Is it time for more stringent regulation in the real estate industry?
THE REGULATOR COMING OVER THE HILL.
C Lloyd McKenzie writes: "Considering the fact that we are intricately related to the financial industry, why would they not look at us?"
Why wouldn't they indeed??
C. Lloyd provides a timely warning about things that could happen if the government, in it's zeal to take over an ever larger segment of private enterprise in this country, sets it's sights on the real estate industry.
I find this post utterly fascinating.
Are we going to see a "Real Estate Czar"? If so, will they have any knowledge of the real etate industry?
A Real Estate Czar will naturally go after the money, i.e., commissions. Probably through a tax on all agents and brokers commissions. What an easy target that would be. Forget the schedule C. Just tax the gross commission check. Ouch!!!.
Don't laugh at this suggestion. The government has one guiding goal at this time, take control of as much of the American economy as possible and the easiest way to do that is through taxation of financial transactions.
Only time will tell and I am very apprehensive. The performance of the present government is like a run-away train when it comes to taking control of more and more private enterprise entities.
As C. Lloyd aptly points out, regulation of the financial industry, the focus on foreclosures and lately short sale transactions, one more step and they are right in the middle of the real estate industry.
Am I paranoid. Indeed, but not without cause.
Visit C. Lloyd's blog and leave a comment. This is very interesting.
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This subject might not appeal to many real estate practitioners because none of us like regulations. However, with the barrage of misleading information out there, I wonder if our lawmakers are paying attention. After all, it was only in the recent past that we almost experience financial collapse. Were there co-conspirators from the real estate industry? Will we be on the radar screen in the foreseeable future?
As a consequence of the aforementioned crisis, the current administration is taking measures to reform the way business is done in the financial industry. Yes, they are re-writing the rules of the game. Considering the fact that we are intricately related to the financial industry, why would they not look at us? One only has to take a look at the latest foreclosure statistics to see that there are some serious problems that need to be addressed.
Besides that however, there are some very reputable Realtors who are addressing problems that exist in the real estate industry. Below, I have cited two very prolific bloggers, Lenn Harley of Rockville, Maryland and Ruthmarie Hicks from White Plains, New York. I have provided an excerpt from their blogs.
Lenn Harley, Real Estate Broker, Rockville, MD in her blog entitled, "LOOKING AT REAL ESTATE TEAMS AND TEAM SPECIALISTS," addressed the following questions: DO REAL ESTATE "TEAMS" EXHIBIT EXPERTISE. The concept of "teams" in real estate practices is popular and often compared to medical "groups". I see little to no resemblance and, in fact, assigning a title of specialty such as "Buyers Agent" to a member of a team is often misleading to the consumer."
Ruthmarie Hicks, Associate Broker, White Plains, NY in her blog entitled "This Brokerage Has 750 Listings.....So they must be the best! (Part 1)"
Here are some of the issues she brought up, "Does size really matter? Does the number of listings or the size of the brokerage have anything to do with the ability of the agent to market and sell a home successfully? Is it the brokerage or the agent that is the determining factor? What Does the Brokerage Bring to the Table?"
What is your opinion?
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