Comments on: The Other Broken Real Estate Market http://www.matthewferrara.com/blog/management/brokenrealtors/ Building Real Estate, The Next Generation Mon, 15 Mar 2010 22:27:13 -0400 http://wordpress.org/?v=2.9.1 hourly 1 By: Steve Favill http://www.matthewferrara.com/blog/management/brokenrealtors/comment-page-1/#comment-3720 Steve Favill Thu, 02 Apr 2009 00:07:30 +0000 http://www.matthewferrara.com/?p=1342#comment-3720 I ran into the 90/10 rule time and time again, and yet each time I mention it in conversation with agents, very few will say that they ever heard of it. Brokers not returning phone calls? I have experienced that. On several occasions I have called to place a referral, and left a message with detailed information on how to contact me in return. Silence. Referral business is the easiest that will ever come to a company. The customers are pre-qualified for them, they do not even have to prospect for it, and yet they ignore it! Thankfully these are a very small minority, but even so the fact that they exist at all is a testament to how things got in such a mess. I ran into the 90/10 rule time and time again, and yet each time I mention it in conversation with agents, very few will say that they ever heard of it. Brokers not returning phone calls? I have experienced that. On several occasions I have called to place a referral, and left a message with detailed information on how to contact me in return. Silence.

Referral business is the easiest that will ever come to a company. The customers are pre-qualified for them, they do not even have to prospect for it, and yet they ignore it!

Thankfully these are a very small minority, but even so the fact that they exist at all is a testament to how things got in such a mess.

]]> By: Tony Sena http://www.matthewferrara.com/blog/management/brokenrealtors/comment-page-1/#comment-3664 Tony Sena Mon, 30 Mar 2009 05:36:37 +0000 http://www.matthewferrara.com/?p=1342#comment-3664 "REALTORS cannot even return each others calls" We are experiencing this problem with many REO agents in Las Vegas. It takes days before they get back to you only to tell you they already have an accepted offer. What a crock, update the damn MLS then!!! “REALTORS cannot even return each others calls”

We are experiencing this problem with many REO agents in Las Vegas. It takes days before they get back to you only to tell you they already have an accepted offer. What a crock, update the damn MLS then!!!

]]> By: Paul Gaddes http://www.matthewferrara.com/blog/management/brokenrealtors/comment-page-1/#comment-3529 Paul Gaddes Tue, 24 Mar 2009 16:38:46 +0000 http://www.matthewferrara.com/?p=1342#comment-3529 Then, there are the short sales where the bank or govt can not understand that a bona fide offer is on the table and take days, weeks and sometimes months to negoiate in good faith. In "traditional" real estate negoiations the parties tend to go back and forth rather timely. Not so for these dinosaurs..It's no wonder their are toxic assets strewn over the market; the holders of the bad debt are not adjusting their model to reality. Then, there are the short sales where the bank or govt can not understand that a bona fide offer is on the table and take days, weeks and sometimes months to negoiate in good faith. In “traditional” real estate negoiations the parties tend to go back and forth rather timely. Not so for these dinosaurs..It’s no wonder their are toxic assets strewn over the market; the holders of the bad debt are not adjusting their model to reality.

]]> By: Cheryl Cairns http://www.matthewferrara.com/blog/management/brokenrealtors/comment-page-1/#comment-3523 Cheryl Cairns Tue, 24 Mar 2009 12:25:49 +0000 http://www.matthewferrara.com/?p=1342#comment-3523 Maybe, just maybe, if we report these agents, that do not return calls, to our boards, we could get rid of a few that are really looking to line their wallets with a double dip. That's the real problem. They want their listings all to themselves. Well don't we ALL want that? However, it's not in our clients best interest. It won't help the economy and we perpetuate the bad housing market. We are in this trouble due to all people that are looking out for themselves, only. When will we see that LOOKING OUT FOR US ALL is what will turn this around?? Maybe, just maybe, if we report these agents, that do not return calls, to our boards, we could get rid of a few that are really looking to line their wallets with a double dip. That’s the real problem. They want their listings all to themselves. Well don’t we ALL want that? However, it’s not in our clients best interest. It won’t help the economy and we perpetuate the bad housing market.
We are in this trouble due to all people that are looking out for themselves, only.
When will we see that LOOKING OUT FOR US ALL is what will turn this around??

