Realtor Bubble Gets Ugly
This NY Times story about RE brokers behaving badly includes some surprises. "'In the last five years it seems like everyone wants to be a broker,' said Diane Saatchi, a senior vice president for Corcoran . 'There's not enough time on the part of the senior brokers to really do the proper training because many of us are too busy making money.'" That's an excuse?
"The National Association of Realtors says its membership has swelled to 1.1 million now from 766,560 in 2000, a rise of 46 percent. In Manhattan the number of brokers and sales agents has jumped 42 percent, to 26,220, in the same period."
"That means too many agents are chasing the same deals. Dennis Pantano, a broker in Belmont, Calif., said 45 percent of the agents in Silicon Valley 'sold no houses last year.'"