Sick & Tired Of Lazy Agents

[Indiana Jones]

Lazy agents make my job harder. They don't include school districts, refuse to verify GLA, include basement sq ft in the above grade areas, take as few photos as possible, etc etc etc.

I report every violation I see to MIBOR. I hope all of you do as well.

 

[Elliott]

I don't rely on MLS data for school districts, or GLA, or photos. The data that is useful, regarding the sale, is a start, and all I need. Its like they are pointing in the right direction, but I'd never trust a listing for GLA involving a semi-basement level.

 

[George Hatch]

The OP should be stoked that the MLS listing info they do have access to is as good as it is, because years ago you were lucky to get more than an address and a room count and their paragraph of sales pitch. And even when they did have living area the info wasn't reliable.

In the office where i worked we had what we referred to as The Appraiser's Motto: Never trust anyone in a Gold Jacket. (reference was to the gold jackets than the Century 21 agents wore).

That's no longer the case. Nowadays MLS data is pretty good by comparison. We should count ourselves fortunate that things have improved.

 

[Indiana Jones]

I don't rely on MLS data for school districts, or GLA, or photos. The data that is useful, regarding the sale, is a start, and all I need. Its like they are pointing in the right direction, but I'd never trust a listing for GLA involving a semi-basement level.

I always verify, but when you're putting in a certain search criteria, things get missed when agents aren't being accurate with descriptions.

 

[timd354]

The OP should be stoked that the MLS listing info they do have access to is as good as it is, because years ago you were lucky to get more than an address and a room count and their paragraph of sales pitch. And even when they did have living area the info wasn't reliable.

Yes, I remember years ago the MLS listing available in my area consisted of 1 line of very minimal data and maybe 1-2 sentences of the sales pitch with no photos or anything of the sort.

 

[glenn walker]

Lazy agents and lazy appraisers ?

 

[KHS445]

I am constantly asking real estate agents to include as much information, documentation and pictures of a subject property as they can and to make sure the information is as accurate as possible. I tell them doing so does a number of things including; making them look more professional as many agents include the minimum amount of information, assist their client in selling the property, eliminate a number of phone calls and email questions, provides a better historical record should they relist the property down the road and also helps the appraiser in his/her search and verification process. While I do not do any AMC work I tell the agent's that if an appraiser has the choice of several different comparables and one has additional and more accurate information chances are that is the comparable they are going to use. Even though one of the others may be a little better or have a higher selling price. You can call it laziness if you want but it is also human nature.

On a typical $100,000 residential sale the listing agent will receive 1.5% or $1,500 for a couple hours of work and very little liability. On the other hand the appraiser will typically receive $350 to $450 for approximately 8 hours of work and all the liability that goes along with an appraisal report. Granted there are more real estate agents than there are appraisers, but the agent is making at least 3X's the money for about 25% time commitment. Obviously this difference expands when the value of the property increases.

 

[Artemis Fowl]

On a typical $100,000 residential sale the listing agent will receive 1.5% or $1,500 for a couple hours of work and very little liability. On the other hand the appraiser will typically receive $350 to $450 for approximately 8 hours of work and all the liability that goes along with an appraisal report. Granted there are more real estate agents than there are appraisers, but the agent is making at least 3X's the money for about 25% time commitment. Obviously this difference expands when the value of the property increases.

You left out the hours of buyer/seller training. Sellers need to learn that their 100k house is NOT going to sell for 150k because they got new flooring...takes time for reality to set in. Buyers need to learn that they shouldn't be looking at 150k houses when they aren't approved for close to that. Also that offering 20k under list price with concessions isn't going to fly in this market. Done right...those 100k deals are far from lucrative. Done "Suzy-High-Heels" method...then maybe.

 

[George Hatch]

I am constantly asking real estate agents to include as much information, documentation and pictures of a subject property as they can and to make sure the information is as accurate as possible. I tell them doing so does a number of things including; making them look more professional as many agents include the minimum amount of information, assist their client in selling the property, eliminate a number of phone calls and email questions, provides a better historical record should they relist the property down the road and also helps the appraiser in his/her search and verification process. While I do not do any AMC work I tell the agent's that if an appraiser has the choice of several different comparables and one has additional and more accurate information chances are that is the comparable they are going to use. Even though one of the others may be a little better or have a higher selling price. You can call it laziness if you want but it is also human nature.

On a typical $100,000 residential sale the listing agent will receive 1.5% or $1,500 for a couple hours of work and very little liability. On the other hand the appraiser will typically receive $350 to $450 for approximately 8 hours of work and all the liability that goes along with an appraisal report. Granted there are more real estate agents than there are appraisers, but the agent is making at least 3X's the money for about 25% time commitment. Obviously this difference expands when the value of the property increases.

You don't want to make the mistake of thinking that your interests show up anywhere in the Top-10 priorities of an RE agent. And you especially never want to make the "350" argument to an agent or broker. Thay are not part of your team and you are not part of their team; and we should be grateful that is the case because the alternative would be adverse to our interests.

You should take what you get and be happy to have it. "Thanks very much for your help", whether it was a little or a lot. The other way to look at it is like this: the less perfect your data is the more they need you to suss things out. If they had perfect data to work with they'd skip the appraisal and go straight to the AVMs.

IRL, flawed and incomplete data contribute to our job security. The harder it is the more they need us.

 

[KHS445]

I am not aware of any real estate agent with as much required class room training, field training and continuing education as an appraiser.

I never have the time/dollar discussion with a real estate agent or broker. In my opinion we have each selected our lot in life and fully understand what that commitment is.