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Where's The Value?

By Sheila Rasak

Real Estate Agent with Keller Williams Realty-California Coast Property Group

October 18, 2010 06:55 AM

I must admit, some of the things my associates do in this industry leave me scratching my head and make me wonder who these people are working for.

This morning I took my workout routine outdoors as I knew a storm was on its way in and I wanted to make the most of living on the beach without getting wet! I love living at The Colony and all the amenities here, but can't help but notice when there's anything going on in my neighborhood that's industry related.

Quite a few of the residents here at The Colony use their property but once or twice a year and have decided to wait the market out before selling by leasing. As a courtesy, a wise agent always offers to place the property on the MLS as a free service to the owner and typically will help in negotiating and obtaining a guaranteed lease for the property owner.

This morning I noted three units available for lease with the same agent. I carry my Supra key and would have welcomed the opportunity to preview the unit before showing anyone who's interested in leasing in this beautiful community, however, not one unit had a keysafe. This begs the question of not only where's the value, but who is this agent working for? My belief is that this appears to be all about sign domination and free advertising for the agent vs. actually helping the client lease their home. The longer the sign stays in the window, the longer the neighbors and prospective buyers have to jot down that listing agent's phone number allowing the agent to benefit.

Seriously, who's kidding who here? This unit is located inside a gated community and there's no way of entrance unless the agent meets with the person(s) interested in leasing. (Fat chance this will happen unless the agent pays for marketing a rental.) I feel it's deceptive and terribly unfair to the homeowner who, more than likely, is out of state and doesn't realize what this agent's true motivation is and how much it's hurting the property owner.

The Colony Oxnard Beach, Mandalay Beach real estate agent, ocean view condos ventura county, oxnard beach condo real estate agent,

Does anyone else see this practice?

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Donne Knudsen

Los Angeles & Ventura Counties in CA - Simi Valley, CA

CalState Realty Services

Sheila - While I don't live at the Colony so I can't really comment on your scenario, I am very familiar with the practice of Realtors and agents using a sellers property as "buyers bait" and even blogged about how wrong this practice is on so many levels. I actually started a bit of a debate with one local Realtor that actually led to another post but suffice it to say, I am not a fan or advocate of agents using the sellers property as "buyers bait".

Oct 18, 2010 09:40 AM

Tish Lloyd

BlueCoast Realty Corporation - Wilmington, NC

Broker - Wilmington NC and Surrounding Beaches

Wow -- I'm with you. Where is the Fiduciary Responsibility being honored in this scenario?

Oct 18, 2010 05:52 PM

Sheila Rasak

Keller Williams Realty-California Coast Property Group - Camarillo, CA

Donne & Tish,

I'm with you gals. Buyers bait isn't exactly showing any good will toward the homeowner who unknowingly has trusted a "professional" with the exposure of their property. The unfortunate thing is, the more exposure these agents get, the more likely the practice will continue because of the illusion of a successful agent has been created.

Building relationships is key in this business while always putting the homeowner first. It's the oath we take when we are installed and yet so many see their own well being come first.

Oct 19, 2010 12:08 AM

Sheila - It's so true that as long as these type of Realtors and agents are allowed to do this, the longer this practice will go on. It's just despicable the way that some agents treat sellers and their properties and how their own agenda is put before the sellers.

Oct 19, 2010 06:07 AM

Donne,

It's most definately putting the cart before the horse. My payoff has always been in the form of a client who is satisfied with my performance and that I've kept their best interest in mind first and foremost.

Further, I believe that the real estate industry has been rocked so hard by the very people we are describing here in this blog.

Sellers owe it to themselves to research and the find dedicated professionals who care about their outcome, are willing to lay the cards on the table regarding the value of the property based on neighborhood statistics and are willing to go the extra mile to foster that old-fashioned relationship of yesteryear.

By the way, a lot of rain coming our way tomorrow! I'm looking forward to a fire in the fireplace tonight. Hope you treat yourself to a cozy evening as well!

Oct 19, 2010 07:17 AM

Ryan Case

SCA Real Estate - Anaheim, CA

877-828-0710

This is terrible! Why the heck do they list homes, then refuse to provide access via a SUPRA!

Oct 24, 2010 06:06 PM

I recently saw a case where the homeowner was 3 days away from court sale. They came to me on a late Friday afternoon and claimed that while they were represented by a Broker, they didn't trust the situation.

In their case it was a boutique agency (3 agents) that held the listing, didn't put it in the MLS, knew there was a huge hardship, and claimed to have an "investor" to buy their property...Listing agreement with NO keysafe. The seller kept trusting the Broker's word.

Needless to say that the investor tried to obtain the home via an offer that was approx. 30% of the value and the lender declined and rushed the foreclosure. It was too late to intervene as the couple were unwilling to seek legal aid at the last minute. I couldn't help them. The bank took the property back.

Oct 25, 2010 01:09 AM

Where's The Value?

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Sheila Rasak

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