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I Hate Realtors!

by Morgan on January 23, 2008

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Gotcha.  Actually, I don’t.

Let me explain.

One of my good friend’s wife is a Realtor.  She’s a nice lady.  I like her and I like them as people.  I was talking with her not too long ago after she had read my blog.  She said to me “Wow.  You really hate Realtors.  You must think I’m scum.” or something to that effect.  I quickly found myself stumbling over myself to explain that I don’t hate Realtors – in fact many people that I respect and am friends with are Realtors.  I also have many friends in all areas of the mortgage origination, secondary market, securitization desks, Wall Street houses, regulation – you name it.  I told her I didn’t hate those people either.

But when your friends start thinking you hate people because of what you write it’s time to set the record straight.

I Actually Like A Lot of Real Estate Agents

There are a lot of real estate agents that I like and admire.  There are a lot that I don’t like.  The ones that I do like are the ones that share values that I share – honesty, a realistic view of the world and ethics.  They don’t have to prescribe to my particular view of the market; and in fact I’ve had many spirited discussions with them on the topic that result in new understanding reached by both of us.  What they do need is to be able to look at our current situation in an objective and honest way and be able to intelligently articulate their viewpoint (whether positive or negative) about the market.  Those people, with class, intelligence and ethics are the people I aspire to know and emulate.  If they are Realtors then I respect them as the professionals that will lead us out of this mess.  (Similar to the remaining mortgage pros that are still standing after the chaff has been separated.)  Those are the real estate agents that I like.

The Ones I Don’t Like

The phonies are the ones that I don’t like.  The ones heavy on the Kool Aid.  The ones overly-optimistic to a point where it’s poisonous to the people they interact with.  The David Lereah clones.  If you are one of those Realtors then the title above applies to you.

But for the Record – I like Realtors

This blog has never been about trashing a particular occupation or belittling people for what they do for a living.  This blog has always been about exposing the trash that inhabits our industry and helping people get a balanced perspective about the mortgage and real estate industry.   I consider Blown Mortgage a counter-weight to the Rah-Rahing that goes on in the blogging world and sound bites from many Kool Aid drinking real estate agents.

Many Realtors are smart, savvy and looking out for their client’s best interest.  If you are a Realtor and this is your MO we’re probably friends.  If you’re a Realtor and the sun is always shining and you think we’re not in a down market then we won’t agree on much.

Thanks for reading whether you’re a Realtor, a consumer, a mortgage professional, an investor or someone else.  I only hate people who take advantage of others. Other than that we’re here to talk about the problems in the industry and what can be done to learn from the mistakes made and improve the quality of our industry for the people that rely on it.

Morgan

Last 3 posts by Morgan

Related posts:

  1. Why I have a love/hate relationship with Realtors
  2. National Association of Realtors doesn’t want you to watch 60 Minutes
  3. Guest Post: Why do traditional Realtors despise discounters?
  4. A couple thousand reasons why I hate my industry sometimes
  5. Realtors and home shoppers need dose of realism when looking for homes

  • rose
    realtors are dangerous to the people searching for a new home. It must be communicated to the public realtors DO NOT have the qualifications to comment on ANYTHING other than facts they know for sure about the house or neighborhood. I am looking for a house and have gotten much advice from realtors (with a 30 hr + course) about the economy. Are they now economists with that 30+ hour course??
  • E
    I'm a Realtor. I don't understand your comment that Realtors are dangerous? You're right, Realtors are not economists, but to be a "good" Realtor, you must be aware and study markets. Like any profession there are good and bad. Just because somebody is a Realtor, doesn't mean that their whole background and knowledge is a 30+ hour course. For example, I have my an MBA, I have also have accreditation in real estate appraisal, among several other accreditations.
    People mis-understand what the role of a Realtor is. A Realtor is a consultant and mentor in your home buying process. We are here to recommend good attorneys, lenders, inspectors, contractors etc. to make sure that you are protected within your purchase. Ultimately we are here to provide information- so you can make your own "informed decision".
    We are here to explain contracts, and to make sure that you are not overpaying for a property in todays market. We are here to ultimately make sure the consumer/client is protected through the purchase and beyond.
    I want every single person I work with to be 100% satisfied because I would love to work with their friends and families in the future. I never want to sell a client an undesirable property, because one day in the future I hope that I will be called upon to resell that property.
    People don't understand what a Realtor goes through on a daily basis. A Realtor has to wrap his or her schedule around their clients schedule. We answer our phones when they ring day and night, we are taxi drivers, we are neighborhood gurus which inform our clients what schools, restaurants, grocery stores, libraries, public transportation is within each neighborhood. We give advice on which developer in certain areas are good, and build quality homes, and which aren't so good. We are accountants handling earnest/escrow money. We are lawyers explaining the legalities and contracts to uninformed consumers. We are pychologists dealing with a wide array of emotions when it comes to somebody making the largest purchase of their life.
    We spend a lot of time with people who are dishonest.(state that they are a serious buyer, but in true reality think it's "fun" to look at houses"). A Realtor may work with a client for six months or even longer, and then the client decides that they would like to rent. Realtors work on straight commission, so no matter how hard and long you've been working with a client, there is no guarantee of getting paid.
    You shouldn't worry too much about "bad" Realtors. The market has softened and many who are not relevant in the market will disappear. There is a huge attrition rate among Realtors because many people feel that this is an easy profession. I've been in the military, I've done many construction/ manual labor jobs, I've worked in restaurants and retail a management, but this profession has been by far the most challenging so far. The reason I stay, is because I enjoy challenges.
    If you are out there searching for a home, do yourself a favor and find a good quality Realtor. The way you do that is "word of mouth". Ask friends or relatives if they know anybody that they would highly recommend. If you go out with a Realtor for the first time, and your personalities don't click, or you don't trust that person- tell them right away and find another Realtor to work with. Consumers have to take responsibility as well. Thanks for reading my "rant". I hope this gives a little insight to help you make an informed decision in the future
  • Anonymous
    The real estate agents were the schnook foot soldiers that created this mortgage mess. Instead, the person to really hate is the inventor of the adjustable rate mortgage and subsequent inventors of derivative works. Anything but a fixed rate mortgage 30 years max length should be illegal with the banking kingpin thrown in jail for life - or put down. The inventor of the ARM invented a financial weapon of mass destruction. I put him into the same catagory as one who drives an airliner into a building on purpose, using the plane as a car bomb.
  • steve
    Lets talk about taking advantage of others. The economy is in the toilet, housing prices have fallen about 15-20% in my area. Thousands are loosing jobs or being forced to take pay cuts but the Realtors still want their full 6% and are open about telling you that if you try to get them to lower the commission they just will not bother to show your house. Yup these are the kind of people who remind us all of AIG execs. I decided to go fisbo and got a better offer than the agent advised me I could sell my house for in less that 72 hours. When I get to the city I am moving to I am going to specify that I am not willing to pay any Realtor and commission.
  • Geesus
    I understand. I live in Boston and I have to say the realtors (don't understand why that word is suppose to be capitalized)in Boston are by far the most easiest people to hate. They lie try to stress out people into buying because they think they are a college student,(when they are not) and they feel like they have the right to have an open house whenever they so please, with no regard to the people living there.

    I'm generalizing here, but for all the realtors I've met, they are all the same. They have no shame in Boston.
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