I love this phrase!
Four words that pretty much paint the picture of the war between those selling real estate and those who are renting (and either can’t afford to purchase or are uncomfortable with doing so at this time).
While I had heard the phrase many times before, it was inspired by my Three Cents Worth weekly column on Curbed where there are always a few conspiracy theorists that comment on my posts. They accuse me of being in the REIC because I am in a real estate related business, although not as an agent, but as an appraiser.
When someone is accused, labeled, etc. of such an affiliation (guilty as charged), its not about being open to solutions or ideas, its about taking sides. Although some of the blame clearly should be placed on the real estate industry, its not a 100% type of issue, even though it is presented as such.
REIC is a cynical phrase that is used as a weapon on real estate spin, but actually serves as reverse-spin as well. As I mentioned in an early post…there are no gray rooms in the Real Estate Industrial Complex (REIC).
However, I think the blogosphere has served as a powerful offset to the spin coming out of NAR. Although its funny, I think the conflict is more about an awakening that NAR is a trade group, and not a neutral reporter of market conditions.
As a result, I set up a separate simple site yesterday (to play with Apple’s iWeb tool – still a little rough), to cover the REIC and will be adding content over time and linking it to Matrix.
Enjoy and please send along ideas for the phrase’s use.
Here’s the first entry: Military origins (which explains the acronym)