While there are several big issues in the industry, it’s clear that short sales and foreclosures top most agents’ lists as the biggest pains in real estate today. Dealing with unprofessional and uncooperative agents follows as a close second.
However, while not necessarily happy with what’s going on in the industry, many agents seem to be happy about the way issues are handled within their brokerage, at least. Forty three percent said they were very satisfied with how things are handled within their office.
“Short sales and foreclosures definitely affect the ‘normal’ sales market in regards to appraisals, market value and the buyer’s perspective of ‘getting a deal.’”
LAURA FISH, THE PRAIRIE PATH REALTY CO., PC
“The biggest problems we are facing today are overvalued appraisals on short sales. The lenders are holding on to unrealistic values and are unwilling to modify their idea of ‘market value’ on a home to avoid a foreclosure or deed in lieu. The appraisers are being told by the lien holding banks to appraise at ‘fair market value’ when 90 percent of the homes in some areas are distressed properties. The appraisers will not even look at these as the real comps for these homes. It has gotten very frustrating when the bank overvalues your short sale listing so much, you cannot even get a showing, let alone an offer.”
JEANNE DOMINGUEZ, RE/MAX ONE TEAM
“I want the fee to be an agent to be $10,000 per year. I think this would wipe out all the agents that are not serious and are unprofessional. It is way too easy to become an agent – even with the more strict testing.”
MATTHEW C. PUTNICK, PRAIRIE SHORE PROPERTIES