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Each month AR runs numerous contests as a way for our members to engage in activities
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Ask a Real Estate Question
Here's another avenue for you to build relationships with others. Share your expertise with someone searching for answers.
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These state pages or hyper-local pages provide content directly related to a specific geographical location.
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Disturbing Real Estate Agent Trends - Part Timing Not Disclosed
Times in real estate are still changing in real estate and many of the trends that are occurring to the real estate profession are not good! No matter what anyone is saying in real estate... good times are not as plentiful as they were in real estate even before the boom! Times are still tough, and no one is denying that. Yes sales may be up, but they are up from the bottom, so lets replace hype with some of the realities that many agents are now facing in the aftermath of the storm! Here's what I am personally seeing. I am finding that there are less agents then in the peak of the market, but unlike other downturns there are still more agents that are keeping their licenses. Many brokerages no longer require monthly desk fees - so the barriers of expense have come down. The reason whey so many are still hanging on in real estate is simple - it's because there are still not a lot of jobs out there. However, many in real estate have found other full time jobs, and now dabble in real estate part time, but still play it up that they are full time. That is pretty deceptive if you ask me! However for the most part... that part time thing is not disclosed to their clients that they are supposed to be representing. That misrepresentation is not good for their real estate clients, the public in general, real estate professionals that many be involved in the transaction (i.e. Loan officers, inspectors, closing companies, attorneys), and cooperating real estate agents. It may even cause great harm to someone that needs to sell or buy and they have relied upon the real estate agents credentials. The reason that non-disclosure is deceptive is that it is self serving. To put it in simple terms - insufficient attention is being paid to the details of the transaction. Phone calls are not being returned, needed items are not being taken care of to keep the contract moving forward, and important information is not being conveyed. Remember, "Time is of the essence?" There is an obligation for all involved in a contract to fully cooperate in a timely fashion. However, in all cases the part time agent will show up for the closing to collect their commission anyway!
The reason they are working a full time job is that they are not making any money in real estate in the first place, and now they are paying even less attention! So let's think about this...That means they have no money to pay for real estate, memberships, MLS fees, Key card or key box fees etc. To compound the issue, many of these agents no longer have key box cards or keys, and they deceitfully rely on other agents to show listings for them while they are at work - telling their clients the other agents will let them in. Who's doing their work? You are! They fully expect others to do the work for them - on the buy side...that means showing homes to their clients that are telling you they do not have an agent, but will not sign a buyers agency agreement with you! And on the listing side, expect to do all the work, while they do nothing and when they do it is just stirring up trouble!
Since I am licensed in several states I can easily see these are not isolated incidents, but are becoming more of the norm. If a contract is written, more often than not contracts are being written on outdated local Realtor Board contracts which they are not even members of. Realtor boards, and non member agents are having to make arrangements for contracts. Agents cannot drop out of a board and expect to use their services freely! This is not the stuff that professionals are made of. You cannot have your cake and eat it too! You are either in the game, or just playing at it and making it more difficult for all the other parties.
If an agent has no issues with working real estate part time - disclose it! Fully disclose to their clients the whole truth. Limited time for access to properties, no key card or key box. They will have to share that even though they are only able to show homes on the weekends, that the clients may miss out on home that became available during the week. On the listing side agents need to come clean with homeowners that the reason the deal feel apart is because they did not work within the time constraints of the contract and missed the deadlines. I like to think that honesty is still the best policy!
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.