Comments on: How did the industry get broken and how do we fix it? http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/ Seattle's Leading Resource for Real Estate Information Sat, 20 Mar 2010 23:08:33 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Seattle’s Rain City Real Estate Guide » Empowering the Buyer Consumer - Redfin http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-40451 Seattle’s Rain City Real Estate Guide » Empowering the Buyer Consumer - Redfin Fri, 24 Nov 2006 19:39:52 +0000 http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-40451 [...] Truth is I’ve been mad since August 20th, 2006, when Christine commented to this post, comment #28 “A month a go or so, there was a debate that went from this blog to just about every blog from here to kingdom come, regarding “Buyer Agency”. I am a broker here in NYC and we don’t act in buyer agency. We are all one in the same - we represent the seller. Period. … We make them aware that we (brokers and agents) work for the seller.  There are many times that we become a “dual agents” (meaning we are still working FOR the seller but the buyer is working WITH us as well).” [...] [...] Truth is I’ve been mad since August 20th, 2006, when Christine commented to this post, comment #28 “A month a go or so, there was a debate that went from this blog to just about every blog from here to kingdom come, regarding “Buyer Agency”. I am a broker here in NYC and we don’t act in buyer agency. We are all one in the same – we represent the seller. Period. … We make them aware that we (brokers and agents) work for the seller.  There are many times that we become a “dual agents” (meaning we are still working FOR the seller but the buyer is working WITH us as well).” [...]

]]> By: Seattle’s Rain City Real Estate Guide » It may be broken, but here’s a plan to fix it! http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-14211 Seattle’s Rain City Real Estate Guide » It may be broken, but here’s a plan to fix it! Sun, 27 Aug 2006 21:11:32 +0000 http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-14211 [...] It may be broken, but here’s a plan to fix it! August 27, 2006 Ah, finally get to catch up on reading some RCG posts. What a prolific group this is! Makes you wonder just how important a degree in creative writing might become to the average agent in the future. I’ve been busy cuz I’ve been doing alot of recruiting these days.  So, when Eric, in a recent post  wonders about the mega agent model works I can’t help but commenting that it works great for the mega agent and not so great for the mini agents on the team and especially not so great for the customers of said Mega Agent who may not want to be foisted off on a newbie. Ardell says that the industry is broken because agents don’t help train newbies anymore. Couldn’t agree more. Fact is, there are agent training programs within offices, called Mentor Programs, but they cost the newbie a lot. I just heard about one such program that offers the mentoring agent 70% of the commission! No wonder its broken, but I have an idea of house to fix at least a part of it. [...] [...] It may be broken, but here’s a plan to fix it! August 27, 2006 Ah, finally get to catch up on reading some RCG posts. What a prolific group this is! Makes you wonder just how important a degree in creative writing might become to the average agent in the future. I’ve been busy cuz I’ve been doing alot of recruiting these days.  So, when Eric, in a recent post  wonders about the mega agent model works I can’t help but commenting that it works great for the mega agent and not so great for the mini agents on the team and especially not so great for the customers of said Mega Agent who may not want to be foisted off on a newbie. Ardell says that the industry is broken because agents don’t help train newbies anymore. Couldn’t agree more. Fact is, there are agent training programs within offices, called Mentor Programs, but they cost the newbie a lot. I just heard about one such program that offers the mentoring agent 70% of the commission! No wonder its broken, but I have an idea of house to fix at least a part of it. [...]

]]> By: Real Central VA - Tracking the Charlottesville and Central VA real estate market and more » Tuesday Links - 22 August 2006 http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12906 Real Central VA - Tracking the Charlottesville and Central VA real estate market and more » Tuesday Links - 22 August 2006 Wed, 23 Aug 2006 17:41:08 +0000 http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12906 [...] An unparalleled comment from an outstanding real estate-related post. It’s a long discussion, but worth it. [...] [...] An unparalleled comment from an outstanding real estate-related post. It’s a long discussion, but worth it. [...]

]]> By: jcricket http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12680 jcricket Tue, 22 Aug 2006 19:51:25 +0000 http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12680 Michelle writes: <I>Where are the good examples of agents doing the right thing and not just Ardell?</i> They're probably not blogging :-) The blogosphere is an intensly navel-oriented realm, and after reading many blogs for years I'm just starting to realize that the "signal/noise" ratio in blogs is no different/better than Usenet or BBSes before that. The good agent (singular) I have worked with is busy doing his thing. Serving clients. Trying to stay abreast of the market trends. Spending time with his family. He's not necessarily obsessed (like the rest of us) with making himself heard, reforming the entire industry, or getting caught-up in a blog cat fight every week or two. None of this is to say I don't appreciate reading this blog or the comments people post, but I keep a sense of perspective on how "representative" something like the blogosphere can ever be. Nicholas Carr at <a href="http://www.roughtype.com/" rel="nofollow">Rough Type</A> has written a bunch of informative posts recently about the intense amount of "Kool-Ad drinking" involved in Web 2.0, Social Networking and blog communities. Michelle writes: Where are the good examples of agents doing the right thing and not just Ardell?

