if you are really trying to get people to buy in Manhattan right now when you know for a fact that there are many buildings either in bankruptcy or headed to bankruptcy and an increasing amount of places coming onto the market, you should be ashamed of yourselves. And then to use pathetic pretentious excuses like "take your lowball offer elsewhere because you can't afford to live in Manhattan" is... [more]
if you are really trying to get people to buy in Manhattan right now when you know for a fact that there are many buildings either in bankruptcy or headed to bankruptcy and an increasing amount of places coming onto the market, you should be ashamed of yourselves. And then to use pathetic pretentious excuses like "take your lowball offer elsewhere because you can't afford to live in Manhattan" is a joke. I'm glad that consumers are more informed these days because of sites like SE and dont have to rely on your misguided inappropriate and frankly low class tactics. I look forward to engaging you all on this site and wherever else I can so that I and people like me get the correct market price and arent bullied into transactions like you would all like to happen. Its not personal, its business. thanks!
-shoebox buyer
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Response by alpine292
over 17 years ago
Posts: 2771
Member since: Jun 2008
zip it. You will do what your NAR masters tell you to do, got it buster? We don't flood Congress with lobbyists for nothing!
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Response by 30yrs_RE_20_in_REO
over 17 years ago
Posts: 9913
Member since: Mar 2009
OMG what a ludicrous "misguided inappropriate and frankly low class" piece of dogma.
Firstly, no matter what my OPINION is, how can I "know" which way the market is going? And what if I am wrong and it doubles in the next year?
Secondly, it would be a breach of my fiduciary duty to my client (buyer) to refuse to show them properties that *I* decided weren't any good and they shouldn't buy in because *I* decided what's right for them to do with their own $.
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Response by evnyc
over 17 years ago
Posts: 1844
Member since: Aug 2008
Agreed, 30yrs, no one knows where markets will go and there's a lot of fallibility to share around. I think Marco is speaking of the many bad agents that got into the profession during the boom years and did treat customers badly because they could count on the deal getting done anyway. Some still seem to be operating on those principles and by some reports are worse, due to desperation. Haven't met such brokers myself, but I tangles with some bad ones during the boom years.
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Response by 30yrs_RE_20_in_REO
over 17 years ago
Posts: 9913
Member since: Mar 2009
Look, no one hates brokers more than I do (familiarity breeds....). It's just that the concept that they should stop selling RE altogether because they "know" the market is going down is just so............
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Response by marco_m
over 17 years ago
Posts: 2481
Member since: Dec 2008
my opinion is that there are many people who have a good idea (inside info)as to what the state of things really are and are still pitching to people that things are ok and that if you like the place and it fits ur budget you should just buy. I should specify that my targets are those that are actively marketing RE without any caution. I guess there is a "every man for himself" component to business which does justify some behavior , but at the end of the day, i could never advise someone to buy something if I thought for a second that it would be worth less in the near future. thats just me.
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Response by aboutready
over 17 years ago
Posts: 16354
Member since: Oct 2007
i've had a number of brokers admit to me that they wouldn't personally enter this market. and they are people i like and admire. they have their own mortgages to pay, and as one put it, what the f am i supposed to do instead? i doubt he's a cheerleader for the industry, but he will sell to people who are looking to buy, and he's happy to list anyone's apartment. he also lists generally at the low end of the price scale, so some sellers probably avoid him.
if someone asked him point blank do you see any downside to this market, he'd hedge the issue a bit, but wouldn't lie. one broker i had dinner with nearly choked on his wine in laughter when i mentioned Miraval. Biggest piece of overpriced folly he's ever seen, he claimed. they're not all merely shills. but many are.
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Response by ab_11218
over 17 years ago
Posts: 2017
Member since: May 2009
everyone needs to realize that noone has the crystal ball that can really predict the future. there were plenty of people who thought that the market could not go up from 2004 and have sold. this is the same situation. the market has corrected in most part. yes there are buyers who are out of their minds and are asking 2007 prices and some with an additional 10% on top of that. if you are looking to buy, there's plenty of inventory to look at. the buyers know their budget and if it fits them, then let them buy. waiting another year or two or three does not guarantee a lower price, but does guarantee a higher interest rate.
