W
e're starting to see an unfortunate trend as some real estate agents are becoming "economical" with the truth.
For example: "737 Transactions closed in 2009 - I specialize in Short Sales"
One would be mis-led to believe that a large number, if not all, of the above, were closed Short Sales - when in fact, they were REOs - a very different proposition.
Another that came across the radar - but has now vanished: "More than 2,000 completed last year - specializing in Distressed Properties - Short Sales and REOs!"
Here's the punchline - the "more than 2,000" were ALL BPOs - Broker Price Opinions! No closed transaction sides!
There has been some discussion about publishing a Short Sale Batting Average - naming names and providing list to close ratios, and number of Short Sales closed. That certainly caused some concern amongst those that portray themselves as qualified Short Sale agents when the truth is they may have little or no experience with closing Short Sales.
Elizabeth Weintraub wrote an excellent post about this topic:
The Top Three Lies Told By Real Estate Agents
In discussion with a senior official at our state association, the appalling truth is that:
"I asked our professional standards staff a hypothetical question about a website that provides analytics of other agents’ listing or sales statistics.
Code of Ethics articles 12, 15, and 16 apply.
In a nutshell, there is concern about publicizing information that benefits one agent while casting other agents in a negative light.
That said, it is quite unethical for REALTORS® to make claims that they can’t substantiate… unfortunately, it requires another REALTOR® to file a complaint to get them to stop or be sanctioned.
So, it comes down to an agent can do anything they want unless someone calls them on it.
While many members are reluctant to file on another member’s shady tactics, it’s very likely a member would file on an agent if they were portraying them in a negative light. And, they could win, even if the agent can prove the information is accurate!"
There are ways that cautious consumers can glean this information about prospective listing brokers. The list of questions in Elizabeth's article are an excellent resource.
The Top Three Lies Told By Real Estate Agents
SHORT SALE SELLER BEWARE!
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