Reader “Phil” had the following to say, in response to Thursday’s post, Real Estate Marketers Now Out To Get Your Kids.
His words are an object lesson for real estate industry professionals everywhere (my bold added):
As a licensed real estate agent myself, I would like to suggest a difference between single office agencies and franchise groups. The typical stereotype of a real estate agent is derived from the high flying top 3%. There is no doubt there are some wankers in the industry. The rest that I know are hard working good people who support families and employ staff of 10 to 15 on average. That goes for many of the offices within franchise groups.
Since 2008, I have stood back and looked at the industry a bit differently. I have recognised that most real estate agents have no idea that it is bank credit expansion that causes house prices to rise. Or as Steve Keen explains, actually “growth” in credit expansion.
This is only possible due to legislation allowing private banks to use housing equity as security to create credit. We just continue to do this as that appears to be the way it always was. (IMO housing should be a consumable not an asset).
BTW, hat tip on your recent article exposing those who foster the continuation of the “housing industry” as a financial derivative.
Back to the franchise groups and franchises in general (Parasites!!!). This is not unlike usury or rent seeking. They take franchise fees from hard working small businesses and promote corporate ideals. The LJ Hooker promotion is revolting IMO.
I keep returning to your story of the used car salesman. Most people just keep doing what they know to do to get by or maybe get ahead. We are all preyed on by those who control and promote the FIRE structure.
As one who is now seeing the reality of this I feel a responsibility to speak. Much as you do. I tend to do this even as it makes me an outsider. Strange that huh?
Barnaby Is Right 
Housing a consumable ? You have a point there. All buildings have a finite life, disintegrate if not continuously maintained or they become obsolete. The site is basically permanent. The day to day market or earning value is the only item that can be called an asset.
Real estate agents “wankers”? More like self interest, self indulgent morons who would sell out their own mother if they made a buck out of it. The word parasites makes this industry (in Australia) look good.
What you do not realise is that the real estate business has penetrated politics, at least at the local government level where it runs the show and at the state level where it has influence it should not have.
My own experience:
The short term letting of holiday rental properties has been controlled by the real estate industry for at least the past decade. The state government is able to stop this but like its local government smaller brother it turns a blind eye despite zoning laws being routinely blatantly abused and whilst local government lies, writing to constituents about “no legislation”. The lie is not only a brazen act more at home in a totalitarian regime but it also flies in the face of the zoning which PROHIBITS residential homes BEING USED AS FUNCTION CENTRES.
Whenever there is a challenge the real estate industry stands up and cries “tourism”. This issue has never been about tourism which would not be affected by enforcement of the zoning. it has been about the right of the real estate industry to rent residential homes as Function Centres where all night bucks, hens, parties, gaming, schoolies and the like activities are run. The reason…………MONEY. A weekend rental for a family gets $400. A weekend rental for a bucks party gets $2000. It is greed which is at the centre of this and breaking the law as well as defying cries from the public are all part of the greater problem of business in general and the real estate industry specifically being in charge.
You are right Blissful. The real estate industry is writing legislation and even worse breaking the law with the support of those in power who I dare say receive re-election funds from the real estate industry in return for support. Partners in crime is a better way of putting it.