Media Madness – Let the Buyer Beware

Back on 1/26/2007 Active Rain member Chichi Ahia wrote an exceptional post; Is Your REALTOR on Your Side? (Yet Another Realtor Slam) which many of you may recall.  It was about an article By Stephen Gandel, Money Magazine senior writer, on CNN Money.com titled ‘How to make your Realtor work for you‘.  The article basically told buyers they didnt need representation, was inflammatory to the extreme and garnered a rapid 65 angry comments.

 
I was very disturbed by the article and did a Google search of the authors name which led me to Spencer Barrons blog. His post begins:

‘How about that. I actually got quoted in Money Magazine. Albeit my statement appears a bit truncated, it is not incorrect. Im quoted as saying ‘People offer higher commissions because it works’. Ill stand by that. Offering a higher commission to a buyers agent does help sell your home. It doesnt necessarily help you get a better price but it will get you slightly more traffic. Ill explain, but first, this is what Im talking about. The February 2007 Article entitled ‘Is your Realtor on your Side?’ by Stephen Gandel

Steves seems to be trying to get his fingers on the pulse of real estate but cant seem to get past the waiting room.’     Read More¦.

I stopped by his blog and invited him over to Chichis to comment: 

Stephen Gandel seems to be a little light in the research department when writing his consumer articles. Check out the discussion going on here: http://activerain.com/blogsview/38785/Is-Your-REALTOR-on

He does seem to know how to stir up controversy.

Spencer Barron took me up on the offer to visit Chichis post and left this comment:

I honestly cant say I agree with the article and I even got quoted in it! Steve seems to start with a premise and builds it into an article without determining if the premise is correct.  Its pretty poor reporting.  Its a pretty poor concept especially if anyone out there actually believes hes being accurate.  I just talked to a seller who happened to have the article on the coffee table.  They were consulting it for tips on how to go about their home buying process.  Pretty scary since now theyre looking for help because they dont feel they could trust the listing agent but still dont want to pay a buyers agent.  Theyre currently working with the listing agent who they dont trust.  Sorry, you gave up your right to seller paid buyer representation,  can you pay out of pocket?¦didnt think so.  Go it alone?  Good job Mr. Gandel, that advice will lose your readers far more than theyll ever save.   If someone wants to attempt whats in the article fine with me, but dont come crying to me.  No more free advice to home buyers,  I believe the saying is ˜casting pearls before swine¦not the Im calling anyone swine.

I got more about my conversations with Stephen Gandel via email and phone on my blog http://www.spencerbarron.com

discusses the value of having a buyers agent. More than that, it actually gets into the morality of the strategies some homeowners and builders are using to sell their homes. 

I also located another string going on over at blawg on the same subject. 

Well it seems that Stephen Gandel, the author, has decided to grace us with his presence at blawg: (from comments)

1. Actually, Stephen, there is nothing wrong with my facts:

   http://activerain.com/blogs/cahia

   I honestly cant say I agree with the article and I even got quoted in it! Steve seems to start with a premise and builds it into an article without determining if the premise is correct. Its pretty poor reporting. Its a pretty poor concept especially if anyone out there actually believes hes being accurate. I just talked to a seller who happened to have the article on the coffee table. They were consulting it for tips on how to go about their home buying process. Pretty scary since now theyre looking for help because they dont feel they could trust the listing agent but still dont want to pay a buyers agent. Theyre currently working with the listing agent who they dont trust. Sorry, you gave up your right to seller paid buyer representation, can you pay out of pocket?¦didnt think so. Go it alone? Good job Mr. Gandel, that advice will lose your readers far more than theyll ever save. If someone wants to attempt whats in the article fine with me, but dont come crying to me. No more free advice to home buyers, I believe the saying is

Posted on March 2, 2007 by Laurie Manny