Our fight for a better Real Estate experience in Hoboken: commentary by Hoboken Home Advisors.
A little over three months ago I started a company called Hoboken Home Advisors. HHA was born from the demand of local residents searching for an independent resource to evaluate and recommend the best real estate professionals for their unique and specific needs. This demand surfaced from the transient nature of a town where the streets are lined with real estate offices and most everyone connects with their first real estate agent by simply walking randomly into an office or responding to a listing online. Understandably, the result often isn’t a good one.
A well-known published report distributed among NJ Realtors conducted a survey and found 57% of all buyers picked the first real estate agent they met– not surprising, a large percentage would never use or recommend their real estate agent again. But truth be told, it’s not the agent’s fault; it is that of the unknowing public. Clearly, there is a disconnect and understandably so since most buyers conduct very few real estate transactions in their lives and have no resource available to find or choose the best agent for them; the questions to ask or how to interpret the answers. HHA’s only charter is to change these numbers and make the experience more positive.
Unfortunately, most real estate agents have a poor reputation. They are seen as tour guides or simply facilitators and to the seller who pays the fee, the fee is too much. I don’t see it that way. The value of an “expert” is immeasurable and like in any industry or profession, there are those that are more proficient than others. The challenge is the real estate industry has historically low barriers of entry and many use their license as a second or third income or a fall back profession because they were laid off from their career. As a matter of fact, in the very licensing class I attended the instructor told us more times than once, “don’t quit your day job”.
Honestly, I was shocked at this notion. How could one do this part-time and be educated and informed enough to advise on one of the most important financial decisions many of us will ever make? The answer is, most can’t. Not all real estate professionals are created equal. There are fewer transactions per year in Hoboken then there are licensed agents, with no way of truly differentiating one agent from another, many consumers are left with a poor experience, choosing the wrong agent for them.
Which brings me back to my disappointment. I expected HHA to cause some skepticism among real estate professionals; it is after all a new business in an already compressed and competitive market. But what I didn’t expect was the barrage of threats and complaints from those threated by a business set out to improve the consumer experience. Truth is, we are a threat to those inexperienced or unprofessional real estate agents whom have had reports of poor consumer service, and it comes as no surprise that those are the people with the loudest voices.
In the short three months since HHA’s launch the local real estate board has received numerous anonymous calls and complaints from agents and brokers, none of which had the nerve to disclose their identity. I’ve received several letters from various real estate boards questioning the very viability of my business. My advertising campaigns to reach the good folks of Hoboken have been sabotaged on several occassions. And one particular agent, familiar to everyone on Hoboken Patch, attacked me with such venom without knowing me or considering the value my business brings to the Hoboken community that one can only question their sanity.
The results of the complaints: It has proven to demonstrate the sheer lack of respect and pure ignorance displayed by the unprofessional and inexperienced agents and brokers responsible for the poor real estate experience that we aim to improve, and has helped to validate the very reason our company has been extremely successful in connecting local residents with the best professionals in the business. And I’ll add, we have been found to be in full compliance with all local real estate rules and regulations.
I’m a family man with 3 children and roots in Hoboken since 1993...I live here unlike many of the agents that serve Hoboken. I’m just trying to make a living like everyone else, and I’ve found passion in a business that allows me to help the my community. I’m shocked and disgusted by the treatment and hypocrisy of the few…the threatened; all at the consumers’ expense. I would imagine with little effort I could find legitimate violations with the strict and good standards of the New Jersey Real Estate Commission with most real estate agents in town, but I have better things to do; like work for the people of Hoboken.
My experience thus far only makes me more convinced that a service like Hoboken Home Advisors, one that protects the best interests of the consumer is necessary. And proof is in the numbers…in our first three months we have connected over 300 consumers to various exceptional real estate professionals and have received a number of letters from folks like you who couldn’t be happier with the value our service provides.
I am RIGHT
8:16 am on Friday, October 12, 2012
You FAILED to tell your readers about your expertise, why we should trust you to be the authority. I would guess by your article you are a frustrated real estate agent unable to make a living due to the competitive nature of the industry. Your idea of why someone should do business with you is because The Other Guy Stinks. I think you've been reading too many political adds.
