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8.5 Lies about Real Estate

Truth, Justice & The American Way.

Truth, Justice & The American Way -- Buy a House That's what real estate is all about. If you read the REALTOR Code of Ethics to which all REALTORS subscribe (and hopefully adhere), you'll find our mission right in the preamble:

"Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. Realtors® should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership."

The preamble goes on to say:

"Realtors®, therefore, are zealous to maintain and improve the standards of their calling and share with their fellow Realtors® a common responsibility for its integrity and honor."

Like most professions, there are the good, the bad, and the ugly.

There's lots of lawyer jokes Fortunately, we get a better rap than lawyers. Imagine if Shakespeare had said "Kill all the real estate salepeople." It's very rare that any of my friends or clients tell me a knee-slapping funny REALTOR joke (I was bombarded with attorney jokes when I graduated from law school and practiced law -- my parents and friends even bought me several volumes of lawyer jokes for my bookshelves). Thanks to constant antics of politicians like Eliot Spitzer, Bill Clinton, and Dan Rostenkowski (remember him?), real estate professionals are certainly elevated above that sleazy bunch.

Unfortunately, a few bad apples can ruin it for the whole bunch. The majority of REALTORS are open, honest, trustworthy, and sincerely interested in helping their clients navigate their way through the real estate maze whether purchasing or buying a home.

That brings us to the 8.5 lies about real estate. If you ever hear any of these phrases or advice from a real estate professional or even from your best friend, please run, don't walk away, and never look back.

Lies about Real Estate

THE 8.5 LIES ABOUT REAL ESTATE:

1. Other homes like yours are selling for $450,000. I can get you $615,000.

2. You are required to use only our mortgage lender and our settlement company. Don't shop around.

3. Don't worry about being on the main road or about that train track out back. If you shut the windows, it's really quiet. Besides, you'll get used to it.

4. You don't need any money to buy a home. That's what I learned on late night t.v.

5. I'm the #1 agent, top 1% of all agents in the nation, etc., etc.

6. Location doesn't really matter all that much.

7. Open houses and advertisements in the newspaper will sell your home.

8. We're friends. Of course you can trust me.

8.5 Our commission is non-negotiable and you must agree to work with me for one full year.

You'll never hear me utter one of these lies. Call me at 703-626-0715 or contact me by e-mail to start your Northern Virginia or D.C. real estate quest.

Send me a few REALTOR jokes if you know any. I've got enough attorney ones already.

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If you plan to purchase or sell a home in the Northern Virginia or D.C. area,
you can visit my main Northern Virginia & D.C. real estate website at www.brianblock.com.

Posted by Brian Block -- Northern Virginia & D.C. Real Estate on 03/13/2008 05:15 PM

Comments (64)

northern virginia realtor, lawyers, brian block, realtor code of ethics, northern virginia real estate, lies about real estate, honesty

This post has been included in Virginia Information Fairfax County, VA Information

64 Comments on 8.5 Lies about Real Estate

MAR

2008

True that some of the examples in your post are discouraging to read. Inflated claims of an agents achievements are sad.

That said, the more emplowered the consumer becomes and the less control the agents have, the worse things get for the consumer.

Hasn't anyone made that connection??

Brian - Love it, so true. I'll have to think of a few REALTOR jokes, I'm still trying to sort through the Mortgage Broker ones....

Brian, I think we've all heard these 8.5 as a lie will get you in trouble with ethics.

Brian

How many brokers does it take to change a light bulb, none thats maintenance department (or property management which ever you prefer).Enjoyed your blog, Want you to know I am actually the #1 agent at my house and I am very comfortable defending that statement.

Brian,
I like your ethics. But in all situations, it only takes a couple of ethical mistakes to give everyone a bad rap. As I was reading your post, I was trying to figure out if Lenders (like myself) would be between a Lawyer and a Realtor or above a Realtor. Of course, I didn't consider being below a lawyer. AJ

Way to lay it on the line, Brian, and hopefully put to rest forever some of those trite "I'm #1" announcements! Your consumers are in great hands :)

Brian,

We have strict rules and regulations under the REBBA (Real Estate and Business Brokers Act) here in Ontario and we could lose our license and get heavily fined for stating most of the things on your list. Our ethics are written write into the CODE of the Act.

