Comments on: Raising the Bar http://raincityguide.com/2006/03/23/raising-the-bar/ Seattle's Leading Resource for Real Estate Information Wed, 17 Mar 2010 00:55:16 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Jim Kimmons http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3438 Jim Kimmons Sun, 26 Mar 2006 17:01:27 +0000 http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3438 It's all politics and DUES. NAR telegraphs its focus when it runs ads touting over a million members. I doubt that we'll find a lot of support within NAR for any, though much-needed, increase in education/training to get licensed. Cutting the membership obviously lowers the income as well as the political clout. It’s all politics and DUES. NAR telegraphs its focus when it runs ads touting over a million members. I doubt that we’ll find a lot of support within NAR for any, though much-needed, increase in education/training to get licensed. Cutting the membership obviously lowers the income as well as the political clout.

]]> By: Central VA real estate news, trends and opinions - Tracking the Charlottesville and Central VA real estate market and more » Morning reading 03-24-2006 http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3344 Central VA real estate news, trends and opinions - Tracking the Charlottesville and Central VA real estate market and more » Morning reading 03-24-2006 Sat, 25 Mar 2006 01:42:58 +0000 http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3344 [...] Higher standards for Realtors - with so many Realtors clamoring and calling for higher standards for their profession, when will their (my) association (NAR) listen? In a nutshell, the association is more powerful lobbying with 1.2 million members who may or may not be professional than with 500,000 (or some other arbitrary number) who are professional? It’s all politics. All of it. [...] [...] Higher standards for Realtors – with so many Realtors clamoring and calling for higher standards for their profession, when will their (my) association (NAR) listen? In a nutshell, the association is more powerful lobbying with 1.2 million members who may or may not be professional than with 500,000 (or some other arbitrary number) who are professional? It’s all politics. All of it. [...]

]]> By: Osman http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3325 Osman Fri, 24 Mar 2006 18:54:05 +0000 http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3325 The low barriers to entry in real estate can also be a competitive advantage. As my former managing broker used to say, the mom and pops in this business means real estate is filled with low hanging fruit. Sometimes the contrast between the high bar and low bar is painful. Yesterday I called a list of attorneys to get a legal opinion on gas/lease issues with a particular contract. The leases date from the 1970s, the house is in a development (but backs old railroad property), and the likelihood of somebody putting an oil pump on the property *seems* pretty low. CYA protocol means recommending to my clients that they get a legal opinion, which by the way, runs roughly $250 to $350/hour with a retainer. If they can find somebody (2 of 3 attorneys I called are not taking new clients). Given the lack of liquidity between the two deals involved (the buy contingent on the sale of existing property) I ended up doing some <a href="http://boulderealty.blogspot.com" rel="nofollow">research of my own </a> to help my clients, naturally cross stamped with disclaimers of it "not being legal advice." My clients now have a little more peace of mind (and I have a <a href="http://boulderrealty.blogspot.com" rel="nofollow">new blog post</a>). Meanwhile, I've got another contract stuck in the mud because the part-time listing agent (with another "real job," she says) has repeatedly sabotaged her client and bungled the process with incompetence (including giving the appraiser our list of inspection items.) The equally low performing underwriter meanwhile is backing away from their (verbal, I now learn) loan commitment and tearing apart the file today. It's now 11:45AM . Because of the errors/incompetence of the underwriter and the listing agent (i'm innocent, naturally) we still don't know whether we're closing at 4pm. What can I say? Clowns to the left of me, jokers to the right.. here I am. p.s. I'm in Colorado serving the Boulder/Denver area. The majority of BA/TA commissions are 2.8%, the listing commissions are generally 3%. It must be other parts of CO where 7% is the norm. The low barriers to entry in real estate can also be a competitive advantage. As my former managing broker used to say, the mom and pops in this business means real estate is filled with low hanging fruit.

Sometimes the contrast between the high bar and low bar is painful.

Yesterday I called a list of attorneys to get a legal opinion on gas/lease issues with a particular contract. The leases date from the 1970s, the house is in a development (but backs old railroad property), and the likelihood of somebody putting an oil pump on the property *seems* pretty low. CYA protocol means recommending to my clients that they get a legal opinion, which by the way, runs roughly $250 to $350/hour with a retainer. If they can find somebody (2 of 3 attorneys I called are not taking new clients).

Given the lack of liquidity between the two deals involved (the buy contingent on the sale of existing property) I ended up doing some research of my own to help my clients, naturally cross stamped with disclaimers of it “not being legal advice.” My clients now have a little more peace of mind (and I have a new blog post).

Meanwhile, I’ve got another contract stuck in the mud because the part-time listing agent (with another “real job,” she says) has repeatedly sabotaged her client and bungled the process with incompetence (including giving the appraiser our list of inspection items.) The equally low performing underwriter meanwhile is backing away from their (verbal, I now learn) loan commitment and tearing apart the file today.

