Wale Adewoyin's Blog

Act of robbing agents.

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Mon, 06 Jun 2011 21:33:53 -0700

What do you do when a broker goes rogue? Go balistic? Turn over to the authorities? There is a case of a broker with about 100 agents who gets agents commisions and do not pay them. The state real estate commission takes up to six months to institute an investigation and the perpetrator is long gone and set up another shop.

The issue I believe is one of ethics ad criminal character and intent. How would you address this situation?

Agents cost of doing business

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Wed, 01 Jun 2011 15:40:31 -0700

In these hard economic times, it is not amusing that the support for the major fuel running the associations, association executives and the NAR itself, is not adjusting to the times. The NAR first called the shots by saying it is increasing its membership fees. Tou have the association executives who feed of agent fees in their various markets who are incresing fees or talking about increasing fees.

In this age of dwindling agent revenues, association fees and MLS fees are increasing, or have not been reduced to be cognisant of the agents decreased revenue. Here is our own too big to fail. I think its time agentd stood up to ask for decrease of these expences. Thats my take. Whats yours?

Grim housing news.

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Wed, 01 Jun 2011 15:29:23 -0700

With the news released to day on the housing market, there doesn't seem to be a lot of optimism on the market. The tax code need to be re-worked. At this rate the recession will never be over. The housing market drives the economy, and without housing being revived we are stuck.

Legacy day

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Mon, 30 May 2011 08:28:06 -0700

Today is a day when we reflect on those who gave their lives for what they believed in. Men and women of valor who stood up to defend this country from internal destruction and external aggression.

This being a day of reflection I ponder on those who have taken the liberty for granted, and have not thought about what kind of legacy they are leaving behind especially for their kids? I know some of us would say we don't have no kids, but we do exert some influence on the upcoming generation.

How have we used our freedom that people lost their live getting and defending? More than any teacher, or family memeber we owe our gratitude to these non related men and women who gave us the right to free speech to be what we want to be. This is a day of reflection to think about your life and legacy. What would you be remembered for in your community? Whats your legacy?

Raising the bar

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Wed, 25 May 2011 22:57:10 -0700

I know this may be a controvercial issue, but its been on my mind. Most licensing authorities have the minimum standard for getting a real estate license as being minimum age 18 or 21 as the adult maturity age may be for that state. They also impose a minimum continuing education requirement for license renewal. I have observed some agents regard it as a pain at the same time barely meeting the minimum requirement.

I believe in continuing education/ improvement, I also believe the minimum educational requiremets should be standardized. Every agent needs to be able to communicate withe their clients, and educate the client on the requirements and factors that affect the sale of their home. Agents should be versed enough to know what drives the market, be able to explain why their house is not selling.

We sell or are responsible for the major sale or acquisition most Americans will ever own in their life. If you need a college degree to sell $1.00 stocks heck you need to jump the hoops to handle most peoples major life purchase.

Okay the rapture is come and gone-what about real estate?

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Tue, 24 May 2011 09:51:33 -0700

All the hoopla about end times have come and gone. What about real estate? Would someone come up with a crystal ball prediction on when this rut will end.

Without ral estate rebounding, the labor market will continue to girate up and down. What jolt can or should the government do? I have an answer, why cant current owners who are under water, just sell at market and the IRS writes of the negative balance?

This has been the longest lasting recession and there doesn't seem to be an end.

New Cobb county school superintendent.

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Mon, 23 May 2011 05:38:37 -0700

Cobb says its finally gottten a superintendent? I pray he has some good answers and plans to return the school district to its good days?

The problem with education in the county as with the whole of GA generally is that little or no yardstick is in place to monitor and reward excellence. Budgets are not respected and their auditing process needs to be revamped.

NAR fees to increase or not to increase?

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Sat, 21 May 2011 21:41:15 -0700

I have read that contrary to opinion of real estate agents all over the country that NAR's timing of the fee increase for membership is at a wrong time, they went ahead and incresed the fee. I would join or pay fees for an association if

1) It contributes to my success. When I was a rookie agent I was prepared to absorb anything thats when I joined NAR. As if that was not enough, you had a proliferation of associations and their executives, and you had a variety of MLS boards in the same market and in some markets, agents pockets they feel are so deep they set up multiple MLS's making the cost of doing business astronomical for the agent.

In recessions or downturn in the economy cost cutting is the first order. All these associations and executives decide it is then they want to gauge the agent more. This is the only industry I know does not reflect or reduce its charges to its subscribers in hard economic times. It is time the DOJ looks into the operation of the NAR and the monopolies they have created.

