I'm not a Realtor. I'm not a Real Estate Agent. I'm not apart of NAR. I don't represent any of the entities involved in the hoopla we recognize as news, at least that 60 minutes piece brought upon us or us upon them. In fact, I'm quite tired of the fertilizer spread across the landscape of the industry I work in.
The one thing that still gets me about the media...is we buy into it. Which means, they are doing their job! This very post buys into trying to defend an industry that quite frankly, isn't an easy way to make a living. If Leslie wants to question the fees associated with our industry, I am tired of the feeling that we should even have to defend them. Tell you what Leslie & the world...I love competition. Have at it. I'll sit back and to the best of my ability...do my job.
My job is to originate leads, close loans, and along the way try to help people. Making money and helping people, all at the same time, a great job if you can get it done. As far as my fees, they are negotiable, so is my time.
I have dealt with similar entities on the lending side of things. I've dealt with Discount Mortgage Brokers (Is that a rebate I smell?), Upfront Mortgage Brokers (Should there be any other kind), and advertising promises of fixed rates as low as 1%. All three have one thing in common, there are probably good people that are a part of each equation...doing what they do to make a buck, make a living. And a lot of them believe what they are saying, right or wrong. I fault nobody for that. Yet, Ladies & Gents...our living goes above & beyond defending what we make....you want to defend something, defend what you do. Defend how you do it. Do your job!
In my own humble opinion, the best commentary I've read on the very article that has stirred more controversy than O.J. not fitting into the black gloves is by Morgan Brown. My favorite dialogue Morgan mentions is the following: "Realtor's shouldn't get so defensive about their 3% commission. They shouldn't defend it like a birth rite - they should just go out and provide knock-your-socks-off service that doesn't make any one question how much they charge. Do you think the people at Mercedes get grilled over price? Do you think Nordstrom gets grilled? I don't think so. And you never hear them defending their prices. You just hear them talk about the value they deliver. Realtors should take a clue from them - stop defending - start wowing."
Let's do out job folks! While I admire, advocate, & admit there is skewed information passed onto the public as the truth...Actions Speak Louder Than The Turds Of Fertilizer I hear and see on Network T.V. I'm a cynic, a critic, a hypocrite, and I am damn sure there is a used car salesman out there who feels he/she has got a bad rap too. There is only one way in my book to change bad raps, do your job! If you do it right, honest, ethically, professionally, & humanely...the rest tends to take care of itself.
One more thing, never intentionally mislead anybody. We are all going to die, do so with honor.
As a former fan of 60 Minutes, I am appalled that 60 Minutes would allow something to be aired without better research and some higher education for Leslie Stahl regarding the Sherman Antitrust Act and the meaning of the word "kickback".
The next time I watch 60 Minutes, it will be of Leslie Stahl loading photos of her home to her website and showing the public through her home until she sells it.
As a Realtor that specializes in land acquisition, development and marketing of new homes, if I don't produce sales there are economic consequences. Not only do my sales provide income for my developers who sell the lots, but the builders who build the homes, subcontractors that work for these builders. etc. Materials are purchased to build both roads and homes, property taxes are increased as these lot and home improvements are made which in turn improve our county's infrastructure and pays for our schools.
I am not worried about a commission percentage or lack thereof but about those people whom I represent and the people who work for them as well as their families. I will never be rich but I will never make my living attacking someone in whose shoes I have not walked.
I don't "Totally" disagree with you. I don't have to defend my services...they speak for themselves. But in response to part of your post. You don't constantly or ever see in the media a comparison between Nordstroms and Walmarts pricing. Because of that you don't have people on the street comparing and complaining about the disparity of Prices between the two.
John - I believe you are right and that is the job of the mortgage guy or gal involved in every transaction as well.
Julie - All sides should of represented more fairly, that's a fact. They weren't, shame on 60 minutes. So, I'm guessing you won't be exchanging Birthday Cards with Leslie anytime soon:-)
Danny - You are right, you don't see a media comparison often on the pricing comparisons between the Nordstroms and Walmarts of the world. My feeling though is, they don't focus on it as an industry as much as we do internally in our industry. Just a thought.
Chris - As well you should defend your experience, expertise and education. Good point. And you are right, with all the variables involved in every mortgage transaction, the ability of an entity hiding behind a computer to solve an issue is highly questionable....that is why we exist. Kind of like chaos control:-)
What is it with you guys and car salesmen?
Jason - methinks you put that in there on purpose.
Jason - excellent blog. I think everyone should hold on for a media blast directed at "mortgage brokers". I have inside information that the Mortgage Banking gurus are about to release a report in the next day or so saying "mortgage brokers" are the downfall of the mortgage industry and the number one cause for loan defaults. Hang on everybody...............
LP
Good job, Jason.
Doing a great job is the answer.
And living well is the best revenge.
Rob - Used cars salesman have a tough gig, never been there myself, but the perception isn't good. For the record, I only buy used cars and I buy cash....don't believe in car payments myself.
Jerry - I think I know who you are, does Micoletti ring a bell? I appreciate your view point and call to education. That makes you a smart consumer, whether I close your loan or not.
Lewis- If that occurs, no real surprise to me. In my mind, I welcome attacks...Free Publicity. To boot, you get to retort in forums such as this and provide definitive answers to what could be perceived as a controversial attack. I say, "Don't sing it....Bring it!" My guess is that I'll agree with the majority of what the bankers have to say about the brokers as long as they are relatively unbias( there has been a lot of fertilizer going on for too long), though my guess also is that they may try to put the very entities out of business that do one thing for a living...Mortgages! That hasn't been their speciality (Bankers) for a long time now........and it may never be again.........that may scare their survival?!!?
Mike - Thanks, and well put. Karma has a way of rearing its pretty little head.
Connie- Agreed, do a great job and who the heck is going to legitly argue otherwise?