It’s now 11:45AM . Because of the errors/incompetence of the underwriter and the listing agent (i’m innocent, naturally) we still don’t know whether we’re closing at 4pm.

What can I say? Clowns to the left of me, jokers to the right.. here I am.

p.s. I’m in Colorado serving the Boulder/Denver area. The majority of BA/TA commissions are 2.8%, the listing commissions are generally 3%. It must be other parts of CO where 7% is the norm.

]]> By: ARDELL http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3322 ARDELL Fri, 24 Mar 2006 17:03:47 +0000 http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3322 There is one really big reason why everyone is talking about "raising the bar". It's because the entire system of educating and training new agents has vanished, and I don't think anyone can do anything to change that fact. Experienced and successful agents work from home! That is the single most important factor that has changed. Real Estate Commissions haven't changed what they do, nor have many of the training programs changed. The fact is, most of us who are good, are good because we learned from the best. We watched and studied and "copied" the best agents in our offices. We sought their advices and we did Open Houses for them in exchange. I started in a buyer's market and the agents taught me how to sell a house for a seller when only 3 of 10 were going to sell at all. I can't say that I learned buyer agency that way, because I was already a top agent when buyer agency came about. I probably taught that to new agents more than I learned it from old ones. In fact, I'm still trying to teach it to some old ones :-) As to companies and commission policies, I can't say I was taught any differently. I just always did what my personal ethics and business sense told me to do, and though I guess that was against policy...no one stopped me. I was taught that I needed broker permission to discount. Did I ever ask the Broker? No. I always figured worst case was the discount came entirely from my portion, so that was nobody's business but mine and the laws that govern such thing. There is one really big reason why everyone is talking about “raising the bar”. It’s because the entire system of educating and training new agents has vanished, and I don’t think anyone can do anything to change that fact.

Experienced and successful agents work from home!

That is the single most important factor that has changed. Real Estate Commissions haven’t changed what they do, nor have many of the training programs changed. The fact is, most of us who are good, are good because we learned from the best. We watched and studied and “copied” the best agents in our offices. We sought their advices and we did Open Houses for them in exchange.

I started in a buyer’s market and the agents taught me how to sell a house for a seller when only 3 of 10 were going to sell at all. I can’t say that I learned buyer agency that way, because I was already a top agent when buyer agency came about. I probably taught that to new agents more than I learned it from old ones. In fact, I’m still trying to teach it to some old ones :-)

As to companies and commission policies, I can’t say I was taught any differently. I just always did what my personal ethics and business sense told me to do, and though I guess that was against policy…no one stopped me. I was taught that I needed broker permission to discount. Did I ever ask the Broker? No. I always figured worst case was the discount came entirely from my portion, so that was nobody’s business but mine and the laws that govern such thing.

]]> By: Eileen http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3319 Eileen Fri, 24 Mar 2006 16:30:14 +0000 http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3319 Ardell: Don't you think it's more the Big Agent factories that are so agent centric? It's the companies policies that push the commission to stay at traditional levels. They even go so far as needing broker permission to discount a commission. Class after class, meeting after meeting were lectures and training on keeping the commissions as high as possible. Now, they're teaching the Colorado style of 7%. I left the biggies, simply because there was no emphasis on the clients rights, companies were too agent oriented, from commissions to legal positions and in fact I left the day I was told I could not help my client solve a problem after closing,Isn't that a hoot. I think of NAR more as an education and lobbying entity. The problems I see are with the brokerages policies. Ardell:
Don’t you think it’s more the Big Agent factories that are so agent centric? It’s the companies policies that push the commission to stay at traditional levels. They even go so far as needing broker permission to discount a commission. Class after class, meeting after meeting were lectures and training on keeping the commissions as high as possible. Now, they’re teaching the Colorado style of 7%. I left the biggies, simply because there was no emphasis on the clients rights, companies were too agent oriented, from commissions to legal positions and in fact I left the day I was told I could not help my client solve a problem after closing,Isn’t that a hoot.
I think of NAR more as an education and lobbying entity. The problems I see are with the brokerages policies.

]]> By: ARDELL http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3294 ARDELL Fri, 24 Mar 2006 07:40:09 +0000 http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3294 Well Brian, can't say I didin't "join" the Realtor Association. I was a member for over 14 years. It's just getting too old school. Holding the line on commissions, and ostracizing anyone who doesn't. Pretending buyers are important and then telling them only sellers count when it comes to negotating fees. That's just not the future. Of course they want buyers, but they want them to sign a contract and be "good little buyers" LOL. As to raising the bar, the ONLY thing that will raise the bar, is the consumer demanding higher quality. Would you not remove your child from a class with an incompetent teacher? Don't you deserve at least as much regarding your most valuable asset as you would demand for your children. Why do people put up with that? It's not like there aren't enough to pick from. Well Brian, can’t say I didin’t “join” the Realtor Association. I was a member for over 14 years. It’s just getting too old school. Holding the line on commissions, and ostracizing anyone who doesn’t. Pretending buyers are important and then telling them only sellers count when it comes to negotating fees. That’s just not the future. Of course they want buyers, but they want them to sign a contract and be “good little buyers” LOL.