Christopher Poreda
8:34 am on Friday, October 12, 2012
I am right...fair points, although based on them I would imagine you haven't been to my website which provides the answers to your questions and far more. I am not a frustrated real estate agent, on the contrary. I am not a traditional real estate agent at all. I run an advisory firm with over 25 years of experience and since our launch just over 3 months ago we've made close to 350 referrals to various real estate professionals...far more than I expected in that time-frame. Our mission is to direct those who wish to engage in a real estate transaction to the best possible professionals for their unique and specific situation. Our site details how we make these referrals. I think even you would agree that's a valuable resource to have available. Add to that; it's FREE. If you have any questions you can certainly email me at chris@hobokenhomeadvisors.com
Jabberwock
10:00 am on Friday, October 12, 2012
If I were in the market to purchase another property right now, I would try this service. When I purchased property in Hoboken, I had a nightmare experience with an agent (rude, pushy, obnoxious woman that screamed ALOT) and I chalk it up to the (un)luck of the draw. From time to time I think to myself, I would not even consider buying another property where that agent was involved on either end of the transaction; it was such a bad experience. She was that awful. (and she's an agent that seems to be the seller's agent on a lot of properties.) Christopher: I think a lot of the negative comments surrounding your Patch blogs, including personal attacks on you, are from real estate agents that don't want you in their business, that's all. Ignore them. Just reading some of the comments made me uncomfortable. If there was any way to know who the agents behind the comments were, I would be sure to put them on my "must to avoid" list. For those of us whose only involvement with real estate is to purchase, the (free) service is a no brainer. I'm not looking right now (no good inventory.) But, would check out your service when the time is right. If I didn't like the agent that you suggested, I'd just move on.
I am RIGHT
4:39 pm on Friday, October 12, 2012
OK so Real Estate agents pay you and you refer them to people in the market to buy or sell a house? If not, what criteria do you use to select your prefered agents? You have 25 years experience in a 3 month old business? Are you sure you're not a politician?
REHoboken
9:05 pm on Friday, October 12, 2012
I am a Hoboken Realtor that has worked with Hoboken Home Advisors. I'm writing this as an anonymous post not to hide my identity but to uphold the purpose of a third party referral company, rather than have people contact me directly, I see value in the service HHA has created. My approval process consisted of an extensive application process and personal interview.
My success is based upon time management and working smart. I accept referrals from HHA because the buyer/seller/renter comes to me pre-approved and prepared with a professional, local team that I'm familiar with (attorneys and mortgage brokers that participate in the HHA network). HHA also identifies my strengths and sends me clients based upon the type of properties I have experience handling. This saves me precious time. I also have found that there is a great deal of loyalty from my customers that come through HHA. And moving forward, these customers and anyone they refer to me, are my customers, I only pay HHA on the first closed transaction for each person they refer. Well worth it for a client that has potential to help grow my business in the future.
I have recieved sevaral referrals and closed several transactions through HHA. I will continue to participate in the network and I hope other Realtors stay skeptical. I'll take the business!
I am RIGHT
9:23 am on Saturday, October 13, 2012
REH-Thank you for the clarification and for pointing out the mistruths in Chris' post. What he calls FREE is not free to realestate agents. His qualifications are he was unable to be a successful RE agent so he's extorting other agents. WOW! Why would I trust this guy?
puzzledone
11:59 am on Monday, October 15, 2012
I am RIGHT...
Do you also refer to headhunters as extortionists because they are free to the buyer but charge the businesses to which they place?
What about retail stores? Is Target extorting their vendors, certainly the markup they charge is not free to the end vendor, who could make more money selling directly.
Insurance agents?
Mortgage Brokers?
Seems extortion would be something you would have to participate in. I believe that any RE agent has the opportunity NOT to work with Mr. Poreda.
I am RIGHT
2:22 pm on Monday, October 15, 2012
Chris said it was FREE. REH said it wasn't FREE, so Chris lied. Why would you trust him? The professionals you mentioned are HONEST about their fee structure. I'm left to wonder why Chris is dishonest.
puzzledone
4:54 pm on Monday, October 15, 2012
His service results in no additional costs to a consumer, so for those purposes, they are free. By your logic, buying a property using a real estate agent is extortion, as their fee concept is pretty much the same thing, no cost to the buyers and they take money from the seller's agent?
REHoboken
5:27 pm on Monday, October 15, 2012
"@IamRight" It is clear HHA's customers are the buyers/sellers/renters and the service IS FREE to the consumer. It is clearly stated in the FAQ on the website that real estate agents pay a referral fee to HHA. Chris is also completely transparent, disclosing his information and that of his broker both on this blog and on his website. You have wrongfully accused his business of being dishonest and even extortion. It wouldn't come as a surprise if YOU are in fact the unsuccessful, disgruntled RE agent that has nothing better to do than attack a viable business while remaining anonymous.
I am RIGHT
11:38 pm on Monday, October 15, 2012
More smoke and mirrors. You FAILED to tell your readers about your expertise, why we should trust you to be the authority. Your idea of why someone should do business with you is because The Other Guy Stinks.
