When FHA spot approval discontinued back in February 2010, I thought "Well, OK. There are still FHA approved condo projects." FHA approved condo projects are becoming more and more like an endangered animal. The numbers are dwindling right before our eyes. This is because of the cost to become an FHA approved condo according to David Dikeman from Insight Bank. Condo Associations are finding that, in order to survive this economy, they need to cut the cost of obtaining FHA approved status from the expenses. This leads to only two types of possible sales now – Conventional Loans or Cash. FHA has essentially cut the first time home buyer market right out of the equation. Well, of course unless they can do a Conventional Loan or Cash.
This is not at all helpful to a struggling Real Estate market. It is essentially hand cuffing and blind folding REALTORS® from selling condos. Condos are great option for people. Just wish FHA felt the same.
A prospective client had to let me go once. Lots of external reasons existed. I will not bore you with the details but none of it was because they were dissatisfied with my service. Quite the contrary. They tried their hardest to continue my representation of them. What a compliment to have someone who wanted to continue a relationship with me, despite external pressures, as long as they feasibly could! I have never been so flattered.
Ladies and gentleman, this is why I am in Real Estate. I am here to serve my clients needs as well as I can within the realm of possibilities, market and the inventory. When I am able to communicate a level of trust and ellicit such a strong loyalty without showing one home, I have done my job properly.
Remember, it is not always about winning or losing; but, how you play the game.
Tensions are running high… Lines have been drawn… And now, there are two camps. Those Who are For Listing Syndication and Those Who are Against Listing Syndication… (See the YouTube videos below.)
I know my brokerage's stance on the subject. They are in the ARG camp.
I know my own stats and what has been produced from being on Trulia, Zillow, and Realtor.com. My experience has been that they have led to leads only if the person trusts me enough to contact me. The Central Ohio Multiple Listing System (MLS) system has been the best resource to sell any of my listings or for me to find homes for my buyers. However, I'm more willing to find a tool to resolve these issues instead of taking my ball and mitt and going home.
Side Note: The Central Ohio MLS system does NOT syndicate to Trulia or Zillow. Realtors need to push their own data to these sites.
Jim Abbot has good points about how there are inconsistencies in the data that the syndicated sites release. Really, is inaccuracy in data the transparency that Fred Glick calls for in his video?
However, Fred Glick hit the nail on the head with his statements that the Real Estate profession are not trusted. Heck, the HarrisInteractive found Real Estate Agents the least prestigious occupations as of August 4, 2009.
Real Estate really has a hole to climb out of and this latest bickering is NOT going to help the industry. Yes, there are issues with data accuracy on Listing Syndication sites. Yes, there are shady things happening on Craig's List due to listings being publicized on the Listing Syndication sites. (I should know with my own first hand experience. See Craig's List Rental Scare for more information.) Yes, we need to provide avenues for the public to trust the Real Estate industry.
I could sit here and pick apart every little thing that Jim Abbot and Fred Glick expressed in their videos. However, that will not resolve the problem. Let's address the issues that are poisoning the Real Estate Industry. Let's turn this into a win/win situation for the public so they have a better system to trust and utilize to their benefit.
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