Internet is Hurting the Buying Public

Our job is to protect the consumer!

Our job is to protect the consumer!

I’m sure a lot of people will disagree with my topic statement. Hopefully you’ll take time to read it and then I think you’ll agree with me; at least in part. According to the National Association of Realtors most recent studies, close to 95% of real estate buyers search the Internet to find property for sale. In some cases, by doing so, buyers are more familiar with what’s on the market then the agent at the time the buyer contacts the agent. In some cases the buyer tries to buy a property directly from the seller, rather than using the services of a real estate agent, and this is potentially harmful to the buyer. For anyone buying real estate in Alabama, Arkansas and Virginia, it is especially dangerous because of Caveat Emptor. State laws, in these states, place all the responsibility on a buyer could cost the buyer a lot, financially, after the sale has closed. Without talking with an agent in those states, the buyer would never know about the laws that could affect them and it could cause them to have no legal recourse should a serious issue arise. [Read more…]

What Buyer’s Want and Need to Know

It's Alabama Law

It seems I’ve opened a can of worms already talking about the dangers a buyer of real estate in Alabama faces. You might want to review some of my previous blogs such as “Meaningful Conversations for Alabama Realtors,” or “Establishing Relationships,” or “Just Tell it like it is.”  In all these blogs I explained the importance of disclosing the fact that Alabama is a Caveat Emptor state which places all the responsibility for detecting possible deficiencies in a property prior to closing. All real estate practitioners know the meaning but many don’t seem to understand the impact it has on their clients.

For many years consumers who are buying real estate have asked the question, “Who represents us, and who represents the seller?”  The National Association of Realtors has surveyed thousands of buyers and sellers to determine their satisfaction with representation by a Realtor. By far, buyers are most dissatisfied because it seems everybody represents the seller and no one wants to represent the buyer. Representation can’t be mandated on the National level due to variances in state laws. Since my job is educating people about real estate, primarily in Alabama, and since I live and work in Alabama, this article will be specific to our state.

Alabama law requires….

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The Internet in Real Estate

Realtors Most Valuable Tool

I think we can all agree that the Internet has changed the way we do business. In fact it has changed the way everything works world-wide. This didn’t happen overnight. The migratory process in development of the Internet, as we know it today, has been over thirty years in the making. Today we see Internet use change almost daily. That is more advanced programs are offered daily to improve the way various programs work. There are no limits to the advancements that will come in the near future.

Many of us have procrastinated in learning how to successfully use the Internet to grow and sustain our business. The basic knowledge of so many people is limited to sending and receiving e-mails. Some people know far more about using social networks (Facebook, Twitter,Linkedin) than they have in using Internet based programs that will make their lives much better. The longer we wait to learn how to use the computer and the Internet, the harder it is to learn, because of the magnitude of things they offer.

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Quadrennial Code of Ethics

The National Association of Realtors was formed in 1908. And then in 1913, established the Professional Standards for Conduct. These are standard we refer to as the Code of Ethics. The National Association of Realtors requires all its members to take a special, updated version of the Code of Ethics every four years. These same standards were later the basis for many state laws which govern the representation of consumers as it relates to buying and selling real estate. NAR membership is comprised of state and county boards that cover the entire United States; which is the largest professional association in America.

Most state laws require [Read more…]