Bill Fooks's Blog

Commission to buyer broker

Bill Fooks (Coldwell Banker) — Sun, 20 Dec 2009 14:15:18 -0800

Wow, I must have hit a soft spot. So many replies.Keep the same, nickle and diming things to wanting to double all transactions, to look out side the box, but lets duck back into the box. When you think about it doesn't the buyer brings all the money to the table. We as listing agents explain how it gets divided up.

Let me offer some other thought. First, I am a listing agent on our team. Our buyer brokers are free to negotiate their fees above any fee they consider to low for their services. Cool. They have ben getting paid better than the listing broker on our team. Right now they are spending more time with each buyer, and doing more counseling. We double end less than 10% of our team listings. It would be nice to list at a given percentage and have the buyer broker include in their offer what funds will go to them as a fee at the closing out of the monies they, the buyer, bring to the table. Think about it. Give it some thought. It works very well, and they get paid for the job they do.It make them a better salesperson, and the buyer get better service. Before this all starts, they work with only buyer who have signed a buyers broker contract. A full explanation of how we represent them, and a written commitment of what we do for them.It is GOOD BUSINESS, and very open as to the services we render to the buyers.

Commissions and how they are presented

Bill Fooks (Coldwell Banker) — Sun, 20 Dec 2009 09:54:35 -0800

I wonder, and think about this a lot with our changing business. Why do I as a listing broker determine the buyer brokers fee. Should I not present to our sellers what I am worth earning, and the buyer broker sign their contract for fees with their buyer. This way when an offer is presented, we as a listing broker will bring the net result to our seller, and what expenses brought the net result to them. It would sure clear the air on Dual Agencey, or at least give the seller a chance to see where all the money is going. Just a thought of A NEW WAY FOR US ALL TO LOOK AT THE NEW YEAR.

Teams In Real Estate

Bill Fooks (Coldwell Banker) — Sun, 22 Nov 2009 07:04:35 -0800

Creating a team is work. It should be done with a goal in mind. This goal should be to better serve the public. When a single agent gets to busy, they will slow down in some areas of service. A team within an office seems to be a good solution. Large offices can become very impersonal. A team admin. can be very attuned to the needs of there agents follow thru. This bringsbetter quality of service to the public. As an agent becomes seasoned, with alarger client base, they should think of a team. Look us up Fooksteam.com and see ifw can help.

Why not make Home Inspections mandatory?

Bill Fooks (Coldwell Banker) — Wed, 18 Mar 2009 06:27:43 -0700

I think making things mandatory is kind of foolish. Why not have advise the buyer its a good idea. Costs always go up things are mandatory.

Via Sara Goodwin - Portland, Oregon Appraiser (Ashcroft & Associates):

We're in the middle of an economic and individual housing meltdown in this country. People are losing their homes, banks are losing their assets. To comfort the government, banks and homeowners, new appraisal regulations are being made left and right. Upgraded appraiser qualifications are being put in to place to keep honest appraisers honest, mandatory review appraisals are ordered, or two appraisals per property are what we are to expect under some loan conditions.

As an appraiser, I have had attic and crawlspace photos have been asked of me... I have even been asked to perform re-inspections for something that was noted by the home inspector.

Appraisers are not home inspectors.

These are some canned statement that I enter into each one of my appraisal reports in hopes that the underwriter and other powers-that-be might finally understand the difference:

"The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions..... A property appraisal is a document that provides an estimate of a property's market value. Lenders require appraisals on properties prior to loan approval to ensure that the mortgage loan amount is not more than the value of the property. Appraisals are generally for clients such as lenders; home inspections are for home owners and buyers. "

When I reread these statements, however I see a flaw. Are home inspectors really there to protect just the home owners and buyers or are they there to back the validity of the value of the home that the appraiser has assigned to it?

When we purchased our first home in 1997, it was an FHA requirement to have a professional inspection done (this is no longer the case as far as I know). As first time home buyers, we also ordered a second inspection (the independent inspector came up with a few more issues than the FHA inspector did, I might add).

Even now as a real estate professional, I would never trust myself to catch all the details that a home inspector would... and you better believe I still hire home inspectors for my own assurance as well as recommend them to anyone purchasing a place whether it be a new construction or 100 years old.

All in Real Estate should own rental property

Bill Fooks (Coldwell Banker) — Fri, 16 Jan 2009 21:10:26 -0800

It is one of the few areas that we in the profession can play with the big boys. We can deduct all losses on our property inot our income, to reduce our taxes. This is a true rate of return by the amount of taxes we save. I would rather pay it to myself than give it to my uncle Sam. We at Fooksteam.com can help you wiht this

Are we really good sales people?

Bill Fooks (Coldwell Banker) — Sat, 20 Dec 2008 06:59:43 -0800

In real estate we want to be many things. Professionals, adviser, but how about real good sales people, who really know our business. I like being a really good sales person, especially a Real Estate Sales Person

It is a great market!!

Bill Fooks (Coldwell Banker) — Mon, 17 Nov 2008 05:45:46 -0800

Buy a home now! Are you crazy? Prices are down, interest rates are low,money is available. I wonder if this will pas?

They stopped making land some time back. Cities and towns make it more expensive to build. People are staying in their house longer because they are living longer. There are still young people coming into the market.

When ever things are going good, we think it will never end. When things are going bad we think it will never end.

Everything has an ending and then we will hear the stories of;What I should have done, or what i did.

What category are you in?

Todays Market

Bill Fooks (Coldwell Banker) — Sat, 15 Nov 2008 06:16:51 -0800

Opportunity abounds. When properties become "income compliant" you see sales pick up. Income compliant means that the average income in your area supports the medium purchase price, with normal underwriting guide lines. Look at the market your in and be positive