2) Enhances my professional development: When you graduate from college, you get your diploma and the college or university does not ask you to continue to pay it a royalty to use those letters of achievment behind your name. The NAR has led the field of those who charge an agent for exercising their professional duty. These same cleptomaniacs hi jack listings formin bogus middle companies with no value added but increase the cost of operation for the agent and create dis equilibrium in the market. Where is the value added? They for all these management companies increasing the cost of operation and promoting unprofessionalism because it becomes patronage to paying agents and not awarded on merit.

Just as ancilliary industries tied to real estate have had corrections, there needs to be a surgical operation in the real estate industry begining with the NAR.

Dynamics of school funding and the states.

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Tue, 17 May 2011 22:11:43 -0700

With changing political lanscapes I have observed that that which should be sacrosant, education is always the toy of politicians. Teachers and students always bear the brunt of political bickering and tug of wars. When will we learn not to make future generational education a ploy?

Redistricting, funding, budget cuts have always had education at their cross hairs. Parents want whats best for their kids, wards and grand children and it is a societal shame and suicide when education becomes less important than other matters.

We need education champoins who will stand up for the development of the next generation.

Agents benefits in a changing world.

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Sun, 15 May 2011 07:52:30 -0700

In an ever changing world I am thankful for one thing, when there are layoffs and closings, that is one area an agent is not directly affected. But an agent is part of the environment in which they operate. The success or failure will depend on their adaptation and willingness to deal with the situation.

Real estate is dynamic, it's performance depends on a bunch of variables that the property itself does not contribute to but is affected by these variables. You have political issues, economic, environmental and social issues that lead to functional obsolesence. A successful agent will learn these variables and how it affects their markets. I shall deal with these in future blogs.

My focus here today is taking care of the goose that lays the golden egg. Some agents myself included have fallen on difficult times deyond our control. I am referring to having had major surgery, or catastrophy we did not bargain for. People comment a lot of times on things they do not have knowledge on and that includes our policy makers. The difference is these policy makers have the best benefits in our nation. But those fledging entrepreneurs(agents included) are left out in the cold and unless they are smart to pay themselves first, disaster is just around the corner.

How many agents have their ducks in a row? What happens to you if a major debilitating illness occurs? Do you have disability insurance?, Do you have a retirement plan? All those houses you bought for investment what are their values now? Did you diversify? We need to examine and evaluate our plans and individual holdings. We need to engage the services of professionals who will help make our dreams come true.

Giving clear cut directions in listings.

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Sat, 14 May 2011 16:45:54 -0700

Why is it dificult for some agents to give clear directions on listings? The difference between north, south, east and west does not need a special course on geography. The easier it is for buyers agents to get to your listing the quicker you get offers, besides the quicker it is to being sold.

Still on the issue of service, it is a diservice to all when listing agent does not articulate and describe subject property in detail. Lets be more professional and deligent in the listing details.

$5.00 gas and what it bodes for the recovery.

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Sat, 14 May 2011 08:44:54 -0700

We are fast approaching that milestone. What does it mean? Higher operating costs, increasing unemployment, more shutdowns in an economy that is sputtering.

Its effect on housing will be stagering. People will find it difficult to hold on with already thin wallets. Housing costs will increase and fewr units will be revived. In communities where you have mass transit more people will revert to using mass transit, and those that do not, well tough.

Standards of service or terms of engagement.

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Thu, 12 May 2011 10:08:50 -0700

What pricing models do you use? When is enough enough? I am writing about the real estate commission model. When do you draw the line of working for nothing? I am talking about the commission only model. I believe if an agent has properly prequalified a buyer as to what they want and their qualifications, you should be able to narrow down just a few properties for them to see. And it is spelt out in the buyer brokerage agreement under special stips. So this way we are on the same page.

A buyer who has the notion it is your duty to drive me around to see what and how many I want to see, I let them go. Some of us are unemployed even though we burn rubber and tire ourselves out. Experience has shown me that when I let a buyer know that half the work is done honing down their needs based on what they tell me and the choices of properties they say they like. Its a second chance at most and when that does not happen, I do not believe I have a serious buyer or they have not built the house they want yet.

To certify or not to certify?

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Wed, 11 May 2011 20:27:04 -0700

I have often wondered why the real estate profession probably have the most designations real and unreal. Who and what determines these credentials? It was that we had on the residential side just the CRS, GRI and ABR certifications. Now you have a proliferation of these certifications.

If you ask me these are all nothing but fleecing agents. Does the public care? Is there really any value added? You have more third party providers who corner the market with listings abd bpos and cause more imperfections. They come up with all these phony certifications asking agents to sign on pay and complete them before they can have assignments. Why even after you have been suckered want you to renew every year. A net source of income for them I bet?

Valuations in a foreclosure market.

