The Foreclosure bus tour
I’m surprised that this didn’t originate here in Las Vegas. If you are driving around town, you’ll see a new kind of tour bus….the foreclosure tour. Started by a ReMax affiliate (at least, here in Las Vegas), investors and home buyers can now be herded around like cattle to see “foreclosures”. I can’t help but think that service would be a big issue here, since there are huge potential conflicts of interest. How can each person’s interests be served in that situation? Perhaps since they have a list of agents available to individually represent anyone that is interested in a property. Seems to be that you would be better off with your agent.
These types of tours are popping up all over the country. 60 minutes did a piece on the “foreclosure capital” of the US. A local realtor there had a foreclosure tour, which is where most of the other agents got the idea.
Tags: foreclosures, las vegas, real estate
April 20th, 2008 at 11:16 pm
I completely agree that potential buyers would be much better off working with an agent than taking one of these tours. I have no idea how they’re doing in terms of popularity, but I’d be willing to guess they’re a bigger hit with the media than they are with anyone else. I’m also willing to bet they won’t be around long, if they haven’t disappeared already. If nothing else, the “cattle herding” feel should bring about their rapid demise. Buying real estate, even as an investment, is very personal. I would want privacy and the personal attention of an agent who understands my needs, budget, goals, and taste. Not something you’re likely to get on a bus full of “lookie-loos.”