Needless to say, sleazy real estate sales people are few and far between here.

Ahahahah I loved this! How about...those aren't termites that just dirt. :)

Yup...the majority are good...just like in any other profession or country....there are good and bad in all.

Brian Great post! Good one! LOL! The lies can actually have a exponential component...

Yeah, it's sad to say but these are so true. :(

Brian, You are so right, a few bad apples certainly can ruin the whole barrel. A big problem is the fact that a real estate license is so easy to obtain and to keep. When the market is good so many new licenses are issued and so little training is done. There are so many people who have their real estate license and no clue as to the rules and regulations. It is amazing. I try very hard to help the newbies in our office. Hopefully all the experienced agents try to help the new ones.

Well someone had to put the truth out there. Great post.

Great one! I am in top 1% of all REALTORS whom my dog would take a treat from... OK - No thats a lie - she would eat a treat given to her by ANYONE ! EVEN a Lawyer!

MAR

2008

Brian, what do you mean you don't need any money to buy a house?

The funny thing is, I know at least a dozen No.1 agents. it must be a 12 way tie.

Brian, this is an excellent post, loved every word. Good list of what not to do, with so many of us, it is hard not to find a few bad apples. But, there are many of us who hold to the code of ethics.

Brian, I have another one you can add to your list. Your current Lender says you only qualify for "X".. Don't worry I know a guy can get as much as you want.

I think I have heard them all as well! I hear so many #2's from clients that find their own realtor and they try to take them to their preferred lender. Matthew's comment is another good one!

Brian I enjoyed your post unfortunately I have heard at least two of those statements before. It does make things a little harder for those of us who are honest and are really looking out for our clients. I will try to find some realtor jokes .

Thanks Kim Ray

Brian,

I admire your personal 'stricter' code of ethics...since you don't subscribe to any of those practices you're probably not familiar with the slick sounding ways those concepts are presented to the consumer...e.g. #2..."Feel free to shop around, but our in house lender and title company will give you the best and cheapest deals, would you like me to check those off on the disclosure?" :) Thanks, Fran

Brian,

Reading, believing and sticking to the code will ensure your compliance.....lining your bird cage with it will ensure fines and a bad reputation.

I don't have any good Realtor jokes, but my ex-husband (an attorney) used to say that 99% of attornies make the rest of us look bad!

Brian

Our broker wants us to now take one year listings, that is a hard pill for me to swallow knowing full well that its gone in around 5-6 months if properly marketed.

Realtor joke you asked for, Q: Have you ever heard of the dirt Bag Realtor? A: He use to be a Lawyer!

Brian - A client bought a new home and the broker wanted to send flowers for the occasion.
They arrived at the home and the owner read the card; it said "Rest in Peace".

The owner was angry and called the florist to complain. After he had told the florist of the obvious mistake and how angry he was, the florist said. "Sir, I'm really sorry for the mistake, but rather than getting angry you should imagine this: somewhere there is a funeral taking place today, and they have flowers with a note saying, "Congratulations on your new home".

But seriously folks, it is a shame that our profession is held in such low regard by consumers, but we can do something about it by policing each other and conducting our business to reflect the highest ethical standards. Continual training, and weeding out bad and unproductive agents will help, too. Thanks for bringing up the subject.

LENN: Thanks for your comments. They are quite true. I can't tell you how many times I've seen these overinflated achievements on the pages of homes magazines and on business cards. Who are they trying to impress?

JASON: There's probably less mortgage broker jokes than there are REALTOR ones. Thanks for the comment.

GARY: It's unfortunate that I've heard all of these from others more than once.

STEVE: Thanks for the joke and I can't dispute that you are the #1 REALTOR in your household.

AJ: Thanks for your comment. I couldn't tell you where lenders place on the grand scheme of things in the public's perception.

LISA: Thanks for your comment and compliments. I appreciate it.