They’re probably not blogging :-)

The blogosphere is an intensly navel-oriented realm, and after reading many blogs for years I’m just starting to realize that the “signal/noise” ratio in blogs is no different/better than Usenet or BBSes before that.

The good agent (singular) I have worked with is busy doing his thing. Serving clients. Trying to stay abreast of the market trends. Spending time with his family. He’s not necessarily obsessed (like the rest of us) with making himself heard, reforming the entire industry, or getting caught-up in a blog cat fight every week or two.

None of this is to say I don’t appreciate reading this blog or the comments people post, but I keep a sense of perspective on how “representative” something like the blogosphere can ever be. Nicholas Carr at Rough Type has written a bunch of informative posts recently about the intense amount of “Kool-Ad drinking” involved in Web 2.0, Social Networking and blog communities.

]]> By: Christine http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12668 Christine Tue, 22 Aug 2006 17:38:04 +0000 http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12668 Michelle - I agree with you. There have been times that I myself helped a seller finish clearing out the furniture of the house we sold, when his wife was having a fit - nasty divorce story. Staying there until 12am to do the clean out with him - while my children were home with a sitter - I did not get my commission until we closed - There were times during a walk thru when a buyer who bought a co-op for her father and he was NOT thrilled about (because he wanted to stay at her home, which she refused) that I bought a new refridge - and saw him smile for the first time. I did not get paid my commission until we closed. Michelle - how about the times when as an agent might get a call from a seller/buyer who just got beat up by her husband and needs diapers for her baby - and you go to the store buy the diapers and some extra food for her and the baby - and you cut your commissions in half so she can get on her feet again. (Meaning I got paid nothing - my broker did but my part went to her). There was nothing expected in return - but to find out later that the two get back together and go on vacation with your commission... Michelle, there will be days and deals like this - not everything has a reason. My advice to you is to YOU worry about HOW YOU TREAT OTHERS. Don't watch the police cars going to get the "bad people" Walk away from it. Worry about your deals, your conscience and if YOU can sleep at night!! Michelle – I agree with you. There have been times that I myself helped a seller finish clearing out the furniture of the house we sold, when his wife was having a fit – nasty divorce story. Staying there until 12am to do the clean out with him – while my children were home with a sitter – I did not get my commission until we closed -
There were times during a walk thru when a buyer who bought a co-op for her father and he was NOT thrilled about (because he wanted to stay at her home, which she refused) that I bought a new refridge – and saw him smile for the first time. I did not get paid my commission until we closed.
Michelle – how about the times when as an agent might get a call from a seller/buyer who just got beat up by her husband and needs diapers for her baby – and you go to the store buy the diapers and some extra food for her and the baby – and you cut your commissions in half so she can get on her feet again. (Meaning I got paid nothing – my broker did but my part went to her). There was nothing expected in return – but to find out later that the two get back together and go on vacation with your commission…
Michelle, there will be days and deals like this – not everything has a reason. My advice to you is to YOU worry about HOW YOU TREAT OTHERS. Don’t watch the police cars going to get the “bad people” Walk away from it. Worry about your deals, your conscience and if YOU can sleep at night!!

]]> By: ARDELL http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12665 ARDELL Tue, 22 Aug 2006 17:10:44 +0000 http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12665 Michele, I have always been very tough on agents. Not because they are "bad", but because I try to help them do better. Your list to me is a good example of a a few lessons learned, hopefully, by the agents involved in the transaction. 1)The leaking skylight should have been either a seller disclosure item or a home inspection item before it closed and not a surprise to the buyer after they moved in. 2) The buyers not having enough money for their closing costs probably caused them a great deal of worry at the end. The estimated closing costs they received before they made an offer, may have been less than a true picture of the amount of cash they needed to close. 3) Depends on what happened at the first inspection and if the inspector found something that the seller should have disclosed in the first place or that the agent should have noticed before the offer was written. 4) If the agent was running to the dump AFTER he received his commission check, it means he didn't do a walkthrough before it closed and put the seller on notice before it closed and didn't get rid of the stuff before it closed. I am very tough on agents, but I do realize that if they only do 80% of the things I train them to do...they will be doing a great job. Thinking ahead and preventing problems quietly, and often without anyone noticing, is often better than putting out fires. The fires singe the clients before an agent can jump in to put them out. Better to prevent the fires in the first place. Michele,

I have always been very tough on agents. Not because they are “bad”, but because I try to help them do better. Your list to me is a good example of a a few lessons learned, hopefully, by the agents involved in the transaction.

1)The leaking skylight should have been either a seller disclosure item or a home inspection item before it closed and not a surprise to the buyer after they moved in.

