Hamptons/East End Real Estate Practices

February 26th, 2009 category: Uncategorized

Some time ago, a Hamptons real estate agent accused me of having an “obsessive” nature with regard to unethical practices that run rampant in the Hamptons. Frankly, my awareness of the OREX agenda might have remained “leashed” had we not found ourselves in the mix, via valuations requested by banks for distressed properties.

I love real estate, when done with a consumer focus, and when presented to sellers and buyers with their best interest (as promised in the event of “seller agency” -sellers- and “buyer agency”- buyers via the NYDOS disclosure, a requirement of the state to be presented at first substantive contact) intact.

Imagine that you love tennis, and watching matches- but, you attend the US Open, only to observe that an out of bounds returned ball is called “in” each time, compromising the entire match. Over and over, the game and the fundamentals are compromised.

At the end of the match, the “winner” extols the virtue of fair play, with open mouthed spectators wondering what the hell has happened to their “game”, and how it is that the winner has the audacity to punctuate the win with flat out deception- or simply a delusional approach to a game that compromises all of the elements that make it a joy to observe, or participate in.

If you’ve never bothered to learn fundamental rules of the game and abide by them, you’re not seeing the disparity.

Here is a link to an interesting blog initiated by George Simpson, who has tolerated (with a wicked grin, to his supreme credit) much in the way of personal attack, but continues to move forward in an effort to provide, for the rest of us, a “good game”.

www.eastendlistings.com
Keep it up, George- you have spectators that are applauding you, and booing the efforts of a select group of companies seeking to maintain a control of the Hamptons real estate market using a method (no access to critical buyer/seller listings info without $40k to burn) that is a huge detriment to the sellers, buyers, and agents on Long Island (who pay dues to the NAR and MLSI for the purpose of transparency in real estate). Real estate is a public agenda, not a broker agenda- at least, everywhere, it seems, but the Hamptons (and NYC).

To those Hamptons brokerages and salespeople that understand consumer fiduciary, but find themselves stuck in the Hamptons with an MLS system absent the majority of properties for sale, I feel for you- REALLY. Your business is being undermined by so called “professionals” who never read the play book, yet persist in demonstrating this lack of information at the expense of the real estate community in its entirety- sellers, buyers, real estate agents. That’s changing- it’s just too bad that they didn’t see the absurdity long before consumers did, as has occurred (and been corrected) everywhere else long ago.

TENNIS, ANYONE?

www.eastendlistings.com

To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point, NY.

This entry was posted on Thursday, February 26th, 2009 at 1:59 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

4 Responses to “Hamptons/East End Real Estate Practices”

Tom D Says:
February 26th, 2009 at 4:33 pm
At least there are a few people like Laurie and the folks at Options Realty and George Simpson that are attempting to bring the Hamptons into the real world of real estate. I have been here about a year, having moved from CA. From day one, it seemed that Hamptons RE is some big secret fraternity to which you are only allowed entry if you say the magic words. And I guess a few of those magic words are “I have 44K per year to pay for OREX.” Realtors tell me they they share or co broke or whatever dumb term you wish to use. Yeah, right. They even tell me that the sellers want it this way. Now let’s see, my listing has been exclusively with you for over a year, you haven’t gotten me one offer (good or bad)and I as a seller want it this way? I have bought and sold several houses in the last 10 years in CA and they always sold because of marketing on the part of my agent that used a real MLS and gave not only other brokers but also potential buyers the opportunity to see that my property was available. Don’t you guys know that realtor.com and other websites are the first place that a majority of buyers start their search? How many of your listings would I find there? And even if I find them , I really don’t know where they are because just as with HREO, you typically leave out the address. God forbid that anyone should be able to know where a listing is actually located.
My conclusion to this rant (and believe me I could go on much longer) is that the secret society benefits only you the realtor. You want to keep both sides of the commission for yourself, or at least keep it in your office. Oh, I forgot, a lot of you don’t even share listings within the office.So as with every other crooked enterprise, all one has to do is to follow the money to understand why you do what you do. Well, guys, all I can say is that the money trail is coming to and end. I see from one of the few somewhat buyer friendly realtors I know that there is “only” about a 60 month supply of houses in the WHB area based on 7 being sold last month. Maybe if a few more people knew what was really available you just might sell more. But then you just might have to split that commission. Put your properties on MLSLI like the rest of Long Island does. You just might find a few more buyers now that your Wall Street money is disappearing!
laurie mindnich Says:
February 26th, 2009 at 6:29 pm
Tom D., I don’t even know what to say to a buyer encountering this mess. Never mind a seller, waiting for an offer from a real estate community that has been excluded from doing so via a “private” listing system…
Tom D’s Rant on Hamptons Real Estate Practices… « Hamptons Real Estate Blog Says:
March 1st, 2009 at 1:59 pm
[...] Hamptons/East End Real Estate Practices [...]
Dominick Bahlmann Says:
June 1st, 2010 at 9:32 pm
Howdy there,Terrific article dude! i am just Fed up with using RSS feeds and do you use twitter?so i can follow you there:D.
PS:Do you thought about putting video to the blog to keep the visitors more entertained?I think it works.Best wishes, Dominick Bahlmann

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