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#116251 - 05/19/06 07:12 PM Ever hear of BAIT & SWITCH?
Maryknoll Offline
BANNED FROM FORUM
Member

Registered: 01/08/06
Posts: 391
Loc: New York City
I've been authorized to conduct RE only for two weeks, however today I informed my broker I've found a new company and I will start there Monday.

One of the things I didn't like was an apparent Bait & Switch game this broker & co were engaged in and it was standard practice. Hey forgive me if I've seen this at my first desk I'd think it an industry-wide practice, wouldn't you?

What they habitually do is list apartments at no fee. Then when the prospective buyer calls on the phone we were supposed to tell them, "the no-fee apartment was down the block and got rented already, so we only have fee available for you."

Honestly. Don't give me a "do as I say and not as I do." Do any of you conduct business like this? Anyway I told the people there I just came across an article in the NY Post that states this practice isn't necessary anymore because the market is so tight they'll pay a fee ANYWAY to rent ANY apartment these days.

So there you have it. I left today and hooked up with someone else I can start work with Monday. How widespread is this practice, have you ever seen it and is it standard fare for a lot of companies? Again please, no "do as I say and not as I do" replies. Thanks!

Also I wasn't enthralled with a non-thrilling favoritism event that happened last night. Agent #1 comes in and asks agent #2 if she can do a Showing tonight. Agent #2 says she can't because she's showing something else. Agent #1 clearly sees me sitting right next to agent #2 doing nothing but doesn't ask me if I can do the Showing. Why not?

Hey look tonight I say goodnight and goodbye to Agent #1. I don't hold any grudges! It'll take a lot more than that to get my dander up, believe me. I thrive at adversity and chalked the incident up to nothing more than a "bad call" by Agent #1.

The surprising thing is that for the short time I'd been there I'd "done favors big favors" for Agent #1 yet she treats me like that. Oh well, people are people, right? Go figure I suppose yeah... \:\)

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#116252 - 05/20/06 06:25 AM Re: Ever hear of BAIT & SWITCH?
Stewart Offline
Member

Registered: 09/14/05
Posts: 34
Loc: Manitoba
 Quote:
Originally posted by Maryknoll:



Also I wasn't enthralled with a non-thrilling favoritism event that happened last night. Agent #1 comes in and asks agent #2 if she can do a Showing tonight. Agent #2 says she can't because she's showing something else. Agent #1 clearly sees me sitting right next to agent #2 doing nothing but doesn't ask me if I can do the Showing. Why not?

The surprising thing is that for the short time I'd been there I'd "done favors big favors" for Agent #1 yet she treats me like that. Oh well, people are people, right? Go figure I suppose yeah... \:\)
Did you say "Hey, I can show that for you" or did you just stay quite? Sometime you need to be pro-active in a situation like that.
_________________________
Stewart

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#116253 - 06/25/06 08:48 PM Re: Ever hear of BAIT & SWITCH?
Agent 007 Offline
Major Contributor

Registered: 02/05/05
Posts: 2713
Loc: Las Vegas
I would not stay with a company that had no business ethics and made it their business to lie to people on purpose just to scam them into paying a fee.

On the other thing, you might want to ask if you can do theshowing and not wait to be asked. Sometimes if people don't know you that well, they won't ask you for anything.
_________________________
Len McGuirk
Prudential Americana Group
Direct: (702) 203-6688
Las Vegas Real Estate

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#116254 - 06/26/06 09:53 PM Re: Ever hear of BAIT & SWITCH?
Rude Awakening Offline
Member

Registered: 06/21/06
Posts: 46
Loc: Minnesota
 Quote:
Originally posted by Maryknoll:

One of the things I didn't like was an apparent Bait & Switch game this broker & co were engaged in and it was standard practice. Hey forgive me if I've seen this at my first desk I'd think it an industry-wide practice, wouldn't you?

Unfortunately this is also a common and maybe more popular method used in the Mortgage Industry.

The problem with it is that clients do have the tendency to "hear what they want to hear". Everyone wants to save the extra $20 a month and it tends to cause problems. In many Bait & Switch cases what happens is that the client is sold on the lower rate to basically get rid of the competition.

The client now has his hopes up and starts shopping around for a home. Several days before the closing the borrower receives a "final" Good Faith Estimate showing a much higher rate.

Why it works is because people have prepared themselves, started moving, found a buyer for their current home and etc. They basically just "want to get this over with".

It's kind of like those damn Try it free for 30 days gimmicks. Most people never return the item!

Another good example of just plain bad business are Realtors who tell the client that: "You only qualify for this home". Which by complete coincidence :rolleyes: happens to be listed by them so they can definitely get you a good deal!

There are a lot of bad tactics out there and although some people might buy into them, the ones that are less gullible are the people you want to work with anyways. They bring you the strongest referrals and the least pain and drama.
_________________________
Ali Mirdamadi
The Loan Officer Database Forum
The Home Flipping Guide
Contributer and author to the Scotsmanguide National Magazine
The Scotsmanguide

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