Christopher Poreda
10:15 am on Tuesday, October 16, 2012
Thank you to the folks who support our business and understand this very simple model. @I am Right...again, you can find the answers to all your questions on our website if you choose to simply take the time.
The numbers and positive feedback received in such a short period of time is all the proof we need to demonstrate that our business is viable and needed in a town like Hoboken.
I am RIGHT
10:53 am on Tuesday, October 16, 2012
CP - That's what's so funny, "Our Founder". Your RE experience is........ you bought a house in Mercer County. Do you even own property in Hoboken?
Joan Cicco
4:55 pm on Tuesday, October 16, 2012
I am Right...I'm just going to say what everyone else is thinking...you're just plain stupid.
I am RIGHT
6:03 pm on Tuesday, October 16, 2012
Joan - Thank you for adding to the discussion. Your obvious intelligence is showing.
Truth In Advertising
4:31 pm on Thursday, October 18, 2012
"I am Right"... What concerns me about Chris' business... Hoboken Home Advisors is for the vast majority of the summer his site did not include the name of the supervising broker. It's still not on his home page which is a truth in advertising issue.The consumer concern is that consumers need to know that he is, in fact, a real estate agent. You can argue, that he doesn't have much experience. His site says he passed the test. The issue is, an agent's license is not a full license. A agent has to be under the supervision of a licensed broker & the consumer has to be able to reach that broker. Up until this month, he has not had any broker information on his site.I also believe it has to be on the home page & it has to be conspicuous.
Why is this important? The consumer needs to know that he is an agent and he is getting a portion of the commission if the deal goes through. The consumer needs to know it's not "free" to the agent the consumer is working with and the "client" to Hoboken Home Advisors in not the consumer but the agent.
Consumers need to be able to figure out that Hoboken Home Advisors is not necessarily referring business to 'the best' agents but to agents that are willing to pay him.
Consumers need to be able to figure out that Hoboken Home Advisors is a lead generation Service to the agents and because of that business arrangement it comes with a certain amount of unavoidable bias.
Truth in Real Estate starts with Truth in Advertising.
Joan Cicco
5:41 pm on Thursday, October 18, 2012
Truth, your comment demonstrates the ignorance and infantile behavior that is so prevalent among the real estate community, assuming your "rule" knowledge that you're a real estate agent is what makes a business like HHA necessary. I used them and THANK GOD! They were amazing. What you neglected to mention is that to get a real estate license it requires ONLY a high school diploma (or equivalent...haha) and the passing of a two week course and lay-up state test. Does that qualify anyone to be a real estate expert? What a joke!!!
What I've taken out of Mr. Poreda's business is this: his profile and the FAQ's say he's an agent and that he is taking a part of the fee from the referred agent as a commission. Why wouldn’t he? What do you expect him to do, work for free? Don't you actually pay companies like Trulia and the like for leads without any guarantee? On the contrary, Mr. Poreda's company is only paid for performance. No risk to any agent. Who wouldn't take a large percentage of something instead of 100% of nothing? You guys are a joke!
The fact is, and if you read the site you'd understand this, that Mr. Poreda figured something out. He figured out that every real estate agent is 100% commission and has only their interests in mind. Is that truly unbiased to the consumer? He figured out a way to get paid a referral fee no matter who he refers. Complete independence. Genius and I couldn’t be happier. You sound like someone he's excluded from his network.
Christopher Poreda
5:52 pm on Thursday, October 18, 2012
Truth in Advertising; if you have a problem with my site, advertising or anything else, you should report me to the New Jersey Real Estate Commission. They can be reached at 609.292.7272. I assure you, I've been investigated as the result of agents threatened by the consumer advocacy aspect of my business and have been cleared of any wrong doing or impropriety.
For your gratification; until this month I have collected no fees for my service since I was not under the jurisdiction of New Jersey Real Estate Commission. I received my real estate license not as a moniker of expertise, but a means to legally collect fees for my service. The fee I charge is one that is common and well known to the real estate community and has not impacted one bit the participation of those who we qualify to be part of our network. My broker information on my site couldn't be more apparent to those qualified to find it.
Robert Wilson
7:03 pm on Thursday, October 18, 2012
I can't hold back any longer. The attacks and ignorance demonstrated against Hoboken Home Advisors is tantamount to one child leaving the ballpark and taking their ball...pouting the entire way. Here is a guy who is trying to improve a system and if the market rejects it, so be it. What's so laughable is the number of realtors on this site who attack something because it's a threat to them. Let the market determine it's viability...and based on what I've already seen, they've responded with a resounding, YES!!!!! Hoboken Home Advisors has a place!