This post is a close copy to the comment I made on Marin Real Estate Bubble last night.
Headline: Realtor Teeters on Edge of Falling into Vat of Tar; Bloggers Wait Patiently to Apply Feathers.
I recently posted “So You Want to be a Realtor.” Anonymous hits the nail on the head: barriers to entry for real estate are too low. The industry allowed it to happen and is going to pay the price. The good news is that as “easy money” becomes a harder proposition, a lot of stupid Realtors will be forced to join other portions of the workforce (scary thought).
The other component to this thread is ethics. Either you have ethics or you don’t. My job and my income require that I sell homes. It’s hard to tell someone not to do something when it hits your bottom line but sometimes I have to. C’est la vie. I wouldn’t want to do this if I had to question myself everyday but I don’t have to. Sometimes we turn clients away because we don’t like what we are being asked to do. I think any attorney (ethical) will tell you the same.
The real estate industry brought a lot of this on themselves, no doubt. The client, in search of the easy buck, has also perpetuated the mess by not seriously interviewing the agent that they entrust a major financial transaction to. Clients often don’t want to hear the truth and will go find a Realtor that will tell them what they want to hear. Agency laws that allow an agent to represent both sides of the transaction should be banned. We won’t do it. I will probably burn in Realtor hell for that statement.
Not every Realtor is the same. Understand that and you’ve contributed to the cure.