Monday, June 22, 2009

Real Estate lessons learned from Wide Receiver Terrell Owens' experience

I found this story interesting because of the real estate principals you can learn.
It is also compelling to me since friends ask me,so who is moving into the house just sold,rented,what can you tell me about them,etc.
Finally,T.O.'s agent did behave badly and I hope she didn't change your opinion about real estate agents.

1. Real Estate agents have to keep matters with their clients confidential. It seems the agent tried to garner the media's attention and indirectly bring more clients her way by scooping that she was T.O's agent and practically saying where he was going to live. I'll say the agent knew a cord to strike with the Buffalo media as many people love to discuss real estate,get insider information,particularly with a celeberty.

1a. T.O. hadn't moved in yet. He was due to move in July 1. So, the deal wasn't sealed. Any number of things can happen causing a transaction to fall apart. The agent should have waited for 'settlement',when it would be public record and information where T.O. moved.

2. Apparently the neighbors didn't want him in the neighborhood because it would bring the area more attention,more media. They like it quiet there and perceive that it would all change if Terrell Owens moved in.

There is a term in real estate called Blockbusting encouraging owners of homes to sell/rent to only certain types (like race)people. The neighborhood doesn't want "them to move in"

There are also other term in real estate...redlining and steering.This practice includes but is not limited to real estate agents trying to sell/rent properties to people in specific areas/neighborhoods.

These are all fairhousing issues
Protected classes in Maryland

Protected class is Washington,DC

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