Okay. I read a letter to the editor today.
It was in response to an article dated Feb 4 regarding home buyers' debt likely tops value. The response starts off with - Remember who Realtors work for.
The writer then quotes zillow.com about how many home bought since 2006 have an 80 percent chance of being worthless than what the owne owes. Probably very true.
But the next paragraph goes like this - Who should you blame? Yourself (meaning buyers). You probably listened to Realtors who weren't necessarily working for you.
He then talks about how we Realtors talk up homes are a great investment - Act now before you get priced out.
He even says watch the Realtor blogs and other assorted Realtor apologists go postal on me for saying that.
He then talks about his history as mortgage broker and he even had his real estate license. He was seeing transactions that no longer made economic sense - so he left the mortgage business. There was no logic to home values rising 25 to 30 percent (maybe because the houses in some areas were undervalued for years) year after year (my area maybe 2004 through 2005) while wages were increasing 2 or 3 percent.
it is his experience tells me the majority of Realtors (thats right he said the majority) are most interested in two entries on the HUD-1 , the purchase price and real estate commission. He then asks who pays the commsision -the seller does. ( I for one don't understand how that came about but I would love to see the buyer truly pay for my services and the seller pay his agent for his services but that maybe an argument for another day).
I know this is long but there is more:
He also states that Realtors point to the concept of single agency but all that comes down to is that Realtors know they can serve two masters as long as they disclose it in writing. But as a practical matter, Realtors work for the party that pays their commsission. So listen to Realtors - many are very helpful to buyers every day. But keep your antennas up. They probably aren't really working for you.
Then he signs his letter.
So there it is my friends and fellow Realtors. We are the problem as this one person points out. Have we ever heard this before? The leap to such wrong conclusions is constant. This coming from a person who was in a business that one can get a license with no final test in one weekend in the State of Florida. Who as a mortgage broker did you work for sir? Were you in your 10 years in the business for the buyer, or for the mortgage company? You did indicate you attended hundreds of closings? Good for you - but let me ask were you there for the buyer or to make sure your fees and commissions were paid by making sure the closing was completed?
Okay I am angry. I am even p.oed. I know the majority of Realtors care about getting the deal done. And wait a minute we liked to get paid for the many hours of service and help we provide to the deal. I know the majority of people who work in the mortgage business are there for the deal and guess what, they also like to get paid.
I joined the Real Estate business because I wanted too.I like many deals work - I would like a whole lot more these days. Buyers listen to me because I empower them to make the best deal possible for themselves. The buying and selling of houses is not about me. The majority of Realtors feel that way. The majority of Realtors prove everyday why they bring value to the deal.
I don't know maybe I am too grumpy or too sensitive in my old age.
Please my fellow Realtors - fight this crappy attitude out there. Prove everyday even in these times that you bring value. That although you may represent the buyer and that (which the gentleman in the letter doesn't understand) the commission is a pledge of compensation from the listing broker based on a deal made with the seller that guess what how many times have we Realtors adjusted our commissions to make the deal. If you meet someone like this - Educate them.
Whoever reads this blog - thank you for taking the time.