And why is it capitalized inside the sentence? A small point few sellers or buyers know but which means a lot to those of us in the real estate profession. You only get to capitalize it if you subscribe to and practice the ethics promulgated by our national association.
Really? you might say. Who would notice or care?
Well, you should.
Repeated surveys to rank consumer confidence and trust put realtors (no capital) right up there with used car salesmen. And sadly there have been far too many incidents where a realtor not only did not perform their sworn fiduciary duty but actually violated it with outright criminal acts. Two right here in Siskiyou county lost their licenses in recent years for embezzlement and fraud.
Does anyone remember Eric Estrada who starred on the TV series “CHIPS”? He sidelines as the pitchman for a swarmy real estate company that swept through Lake Shastina years ago buying up lots and then reselling them for multiple times what they paid for them. One I saw they bought for $1,000 and re-sold for $45,000!
The company looks all over for land that seems undervalued and ripe for development and swoop in with briefcases full of cash money to buy. Then, advertising in metro areas with big populations of Hispanics and Asians, they advertise those “Don’t Miss Out!” kinds of once-in-a-lifetime-chance ads. They even bussed people up here, put them up in motels, fed them, and then drove them around Lake Shastina.
So far so good (except for not disclosing real market value to the sellers), but it gets worse. People who read and speak English as their second language get slammed with heavy sales pitches and buy, usually having this same company finance the purchase. Any buyer savvy enough to ask for sale comps is shown THEIR sale comps, not the $1,500 market values. “You bet!! Look here, the one we sold right next to yours went for $50,000!”
Yes, of course many of these sales fell through and the lots were taken back to be sold yet again. There were several of these take back and sell cycles. Today there are still lot owners here sitting on $40,000 lots that are worth $2,000.
So yes, the capital R is important.
Bruce