Imagine what a consumer feels if I'm frustrated. I work in this industry, so I know what's going on and read up on everything I can. I spend hours doing research for posts, ideas, and clients. I actually enjoy that side of real estate and real estate blogging. When I see misinformation being passed around on things like the First Time Home Buyer Tax Credit recently, it really frustrates me. Not just because I then have to field questions from my clients and locals in my area who say "but I just read on ______ that it was extended," but also because I worry about those consumers who rely on someone's blog who didn't check their facts first.
As a real estate blogger, I feel the necessity to try and deliver the most timely and correct information to my clients as well as to those who aren't my clients, but choose to read my blog anyway. In some ways, I have even more responsibility to those non-clients. When a reader stops in to read an article I've written on the First Time Home Buyer Tax Credit from Kalamazoo, I hope that my post helps them understand it and encourages them to seek a local blogger in their area who upholds the same ideas as I do and can be a great real estate agent for them.
But Matt, it's such a small percentage.
Most of the incorrect posts and tweets about the First Time Home Buyer Tax Credit were done by a small number of agents when you look at the big picture. Most of the agents I consider friends and mentors didn't tell anyone that it was "passed." They wouldn't dare, but a quick search on Twitter for "tax credit extended" brings up all sort of results that say it "has been extended" (in all fairness, there are a bunch who say "has not"). What is even more shocking is that when you look at the "has been extended" tweets and then follow the links to the posts, they typically say "might be" or other such non-definitive words.
So what?
Our industry should strive everyday to be better and more educated. We should do everything in our power to help people make sense of real estate. Giving them false hope or misinformation is not a good way to do either. We require clients to trust us as we go about our work in helping them buy and sell their homes, yet we give them a great reason to distrust us with things like this. We will destroy our own industry if we let ourselves. "But Matt, I don't do this." Ok, so you're on my side then. So when you hear people giving out incorrect information - get involved, do what you can to fight the wrong information. You may not save everyone, but at least you'll be fighting to save our industry as a whole. And who knows, someone might just hear you and think, "hmmmm...I'd like to work with that person."
GREAT article Matt. The misinformation is infuriating, and sad.
Niki - the best source is YOU. I have yet to read anything from the "mainstream media" that says the extension is a done deal (and I've read a BUNCH of articles on this in the last few days. Many are linked to here). Yet I see dozens and dozens of agents saying it has and they link to articles saying that "Democratic leadership has agreed", "agreement tentatively reached", etc.
Read with a critical eye, understand the legislative process and the mainstream media can be a great source.
Read just the headline, don't think about what you're reading, and you're setting yourself up to join the misinformation craze...
Many of us are excited about the progression of the bill that was just passed by the House. When Bill Clinton was impeached by the House the front page of the Houston Chronicle read:
CLINTON IMPEACHED
Fact of the matter was true, but just from the House. At the end of the day it's discussing hot topics, some of which are interpreted differently by different people; including fellow Realtors.
But again, I urge you to read CAREFULLY and understand the legislative process.
The first clue in the LA Times artcle is the headline: Senators agree to extend $8,000 housing tax credit for first-time buyers.
SENATORS. That's only one-third of who has to agree before an extension becomes law. The House and the President are the other two.,
Second clue: "If the Senate passes the bill, it would go to the House..."
IF the Senate PASSES the bill -- in other words, they haven't passed it yet. Nor has the House. Which of course means it hasn't been presented to the President for his signature.
See what I mean? While the headline sort of indicates passage, the body of the article says nothing of the sort if you read with a critical eye.
My friend realtor just checked back on the CA Assoc. of Realtors site and the association has since yesterday removed the link that annonced the approval. Can you believe it? My friend had to send out an apologetic email to all her clients that she previously informed of the alleged approval.
Niki - I think Jay answered your question perfectly. Jay's been my compadre in this "fight" since yesterday. Both of us were shocked to see it happening and had a great conversation about it. When I saw the first tweet that it was extended, I immediately started reading and researching. Within moments, I knew that first tweet was wrong. Then the flood of tweets and retweets began. We even had a few articles here on ActiveRain that were incorrect. Research is critical when blogging "facts." If you just blog it because you saw it on Twitter (or the internet in general), you'll find yourself wrong quite a bit.
Dean - That kind of thinking is part of why I got into real estate. I had an agent that showed me you could care about clients no matter what the situation and make them feel like they weren't just a paycheck for you. My previous agent didn't do that and I had begun to dislike Realtors®. When this guy showed me that it could be done right through a very messy purchase (we had a horrible lending experience while buying our house that delalyed closing for 2 1/2 months), I knew that I could do this and love doing it, without having to become the kind of agent I despised.
Jay - Thanks for stopping by. You know my opinions without watching the video, but I'm glad you did. Actually, one of the lines of text is based on our phone call - "We will destroy our own industry if we let ourselves." Sad to say, but I sometimes fear that it's all too true.
This has been a gross mis-representation of fact from the jump...and it has done nothing but caused me to drink heavily and require ulcer medication.
