Saturday, March 14th, 2009 at 9:17 AM
Get a Load Of This
Another example of what is undermining the market, and the reputation of realtors in general.
This guy doesn’t even have this listing, he is just advertising bank-owned properties before they get on the market. I called him, and he defended the practice, because his broker authorized it – though I know it is not allowed.
His list price is at least $100,000 under what the eventual list price will be (click on it twice):
(hat tip to CG!)
Posted on Saturday, March 14th, 2009 at 9:17 AM in Thinking of Buying? | 21 Comments » | 
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There’s a word for offering something for sale you don’t have rights to offer.
Forget the association, send this to the DA.
What is this Keller Williams “Brokerage”? They’re around here as well.
Rob Dawg | March 14th, 2009 at 9:21 amIt’s illegal, right?
KW is big around here, they have hired hundreds of agents based on their ‘profit-sharing’ scheme which sounds like a MLM.
Jim the Realtor | March 14th, 2009 at 9:26 amHe called me back to admonish me for getting in his face, he said that if I really wanted to do some good, I’d explain it to him nicely and send him the page where it says you can’t do it.
He also said he’s just trying to clean out all the REOs, so we can get prices going up again.
He said when this ad expires in three days, he won’t re-run it, but he’ll keep his other ones going.
Jim the Realtor | March 14th, 2009 at 9:31 amWay to go jim.Get these people out of the system.This seems real shady to me.Why isnt the DRE busting his balls?
arizonadude | March 14th, 2009 at 9:37 amPlease don’t squeeze the (Thane) Charman!
DCRogers | March 14th, 2009 at 9:56 amCleaning out the REOs? Is the guy for real? Is this part of the “bail-out” efforts by fellow Realtors to assist the US Gov? What rights does this so-called “Realtor” have to make such listing without the bank’s approval? The “bail-out” rights? Sounds like a crook to me.
dejams | March 14th, 2009 at 10:14 amFishing for buyers with bait he doesn’t own.
Rob Dawg | March 14th, 2009 at 10:35 amTo be successful in an MLM, you need a strong downline, good producers whose sales contribute to your revenue. In most MLM schemes, those good producers won’t leave to join another downline because their split will be the same regardless.
Obviously a productive agent can take the same skills and contacts to another brokerage and get a bigger split, so real estate MLMs tend to retain less successful agents who are hoping to recruit a good producer and haven’t figured out the flaw.
Frank Jewett | March 14th, 2009 at 11:00 am2500 sf house, Carlsbad west of 5, for 525K? Me wanna!
Nameless | March 14th, 2009 at 11:08 amwhy does this guy remind me of the neighbor Steve from Married with Children.
ocrenter | March 14th, 2009 at 11:23 amBusiness and Professions Code § 10140. False representations in advertisements, pamphlets, etc., offense; punishment; disci-pline of licensee; prosecutor
Every officer, agent or employee of any company, and every other person who knowingly authorizes, directs or aids in the publication, advertisement, distribution or circularization of any false statement or representation concerning any land or subdivision thereof, as defined in Chapter 1 (commencing at Section 11000) of Part 2 of this division, offered for sale or lease, or, if the land is owned by the State or Federal Government, which such person offers to assist another or others to file an application for the purchase or lease of, or to locate or enter upon, and every person who, with knowledge that any advertisement, pamphlet, prospectus or letter concerning any said land or subdivision, as defined in Chapter 1 (commencing at Section 11000) of Part 2 of this division, contains any written statement that is false or fraudulent, issues, circulates, publishes or distributes the same, or causes the same to be issued, circulated, published or distributed, or who, in any other respect, willfully violates or fails to comply with any of the provisions of this section, or who in any other respect willfully violates or fails, omits or neglects to obey, observe or comply with any order, permit, decision, demand or requirement of the commissioner under this section, is guilty of a public offense, and shall be punished by a fine not exceeding one thousand dollars ($1,000), or by imprisonment in a county jail not exceeding one year, or by both such fine and imprisonment, and, if a real estate licensee, he shall be held to trial by the commissioner for a suspension or revocation of his license, as provided in the provisions of this part relating to hearings. The district attorney of each county in this State shall prosecute all violations of the provi-sions of this section in respective counties in which the violations occur.
Kingside | March 14th, 2009 at 2:31 pmThis isn’t the first ethical alarm I’ve seen about Keller Williams.
Somebody keeps posting this on Craigslist about a con artist working in the Keller Williams UTC office.
W.C. Varones | March 14th, 2009 at 3:51 pmJim,
Should we forward Kingside’s info? (Thank you Kingside, by the way).
I would be happy to file a complaint if I know where and how to direct it.
I am SO sick of these jerks.
KC | March 14th, 2009 at 4:16 pmNeighboring listings in the 800s..
4s Renter | March 14th, 2009 at 7:38 pmThanks Kingside, I knew I could count on you!
I’ll forward to both agent and broker, and see what they say. My guess is that they’ll deny that it applies to them, or that they are just trying to help.
Jim the Realtor | March 14th, 2009 at 10:12 pm10-4 on pricing 4sRenter, we made a $600,000 short sale offer in November on this very house, and C-wide wouldn’t consider it, and foreclosed instead.
If they list under $700,000, they’ll sell it the first week.
Jim the Realtor | March 14th, 2009 at 10:14 pmIf you want more ammunition, from the 2009 Realtor Code of ethics:
Article 12
REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations. REALTORS® shall ensure that their status as real estate professionals is readily apparent in their advertising, marketing, and other representations, and that the recipients of all real estate communications are, or have been, notified that those communications are from a real estate professional. (Amended 1/08)
• Standard of Practice 12-4
Kingside | March 15th, 2009 at 9:16 amREALTORS® shall not offer for sale/lease or advertise property without authority. When acting as listing brokers or as subagents, REALTORS® shall not quote a price different from that agreed upon with the seller/landlord. (Amended 1/93)
There’s a Realtor code of ethics?
The Blur | March 15th, 2009 at 11:01 amThat’s intersting to know about the MLM-type format. It seems almost every KellerWilliams listing I’ve seen (mostly online) seemed odd, somehow. Perhaps my inate BS-detector just works well.
Good job, again, JtR!
shoppingaround | March 16th, 2009 at 5:05 amThis house was owned by a realtor! She was renting it to a wonderful family and doing who knows what with their rent money.
Seaside Mommy | March 17th, 2009 at 8:07 amWhy do we NEED (read forced to use) Realtors?
Tex can read | March 17th, 2009 at 12:05 pm