Category Archives: News

Irvine Realtor Ratings 7-8-2007

Since we are the Irvine Housing Blog, and since we can be unbiased (we don’t take advertising dollars from realtors), we are the perfect conduit for information regarding the performance of local realtors. We are strictly acting as an information conduit — with our own interpretation, of course. The source data can be found at OC Home Review. The OC Home Review’s list of Irvine Realtors provides a ranking of realtors based on the number of active listings they currently have on the market. Since it is my opinion that this is a completely meaningless statistic, I have downloaded their information and sorted it on different criteria.

I have compiled 4 different categories of agent rankings:

  • Largest Number of Sales
  • Highest Sales Rate
  • Lowest Sales Rate
  • Dishonorable Mention

The largest number of sales is self-explanatory. The agents who are closing deals, particularly in this market environment, are doing a great job, and I wish to recognize their accomplishment here. If you want to sell your house in Irvine, these are the people you should be seeking out.

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The Highest Sales Rate is another way of looking at performance. These realtors may not take as many listings and sell as many houses, but if they take a listing, they get the job done. These are the realtors who will be able to focus more attention on your listing and make sure it sells. To make this list, the realtor must have had at least 4 listings, and sold at least 3 of those.

These final two categories are something you will only find on a website like ours. These are the lists of realtors who are not doing a good job.Kool Aid Man There are plenty of starving realtors out there who are doing no job at all, but these lists do not include those. To make either of these lists, you have to be actively listing properties. The one thing both of these lists have in common is that the realtors are not acting in their clients best interest. These are the realtors who pandered to their clients fantasies and wishing prices and put properties on the market at prices that simply will not sell. When these sellers most needed a dose of market reality, these realtors served them kool aid.

The Lowest Sales Rate list is composed of realtors who had at least 3 market listings and less than a 25% sales rate. Basically, these people did not get the job done. A realtor’s job is not to make a homeowner feel good about their property values by stroking their egos with ridiculous asking prices. A realtor’s job is to sell houses — period. Unless they are getting paid as psychologists or emotional hookers by pretend sellers, they are simply wasting everyone’s time. Which leads us to our last category: Dishonorable Mention.

Dishonerable Mention is our WTF Hall of Fame — or Hall of Infamy if you prefer. Any realtor with a listing that makes our WTF list is featured here. A realtor can be removed from the list in three ways:

  1. Make the Largest Number of Sales list.
  2. Make the Highest Sales Rate list.
  3. Sell the house for a purchase price within 5% of the asking price. If this occurs, we will admit we were wrong and apologize.

Other than that, they are blacklisted for life.

If you click on the agent’s name in the lists below, it will lead you to a complete listing of the properties these agents represent. I clicked on some of these, particularly the poor performers, to see what was — or wasn’t — going on. Two things jumped out at me: first, John McMonigle and Rodney Sudbeck have almost all of their listings in Turtle Ridge, and nothing is selling there; second, Lee Ann Canaday (the Sunday Morning TV Show) took on a bunch of listings in the Marquee towers, and nothing is selling there either.

Largest Number of Sales

Agent Name Sold Expired Sold Rate Active Total Listings

1 Todd Muradian 62 20 75.61% 15 97

2 Roula Fawaz 25 9 73.53% 0 34

3 Frank Agahi 17 12 58.62% 13 42

4 Fred Stepanian 17 12 58.62% 0 29

5 Mike Dunn 16 8 66.67% 0 24

6 Matthew Ingalls 15 6 71.43% 0 21

7 Doris Lipscomb 15 4 78.95% 0 19

8 Ali Atri 14 8 63.64% 3 25

9 Donna Gillespie 14 4 77.78% 0 18

10 Hanu Reddy 13 7 65% 0 20

Highest Sales Rate

Agent Name Sold Expired Sold Rate Active Total Listings

1 Ryan Kashanchi 11 1 91.67% 0 12

2 Tom Nash 7 1 87.50% 3 11

3 Chris Merritt 11 2 84.62% 4 17

4 Amy Farrell-Caves 5 1 83.33% 0 6

5 Dale Cheema 5 1 83.33% 0 6

6 Lynn & Gina Yang 5 1 83.33% 0 6

7 Sherman Smith 4 1 80% 3 8

8 Maurice Sousse 4 1 80% 0 5

9 Mehri Borhani 4 1 80% 0 5

10 Kevin Tolan 4 1 80% 0 5

Lowest Sales Rate

Agent Name Sold Expired Sold Rate Active Total Listings

1 John Mcmonigle 0 8 0% 0 8

2 Rodney S. Sudbeck 0 5 0% 1 6

3 Michael Lowary 0 4 0% 0 4

4 Janto Hariyanto 0 3 0% 1 4

5 Connie Chung 0 3 0% 1 4

6 Olga Matthews 0 3 0% 0 3

7 Hannah Lim 0 2 0% 10 12

8 Kerianne Waldrop 1 5 16.67% 3 9

9 Nancy Keeley-Campbell 1 5 16.67% 1 7

10 Lee Ann Canaday 3 12 20% 0 15

Dishonorable Mention

Paula Allen – WTF-Were-You-Thinking Prices

Mija Kim – LOL, OMG, WTF?WTF

Marcus Garcia – Insulting Asking Prices

Brian Righetti – Edington Terrace Trifecta

Kathy Kudray – Turtle Ridge Dreamers

Joanne Chivers – Turtle Ridge Dreamers

Sheila Mayers – Turtle Ridge Dreamers

Dale Cheema – Birds of a Feather (will be removed for making highest sales rate list)

Sally Anne Sheridan – Birds of a Feather

Susan Lombardi – Happy Birthday

Michael Pickell – New Mountain High

Final ThoughtsStocks

As many of you have probably speculated, we have a number of realtors who read this blog regularly. The vast majority are lurkers who just want to be aware of what the bears are saying. Some of them may not be happy about being called out here.