As to raising the bar, the ONLY thing that will raise the bar, is the consumer demanding higher quality. Would you not remove your child from a class with an incompetent teacher? Don’t you deserve at least as much regarding your most valuable asset as you would demand for your children. Why do people put up with that? It’s not like there aren’t enough to pick from.

]]> By: Brian Villanueva http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3292 Brian Villanueva Fri, 24 Mar 2006 07:06:36 +0000 http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3292 Ardell, that's exactly my point. Precisely because there are many Realtors of questionable competency, the label means almost nothing. I don't blame you for not joining the club, what's the point? If the Realtor label signified achievement (and prospective clients knew it), that might be a reason to join. I certainly did not mean to tarnish all non-Realtors at all. Quite the opposite. Often, the more experienced an agent is, the less likely they are to be a NAR member. I think that bodes poorly for the future of the "Realtor" brand. Since I am a NAR member, I care about that brand. Legacy, I see a reality TV show in your future: "The Apprentice: Real Estate Edition". 12 people train for their real estate license, and the chance to list Donald Trump's house. :-) Ardell, that’s exactly my point. Precisely because there are many Realtors of questionable competency, the label means almost nothing. I don’t blame you for not joining the club, what’s the point?

If the Realtor label signified achievement (and prospective clients knew it), that might be a reason to join.

I certainly did not mean to tarnish all non-Realtors at all. Quite the opposite. Often, the more experienced an agent is, the less likely they are to be a NAR member. I think that bodes poorly for the future of the “Realtor” brand. Since I am a NAR member, I care about that brand.

Legacy, I see a reality TV show in your future: “The Apprentice: Real Estate Edition”. 12 people train for their real estate license, and the chance to list Donald Trump’s house. :-)

]]> By: ARDELL http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3290 ARDELL Fri, 24 Mar 2006 06:16:55 +0000 http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3290 Hey, I think "Legacy" is a great name for an agent LOL. What IS your name? Since we can't see it at the top, how about putting it at the bottom? Are you going to be a boy agent or a girl agent? Would be great to see you blog on the experience of becoming an agent from start to finish. That could be an eye opener. And we could tutor you onblog! Hey, I think “Legacy” is a great name for an agent LOL. What IS your name? Since we can’t see it at the top, how about putting it at the bottom? Are you going to be a boy agent or a girl agent? Would be great to see you blog on the experience of becoming an agent from start to finish. That could be an eye opener. And we could tutor you onblog!

]]> By: Legacy Escrow Service, Inc. http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3287 Legacy Escrow Service, Inc. Fri, 24 Mar 2006 04:47:20 +0000 http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3287 I think that to most consumers,a Realtor is an agent and agent is a Realtor. There is no difference. Ardell, I like your style. PS. I'm thinking of getting my license. I know, you're all rolling your eyes and thinking oh sheesh, another agent entering the market, while you are running to the fridge to get the nearest tomato to throw at me.....just kidding. :) I think that to most consumers,a Realtor is an agent and agent is a Realtor. There is no difference.

Ardell, I like your style.

PS. I’m thinking of getting my license. I know, you’re all rolling your eyes and thinking oh sheesh, another agent entering the market, while you are running to the fridge to get the nearest tomato to throw at me…..just kidding. :)

]]> By: ARDELL http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3284 ARDELL Fri, 24 Mar 2006 04:00:07 +0000 http://raincityguide.com/2006/03/23/raising-the-bar/#comment-3284 I did choose to "apprentice" with a top agent back when I started. I agree with you there, but it was my choice. I also paid a 25 year top Broker $25,000 to teach me how to value view property about 6 years ago. But I don't think you can "require" that kind of dedication from everyone, can you? Should I mention here that I am not currently a Realtor? Should we also mention that a lot of Realtor's are not allowed to discount their fees below a company policy level here in our market? Should we mention that the COE removed the word being "fair" to all parties a few years back? Not picking on Realtors, but let's not wave the brush of "non-Realtors" as if somehow I changed after 14 years of being a Realtor. Especially with the DOJ suit going on and some of us siding with the consumer on that one and some other issues. I did choose to “apprentice” with a top agent back when I started. I agree with you there, but it was my choice. I also paid a 25 year top Broker $25,000 to teach me how to value view property about 6 years ago. But I don’t think you can “require” that kind of dedication from everyone, can you?

Should I mention here that I am not currently a Realtor? Should we also mention that a lot of Realtor’s are not allowed to discount their fees below a company policy level here in our market? Should we mention that the COE removed the word being “fair” to all parties a few years back? Not picking on Realtors, but let’s not wave the brush of “non-Realtors” as if somehow I changed after 14 years of being a Realtor. Especially with the DOJ suit going on and some of us siding with the consumer on that one and some other issues.

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