It is AMAZING to me how many people just blindly jumped into this puddle of misinformation without taking a look at the facts FOR THEMSELVES!
This is YOUR reputation you are putting out there, people! Make sure you have your ducks in a row BEFORE you show the world that you have your head up your a$$.
Greg - When all is said and done, it probably will pass and this post will seem like a worthless effort on my part. There will probably even be some people who laugh and say "he was so wrong." Those will be people who missed the point. Let's say it will pass on (oh let's pick a date...) November 13, 2009. It's 100% somehow (we know it's never a sure thing in politics). On that date, without a doubt, it will happen. I still wouldn't want to see people reporting it today as it is passed, I would want to see posts about how it will be passed. Perhaps I'm just arguing over semantics there, but I think it's important.
Jay - I just saw this line in a tweet: "It made it through Senate but House still has to approve."
Clint - Stay off the sauce my friend. It won't help the ulcer any. As we had discussed this yesterday, I knew where you stood the minute I saw your name pop up in the comments. I think you make a key point - "This is YOUR reputation you are putting out there..." Why do I feel that some may not care, they can just shrug and say "well that's what I read on the internet."
Didn't everyone learn this lesson when they jumped the gun when Donovan said in a speech the $8,00 tax credit can be used for buyers down payment? I was guilty of that one. The main guys says it can be done you believe him, right?
I tweeted today that the tax credit was on the verge of passing and outlined several options. Verge meaning very close.....but not guaranteed.
Brad - Apparently not enough people learned that lesson. It was the first thing that came to mind when I started seeing info about the extension. To make matters worse, a lot of people are calling it "extended" when the links they provide often say "could be" or "might be" or "should be." I think we should tweet and blog about possibilities - that's not a question for me (although I do prefer solid news and not just "might happen"). When we report them as fact, that's where the problems arise.
Jim - What really scares me are the Facebook status updates and tweet going out about it. These are direct contacts with consumers for the most part. I'm shocked, but not surprised.
I think this just shows you how lazy people really are! The only thing I have heard in the past two days was "They tax credit has been extended..." I have been busy and not on my computer until today and so I have not been researching or writing about this issue.
Two of my lenders sent out emails saying the tax credit is extended. The funny thing is, they both send two different versions of the extentsion. Ones said the extension was only until April 30, 2010 and the other lender said we had another full year!
They defiantly were not taking the time to research and follow up on their information prior to sending it out the clients. This is very frustrating to have misleading information being passed around. I completely understand your frustration Matt! It really is ridiculous.
It's good to see some people are still fighting the good fight. I've spent years trying to reach indivduals on research, fact checking and transparency. Sometimes you want to give up, because quite frankly, you feel like people don't care if they are lied to anymore, so long as they get answers to their questions instantaneously.
Hi Matt... who starts these rumors anyway? I am so tired of correcting the misinformation that gets out there about the tax credit and other topics (such as short sale urban myths). Bottom line is that if people would hold their tongues (and keyboards) when they really don't know what they are talking (or typing) about, this would not be an issue.
I don't think this will ever be considered a "worthless waste of your time" even if it's passed. You're not blogging that it won't be passed, you're blogging to stick to the facts and the truths, not to get ahead of ourselves and you are right. I'm guilty getting ahead. I started hearing too many things from different people, even mortgage professionals that we work with posting on my Facebook and Twitter that it has INDEED been passed...I trusted what I was told, shame on me. Hard to find out where you should turn to and trust for real information these days. I know Jay said that "YOU" meaning the person asking the question was the best source of the information, but unfortunately I didn't get my invite to congress to go vote, so I won't be able to tell everyone with my own eyes and ears that they passed it or not. ;)
Thanks for posting, and it's never a worthless effort to make sure people have access to the facts. I saw Jay's post as well, and unfortunately you two (along with the rest of us who were paying attention) were far outnumbered by those reporting false information...
"I know Jay said that "YOU" meaning the person asking the question was the best source of the information, but unfortunately I didn't get my invite to congress to go vote, so I won't be able to tell everyone with my own eyes and ears that they passed it or not"
True (unless you happen to watch the voting live on CSPAN and CSPAN2) but you CAN wait for the mainstream media to announce the tax credit extension has passed both the Senate and the House, and been signed by the Presdident. THEN you can cite an article and accurately report to everyone the credit has really been extended.
I assure you, the MSM will be reporting each step of the way through the legislative process.
And I'll bet with each step, people will be jumping on with more TAX CREDIT EXTENDED! bullsh**....
Some people don't realize the power that is in their fingertips and they just don't do enough research before posting. They are taking information from headlines and headlines sensationalize to get people to read the articles. In order to be an effective blogger, you have to do a bit of reading...
As we all know by now, the amendment did pass and was signed into law. I still stand by everything I say in this video and have tons more thoughts to come. Thanks to those who supported the idea of it and helped keep the world straight until it was actually signed into law.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
;)
;)
I got confused about this too. A friend realtor sent me a link that says the tax credit has been extended. Now I hear otherwise.
What is the best resource to find out the latest update on this? Can you please help me out?
Best, Niki