Beating Buyer's Stress - Strategy #4 - 06/28/07 07:02 AM
Get knowledge. One thing you'll probably feel during this transition time is being out of control. It feels like everyone else has taken over your life. The seller, your lender, the appraiser, the inspectors; all have the power to say yes or no to your moving plans. Your real estate agent and loan officer will do their best to let you know ahead of time what your expenses will be, and what the unknowns are so you shouldn't have any nasty surprises down the line. They'll tie down the loose ends as soon as possible.
They'll try to get your loan … (0 comments)
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Beating Buyer's Stress - Strategy #3 - 06/27/07 11:39 AM
Trust in the process. There's just so much to do, it's easy to panic. You wonder if it will ever work out. You think you're taking a big chance, but the truth is you're giving yourself a big chance. Even though you can't see every step of the way, as you move towards your goals, the way opens up.
Trust in your team. If you have chosen the right agent, the right loan officer (not a dot com lender), the right home inspector and the right title company things will move along fairly smoothly. If you are feeling paniced call your agent … (0 comments)
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I've Never, Have you? - 06/27/07 11:13 AM
I thought I might have had a settlement on Monday. As I said a couple days ago I thought we had resolved everything. But, alas, it's like a Shakespearean tragedy. There was all too much drama in this transaction for a small shell of a house that needs to be fixed up.
At the 11:59th hour after the buyer and the seller had signed all the documents the attorney who over saw the settlement decided he wasn't going to give it his blessing and sent the wire transfer back to the bank. The buyer behaved so badly that the attorney refused to … (1 comments)
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I had a settlement today, I think... - 06/25/07 09:27 PM
I am supposed to be on vacation this week. The settlement on my deal from a very hot place was supposed to settle on the 15th and finally, settled today, I think. The reason I think...
I arrived at the attorney's office at 3:30 with my client, the seller. And, we waited, and waited. The buyer was settling simulataneously in Cleveland, Ohio (we're in Towson, Maryland). This in itself isn't uncommon, I had one a month ago settle in California and Towson. The loan product was a 203K, the buyer's agent a new guy that might have 2 brain cells to rub … (2 comments)
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Beating Buyer's Stress - Strategy #2 - 06/25/07 09:09 PM
Be flexible. In your monetary calculations, over-estimate by at least a thousand dollars. In this market, anything can happen between contract acceptance and closing. It could be that the inspections reveal areas of concern that the seller is unwilling to fix, or the repair costs are higher than the amount limited in the contract. Or the interest rate changes, which affects the necessary down payment and closing costs you will need to come up with. As your real estate team, we will strive to tie up loose ends as quickly as possible, but remember there is no perfect world. Most buyers feel … (0 comments)
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When to say when.. - 06/21/07 10:40 PM
I was asked an interesting question of possible fair housing today. And, I thought it was very interesting and could see arguing both sides of the fence on it, but which is correct and which is ethical, the area is very grey and under what grounds can you say "no, I won't list your house"?
One of my agents came to me today asking what he should do about this listing opportunity he has before him. The seller has a lovely home that should under normal circumstances sell well. It's in a nice area and in good condition and in a good … (4 comments)
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Beating Buyers Stress Strategy #1 - 06/21/07 07:28 AM
Begin with the end in mind. Have an ultimate scenario of where you're trying to be that you've developed with the help of your realtor. What will life be like when you get there? How will it be better than where you are now? Dwell on that picture and write it out, fill up at least a page about how it feels in the new place. This is really important.
