Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The fact is, Realtors know who the crooks and idiots are - and they just let them hang around, rotting the whole industry. They do absolutely nothing about it - in an industry that is by and large self-regulated. maybe it needs government regulation if the answer is "why don't the customers do something about it?". It's not like Realtors are publicizing lists of bad eggs - they want people to figure it out from the thin air, while they sit back acting all blameless for not doing jack crap about it. If you guys don't get it together and start taking action to clean up your industry, you WILL be facing goverment regulation.
Actually...real estate agents already face government regulation. As a licensed profession, all real estate agents need a license issued by their state. Those licenses can only be revoked if consumers make complaints to the state licensing agency. While REALTORS may be able to self-police to some degree (I can't speak very much to their operations since I've never been a Realtor), they do not have the authority to pull someone's license. That can only be done by the licensing agency in accordance with state law.
As a licensed Real Estate Broker, I can make sure that no incompetent or unethical agent is working under my Broker's license, but there is little I can do about other agents in the business unless I have direct knowledge of their transgressions. It is incumbent upon those with actual knowledge of any wrongdoings to file complaints with their state licensing agency.
In Michigan, those complaints can be filed with the Department of Licensing and Regulatory Affairs. I'm sure that the diligence of each state varies, but Michigan routinely takes actions against licensees who violate real estate law or the associated rules. Disciplinary actions taken by the Department can be found online, and a person can search as to whether any particular licensee has been subject to disciplinary action. I rather doubt that many are aware of or take the time to find these reports, but they are available. The only bad part is that report details are presently not posted online; people need to contact the state to receive copies of the full complaints.
It's important to note that while there are people in the profession who deserve to be fined and/or kicked out of the real estate business, that is true with every licensed profession. Scanning through some of the recent reports, there were a number of Appraisers, CPAs, Surveyors, Builders, etc., who had violated state licensing laws and incurred everything from fines to having their licenses revoked. When people are involved, that's just the way it is--there are some "bad apples" everywhere.
MJ....no need to re-quote all that but thanks for the explanation. This didn't concern what I thought you were talking about but it kind of makes you wonder about an agent's competency when they friend you and then talk about you knowing that you will see the comment.
Appreciate the Groundhog Day reference, too.
Can you tell, I feel pretty strongly about the whole thing?
I'm not sure if this is suitable to post (mods, please delete if not), but this is public information readily available online. This is a snippet from one of the monthly Disciplinary Action Reports issued by the Michigan Department of Licensing and Regulatory Affairs. While the details of the complaints aren't mentioned, all of these actions were the result of violations of state real estate law or the associated rules. As you can see, some of the actions (e.g. licensed revoked) are quite severe, as they should be...while some technical and minor violations result in fines. (I've read many of the detailed reports.)
December 2014
DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS
DISCIPLINARY ACTION REPORT
SYLVAN LAKE
ETHEL M. JOHNSON
D/B/A HARMONY REALTY
Real Estate Broker
Complaint No. 6513000741
12/16/2014
1. Fine: $15,000
2. IMMEDIATELY REVOKED
ROCKFORD
GEORGE L. LARIMORE
Real Estate Salesperson
Complaint No. 6513003767
12/16/2014
1. Fine: $1,000
2. IMMEDIATELY SUSPENDED
LIVONIA
JOE MANUEL
Real Estate Associate Broker
Complaint No. 6513000582 & 6513003781
12/16/2014
1. Fine: $1,000
2. Restitution: SATISFY JUDGMENT
3. IMMEDIATELY SUSPENDED
WARREN
MCD REAL ESTATE DIVISION INC.
Real Estate Broker
AND
ROBERT B. WEST
Real Estate Associate Broker
Complaint No. 6513001821 & 6513001822
12/16/2014
1. Fine: $500
ANN ARBOR
SWISHER REALTY CO.
D/B/A SWISHER COMMERCIAL
Real Estate Broker
12/16/2014
1. Fine: $2,500
There is a difference in being a crook and being incompetent. I and, I think, most agents would be happy to be rid of all in both categories. Come to think of it, I'd happily support a new rule that would eliminate all agents who didn't close say, $5 MM last year. Of course, that would leave quite a few crooks still in the mix.
I have to take exception with this notion that volume somehow equates to experience, knowledge, competency, ability, or any of the other things being discussed here. I've never been a large volume agent or relentless self-promoter but I'd put my knowledge and skill level up against just about any other agent's in my area and feel pretty confident about it. The difference is that I take ownership of every aspect of my customer interactions and transactions, and I know many other agents who do the same---without doing a large volume of business.
I think a lot of people really just do not know what to expect of an agent.
It seems that realistic expectations and accountability would help consumers a lot.
I don't disagree with that. Consumers part is to make an effort to find a good agent. Our part is to continue to advocate for better standards/training. All I know is that Oregon has all brokers, no salesperson licenses, and we don't have some of the issues that I hear about in other states regularly. Just a small increase in education requirements, and making the test harder, made a huge difference in the quality of agent here.
There is a difference in being a crook and being incompetent. I and, I think, most agents would be happy to be rid of all in both categories. Come to think of it, I'd happily support a new rule that would eliminate all agents who didn't close say, $5 MM last year. Of course, that would leave quite a few crooks still in the mix.
Several years ago, the licensing committee recommended that they make a requirement that an agent has to close one transaction per year to remain eligible for a license. I cannot tell you the bruhaha that happened from the REALTOR organization over one transaction per year requirement. It would have cut the number of licensed agents in half. I thought it was a great idea. Didn't happen.
There was a proposal to split commercial and residential real estate into two separate licenses and tests. I thought it was a great idea because they are totally different beasts. The tests could be more specific and focused. Got shot down by the southern REALTOR association (a more rural area) because many agents do both down there.
At least out here, the REALTOR associations are their own worst enemy. They battle every idea to improve standards.
Several years ago, the licensing committee recommended that they make a requirement that an agent has to close one transaction per year to remain eligible for a license. I cannot tell you the bruhaha that happened from the REALTOR organization over one transaction per year requirement. It would have cut the number of licensed agents in half. I thought it was a great idea. Didn't happen.
There was a proposal to split commercial and residential real estate into two separate licenses and tests. I thought it was a great idea because they are totally different beasts. The tests could be more specific and focused. Got shot down by the southern REALTOR association (a more rural area) because many agents do both down there.
At least out here, the REALTOR associations are their own worst enemy. They battle every idea to improve standards.
Well, now, who would wish that agent on that one client annually?
Yikes!
Who would even ever volunteer to be a remedial CE course for an agent who couldn't do business?
This may be one that NAR got right, even for all the wrong rationalizations...
When you are unemployable, you sell cars or houses. Real estate is easy to get into and requires little education so it attracts morons. My favorite line" buy now or be priced out forever" and then the market crashed.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
