Lawrence Toliver : Keep our Businesses protected...

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Keep our Businesses protected...

By: Lawrence Toliver
Tuesday, January 30, 2007 1:21 PM

Hello Everyone,

I was just thinking, we all should keep up with and support the NAR's efforts to keep the Banking Industry for attaining the right to also broker real estate. Just think what would happen to us. Instantly we could be put out of our real estate businesses by banks, large banks and national banks! How could we compete? The banks already have the money that the home buyer and real estate investor needs to make the purchase - the banks could become a one-stop for everything place, offering "special rates and packages" if everything is done through them. Where would that leave us? So far, the NAR has been able to fight and block the banking industry from being allowed to "compete" with the real estate professionals for what they (the banks) say is a big enough market and that we have an unfair and protected monopoly in a business area that should be opened up to them to competition with us. Surprise

Have any of you kept up with this important issue? How do you feel about it? Did you know this was going on?

- Lawrence -

Comments

Member Since '06	Your Real Estate Specialists Group said: I agree with you on this. I think it would be a HUGE detrement to our industry if banks were granted their wish on this issue. This would mean all of the REO business, trust properties, etc. would no longer be handed over to Realtors. This would devestate our local market, which is made up of many bank owned properties. This one little change could essentially make all of us Realtors Dinosuars! -Erika January 30, 2007 3:58 PM
Member Since '06	jack davidovitz said: is thier any link January 30, 2007 4:11 PM
Member Since '06	Lawrence Toliver said: Hello, I just went to the NAR web site (www.realtor.org) and got this article. It is an update about my topic. http://www.realtor.org/press_room/news_releases/2007/senate_moves_to_protect_consumers.html You should be able to click on that link. If not, then cut-n-paste it. I don't know if you will hav to logg in to go to the link. I logged in to go look for the article. - Lawrence - January 30, 2007 4:51 PM
Member Since '05	E. Curt Williams said: Of course the banks would like to take Realtors out of the picture and then there would be no controls on them at all. Look at REO properties. Banks insulate themselves well by using finders and REO management companies. No disclosures and, cut Realtors commissions then REO companies charge up to 30 % fee to the listing agent plus the agent becomes the unpaid general contractor paying contractors and utility bills, doing several reports monthly and always on a deadline. Plus banks demand buyers use their title company and in some cases have to be prequalified by their lenders. If Realtors tried these tacticsa we would lose our license so quick you wouldn't believe it. As it stands I don't think banks have figured a way around the state licenseing issue. But if they do we could all find ourselves looking for new careers. Lets face it real estate is big business and banks want as much, and to control as much of it as they can get. January 30, 2007 6:26 PM
Member Since '04	Ron Tarvin said: I think eventually it's going to happen. Too much pressure to not be Anti-competitive and the like. Personally, I don't think the public would like what it would mean to have banks selling real estate. I've dealt with banks and real estate and it's like pulling teeth. How is a bank going to compete with me on MY turf, when they are in sunny California (seems a lot of REO depts are). NAR will do what it can, but ultimately it will be no different than ala carte brokerages and discount brokerages...the public will decide what they like. Sometimes, they say be careful what you wish for...you just might get it and the public might not like what they get when they do. January 31, 2007 1:06 AM
Member Since '06	Lawrence Toliver said: I don't think the public is asking for this, and I don't think much of the public (outside of the real estate industry and the banking industry) knows about this battle going on. I am sure the public (when they have to deal with the possible consequenses) will not like it. If it were not for the fact that I have been getting "call to action" notices from the NAR, I would not know or would not have know about the banks wanting into our business to compete directly against us. As individual business owners (independent contractors), we can't compete with a bank of any size. What do you think? January 31, 2007 2:34 PM