Having the goal in front of you at all times energizes you to achieve it, in spite of setbacks and frustrations. I tell my new agents to have a photograph or drawing … (0 comments)
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Recruiting Services - 06/20/07 10:21 PM
I'm a brand new office manager and one of my first duties as manager was to increase the number of agents in our office. Our corporate office suggested that we subscribe to a company called Recruit Tool. It seemed like a good idea at the time and we're over a month into the service now. And, I can't say as it's the fault of the company. They have been doing what they set out to do and that is book appointments. However, of the 16 appointments they've booked I had 2 agents show up and 2 call to say they couldn't … (1 comments)
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Some things to consider when buying a home - 06/20/07 10:15 PM
Make the Right Choice
Choosing which home to purchase is the critical phase of your search - make sure the house is right for you before deciding to buy. Consider your wish list, the location, and the price when making your final decision. Be sure you take into account the finances and over estimate so that you'll be pleasantly surprised at settlement.
Location Location Location
You've already researched the community in general terms - now it's time to take one last look at the neighborhood to make sure it's the right place for your family. Consider your route to work, the local shopping - … (0 comments)
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House Hunting Strategy#5 - Stop Calling The Ads and Signs - 06/18/07 05:13 AM
A word of caution - sellers create ads solely to make the phone ring! Many homes have some drawback not mentioned in the ad, such as traffic noise, power lines, or litigation in the community. What's not mentioned in the ad is usually more important than what is. For this reason, be very careful when reading ads. Remember that the person writing the ad is looking for a buyer and not necessarily one for that property! The most important thing you can do is to have someone on your side looking out for your best interests. Your own agent will critique … (2 comments)
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Do you do rentals? - 06/16/07 10:55 AM
I often wonder how many real estate agents list and rent rental properties.
I do and I always get asked why.
Rentals are quick and easy money. Generally speaking renters will look at a couple houses and make a decision. A week or so later you get paid, you don't have to wait for it to settle, you don't have to do the home inspection thing and the final walk through. And, probably the most important reason, some day those renters may buy a house and who will they hopefully think of first? Hopefully, it will be me if I have done … (3 comments)
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Take Your Time - 06/16/07 10:50 AM
And, don't let your realtor push you into buying a house that you aren't quite sure you want to buy. Your agent should show you everything available that meets your requirements. Don't make a decision on a house until you feel that you've seen enough to pick the best one. Go to the Multiple Listing computer with your agent to make sure that you are getting a COMPLETE list. A couple years ago, homes were selling quickly. In that kind of market, agents advised their clients to make an offer on the spot if they liked the house. That was good … (0 comments)
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Consideration and Punctuality - 06/15/07 10:23 AM
Our office has started using a company called Recruit Tool to help target agents and set appointments for interviews. We've been doing this for a month now.
Today I had 4 appointments scheduled. The first was at 9:00 am and I'm never in the office at that time but this agent was a really good prospect so I arranged for someone to be at my house this morning to get my son up for school and to take him for school, and for another agent to show my buyers a house and braved cross town traffic so I could be here … (5 comments)
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House Hunting Strategy #3 - 06/15/07 06:17 AM
Before house hunting, make a list of 9 things you want in the new place. Then make a list of the 9 things you don't want. We call this "9 of This and None of That". You can use this list as a scorecard to rate each home you see. The one with the biggest score wins. This helps avoid confusion and keeps things in perspective when you're comparing homes. When you are house hunting, keep in mind the difference between "skin" and "bones". The "bones" are things that cannot be changed such as the location, view, size of lot, noise … (0 comments)
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Source of Referrals - 06/15/07 06:12 AM
I have been giving this topic a lot of thought over night.
A few weeks ago my daughter announced that her boyfriends parents were getting ready to sell their house. I asked her if she had given my card to them and she hadn't, she hadn't even mentioned to them that her Mom was a realtor. So, Sunday night when she got home after helping them paint their house and clean and stuff (she doesn't even do that at home), she said that Keith's Mom would call me.