Too bad.

Realtors who are doing a poor job should be called out. A spotlight should be shined on them until they perform better or get out of the profession. Perhaps a little public humiliation will cause them to change their ways. They should be happy this isn’t medieval Europe. They had effective ways of dealing with problem behavior.

Bring back the stocks

Letter from a Reader

Whenever I read Calculated Risk’s blog, besides being impressed with a man who is much smarter than I am, I am always struck by the fact I am getting his opinion at all. Everyone has an opinion, but some opinions are better than others. The opinions at Calculated Risk should be paid for as consultancy, but he offers them up free-of-charge as a public service.

Aren’t blogs great?

One of the great things about blogs is that it gives an outlet for ideas which would never have seen the light of day years ago. There are many people who saw this crash coming (see letter below), just like there were probably many people who saw the last one coming as well. In the past, there was no forum to get this information into the public realm. The National Association of Realtors through their advertising clout used to controlled the flow of information regarding the housing market: Not anymore.

I receive email from many people asking me about my opinions on the market or whatever. I thought this one was interesting, so I thought I would share it will all of you.

To keep everyone anonymous, I have edited the letter wherever you see parenthesis.

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Hi,

My wife and I really love your blog. She accurately accuses me of being a dung-sniffer with my sometimes negative views, but the housing market collapse was something we both saw coming.

We bailed out of Woodbridge in April 2004. I cant tell you how many of my Irvine friends told me then, and still tell me, that I was crazy to think that house prices could drop–level off possibly–but NEVER drop. I have even been bad-mouthed by someone that took my advice to sell a condo that they were moving up from in 2005 rather that keep it. I would have never imagined the lunacy of lenders and buyers to begin signing up for caustic loans beginning that year, further driving up prices.

I guess I don’t share the same sentiments as some of your readers regarding home sellers. I don’t have any charity towards the flippers and I see them as losers who happened to discover a way to make a quick buck with little risk. These are not real business men who have a lot at stake. I think the majority of them will, or would have, just walked away from any losses regardless of what promises they made. On the other hand I don’t rejoice in another’s misfortune even when they bring it on themselves, much like the speeding motorist getting ticketed on the roadside..unless his behavior is reckless to others.

While I am shocked that people will not educate themselves at all when it comes to the biggest investment they will ever make, and instead just listen to that NAR propaganda, I still feel sorry for them..maybe because they are stupid?

The main reason for writing you today is to point out 2 very different types of sellers. I know both of these people, they live on the same street in Woodbridge.

The first bought in 1997 and has his house listed at a 2005 price. The house is in great shape, but still it sits. Unless there is a HELOC he wont get hurt.

The other one is a guy ( with family) that moved to Irvine in 2003 for the schools. They sold their house (elsewhere) and rented in Irvine, he asked my advice back then and I told him to keep renting. He would periodically ask me the same question and I gave him the same answer..rent. One year after we moved they must have bought into the belief that trees grow to the sky and bought with no down payment..something I would have never imagined for someone who is (smart) and very conservative. I guess he found out that the $5.5k/mo payment is too much and listed it last month with an out of area agent for $60k more than he paid. Not a knife catcher, this poor guy just keeps taking bad advice from realtors and it will eventually cost him everything.

Do I offer any advice now? Heck no! Been stabbed in the back already. What would I tell them? #1 needs to drop his price $100k, dump the agent who is not spending any money on marketing, list it on the MLS, Craigslist, YouTube, WWW, and offer a 5% commission to the buyers agent. And the $100k is only if he would have done it 2 months ago. Next spring it will be >$150k.

#2…uh well. I am torn since I feel bankruptcy is a license to steal. He will take a $200-$250k hit on this place due in part to condition. The first thing he needs to do is to contact the 2nd mortgage holder and tell them he will be bringing them some short sale offers, then do all of the above with at $225k price reduction….then pray! Alternatively he can just mail in the keys.

I feel really bad for #2 and I think I could help #1, These are both good friends. What would you advise?

Once again I enjoy keeping tabs on the market down there and I really get a kick out of the wit you and your readers often post. Most of all I like the feeling of vindication I get from your blog.

Thanks

(anonymous)

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I replied:

Thank you for writing. It is comments and emails like yours that keep me going. If you didn’t see it, I think you might enjoy The Reservoir of Schadenfreude, you are not alone in your frustration with advising people who refuse to see the obvious.

I think the course of action you advised these would be sellers is right on. Perhaps the only thing I might add is to tell them to come read the analysis posts on our blog to help them feel comfortable with what you are telling them. Sometimes when people read something from a disinterested third party, it carries more weight, and some people just need a bit more convincing that the market is going to crash.

Beyond that, I would just offer up your advice when asked, and avoid the topic otherwise. You can only lead a horse to water…