The Real Estate business isn’t easy. Glamorous as it’s made to appear by the press, very few people are aware of the cut throat competition that exists amongst Brokers or the lengths that some will go to for a competitive advantage (even if the competition are do-it-yourself-sellers).
Listing property for sale or lease is the sole business objective of all real estate brokers. The agent that has great property listings will also have a significant competitive advantage, as the calling card of a successful agent is their inventory.
To bring some clarity to my profession; all licensed real estate brokers are retailers, and valuable ones at that. If you consider how many condos, coops, townhouses and apartments are available at any moment, you’ll begin to see the value we bring.
The real estate broker who can effectively market their listings, provide great customer service and demonstrate the knowledge and experience to negotiate successful deals will be able to leverage their most valuable asset for repeat business;
Their Reputation
So what happens when a real estate broker decides to increase their business by marketing a property listing that is already being offered For Sale By Owner, without the owners’ permission?
Well, let’s put it this way, if you’re a real estate broker that suddenly becomes the subject of a blog post inspired by the actual owner who didn’t give you permission to represent them, your business existence could be jeopardy.
Arlene T. Waye, Principal Broker of Awaye Realty LLC, is having just this experience and the timing couldn’t be worse. Ask any real estate broker still in business in 2009 in the toughest real estate market in 25 years and you’ll hear consensus on the following business maxim:
A Broker’s Reputation is their Best Resource!
On July 10th 2009, Awaye Realty LLC became the subject of a blog post on Brownstoner entitled, “Awaye Realty Caught Lifting Listing from Owner”, in which the owner declared
…I own this house and I have never even heard of Awaye Realty…
The current fiasco began when the home at 180 Adelphi Street appeared as the House of The Day on July 9th, 2009. They viewed the listing on AwayeRealty.com and wanted to expose their readers to a new home available in Fort Greene, Brooklyn.
You can get the whole story by visiting the above links. You can also visit the home owner’s web site at 180Adelphi.com to view the property.
While we at My Brooklyn Report believe all comments appearing by the owner on Brownstoner to be alleged, we are aware that homeowners will enlist the professional services of a real estate broker after their attempts at selling fail to produce the desired outcome.
All real estate brokers can learn a great deal from this experience. Well, we can hope, can’t we.
