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The Real Estate Consumer’s Bill of Rights

April 2, 2007 By 8 Comments

Even if I didn’t work at Redfin I’d still point you to the just released Real Estate Consumer’s Bill of Rights. As you know I tried to fire and then pursue some sort of action against the agent I used to purchase at the Meritage and so when the opportunity came up to contribute to this document I did:

4. Know what services your agent will provide: Much of the work of a buyer’s agent begins after the buyer has agreed to buy a house. This work includes coordinating inspections, repairs, mortgages, title reviews and escrow services. But agents today are paid only to bring a buyer to a transaction. Once that happens, it is virtually impossible to fire your agent. In most cases, this is appropriate, as the agent who puts a deal together deserves the commission. But in becoming committed to an agent, you should know what services the agent will provide as part of that commitment and what recourse you have if the agent doesn’t perform those services. An open agreement between you and the agent protects the agent from being unfairly dismissed, and ensures you get the service you expect through closing.

And I know I still owe you all the full story and it will come.

Also, I’m busy now but I’m sure we could come up with a list of best practices for developers and their agents with regards to new construction that might read similar to this more general consumer bill of rights.

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About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • Steve Paoli

    Matt,

    The discussion of …transparency.

    I see in the last couple months or so in your “Author” statement you added not that you simply work in the technology industry…but for Redfin, an alternative service to the traditional real estate service companies. That is new transparency.

    As one helps create opinions for many it is important to understand the background of the pundit.

    Ps: I am a new construction agent and I think your blog does have very constructive dialogue.

  • Steve Paoli

    Matt,

    The discussion of …transparency.

    I see in the last couple months or so in your “Author” statement you added not that you simply work in the technology industry…but for Redfin, an alternative service to the traditional real estate service companies. That is new transparency.

    As one helps create opinions for many it is important to understand the background of the pundit.

    Ps: I am a new construction agent and I think your blog does have very constructive dialogue.

  • EconE

    I like constructive dialogue also Steve!

    Lets talk about something I read in the Seattle Times. Monica Soto Ouchi’s article…well…primarily your “statements” near the end of the article.

    Why exactly don’t you recommend a 30-year fixed mortgage to clients? I thought you were an agent rather than a mortgage broker…but anyhow…why?

    How is it that “Condos might be more like cars”?…”You enjoy it. You drive it around for two, three, five years and try something new.”?

    You totally lost me on that one. Where is the logic in that statement?

    let’s dialogue!

  • EconE

    I like constructive dialogue also Steve!

    Lets talk about something I read in the Seattle Times. Monica Soto Ouchi’s article…well…primarily your “statements” near the end of the article.

    Why exactly don’t you recommend a 30-year fixed mortgage to clients? I thought you were an agent rather than a mortgage broker…but anyhow…why?

    How is it that “Condos might be more like cars”?…”You enjoy it. You drive it around for two, three, five years and try something new.”?

    You totally lost me on that one. Where is the logic in that statement?

    let’s dialogue!

  • EconE

    Oh…and I for one thing that Matt has been very transparent…I have read this blog for far longer than I have commented. I think Matt is a stand up guy and I have never even met him. Hell…I live 1000 miles away.

  • EconE

    Oh…and I for one thing that Matt has been very transparent…I have read this blog for far longer than I have commented. I think Matt is a stand up guy and I have never even met him. Hell…I live 1000 miles away.

  • JDP

    Matt, you should have taken your agent to task much earlier in the process for not doing their job. The designated broker or branch manager is responsible for each agent in their office. Did you make any attempt to contact them about your agent’s lack of performance. That is call no broker likes, but as we know an unsatisfied customer will tell more of their peers about a negative experience,much as you have done, something probably would have been done to help remedy your situation. I dissagree with your statement “agents today are paid only to bring a buyer to a transaction”. When I am selling or listing propertyt, the deal is not done until the transaction has closed and the new buyer is moved into their new place. Unforrtunately agents are like any community, some good, some great and some that just do not deserve their commission. The professionals in the industry seem to be outnumbered by the ‘order takers’.

  • JDP

    Matt, you should have taken your agent to task much earlier in the process for not doing their job. The designated broker or branch manager is responsible for each agent in their office. Did you make any attempt to contact them about your agent’s lack of performance. That is call no broker likes, but as we know an unsatisfied customer will tell more of their peers about a negative experience,much as you have done, something probably would have been done to help remedy your situation. I dissagree with your statement “agents today are paid only to bring a buyer to a transaction”. When I am selling or listing propertyt, the deal is not done until the transaction has closed and the new buyer is moved into their new place. Unforrtunately agents are like any community, some good, some great and some that just do not deserve their commission. The professionals in the industry seem to be outnumbered by the ‘order takers’.