]]> By: Jenny Kotulak Real Estate Broker, RE/MAX Aboutowne Realty Corp. Brokerage, Oakville, Ontario, Canada http://www.matthewferrara.com/blog/management/brokenrealtors/comment-page-1/#comment-3462 Jenny Kotulak Real Estate Broker, RE/MAX Aboutowne Realty Corp. Brokerage, Oakville, Ontario, Canada Sat, 21 Mar 2009 00:35:45 +0000 http://www.matthewferrara.com/?p=1342#comment-3462 Our real estate market in Oakville, Ontario (30 minutes west of Toronto) is similar yet different. I think REALTORS are finally getting the "new market" and trying to educate sellers. Many agents will not bother to take overpriced listings now from unrealistic sellers. We do not have the number of Power of Sales (foreclosures) that the U.S. is experiencing and do not have the term "short sales" as of yet. Our lower priced homes are selling but as of March 20 we have 176 homes listed over $1,000,000. and only 11 sales in that price range since Jan. 1 of this year. Lots of competition and I think buyers are still nervous about buying in that price range, with worries of job security and continued price slide. Our real estate market in Oakville, Ontario (30 minutes west of Toronto) is similar yet different. I think REALTORS are finally getting the “new market” and trying to educate sellers. Many agents will not bother to take overpriced listings now from unrealistic sellers. We do not have the number of Power of Sales (foreclosures) that the U.S. is experiencing and do not have the term “short sales” as of yet.
Our lower priced homes are selling but as of March 20 we have 176 homes listed over $1,000,000. and only 11 sales in that price range since Jan. 1 of this year.
Lots of competition and I think buyers are still nervous about buying in that price range, with worries of job security and continued price slide.

]]> By: Jill Courville http://www.matthewferrara.com/blog/management/brokenrealtors/comment-page-1/#comment-3445 Jill Courville Thu, 19 Mar 2009 21:42:18 +0000 http://www.matthewferrara.com/?p=1342#comment-3445 Along with that cup of black coffee a healthy dose of reality too for the fellow agents. I just negotiated an offer for my Buyer client with a Seller agent who refused to have a realistic conversation with the seller about what to expect for a sale price on the home. The Seller agent just said "oh well, what are you going to do with thrse Sellers" when I suggested the seller agent do another cma with their seller to see where their price should be and instead told me about the "neighbor" that sold in October! By the way, the home had been listed at the same price since November and the Seller expected to sell for only 3k less than asking. I blame the agent here, set realistic expectations and if Sellers arent realistic stop wasting everyone's time. Along with that cup of black coffee a healthy dose of reality too for the fellow agents. I just negotiated an offer for my Buyer client with a Seller agent who refused to have a realistic conversation with the seller about what to expect for a sale price on the home.

The Seller agent just said “oh well, what are you going to do with thrse Sellers” when I suggested the seller agent do another cma with their seller to see where their price should be and instead told me about the “neighbor” that sold in October!

By the way, the home had been listed at the same price since November and the Seller expected to sell for only 3k less than asking. I blame the agent here, set realistic expectations and if Sellers arent realistic stop wasting everyone’s time.

]]> By: Jim Flanagan http://www.matthewferrara.com/blog/management/brokenrealtors/comment-page-1/#comment-3442 Jim Flanagan Thu, 19 Mar 2009 20:00:51 +0000 http://www.matthewferrara.com/?p=1342#comment-3442 Matthew, I think this post directly relates to the "motif" of most of your recent diatribes; understanding our consumer. We, as an industry, do not KNOW how to communicate with our consumer because we DON'T want to know. Most of us want to BELIEVE that we're going to "wake up" tomorrow morning and it will still be 2005. Unfortunately, and I'm just as guilty as the "other" brokers, we've avoided "rousing our sales associates from their slumber of denial". Thanks for the cup of black coffee. I'm going to go "pay it forward" now! Jim Matthew,

I think this post directly relates to the “motif” of most of your recent diatribes; understanding our consumer. We, as an industry, do not KNOW how to communicate with our consumer because we DON’T want to know.

Most of us want to BELIEVE that we’re going to “wake up” tomorrow morning and it will still be 2005.

Unfortunately, and I’m just as guilty as the “other” brokers, we’ve avoided “rousing our sales associates from their slumber of denial”.

Thanks for the cup of black coffee. I’m going to go “pay it forward” now!

Jim

]]>