Superior Credit bad business practices *REBUTTAL: Realtors are just pompous glorified chauffeurs
Someone here placed a report about Hacienda Credit being a rip off and charging $185 for properties that are either rented, not available, available thru realtors only.
To that list I would like to add Superior Credit which operates out of the La Puente area. This is an area where people are low income, and they don't deserve this kind of bad business practice.
I'm a Realtor, and will attest to the fraudulent and misleading practices of these types of "rental agencies".
6 Updates & Rebuttals
Dawn
Gainesville,Virginia,
U.S.A.
may be true in Seattle, but not in Virginia
#7Consumer Comment
Mon, February 23, 2004
Michael,
That may be true in Seattle, but not in Virginia. Here, the commission on a house sold is between 5% and 6%. The "selling broker" get's 1/2 and the "buying broker" gets 1/2. Generally, the "broker" can't represent both parties.
The "broker" is the "agent's" boss. Okay, so which ever side the "agent" is on, they split the commission with their broker, depends on the company, mine is 50/50. So, if the commission is 5%, my broker gets 2.5% and I get 1.25%. That is with "no concessions".
If I need to help pay closing costs, referral fees, etc. that number is drastically reduced. My expenses (advertising, MLS fees, gas, etc.) are about .25%, which I have to pay, the "broker" pays nothing. So my net income is 1%.I also have to pay additional taxes since I am self employeed, so my gross income becomes 9/10%. That is before I pay Federal and State income taxes.
Michael
Seattle,Washington,
U.S.A.
More dissembling and half-truths
#7Consumer Comment
Sun, February 22, 2004
I'll give you that you alone are a crusading realtor who takes care of your clients down payments and closing costs, and that's giving a lot because a realtor who does that won't be a realtor for long.
I don't know WHERE you get your 1% number from. When a house is sold the juice on it is 8-10%.
Dawn
Gainesville,Virginia,
U.S.A.
many Realtors do help pay their clients downpayment and closing costs
#7Consumer Comment
Sat, February 21, 2004
You would be suprised to know how many Realtors do help pay their clients downpayment and closing costs. I personally have done so several times in the past six months. As far as "big fat commission checks", you obviously don't know how the commission is paid. Realtors will probably receive 1 to 1 1/2% of the sales price of the home. It takes them 4-6 months worth of work to get that. Do the math...
Michael
Seattle,Washington,
U.S.A.
What a load of crap
#7Consumer Comment
Fri, February 20, 2004
The guy who slammed realtors is right and evidence of their b.s. is in Dawn's post. You care about your clients more than the money? Put your money where your mouth is and kick your commission back to your clients, then we'll believe you.
Just once it would be nice to see a realtor who tells it like it is and admits there's a killing to be made in real estate and they like their fat commissions.
Dawn
Gainesville,Virginia,
U.S.A.
I can't belive the comments about Realtors from the "Rental Comany Advocate".
#7Consumer Comment
Fri, February 20, 2004
I am a licensed real estate agent in Virginia and am anything but what you described. I work with renters, sellers, and buyers across all spectrums. I am currently working with a couple trying to buy a house for $79,000 and another buying a house for $850,000, and I treat them the same. The amount I stand to make is not nearly as important as the client.
If you are so much better than the Realtors you know, perhaps you should get your license and do the people you represent a service.
Realtors are just pompous glorified chauffeurs who get paid for doing nothing
#70
Mon, December 17, 2001
They filed the following rebuttal to the above Rip-Off Report:
Their email: trashlink@usa.net
Their name: trashlink
Their relationship to the company: Consumer Suggestion
Rebuttal:
What's the matter do you not like the rental agencies giving free services to the landlords when you should be stinging the landlords for 10% for doing nothing.
Realtors are just pompous glorified chauffeurs who get paid for doing nothing
Rental agencies give 10 times the service that a realtor does.
Realtors list one or two over priced properties stick their dumb looking face in the advert and then charge the landlord 10% plus of his yearly rent.
What makes you so high and mighty and self righteous? So what you sat and took a 20 minute test to get a real estate license and you think that earns you respect!
What's fraudulent? Here is a fact over 200 realtors/brokers in California per month are being BUSTED for fraudulent activity and major business violations against the consumer, do not believe me, READ THE DRE's monthly paper at the back it lists realtors/brokers and their crimes some of them will make you wince.
Some rental companies work for 3 months for that money and have to put up with all sorts of crap they have to cater to lower income people who also have a right to housing, realtors pick and choose who they work with and are generally rude to people they feel they will not make money from, where does that leave the lower income with problem credit who realtors do not like to work with?
And if you say they are better of with the paper you are thicker than I anticipated, the paper is full of repeats and fake landlords who are not really renting just profiteering from running credit reports its also full of realtors who run fake adverts that off course so happen to be on hold or taken when called.
Its a fact that the realtors and brokers put pressure on the DRE to do something about the rental agencies, WHY because it was effecting the realtors business WHY because the realtors use to get 10% for renting out a landlords home now the rental agencies do it for free and give free credit reports as well.
O yes I nearly forgot while you stick your nose up in the air and you think your job is so great and above a rental agency, these companies make your earnings look like a waiters tip.