The Definition of a Shill

by jill ~ May 28, 2008

shill   n.   One who poses as a satisfied customer or an enthusiastic gambler to dupe bystanders into participating in a swindle.

For some reason, the word “shill” has been popping into my mind a lot lately - it’s what I thought of, too, when I saw Barbara Corcoran on The Today Show this morning talking about how consumers shouldn’t “wait out” the real estate market in order for things to get better, and when she says that this is the best time for a buyer to look at the market.  She says that we are as close to the bottom as we’re going to get.  I wonder if that is true - or how anyone can even presume to predict such a thing.  I’m not suggesting that Babs is trying to dupe all of us, but seeing her speak about real estate, the desperation is completely transparent and I assume that everyone can see that. 

The truth is that it’s not a great market for anyone - if realtors and other agencies were more truthful about this - and didn’t act so much like “shills” but like they were actually on the same team with consumers, I think it would help the market and make buyers and sellers feel a little less uneasy about the whole process.  If there is a good product that’s marketed correctly, buyers will come and they will buy something.  It’s not 2003, so sellers need to adjust to the market and find other ways to market their properties, they’ll need to lower the price in some cases, and they may need to throw in some extras.  It’s all about finding the sweet spot for the buyers.

The Truth About Buyers: Buyers are the name of the game in real estate today.  I know this from my own real estate clients who are looking for new and inventive ways to attract buyers - either through traffic to websites or actually getting buyers through the doors of their properties.  While this may be a good time for buyers to get a deal on real estate in some areas of the country - it’s a Catch 22.  You can get a good deal if you can buy, but you can’t buy because fewer people are being approved for mortgages, and if they are approved for the mortgage, there are extremely high standards for being able to purchase in Manhattan (where I live) where it’s common to request 25% down and two years of mortgage and maintenance payments in escrow - just in case! 

PR for Real Estate: As I tell my real estate clients, there is a huge opportunity to get traction in this market through public relations.  Advertising, I’m hearing more and more frequently, does nothing. Publicity for developments, properties, and brokerages, is the only way to secure a standing in the market, and it’s really the only way to get buzz about a specific property or development.  Real Estate firms and development companies need to take care of consumers.  By offering a stand-up product, by utilizing marketing and publicity channels in an effective way, these are the ways that a) you can attract buyers and b) the buyers will be interested in purchasing a property.