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Tue, 10 May 2011 20:02:15 -0700

With the proliferation of foreclosures and short sales there goes the appraisal model we are used to. The problem is it assumes a perfect market, where vlaue were based on sales. With foreclosures and short sales it produces an artificial imperfect market.

Agreed most people will say its a market correction, but it defies all models. Short sales is a new phenomenom this recession cycle. Unlike previous cycle of corrections, the market dictated the value or price, now short sales(most of which is artificially fixed) causes more imperfections in the market. I know the banks don't have a clue. Ask any agent that handles short sales will tell you its hit or miss, artificially priced by the asset manager to try to move the property. Each artificil pricing causes further imperfections.

Communities will have to adjust to this imperfection whcih affects every property owner in subjects neighborhood.

Economic indicators and real estate.

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Mon, 09 May 2011 05:31:29 -0700

Real estate values have well been known to be location related. What drives the market is a function of demand, supply, interest rates, taxes.

Supply and demand is heavily influenced by employment, environmental factors and incentives to purchase(1st time homebuyer programs) capital gain treatments and all that.

To stimulate the real estate market there has to be concerted efforts on the prt of state and local governments to jump start the local market. Tax deferment for homeowners for 6 months-1yr. as an example.

We also need better handling of development approvals. The environmental impact studies are extremely important given the wide array of weather parterns all over the country.

Importance of geography in development

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Sun, 08 May 2011 09:21:17 -0700

I have always wondered where governance and self will comes in to play in development in this country. I am refering to the developments along known areas of natural disasters.

Why are developments or building permits allowed in known areas of disasters. Houses are built in river basins that are KNOWN to be flood prone. Sky scrappers are approved and built in known tornado areas.

I have seen schools built in what is virtually a flood plain and boats are needed to evaquate kids with the slightest of rains. Anybody do flood plain study and implementation in planning?

If we are smart enough not to fly the schuttle when mother nature threatens, why do we put innocent lives in jeopardy? Was just wondering.

Where is the value added and who is watching the coop?

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Wed, 27 Oct 2010 05:29:26 -0700

In the bsuiness of real estate I have seen the proliferation of middlemen who do nothing but prey on agents and the spread their web to suck in agents without giving out anything.

It used to be when you needed to provide bpos, all you had to do was sign up with banks who needed the service, now you sign up with bpo companies who now charge a fee with the promise to give you work that never materialises. Who's minding the coop, NAR?(hmmn) DOJ? State real estate commissions. These thieves rob interstate. Agents cannot do business in another state without being licensed, what gives these cleptomaniacs the right to rob interstate?

The same goes for foreclosure listings. It used to be that you signed up with banks and dealt directly with asset managers for reo listings. Now if you do not pay the middlemen(who have hijacked the process) you do not get listings. You can be a rookie who does not know an reo from a bpo have the money and you can own all the listings in your neighborhood and not have a clue how to move them. Have you had a good discourse with some am's, leaves you to ponder when we will ever get out of this rot? There are many good experienced agents out there who do not get work because they have not paid the thousands of dollars to join th middlemen who are choking the industry.

What about those thousands of useless designations that have overtaken the industry? Every middleman now has a course you have to pay for to be registered with them, and POSSIBLY get business. Where is the money back guarantee??? Non because no one is watching or enacting any rules. Those banks and asset management companies who charge agents for connecting with them and charge a commission when the agent sells a listing is nothing but kickbacks.

Buyer agency contract; professional enhancement or consumer bondage?

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Sun, 19 Sep 2010 19:17:53 -0700

If you require all your buyer prospects to sign a buyer contract, what is your average time frame? Is a year overkill and bondage to the client? Do you have an opt out for you and the prospect?

Have you ever had a buyer asked to be released and what was your reaction.? I am asking, because I have had buyers ask for my service and the first question I ask is do you have an agreement or contract with any other agent or office? When they say yes, I respectfully request they terminate that contract before I can sign them on or provide service.

What is the expected standard of care or service? It should be an intergral part of the code of ethics.

Being chased by a rabid dog is not part of the rule book.

Wale Adewoyin (1st Crown Realty Corporation 800-383-6200) — Mon, 06 Sep 2010 19:31:33 -0700

I go with my buyers to examine a HUD listing to conside putting an offer. I open the back door and step down to an attempted bite by what appears to be a rabid dog dragging a massive chain it seemd to have broken from its leash. Clients who were right behind me were able to retreat into the house.

I used my experience with dogs to retreat without being bitten. I pulled my cell phone and called 911 for animal control. To their credit the cops did show up in record time, but I was shocked when he told me he could not summon animal control, because the dog was loose. I was flabagasted.

I need to get mace or some frm of self defence. This was at about 2:00pm on saturday.

Would you have acted differently?