BILL CHERRY'S GREATEST DALLAS PARK CITIES REAL ESTATE BLOG: Real Estate Elixir

Real Estate Elixir

"You don't need a doctor....here, take the secret combination of herbs. It's my new cure all elixir."

Similarly, that claim spins far and wide on all night TV and radio stations.

The pitch man is usually dressed in a doctor's lab coat, and does his best to pass himself off as a medical doctor.

Sometimes he makes claim to being a chiropractor or a Ph.D. in herbal medicine from some unheard of college in India.

There are a growing number of "expert" real estate pitchmen who pass off their magical investment elixir as the key to great financial rewards.("You can flip houses and get rich.")

And there are licensed real estate agents and brokers, and attorneys who send out multitudes of letters to homeowners offering to consider buying their homes.

They claim that the seller doesn't need professional representation, and will save the cost of a Realtor's commission or attorney's fee.

I recently got one of these "I wanna buy your home" letters.

Nowhere was it revealed that the sender and his wife were both attorneys and both Realtors.

I thought that was both illegal and unethical, so I filed a complaint to see what would happen. The State of Texas Real Estate Commission ruled that the content of the letter is legal. I've not heard back from the Professional Standards of the MetroTex Association of Realtors.

Last week, Patty and I got another letter. This time the writer offered to buy our home for a maximum of two-thirds of that I know its value to be.

The carrot was a quick, no commission, sale.

Nowhere did the writer suggest we obtain professional representation.

For the same reason that sick people shouldn't be led to believe that a $29.95 elixir will cure their ailment....that they don't need the examination and advice of a licensed physician... I believe those sending unsolicited letters offering to purchase homes should be required to advise those interested to engage the services of a licensed professional real estate agent or a licensed attorney.

And be required to reveal what professional licenses they, themselves, have.

Regardless of their beautifully capped teeth or their "How to Win Friends and Influence People" inference, they are not neutral in their proposed transaction.

I wonder why the state commissioners and the National Association of Realtors haven't been lobbied by brokers and agents to addressed this?

 

Bill Cherry Broker -
Realtor Keller Williams Dallas Premier
Since 1966

Direct: 214 503-8563

Web

Comment balloon 4 commentsBILL CHERRY • March 02 2016 06:32AM

Comments

Hi BILL CHERRY I'm glad to see that you are live and well. No elixir needed.

As for licensed people acting in their own behalf, there is no need to disclose their status. This is very firm law. No questions about ethical behavior either.

They have a right to be a principal without muddying up the water by telling the other party about their licenses or knowledge.

BTW Do you accept referrals? I may have something for you in the Dallas area.

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) almost 2 years ago

Our state law requires licensed agents and brokers to reveal in writing if they are acting in their own behalf or for a relative.  It hadn't occurred to me that other states wouldn't have similar laws.

I'd love to have a referral....especially from you!

Regards,

Bill

Posted by BILL CHERRY, Broker & Wealth Coach (Bill Cherry, Realtor) almost 2 years ago

Licensed agents are required to disclose and also to include our license information on real estate offers in Georgia.

Posted by Elva Branson-Lee, CDPE - Atlanta Real Estate & Short Sale Agent (Solid Source Realty GA) almost 2 years ago

Disclose Disclose Disclose!  Why would anyone choose the magic these letters are selling?  Because the property owner is discouraged and desperate.  They feel like they have run out of options and have no choice.  Sad to see so many people taken advantage of during such a hard time in life.

Posted by Anna Hatridge, Missouri Realtor with Goodson Realty (Goodson Realty) almost 2 years ago

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