The 10 Points List
By Inman News, Friday, February 27, 2009.Bookmarking Sites
Inman News has opened the conversation on a list of reforms for the real estate industry (see "Reforming real estate").
The release of the list has ignited a range of commentary, and we welcome continued discussions with you in refining this list.
Already, we've heard comments ranging from, "This is insane" and "would be the demise of our industry" to "we have been given some very important dialogue that needs to be evaluated in the future to find a successful model that might help to bring our industry back to where it needs to be."
This is a collaborative work -- tell us where you see fatal flaws and suggest additions and subtractions.
Send us your own version of the "10 Points List" or related commentary to future@inman.com.
Flickr photo by yoppy.All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.
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Submitted by Richard Tipton on February 27, 2009 - 7:23pm.
All the whining I see on this site about getting the government to get involved is ridiculous. We need less government.
The whining liberals who are worry about commissions are simply trying to control the market through regulations. I don't believe for a minute they are concerned about clients or the industry, merely their personal piece of the pie.
Adding more requirements for education is not the answer. Why not rid ourselves of the old brokers who haven't taken a course in years let alone touch a computer.
WE NEED LESS GOVERNMENT AND LESS WHINING!!!!!!!!!
BROKERS SIMPLY WANT TO CONTROL MORE SO THEY CAN CHARGE EVEN MORE FOR THE SMALL SERVICES THEY PROVIDE TO THE CLIENTS.
Submitted by Ryan Martin on February 28, 2009 - 8:15am.
I actually agree with a lot of the points that Inman brought up. For a long time I have felt that the educational standards for real estate agents are far too low. In Washington State, I don't believe that you are even required to have a high school diploma.
One of the few points that I disagree with is central MLS concept. I think that MLS's are difficult to monitor and audit at their current sizes. I believe that creating one national database would make the information less reliable. I also believe that there would be a lot of "old school" brokers that convince their clients that they shouldn't list their property in the national mls, while they try to shop the property on their own for awhile. The bigger the system, the easier it will be to find loopholes.
Just my 2 cents...
Ryan Martin ~ Realtor®, e-Pro®
Website: http://ryanmartinrealestate.com
Twitter: http://twitter.com/RyanRE
Submitted by Jon Lafferty on March 2, 2009 - 10:50am.
It's time for NAR to enact stricter standards to obtain and maintain a Real Estate License.
The minimum standards should be so tough that it will eventually weed out all the bottom feeders and many part timers. Currently, it is way too easy to get a license, con-ed classes and online tests are a joke. In addition, applicants should only be allowed to try and pass the exam twice in any twelve month period.
If NAR took the lead and with state associations encouraged to add further requirements we might just beat government to the punch. Tougher standards could go a long way in changing a general public perception that anyone can get a real estate license.
Submitted by Ileri Ogunfiditimi, REALTOR® on March 2, 2009 - 3:54pm.
It appears to me that week after week without fail, there's an article criticizing the real estate brokerage industry. Will the "superstar" agents or power brokers please stand up!
I find it truly amazing that many practicing real estate agents JUST DON'T GET IT! Real estate is one of the best industries to be in. There's literally NO glass ceiling in our industry - other than our own self-imposed limitations.
From becoming an agent, we can venture into so many income producing activities. For example, development, property management, mortgage brokering, property appraisals, leasing, sales, investments, business brokerage, ad infinitum.
Additionally, we have an industry trade association (i.e. NAR), affiliated organizations, and local boards that lobby for practitioners (e.g. agents are the ONLY independent contractors in the country to be classified as statutory nonemployees), provide plenty of resources, international opportunities, and practical tools to assist real estate practitioners in the achievement of their personal and financial goals.
But many of us don't take advantage of the opportunities and instead choose to complain, complain, and complain. The author of the article list gripes, but is no longer in the business. What message is that sending?
While 80% - 90% of real estate practitioners are investing their energies complaining about the market, commission models, and regulations, the top 10% - 20% of practitioners are increasing their net worth each year, growing their practices, brokering international transactions, developing communities, providing and adding value to their clients, and creating the lifestyle of their dreams.
Ileri Ogunfiditimi, REALTOR®
Ileri Ogunfiditimi, LLC
Jobin Realty
7825 Tuckerman Lane, Suite 201
Potomac, MD 20854
Direct Dial (240)403-3400, Ext 742
Direct Fax (866)283-7840
Email: ileri@ileriogunfiditimi.com
www.ileriogunfiditimi.com
www.jobi
Submitted by Gene Urban -- The Urban Team on March 3, 2009 - 8:37am.
I would like to address point number 1 regarding education and licensing standards.
I have been outspoken in my condemnation of the current education and licensing standards. They are an embarrassment!
In Arizona, an agent simply need take 91 hours of coursework and pass a State exam. There is no requirement of a GED and no work experience. Let's compare that to a nail technician. They have to undergo over 500 hours of coursework, have a GED and much of their training is supervised, hands-on skills work. Similar standards exist for massage therapists.
If we want to be perceived as professionals, then professional standards should be adopted. Failure will simply ensure a future where Realtors are held in the same light as used car salespeople (nothing against these folks mind you).
Gene Urban
The Urban Team at Realty Executives
602-234-5777
www.UrbanTeamAZ.com
www.UrbanLifeBlog.com
Submitted by Eleanor Warren Thorne on March 5, 2009 - 4:35am.
Eleanor Thorne
Cary Mortgage Loans
919-459-1313
I agree with most of these points - and would add the following points for consideration... if a Real Estate Agent has to complete 91 hours of classwork - would you be surprised to learn that mortgage brokers have less than HALF of that in required class time? On a National Level we are seeing advanced Mortgage Lender reform, however the PROBLEM continues to remain that BANK loan officers are exempt from ALL training.
Secondly, the problem I see in a NATIONAL MLS system is the reduction in local involvement of the political process. Our local board is critical in pushing issues like Public School reform - and local candidates. I would hate to see that important role diminished.
Submitted by Jonathan Phan on March 6, 2009 - 9:28am.
That's for sure. less WHINING!
Jonathan Phan
http://www.jonathansellshomes.com/
Submitted by Angelina Nobles on March 9, 2009 - 4:12am.
I like all the comments of the commentators. The post has attract many people to just give or share their opinion.
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Submitted by Gary Winnick on April 4, 2009 - 3:55am.
I subscribe with notably of these points - further would teem with the close points owing to consideration... if a Real Estate Agent has to actualize 91 hours of classwork - would you copy surprised to discern that mortgage brokers opine less than HALF of that consequence required charm time? On a National Level we are as inexperienced Mortgage Lender reform, however the PROBLEM continues to abide that BANK loan officers are exempt from ALL training.
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Submitted by Alex Grex on April 29, 2009 - 5:32pm.
I dont know about the consolidation of MLS in one. I already dont like my MLS, not image if it didn't have competition.
Just like in any industry. There will Joes and Pros.
Alex Greben
Portland Real Estate
http://www.nwmove.com/
Portland MLS Search.