Are Realtors Making The Real Estate Crisis Worse?

By Renee Porsia, Real Estate Girl

Realtors® aren’t helping the current real estate market crisis any.  We already have home owners losing their homes, doing short sales, walking away from their homes and turning their homes back over to the bank. We certainly don’t need Realtors® making an already horrible situation worse. But yet, here they are with all of their awards and designations mind you, (that nobody cares about but themselves) still patting themselves on the back and adding more fuel to proverbial fire by purposely taking over priced listings.

The market is saturated with over priced homes that are just sitting there, why do we need more?  Why is it that Realtors® just can’t say “NO?” If a home owner is being unrealistic, walk away from the listing instead of raising their expectations by listing the home at whatever price the home owner wants when you very well know the home will never sell at their asking price. Have some respect for yourself. Be the expert that you are supposed to be.

I just had a listing that I put on the market and priced it exactly where it should be priced and I had Realtors® calling me screaming at me saying that I priced it too low and that it was going to bring down the prices in the development.  They were telling me that a property like my listing in the condition that it is in, a year ago would have sold for much more.  Wake up!  Are you living under a rock? Why do you think we are in current real estate crisis that we are in now?  Just because homes that weren’t worth what they were listed for, sold, doesn’t make it right. And they call themselves professionals?

If we ever expect to recover from what is being called the worst economic crisis since the Great Depression, somebody needs to be part of the solution and not part of the problem and Realtors who are looked upon as supposed experts, should not be more afraid of not getting the business than doing the right thing.  How do you expect to ever be taken seriously in a profession that most people consider a joke if you can’t even do the single most important thing a Realtor® does which is price a home correctly?

I’m not saying that every single Realtor® is out there purpously over pricing homes but in the real estate industry, even one bad apple does spoil the whole bunch and as professional Realtors® we should be better than this. We are expected to put the client’s interests ahead of our own and by knowing that a home is not worth what they are listing it for in order just to get more business is definitely putting their interests over that of their clients. This needs to stop.

It is of my professional opinion that Realtors® are making the real estate crisis worse and if they aren’t making it worse, they certainly aren’t helping.

What do you think? I welcome your comments.

Renee Porsia is an Associate real estate broker with RE/MAX Action Realty and published author.

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3 thoughts on “Are Realtors Making The Real Estate Crisis Worse?

  1. Allan Belcher says:

    Hi Renee, I have been trying to buy a house in the St Petersburg area for over 3 years. I am a well-qualified buyer and an educated consumer. I have gone through four different realtors and all of them have been the same: complicated. The most I get in the way of assistance is a “Morning Report”. Once I identify a property, I have to contact whoever I am working with to get in to look at the place and typically I am pressured after that (despite what the sales data shows). The realtor tries to convince me that reality is not what it is and that I should make an offer that is higher than market value. I have signed three different contracts and they have fallen through because my representation (the realtor) didn’t communicate to me properly (“I didn’t get your email”) which I retreived for them or demonstrated through their actions that I wasn’t worth the trouble to negotiate. Of course, I am left in the dark with what actually transpires between my “representation” and the sellers. Honestly it feels like a bond of thieves. Recently I was making an offer that I found on my own, contacted my realtor directly to advise her that I was doing so and she had a complete meltdown. This realtor had done nothing for me besides unlock a couple of places that I found myself but she felt she should be paid for the work I had done on my own. I am sick of these people. Right now I am working on a deal with a realtor and it is apparent that he is more interested in the relationship he has with his own mortgage lender than he is in minding my interests. I am very disappointed in your “profession” overall. You may have a code of ethics but in my opinion there are many gray areas. I work in the medical profession and I am bound by my ethical commitment to my patients. There are no gray areas. Thank God, your life would depend on it.

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