March 18, 2008 by Joe Kennedy.

It never ceases to amaze me what some real estate “professionals” or self proclaimed “trusted real estate advisors” will write to try to make a buck.  In this post, a “trusted real estate advisor” from John L. Scott writes about how “the media” is constantly attacking the real estate industry.  As both a real estate broker and a member of “the media” (who by the way won the Media of the Year Award from the Seattle King County Board of Realtors in 2006 - the most recent year they awarded it), I am personally insulted that anyone - especially a Realtor would attempt to make a case for “the media” causing the impending imploding of the real estate market.  In many cases, these are the same people who have been telling their clients that they can continue to expect double digit appreciation each year on any home they purchase - the same clients who have a better chance of losing a ton of money as the local market “readjusts” to more reasonable prices.

I should write here that before writing this post, I spent a good amount of time writing a comment on the “trusted real estate advisor”’s post - and as I predicted, it was deleted without even a response from the original author (who I do not personally know - or have any desire to).  One thing I wrote in my comment is that I’m sure she did not give “the media” credit in the past few years when she was selling listings for more than asking price in less than 24 hours - of course not.  It was because she is a “trusted real estate advisor” and such a professional - in her mind it had nothing to do with the fact that money was so easy to borrow, that anyone who simply stated they made $100k per year could qualify to buy homes that were valued way too high.  As pointed out in the following post, many of those buyers are now losing their asses - but their “trusted real estate advisor” still got paid.

Despite real estate professionals like this who have their heads in the sand, have been ignoring all the warning signs of doom and are grasping at straws and blaming “the media” - there are some who are actually living through the problems brought about by the good times of the past few years - and telling it as it is: as one broker put it -  “The reality is, our real estate market is in the tank,”.

In my humble opinion, the Eastside may not be quite there yet, but our real estate market is in for real trouble.  This broker and member of the media, has been warning people for over a year that the local market is greatly overvalued - and it saddens me to hear stories like the one in the PI article linked to above, who lost over $100k in less than 6 months.   I’m afraid we are going to be hearing a lot more of those stories in the next few years - and will be doing what I can to help these people out of their problems - and warn them to be careful when choosing a “trusted real estate advisor” - or when listening to anyone who blames the media for reporting the news.

Posted in Blaming the media, real estate market in the tank, Bubble, Media, Blogging, REALTORS, Bellevue | No Comments »

January 21, 2008 by Joe Kennedy.

According to an article today by Jessica Swesey at Inman News, ActiveRain has secured $2.75 million in a Series A minority investment from House Values.

House Values has certainly pissed off many real estate agents and brokers over the last few years - including yours truly. They have lost a lot of money (not to mention goodwill and repeat customers) through the way they do business. It’s amazing to me that after all their layoffs, cutbacks and change in business that their investors are allowing them to invest in other (albeit related) sectors.

As far as ActiveRain, I stopped blogging there after they announced a lawsuit against Move.com. (Apparently they were going to sell ActiveRain and all the people who helped build it down the river to the Realtors). I’m pretty sure that I will be deleting my ActiveRain account after this latest news, as I know that I want NOTHING to do with House Values. HV has given the lead generation industry such a bad name, that it has been very difficult for new players with great ideas to get a fair shake from the many agents and brokers who have been burned.

What do you think? Should real estate agents still be supporting ActiveRain after they took investment from House Values?

In the end, this is going to be great news for other Real Estate Networking and Blogging sites like Wanna Network.

Posted in REALTORS, Media, Investors, Blogging, Move, WannaNetwork, Consolidation | No Comments »

November 19, 2007 by Joe Kennedy.

This post was written by Joe Kennedy, Broker with AAA Properties and Publisher of Eastside Business newspaper and online news site and first appeared on the Eastside Business Blog.

It’s (almost) funny how the REALTORS® are trying to blame the real estate market (local and national) on the media.  Almost funny, but more embarrassing, because in addition to being a member of “the media”, I am actually a dues paying member of the Seattle King County Association of Realtors, Washington Association of Realtors, National Association of Realtors, North San Diego Association of Realtors and California Association of Realtors - at least until my membership expires at the end of this year.  I don’t think that I will be renewing my membership and helping them pay for their smear the media campaign. Read the rest of this entry »

Posted in REALTORS, Media, Blogging, Residential, Eastside Business, SFR | No Comments »