JO: There's not too much sleaze within the profession around here either. However, with the softening of the market, I believe that some of those who got into the industry to "make a quick buck" are exiting along with their bottom feeding practices and lack of ethics. The profession is self-cleansing to a certain extent.

SHANNON: Thanks for your comment. Hadn't heard that about termites before. Thanks!

SALLY: I agree that the majority are good and every profession has its good and bad. I'm happy to be one of the good guys and to know a good gal in Hawaii.

JIM: Thanks for your comment and compliment regarding the post. Much appreciated!

Here's another to add to your list no one shows their listings!! There's a CE class called caught on camera, if you ever get a chance to see it you could expand this list by 100's.

LINDSAY: Thankfully I don't hear these phrases too often. I shudder to think how often some buyers and sellers hear this stuff. All we can do is keep doing our best and acting honestly.

CHERYL: Thanks for your comment. I started getting educated through CE classes and designation courses as soon as I got into the profession to make sure I could learn as much as possible about the industry to help better myself and better serve my clients. This all culminated 6 years later (just last week) in passing the Broker's Exam.

TREVOR: Thanks for the compliment.

JAMES: I don't know many dogs who are picky when it comes to treats! Thanks for your comment.

PAT: Ha Ha! Bring your checkbook...

RANDY: There are lots of them out there. Thanks for your comment.

MISSY: Thanks. Loved every word? Wow! I agree that most of us do uphold the Code of Ethics. It's just good practice and part of what being a REALTOR is all about.

MATTHEW: Yep, that's a good one and I've heard it before. Though that phrase has never crossed my lips.

NAOMA: Thanks for your comment. The new home builders are notorious for #2!

KIM: Thanks for your comment. Let me know if you come up with any good jokes.

FRAN: Thanks for your comments and for adding to the discussion.

DAN: I agree. The Code of Ethics is good business practice. It's been years since I've had a bird -- grew up with parakeets. We always used the old t.v. section from the newspaper to line the cage.

Brian, aren't you so glad you are a "Realtor" too? What made you decide to become a Realtor? I have had a dealing with a attorney that I used for two closings and he claimed EACH time we used him, we still owed him money after the closings and sent me a letter claiming money was owed even after it was posted on hud statement(s) that it was paid for. I simply called and said look on line # blah blah blah. You would think the attorney would be on top of things ! Maybe he was just needing some extra money and thought I would be dumb enough to just go ahead and pay it? There is good and bad in every profession.

EMILY: That's pretty funny. Thanks!

GARY: What are you trying to imply with that joke?? 1 year listings seem a little long for my taste and I don't think I could get anyone here to sign on for that long.

LYNN: That's the one great REALTOR joke that I already know. I've actually used that as an icebreaker for a presentation at a Chamber of Commerce meeting several years back. Thanks for your comments.

JACK: Thanks for your comment. I'll have to check out that "caught on camera" class. Interesting...

VICKIE: For more information on my thoughts about the two professions, please read my previous blog posts:

The Difference Between Realtors & Lawyers

and

New Survey Confirms I Made a Good Choice

Brian,

Great post! The up side to all of this is: We have officially moved up the scale of least trusted professions in the last 2 years. We now rate ABOVE used car salesman, lol...true story!

ELIZABETH: Thanks for your comments. Well, at least we've got that to be thankful for!

MAR

2008

I was about to make the same point that Elizabeth made. ha! what timing.

CHUCK: Thanks for chiming in, albeit a bit too late :)

Brian - it only takes a couple of bad apples to ruin a profession's reputation! Great post!

Brian,

I really enjoyed this. I'd like to say a lot more but to many of my freinds are REALTORS.

Bill

William J Archambault Jr

The Real Estate Investment Institute

MAR

2008

BARBARA-JO & BILL: Thanks for your comment and compliment.

BILL: Best to hold your tongue. Thanks!

MAR

2008

Brian, Unfortunately, I've heard some variation of all of the comments mentioned on your blog. I think we need to give these types of comments a retirement party from which they never return don't you? :)

MAR

2008

LOLA: Thanks for your comment. It's unfortunate that you have heard all these comments before. I agree with you about the retirement party. What's the solution? Better education? Stricter rules?

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