Is the Bill of Rights outdated?
Bill Wendell at the Real Estate Café has been a consumer advocate for real estate consumers since before it was popular. Another ally, Erle Rowlins, wrote these “Real estate consumer’s Bill of Rights” in 1999. They are on the Real Estate Café web site.
1. Right of information access without limitation.
2. Right not to be coerced into using products or service providers.
3. Right to be respected as an individual.
4. Right to a full disclosure of all material facts known.
5. Right to have advance, competent legal advice.
6. Right to legal remedies for wrongful actions.
7. Right to protect confidential information.
8. Right of access to alternative service providers.
9. Right for an advance disclosure of all fees and to pay for services based on the value of the service received.
10. Right of security for all electronic transactions, communications and information seeking.
(Copyright 1999, Erle Rawlins III, 214-363-7400)
We have come a long way in the past ten years. Many of these rights listed above have been achieved or we are headed in the right direction. Some are covered by law. Some by changes in technology. Do you agree, or are there still violations of these rights?
The one right that I see lagging behind is access to alternate service providers. Fee-for-service brokers are hard to find. Many traditional brokers have a menu of services, but mostly still work in the old commission model.
Have you used a fee-for-service broker or an attorney as broker? Have you hired a facilitator to market your property or guide your home search? Have you paid for research? Are alternative service providers thriving here?
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I think those are all incredibly vague and wouldn't really solve anything as written.
I don't think they are so vague as to be uninterpretable. Right of access to material information, to be treated respectfully, to have your confidentiality protected, and so on. Maybe they need some work, but would be worth it.
I had a realtor listing my home last year who told our buyers confidential information about our own home search, who insulted us, who talked to me then my husband then me trying to divide and conquer. She even told us to avoid a certain town because we would not want our kids going to the schools there. She is unethical and vicious and she killed the deal, because she got our buyers all freaked out.
Unfortunately, it is realtors like that she-shark that give realtors a bad rep. Maybe a new bill of rights is needed, for consumer protection, not just from the realtor licensing agencies.
I have offered clients a fee for service option for over ten years, but most opt for the full service option because they do not take any of the risk. If they don't buy, shop forever or have to back out of a couple of transactions after inspections, or they get into a very complicated transaction that takes a lot more time than expected, they know that the fee is capped at a percentage of the transaction that is already built into the sale price in most cases.
Maybe with all of the free information out there, realtors aren't even always necessary.
I mean, anybody that has any sort of motivation can learn up on this simple thing. It's really not that difficult.
It's just a niche job category for our continually dumbed down society. It provides an easy "career opportunity" for those people who really have nothing going for them.
@ Menudo's comment:
I see your point that realtors aren't really necessary.
While I think it's true that the work they do can be done by anyone, I also think that's true for many professions. We pay someone to do something we don't have time to do or time to figure out how to do.
I think we could all figure out how to, say, fix our cars, but it's easier to pay a mechanic.
This blogger might want to review your comment before posting it.
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