2) The buyers not having enough money for their closing costs probably caused them a great deal of worry at the end. The estimated closing costs they received before they made an offer, may have been less than a true picture of the amount of cash they needed to close.

3) Depends on what happened at the first inspection and if the inspector found something that the seller should have disclosed in the first place or that the agent should have noticed before the offer was written.

4) If the agent was running to the dump AFTER he received his commission check, it means he didn’t do a walkthrough before it closed and put the seller on notice before it closed and didn’t get rid of the stuff before it closed.

I am very tough on agents, but I do realize that if they only do 80% of the things I train them to do…they will be doing a great job. Thinking ahead and preventing problems quietly, and often without anyone noticing, is often better than putting out fires. The fires singe the clients before an agent can jump in to put them out. Better to prevent the fires in the first place.

]]> By: Michele http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12660 Michele Tue, 22 Aug 2006 16:51:43 +0000 http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12660 Ardell, thank you for your 2 cents. Your advise is always appreciated and useful. JCricket defined mentoring well. Learning this business is about absorbing good information from senior agents then putting that to work within your own plan. Polly is yet another eye opener, emphasizing how the general public perceives realtors and unfortunately with good examples. Where are the good examples of agents doing the right thing and not just Ardell? Not broken: After the buyers moved into their new home and discovered a leaking skylight, their agent replaced it out of his own pocket. Yes, this is after he collected his commission. Not broken: The first time buyers who didn't have enough for closing cost and their agent that pitched in her commission to help. Not broken: The agent who covered the costs of the inspection on the second house the buyer made an offer on. Not broken: The agent that made multiple runs to the dump in his truck to remove what was left from the seller after the buyer had moved in. Again, after he received his commission check. Can someone add to this list? I'm beginning to feel that I've chosen an industry to work in that is full of sharks and weasels and I'm constantly scratching my way around defending my worth as a knowledgable, honest and caring ally with someone who simply wants to buy or sell a home. Ardell, thank you for your 2 cents. Your advise is always appreciated and useful. JCricket defined mentoring well. Learning this business is about absorbing good information from senior agents then putting that to work within your own plan.

Polly is yet another eye opener, emphasizing how the general public perceives realtors and unfortunately with good examples.

Where are the good examples of agents doing the right thing and not just Ardell?

Not broken: After the buyers moved into their new home and discovered a leaking skylight, their agent replaced it out of his own pocket. Yes, this is after he collected his commission.

Not broken: The first time buyers who didn’t have enough for closing cost and their agent that pitched in her commission to help.

Not broken: The agent who covered the costs of the inspection on the second house the buyer made an offer on.

Not broken: The agent that made multiple runs to the dump in his truck to remove what was left from the seller after the buyer had moved in. Again, after he received his commission check.

Can someone add to this list? I’m beginning to feel that I’ve chosen an industry to work in that is full of sharks and weasels and I’m constantly scratching my way around defending my worth as a knowledgable, honest and caring ally with someone who simply wants to buy or sell a home.

]]> By: seattleeric http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12555 seattleeric Tue, 22 Aug 2006 06:40:38 +0000 http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12555 Doesn't anyone sleep around here? It's nearly midnight, and we're all yapping away! :) Doesn’t anyone sleep around here? It’s nearly midnight, and we’re all yapping away! :)

]]> By: ARDELL http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12551 ARDELL Tue, 22 Aug 2006 06:34:35 +0000 http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12551 And you don't even have a last name :-) Eric, I don't know where you are getting this "new" agent thing. I've mentored tons of new agents and told them after representing 3 buyers and 3 sellers, you're pretty much good to go. Clearly there are many different types of agents for many different types of clients. For example...I could never represent Russ. We'd probably kill each other :) Russ, I think you would do very well as a Redfin buyer. Very well, indeed. But for some people it's like throwing darts at a dart board. Eric, your last comment was excellent. Not that you need my approval. And you don’t even have a last name :-)

Eric, I don’t know where you are getting this “new” agent thing. I’ve mentored tons of new agents and told them after representing 3 buyers and 3 sellers, you’re pretty much good to go. Clearly there are many different types of agents for many different types of clients. For example…I could never represent Russ. We’d probably kill each other :)

Russ, I think you would do very well as a Redfin buyer. Very well, indeed. But for some people it’s like throwing darts at a dart board.

Eric, your last comment was excellent. Not that you need my approval.

]]> By: seattleeric http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12546 seattleeric Tue, 22 Aug 2006 06:16:57 +0000 http://raincityguide.com/2006/08/19/how-did-the-industry-get-broken-and-how-do-we-fix-it/#comment-12546 But a dashing one at that. My first cousin is Prince Valiant, and my step brother is Superman. :) But a dashing one at that. My first cousin is Prince Valiant, and my step brother is Superman. :)

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