I Don't DRIVE a Mercedes...But I Can Sell The Heck Out of One to YOU!

A few years ago, they made it a law that when a celebrity endorsed a product, they have to have had it or own it. They must speak from experience. Why? How can you tell someone that Wheaties is the breakfast of champions if you don't know for your self? As to selling Real Estate and whether you own it or not, makes for pleasant conversation but the focus is whether I can help YOU get in or out of a transaction...NOT ME...Most interesting Thom and thank you for your rubber meets the road post

Thom, I agree.  I although I own two homes, and have been through the process (which helps) I don't view home ownership as a pre-requisite for selling homes.  We need to know the area, what to look for in an inspection, market values and trends and the process.

There are real estate agents who own a ton of property and are lousy real estate agents just as there are real estate agents who own nothing and are terrific agents. However, I'd rather work with a good agent who owns real estate than a good agent who doesn't because personal experience does count for something. But it's not the be-all and end-all -- and hey, did you know there really is a Timbuctoo in California?

I remember reading that & scrinching up my eyebrows going wha???  I don't think owning is a requisite for being competent & knowledgeable in real estate.  I can bet you that many loan processors have never gotten a loan on a house themselves (not owned amazingly enough) but that doesn't make them bad at their jobs.

I just sold a townhouse that took 1.5 years to get it over & done with in our market. Can't tell me what sellers go thru that's for sure - I been there!

I think the whole thing can be summed up with...'To each, his own.'

To sum up:  An agent that owns a home DOES NOT make them a better agent.

And Realtors(r) need to be mindful of their Code of Ethics.  It's a very slippery slope to advertise an "opinion" as statement of fact to the general public. 

It's my opinion that Realtors shouldn't be violating the National Association Code of Ethics with the MISLEADING statements:

Duties to REALTORS®

Article 15
REALTORS® shall not knowingly or recklessly make false or misleading statements about other real estate professionals, their businesses, or their business practices. (Amended 1/12)

LOL at your comment. I have several thoughts on the issue, as you would expect. If someone is an expert at anything, it's the only thing that matters. On the other hand, if they want to convince me that now is the time to buy, and they haven't, I would think that they are full of bull.

 It's like Al Gore telling us that the ocean levels will rise 10 feet in a few years, at the same time he spends millions on beach front property. 

 See what I mean.

I was an agent for 5 years before I bought. It certainly doesn't hurt to own, I'll say that. But it need not be a prerequisite. 

Enjoyed reading so many of the comments, especially #3. I agree 99% of the sale force that sell Ferrari's or Maserati's cannot afford to drive them, and not all agent want to be burden with taxes, insurance, repair of a home that owning one obligates you too.

I think you hit this on on the head. The Firetruck salesman does not own one but the best salesman for the company knows that truck bumper to bumper, oh yea blind folded also. The difference is what you put into it, you work hard and learn you product and market and the sale are much easier.

Thom, I've put band-aids on wounds and I've taken splinters out of my kids bodies. Anyone interested in me doing their brain surgery?

Thom - Well, darn!  I was thinking of buying a Mercedes so I could be a super-Realtor--lol

Thom - Regarding your response in comment #36, the way we did it back then was to look for the 1 house in 10 that had a good assumable loan on it.  That meant it had a reasonable interest rate of between 6 to 10%, and low equity.  That way a buyer could come in with a little cash and essentially take the existing mortgage either through formal assumption or "subject to."  I didn't originate a new loan at all during my first 2 years in the business.  Interest rates were too high, and points fluctuated insanely.  I have often wondered if our current housing crisis would have cut so deeply had mortgages remained assumable, or had the capacity to have been taken "subject to."

Thom~ Great post! I read the original post and did not comment because I did not agree...For so many reasons. I like how you out it together to sum it up here.  I wish there was a "like" button on some of these comments!! I feel like that topic was "looking down" on others and that is not my cup of tea, and I think that is why it is SO put everyone on the soap box, me included!!

Congratulations on the feature post and some good conversation on both sides of the fence.