Why is everything around Real Estate so scammy!
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Anonymous
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Why does this industry attract so many scammers and grifters? From developers, to agents to property managers there are so many people in the middle or attaching themselves like parasites with doing any work or adding any value.
MIL has been encouraging us to use her beach house. Her agreement with her property management company is that she can book her house whenever it is not booked and only incur a cleaning fee. We were considering it but then found out the cleaning fee was $500. To bring two small dogs the pet fee would be $250 per dog and the property management realtors reserve the right to charge an undisclosed surcharge on top of this if there is more shedding than they expect. I looked at reviews for people staying guests with homes attached to this rental service and it’s full of guests complaining about ridiculous undisclosed fees and surcharges for lots of nonsense. This company screws it owners on the opposite end inflating what they claim to have done, always double charging her and taking forever and a zillion meetings to sort it out. We passed on the “great deal” weekend costing over $1000 when we could book a hotel for half. Neighbor is a realtor and actively trying to convince anyone who won’t run away that everyone is still paying six percent split between buyers and sellers. No one is doing that here. |
Anonymous
| Because the typical buyer and seller spend more time deciding on a brand of peanut butter than on researching a major real estate purchase. |
Anonymous
| You can blame the industry of leeches but I agree it’s ultimately the ignorant consumers who continue to feed them. |
Anonymous
Someone has made it all so complicated that people feel like they need to hire a company. Even with the realtor, there's always something that comes up that is 'first time' even for them. In the old country, we just get our own bank loan and notary is the person who guarantees the title and everything else for a very small fee of $300. I just rented an apartment that hadn't even been cleaned by the company prior to showing it to me. It was in such a bad shape that I suggested the owner get rid of all the furniture and replace two appliances. They did that, but it probably wasn't even needed if the management company had simply repainted and cleaned the condo before showing it to me. It also sat empty for three months prior. I bet other renters also walked as it was dirty with food still in refrigerator. I'm hoping the owners will get rid of their contract and let me and them maintenance men in the building work any issues out. The owners are paying twice for all this. Imagine forgetting that cleaning the apartment and renting it out was their job. Meanwhile, they are doing business with a company that allows me to go to 7/11 and pay rent in cash for a fee or two. I asked about Zelle and Venmo. Oh no. |
Anonymous
| Everyone I know who works in "commercial real estate" is scummy too. Both second generation. |
Anonymous
| I don't know why, but real estate is extremely corrupt. Most people have no idea. |
Anonymous
As someone who has extensive experience in both, commercial real estate (without air quotes, it’s actually a real thing) is indeed WAY more slimy than residential real estate. Very little consumer protection because you’re assumed to know what you’re doing once you own a business and are leasing space or buying a property for that purpose. |
Anonymous
Where is the beach house? Your MIL should tell the property management company that it's an owner stay and that no cleaning service is requested/required. You will obviously have to make sure that you leave it in proper condition at the end of your stay. We own a beach house too and have never had a problem doing it this way. If her management company won't let you stay without including the cleaning fee, then she should consider switching to another company when her current contract comes up. It's always best to shop around and compare different quotes/services from time to time. |
Anonymous
+10000000 |
Anonymous
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Anything that’s commission-based has that taint to it. Insurance brokers, financial advisors, realtors - fee for service has a stronger implication of earning every dollar than flat commissions.
The other thing is the low barrier to entry in real estate. It seems like anyone looking for a default career jumps into real estate. |
Anonymous
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Fast easy money.
Using RE agents is such a joke in the age of the internet. |