"No one suffers more during a housing crisis than real estate agents and mortgage brokers."
Washington, DC (PRWEB) April 1, 2009 -- In the wake of several Federal Government bailout packages, a group representing real estate agents and mortgage brokers plans to lobby Congress for the exclusive rights to sell hotel rooms.
"Real estate agents need a bailout too," insists real estate agent and mortgage broker Chaz Reinholde. "Hotel websites and travel agents are selling hotel rooms without a real estate license. They are cutting into our potential commissions and they need to be shut down."
Reinholde argues that travelers would benefit from having licensed real estate agents involved in hotel room transactions. Currently, hotels and travel agencies are not required by law to include real estate agents in the hotel room booking process. Reinholde hopes to change that.
"Your real estate agent would inspect your hotel room for quality and review your standardized hotel guest agreement," says Reinholde. "As real estate agents, we are licensed professionals, trained to spot ambiguous contract terms such as an unreasonably early check out time of 8:00 am."
Under Reinholde's proposed legislation, real estate agents would also, "Create a Hotel Listing Service (HLS) database in order to monopolize control over hotel room photos and pricing information."
"We would also be able to steer people into higher priced hotels, which would help raise agent commissions. Credit lines would be made available so people could stay in a $500 a night five-star hotel rather than a $200 a night hotel," insists Reinholde, "Mortgage brokers have wonderful packages available to help everyone live the American dream."
Some of the packages include 30 year fixed rate loans. For example, a couple could stay in a $500 a night five-star hotel for ten nights, with a payment of around $30 a month over 30 years. Convenient balloon payments would also be available for $5 a month the first three years.
"I would never tell clients about the final $9,000 balloon payment. They might change their minds about staying at a five-star hotel," Reinholde adds jokingly. "Besides, even if they do default on the loan three years later, I am way out of the picture at that point."
Between a nationwide housing crisis and the dramatic changes occurring within the industry, real estate agents and mortgage brokers everywhere are thinking twice about a long-term career in real estate.
"Companies like Help-U-Sell and Givelaw.org have also made it harder for me and other real estate agents and mortgage brokers to make a living," explains Reinholde.
Help-U-Sell saves home sellers money by providing real estate agent services at a set fee. While other real estate agents still racket a commission fee totaling 6% of the sales price of a home, the Help-U-Sell set fee is typically significantly lower than a 6% commission fee.
Similarly, Givelaw.org saves home buyers money by coordinating free attorney services nationwide for home buyers who sign up online. In an effort to curb predatory lending, an attorney assists the home buyer by email, helping the home buyer obtain fair and reasonable loan terms and closing costs.
As a matter of survival for many real estate agents and mortgage brokers, Reinholde is determined to win control of hotel rooms.
Reinholde emphasizes, "No one suffers more during a housing crisis than real estate agents and mortgage brokers."
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[Via Legal / Law]
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