOJ

Home Equity Credit – is it crunch time?

It?s no wonder that home buyers sit on the fence and wonder when the right time to buy will arrive? Since the the mass confusion in the markets continues and the various media outlets can?t seem to come together on what?s really up anymore.

Here’s a perfect example of Florida Real Estate as compared to other states :

In this weekends local St. Pete Times Finance section, I read an article that discussed the facts, that some home owners were finding out that the falling values of their homes were effecting previously issued home equity lines of credit. This column-article by Helen Huntly lists several local citizens as point of reference.

What?s interesting in this story, is that one of the individuals used as a source doesn’t come clean and tell the Times that their are umm issues with that owned property, that would make anyone understand why the bank said NO.

St. Pete times should vet comments or sources a little bit more prior to printing articles using outside sources.

Ok even so ?..this seems plausible given the current economic climate we are in. But then today I read an online article on the Wall Street Journal touting how a Home Equity line of Credit could be your safety net ?

The last line in that article is kind of interesting to say the least ?And you won’t be penalized if you never tap your home-equity credit line.?

So what?s your experience, is this happening as much as the Times says it is here in the Greater Tampa Bay?

What about the WSJ article?good idea or bad ?

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1 in 3 Home Owners with Negative Equity according to Zillow

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DOT HOMES submits to US Real Estate BROKERS – dont worry – be happy !!

Earlier today I received the following from DOT HOMES:

New pingback on your post #117 “MLS Data compliance and NAR vs. DOJ “

Website: BYTEPLAY ? Blog Archive ? For US listing brokers (IP: 195.62.28.205 , www.ec1m.net)

URI : http://www.byteplay.com/blog/archives/57

Excerpt:

[...] [...] some of the ensuing controversy (Lenderama, CBS5.com, InmanNews, GreaterTampaBayRealEstate), I?m going to attempt here a crude recap of my conversation with Kevin. If you?ve any [...] [...]

This is related to an earlier post I made regarding the DOJ’s lawsuit against Realtor.com and the issue over MLS (Multiple Listing Service). It appears that the presence of this new venture on the scene in the Real Estate Search community, had ruffled some feathers of a few of the Top Real Estate Brokers (BLOGGERS). Some suggested that what Dot Homes was doing may not be entirely legitimate or in compliance with MLS regulations.Seems that this answer is right on the money: After you have clicked on the link above you will also see my reply:

“I think this is an excellent review of Dot Homes capabilities as well as highlighting the short sidedness of many Brokers in the Real Estate industry today. I don?t think you can explain it any clearer than this. This is a tool that Brokers should welcome with open arms?especially given the current economic climate.
Also, keep in mind that there are well over 150 MLS associations in the U.S. alone, that all have their own version of what constitutes compliance. This entire MLS issue is so overblown and in many opinions has been the major issue that has suppressed innovation and competition in our industry. Why else is the US DOJ going after Realtor.Com with such vigor? Could it be that they represent monopolistic tendencies when it comes to the MLS ? Going forward, I think this kind of makes Kevin?s entire comment on the MLS issue kind of baseless. ”

read more | digg story

Related Post:

MLS Data compliance and NAR vs. DOJ

1 in 3 Home Owners with Negative Equity according to Zillow

Zillow revised their 4^th Quarter report late Thursday the 28^th of February that according to Zillow ?MORE EXPLICITLY DESCRIBES THE RATES OF NEGATIVE EQUITY FOR ALL HOMEOWNERS IN THE U.S. IN EACH OF THE YEARS 2003, 2006 AND 2007.? The original report had been released on February 12th as reported on PRNewswire.

In that report the key news was with regards to Condos where Zillows stated that Condos had posted the largest Year-over-Year value declines; down 7.4% compared to single family housing that was down by 5.5%.

This is the 3^rd News Release by Zillow for the month of February. I strongly believe, that the main reason for this clarification was the confusion and somewhat dissolution by most home owners at the report posted on February 7^th, where Zillow reported the findings of a survey that revealed, that Home Owners were in Denial or Inattention to what was happening in their markets with many indicating that other houses had lost value but not theirs. Actually I think Zillow was spot on here.

The new report does add some clarification to the 3^rd Paragraph as detailed below:

?The continued decline in home values means many U.S. homeowners saw equity slip away while more homeowners were pushed into negative equity situations, meaning they owe more on their mortgage than the home is currently worth. Nationwide, those at most risk of being underwater on their mortgage are those who bought in the last two years when most markets peaked. Of those who bought in 2006, 39 percent now have negative home equity as do 30 percent of those who purchased in 2007. By comparison, only 3 percent of those who purchased five years ago, in 2003, and less than one percent of all homes in the U.S., in each of the years 2003, 2006 and 2007, have negative equity.?

What really puts this into perspective are the graphic images from Zillows Zindex Home Value Estimator

Hers is the link for the full size US Map version below:

I have also compiled a quick look at the Greater Tampa Bay Real Estate scene including Sarasota so you can gain a good perspective of the shape that we are in locally in Florida.

Click on the thumbnail picture (below) to pull up a larger view:

Related Posts:

• Denial will stop you from selling your home

• Florida?s indifferent real estate market in Tampa?huh ?

• Pricing your home to Sell