by Bill Altier
After reading the responses posed by Loretta Alonzo, future president of IAR, I was inspired to submit my own blog detailing my responses to her article. To see her original responses, please click here.
In response to the question, “Is there anything going on in the industry right now that you’d like to change?” I would like to suggest that the following three matters be considered by IAR, as well as the Chicago Association of Realtors.
1). Our industry needs a standard for calculating square footage. As a result the public’s interest is compromised. Developers and Realtors (some do and some do not) include decks, balconies, garages, terraces, patios and many other features. As it is now, the lack of a standard for calculating space, it is impossible to understand one of the most important factors in determining value as well as make relevant property comparisons.
2). To require all agents to become licensed brokers is not enough. In my opinion the reason for the requirement is twofold: first to enhance our agents’ image in the eyes of the public, and second the cost of school/exams is another revenue source for the Realtor Association.
In my opinion, Illinois needs to eliminate excessive legal exposure placed upon each company’s broker of record and make these new brokers solely accountable for their own actions. It is my understanding that the state of Colorado has eliminated the broker’s liability and placed it upon the broker’s licensed brokers. I believe the broker of record should be held accountable to ensure his/her broker/agents attend the required state of Illinois courses; but beyond that, unless it can be proved the company’s broker of record had prior knowledge of his/her broker/agent intended illegal actions, such broker and broker’s owner should not be libel.
3). We need a way to ensure an accurate MLS record of the seller’scCredits given to the Purchaser at the time of closing. There are far too many closings posted in the MLS which do not reflect substantial buyer credits. The MLS is the most read and publicly trusted intelligence source for everyone: CMA’s, appraisals, owners, sellers, buyers, community leaders, banks/lenders.
One way of doing this might involve the title company or perhaps the listing agent recording the changed closing status, being required to scan/send the appropriate portion of the RESPA.
I am happy to discuss any of these ideas further.
Bill Altier is a broker associate with Koenig & Strey Real Living, he can be reached at 312.735.3124.