Before the week ends, Inman News will publish their 10,000 word report on the rise and potential impact of new “hybrid real estate” sites on the bloated real estate commission model in the US. From the perspective of a longtime real estate consumer advocate, it’s ironic that the same industry that pushed legislation to abrogate the Common Law of Agency through statehouses from approximately 1993 to 2005 is now using fiduciary services to justify their conflicted but allegedly full-service, full-commission business models.
Meanwhile, there seems to be a growing awareness of the importance of fiduciary duties elsewhere in the economy. This Spring, Consumer Federation of America and a coalition of consumer groups — including AARP’s 40 million member organization — promoted an impressive http://SaveOurRetirement.com campaign. The call for financial advisors to remove conflicts of interest was actively supported by the White House and the charismatic Secretary of Labor, Tom Perez who spoke yesterday at the White House Conference on Aging as did President Obama.
That gave critics of Designated Agency a high profile opportunity to link our campaign against conflicts of interest in real estate to a broader agenda. Anyone who would like to support that call can retweet or share this tiny URL to the President and US Department of Labor:
http://bit.ly/RidREconflicts (please share link on social media)
Finally, it’s outside my expertise but there is also a growing awareness of the impact of investment on the sustainability of the planet. To my surprise and delight, the word “fiduciary” appeared 27 times in this 20 page call for new paradigm called “Sustainable Capitalism.”
http://bit.ly/FiduciaryInvest (please share link on social media)
Would love to get feedback from agency law experts like attorney / former regulator Maureen Glasheen and CAARE.org founder Doug Miller on both the call to expand the traditional interpretation of agency duties and section on Break of Fiduciary duties included in the report above. Anyone else want to comment or participate in campaign to repeal or neuter Designated Agency laws? July 25, 2015 marks the 9th anniversary of Congress Hearings on anti-competitive business practices in real estate:
http://bit.ly/SaveBillionsRE (please share link on social media)
That’s 11 days from now… should fellow real estate consumer advocates look at what Inman publishes Thursday and decide how to use that occasion this July and again this Fall — the 10th anniversary of the FTC / DOJ hearings that preceded Congressional hearings?