"buyer beware" is the perfect modo.
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Response by streeteasyaddict
over 17 years ago
Posts: 121
Member since: Mar 2009
ab, no one has a crystal ball but yet you guarantee interest rates will be higher in 2-3 years? You are a perfect example of the point of this thread, and you don't even know it.
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Response by dcorreale
over 17 years ago
Posts: 99
Member since: Feb 2009
This is not the same situation as 2004!!!! The market is going down, and there is overwhelming evidence to support this.
That being said, can you fault a broker for trying to get the best price for his client. Everyone is self-interested, many bears on this board are buyers, and I can pretty much guarantee all bulls are agents or sellers, or recent buyers. But agents are going to use all tactics they have at their disposal, and we shouldn't expect anything otherwise. I wouldn't mind being able to expect honesty on square footage, occupancy percentage, etc., but as long as agents get away with it, the honest agents are left at a disadvantage. Only regulation and oversight solves that
zip it. You will do what your NAR masters tell you to do, got it buster? We don't flood Congress with lobbyists for nothing!
OMG what a ludicrous "misguided inappropriate and frankly low class" piece of dogma.
Firstly, no matter what my OPINION is, how can I "know" which way the market is going? And what if I am wrong and it doubles in the next year?
Secondly, it would be a breach of my fiduciary duty to my client (buyer) to refuse to show them properties that *I* decided weren't any good and they shouldn't buy in because *I* decided what's right for them to do with their own $.
Agreed, 30yrs, no one knows where markets will go and there's a lot of fallibility to share around. I think Marco is speaking of the many bad agents that got into the profession during the boom years and did treat customers badly because they could count on the deal getting done anyway. Some still seem to be operating on those principles and by some reports are worse, due to desperation. Haven't met such brokers myself, but I tangles with some bad ones during the boom years.
Look, no one hates brokers more than I do (familiarity breeds....). It's just that the concept that they should stop selling RE altogether because they "know" the market is going down is just so............
my opinion is that there are many people who have a good idea (inside info)as to what the state of things really are and are still pitching to people that things are ok and that if you like the place and it fits ur budget you should just buy. I should specify that my targets are those that are actively marketing RE without any caution. I guess there is a "every man for himself" component to business which does justify some behavior , but at the end of the day, i could never advise someone to buy something if I thought for a second that it would be worth less in the near future. thats just me.
i've had a number of brokers admit to me that they wouldn't personally enter this market. and they are people i like and admire. they have their own mortgages to pay, and as one put it, what the f am i supposed to do instead? i doubt he's a cheerleader for the industry, but he will sell to people who are looking to buy, and he's happy to list anyone's apartment. he also lists generally at the low end of the price scale, so some sellers probably avoid him.
if someone asked him point blank do you see any downside to this market, he'd hedge the issue a bit, but wouldn't lie. one broker i had dinner with nearly choked on his wine in laughter when i mentioned Miraval. Biggest piece of overpriced folly he's ever seen, he claimed. they're not all merely shills. but many are.
everyone needs to realize that noone has the crystal ball that can really predict the future. there were plenty of people who thought that the market could not go up from 2004 and have sold. this is the same situation. the market has corrected in most part. yes there are buyers who are out of their minds and are asking 2007 prices and some with an additional 10% on top of that. if you are looking to buy, there's plenty of inventory to look at. the buyers know their budget and if it fits them, then let them buy. waiting another year or two or three does not guarantee a lower price, but does guarantee a higher interest rate.
"buyer beware" is the perfect modo.
ab, no one has a crystal ball but yet you guarantee interest rates will be higher in 2-3 years? You are a perfect example of the point of this thread, and you don't even know it.
This is not the same situation as 2004!!!! The market is going down, and there is overwhelming evidence to support this.
That being said, can you fault a broker for trying to get the best price for his client. Everyone is self-interested, many bears on this board are buyers, and I can pretty much guarantee all bulls are agents or sellers, or recent buyers. But agents are going to use all tactics they have at their disposal, and we shouldn't expect anything otherwise. I wouldn't mind being able to expect honesty on square footage, occupancy percentage, etc., but as long as agents get away with it, the honest agents are left at a disadvantage. Only regulation and oversight solves that