The classic realtor trick

It's been a long time since I had received a realtor letter announcing that there was someone interested in buying my home as an incentive to get the listing. It just happened today.

The form letter was sent to my PO Box by Suzanne and Jay Sheridan, and the couple realtor at Prudential Utah Real Estate had obviously no clue what my home looks like, yet represents that there are three buyers that are looking for homes in my area and none of these hypothetical purchasers would even be interested in my residence.

Currently, 48 homes and condos are listed in that same general area. Single family homes are ranging in price from $682,000 up to just under $9 million and with 20 of them priced over $1 million. In addition, homes priced between $1 and $2 million just don't sell and there are 10 of them. Obviously, these realtors are “fishing” for listings and doing so quite blindly through mass mailings.

This goes to show what's wrong with real estate marketing and with the astronomical 6% commission asked from seller. This big and easy money attracts all sorts of dubious characters who have no special skills and are into it only for the fast buck.

I really hope that somehow, someday, someone with the vision of Google founders finds a way to break the MLS and the National Association of Realtors cartel and brings down the cost of buying and selling real estate at what should be, true market value and not highway robbery.

In real terms, we shouldn't pay more than between $1,000 and $5,000 in commission when selling a home, based on the complexity of the transaction, not its listing price. This way, clowns that “fish” for listings like these, might have to get a real, productive job.