Real Estate Radio USA Episode 45
January 22, 2008
Barry Johnson…
The New York Times rocked the real estate world today by reporting about a couple in Southern California who are suing their real estate agent claiming misrepresentation. The article titled, “Feeling Misled on Home Prices, Buyers Sue Agent” tells the story of the lawsuit filed by the Ummels and their fight with agent Mike Little. We discussed the situation with John Hokkanen, who’s wife, Margaret Hokkanen, was the agent who’s flyer led to the case. John gave us his points of view and what he thinks of the situation. As a side note, we will be hearing more from John as the B&B Crew like what he is doing marketing his listings.
We also had a chance today to speak with Dan Flynn from the Orange County Real Estate Forum. He let us know the state of the investment market in Southern California. As we have heard from around the country, the deals are out there as long as you know how to work them. Maybe the NAR is right, now is a good time to buy.
I have some questions: What system do you envision for establishing fair market value? How would fair market value be tracked? Would you see the real estate agent as a part of selling property or some other way for home owners to sell their property? I keep reading and listening to your program and appreciate what you are bringing to the world of real estate investing. What I’m missing is if we dump the current real estate agent model, what mechanism do you see for knowing what to list and sell property for? What happens to those home owners who don’t have a clue on how to sell their property? I know you aren’t saying that all agents are bad, but, I would like to hear a model of what you believe would be a replacement for the current way that property is sold. Possibly you could point to agents that you believe are embracing the concept/s that you want the real estate industry to model.