So, now it's been 2 or 3 weeks since then and I have … (13 comments)
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Strategy #2 - 06/14/07 09:39 PM
If you have a house to sell, sell it before selecting a house to buy! Imagine that we go out looking for the perfect house for you. We find it and you love it! Now you have to go make an offer to the seller. You not only want the seller to reduce the price, but you also want them to wait until you sell your house. The seller figures that's a risky deal, since he or she might pass up a buyer who doesn't have to sell a house while they are waiting for you. The seller will probably agree … (1 comments)
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Furthering Your Lot in Life - 06/14/07 01:45 PM
We all have to take continuing education classes to maintain our license status. However, how many of us leave that to the last minute and then have to rush around to get the classes we need? Or do we take them all at once at the beginning of our licensing period so we can then take the classes that most interest us?
I used to leave it all to the last minute. Now that I'm studying for my Broker's License I have been taking my credits as soon as I can get them out of the way so I can take the … (1 comments)
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Buying Strategy #1 - Don't get prequalified - 06/14/07 07:29 AM
Do you want to get the best house you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer are critical to a seller. In years past, we recommended that buyers get "prequalified" by a lender. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you "pre-qualified" and issues … (0 comments)
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Why own your own home - 06/12/07 07:18 AM
You've probably seen lots of financial arguments about why you should own your own home rather than rent. This includes budgeting (no rent increases) and the tax savings you'll most likely have. Now I'm going to give you some reasons you probably haven't heard.
1. Freedom to pursue other goals in life once the major goal of home ownership is achieved
Strange as it may sound, many of my first-time buyers have told me that once they bought their home, other things in their life started to fall into place. It's as if not owning took so much of their mental energy … (0 comments)
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Accountability in Our Industry and Our World - 06/11/07 07:38 PM
I have been thinking a lot lately about how we as a society have become very lax over making people be accountable and responsible for their actions. This has been especially true in our industry over the past few years.
Over the past 3 weeks I have witnessed several buyers walk away from contracts in the eleventh hour just because they decided they didn't want to do it. They have walked away from their deposits too. It's only $1000 it's no big deal, it's only $2000 it's no big deal. IT IS A BIG DEAL TO SOMEONE!!! The seller who has … (1 comments)
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14 Questions to Ask Your Real Estate Agent - 06/11/07 06:59 AM
•1. How long have you been in Real Estate full time?
•2. Do you personally answer all phone calls on your listings?
•3. Can we cancel the listing if we're not happy? Can we cancel our buyer's agency agreement if we are not happy?
•4. Do you have a personal assistant?
•5. If you go out of town, what licensed real estate agent will take care of your business?
•6. May I see your personal and company internet web site?
•7. What systems do you have in place that will keep you in contact with me during the listing and the transaction?
•8. Are you fully automated with … (0 comments)
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Feeling Overwhelmed - 06/10/07 10:34 PM
For most of the week last week I felt very overwhelmed with the amount of things I thought I needed to accomplish to the point where I was almost crippled to non-performance by what I felt was too much to do. How many of you have felt that way? Many, I bet.
I know I need to create lists of things that need to be done, then prioritize them in the order of importance or what I see as important and start chizzling away at them one at a time but a lot of the time I forget to make the … (5 comments)
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The Changing Face of Real Estate - 06/08/07 10:01 AM
I have been involved in the real estate industry for over 20 years and I have seen a lot of changes.
Up until a few years ago I would have said that the introduction of Buyer's Agency was probably the biggest single change I had seen. I thought it was a good thing since buyer's really did need representation in the purchase of a new home. I think this has never been more important than it is today, and I'll say more about that later. But, today, I think the biggest change in our industry has to be the importance of being … (4 comments)
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The Finest Compliment - 06/07/07 06:31 AM
The finest compliment I can receive is a referral from my friends and family.
How many of us have that printed on the back of our business card, on our stationary, on our tag lines? Do you receive many referrals from that? I didn't think so. Me either.
Do you know how to ask for a referral? Do you know when to ask for a referral? Probaby the best time to ask your clients for a referral is when they are sitting at the settlement table or just afterwards when you take them out for lunch. Do you know anyone who … (9 comments)
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Professionalism in Our Industry - 06/06/07 10:37 AM
I have had one of the worst experiences in professionalism in our industry recently. And, I can't help but wonder how wide spread this is given our reputation of being just slightly better than used car salesmen.
I have been working on this transaction since the beginning of April and it was supposed to settle on May 23. The agent lacked polish but I thought he was confident that he would be able to get the deal done. He was disorganized but I thought he had a handle on getting it done. So the week of May 23 came and I called … (4 comments)
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Tuesday Morning Musings of an Agent, Owner, Manager Insomniac - 06/05/07 07:27 AM
I can't help but wonder what other agent, owner, managers think about as they drift off to sleep or what they think about that keeps them from their dreams.
In a changing market there is so much that can impact the success of an office. Buyer's are taking longer to decide which home they are going to purchase, seller's are still thinking we are in a seller's market and won't be realistic. How many agents, who have been in the market for 2 seconds, have the skill and ability to be able to convince 1. The buyer to buy the house they … (2 comments)
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Preparing for the recruiting interview - 06/04/07 10:33 PM
I've been busy preparing myself for interviews later this week. I am interviewing 3 new agents this week and hopefully they will decide that I will be the perfect Manager for them and my company will be the perfect fit for them. But will they be the perfect fit for me and my office?
Here are some questions that I've been working on for round 1. I know I'm bound to be missing something. I'm sure of it. What do you think?
Before we begin today, let me give you a bit of an overview of what I would like to accomplish. My goal … (1 comments)
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Determining The Price for Your Home - 06/04/07 02:55 PM
Figuring out the right price for your home is a difficult task. If you set too high a price and your home may sit on the market for a long time and not get any showings - too low and you may get thousands less than you could have.Use Your Resources - Your Agent!
What you need on your team is someone who works in the market everyday - and that person is your agent. No one can offer you a better opinion of pricing and sales than an experienced agent. Once your agent is familiar with your home, he or she can … (0 comments)
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Why do you need a buyer's agent? - 06/03/07 04:28 PM
Why do I need a Buyer's Agent?
Help you identify what your needs are in a homeHelp you get preapproved for financingHelp you become familiar with neighborhoods, screen properties before you go to look at them to be sure they meet your needsWrite your contract and present it to the listing agentThe standard contract of sale contains a 10 page contract and the following addenda:
Buyer's Agency
Agency DisclosuresMaryland First Time HomebuyerFinancing Addendum - FHA, VA, conventional or cashHome Owners Association/HOA/Condo Doc'sDisclosurer/DisclaimerJurisdictional AddendaBaltimore City Tenants Rights AddendaNotice to Purchaser of Purchaser's RightsEscalation ClausesCommunications AddendaLead Paint DisclosureLead Paint InspectionHome Inspection - structural and mechanical, environmental, … (0 comments)
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Changing Face of Financing - 06/02/07 10:40 PM
FHA, FHA 203B, FHA 203K, CDA, LNYW, LNYW+, MMP, VA, Community Communitment, My Community and the list goes on and on. How do you keep them all straight?
The real estate industry has been changing over the last few months. Listings are staying on the market longer. Homes need to be staged and presented or they won't sell. Buyer's Agents need to be fully versed and extremely knowledgeable about all the different kinds of financing available or be teamed up with a very experienced loan officer who is a genius. Loan Officers needed to become licensed this year for the first … (4 comments)
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The Importance of Punctuality - 06/01/07 09:38 AM
Have you ever been late for an appointment? I'm sure this has happened to all of us from time to time. However, as professionals our punctuality is a reflection on our professionalism. If you are going to be later at least call your appointment and let them know that you are running late, apologize profusely and ask if that is convenient or would they like to reschedule the appointment. But, not to call at all and just show up is extremely unprofessional and sometimes even an imposition on your client/customers time.
As professionals we need to remember that everyone's time is … (5 comments)
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