The Dexter Speaks!

The Naked Truth About Short Sales And Pre-Foreclosures.

Gene Dexter, Seattle Realtor (Asset Realty) — Mon, 17 Nov 2008 13:20:00 -0800

It looked so appealing on MLS, didn't it. The price is $90,000 below list/sale from two years ago, in a decent and workable area; your buyers are not only qualified but ready to go with their loan package, and the home? On market for 135 days. What could possibly be wrong?

Everything.

From special As-Is bank addendums and prerequisites such as dictating what type of lender and loan the seller will accept, to winterized and locked down homes buyers are expected to restore during the inspection process, greatly extended escrow days and lots of last minute grenades going off before closing and recording, the migraine headaches we never had before are festering back left of forehead.

It is true, especially now in Seattle, the Short Sale real estate industry has emerged as a huge segment of your Realtor's efforts in representing your purchase. And yes, it is indeed exciting to see SO many wonderful opportunities, but my advice is to proceed with caution and stay close to your agent, keep the phone by your bedside and increase your minutes package with the calling plan.

There are many, many pitfalls about this new market of shorts and preforeclosures. During the Go-Go years of 2003 - 2007 it was not unusual to waive disclosures and increase price to win the home. Today, banks want as many waivers as they can get and it's all about negotiation and justification of price.

Don't end up with someone else's nightmare. Be careful. Communicate. Stay centered. Be unemotional. Maybe, just maybe, that Short Sale could be yours.

Why Realtors Say No To Sellers

Gene Dexter, Seattle Realtor (Asset Realty) — Sat, 28 Jun 2008 12:44:43 -0700

I do not enjoy turning down business this year. Sadly, this has been the case among my sellers. Working in one of the strongest real estate markets left standing (Seattle) just isn't enough to sell a home anymore.

Here's why I've had to say No regarding taking on some of your listings:

The comparable sales in your area from the last six months are all I'm going to analyze. What happened in 2006 and the first four months of 2007 no longer apply.

It is true that Seattle is a beautiful place to live and a U.S. economic standout for 2008. Still, buyers perceive all national news to be bad news on your block, creating something of a vicious cycle. You don't want to negotiate your price. The buyer does not care. After all, what CNN said last night about Atlanta has an impact on your listing in Ballard, or so the buyer thinks. It is human nature. It is also my job to mediate these objections. You'll find I start with you during this process. A Win-Win requires us to be reasonable first and then work with the other side.

Your equity in the home is not like the stock market. It is the real estate market. However, had the home listed at the price your Realtor quoted and not the $40,000 premium you demanded, the home would have sold 90 days ago. Of course, this didn't happen. And now your listing is competing with similiar homes that are priced to move today, while yours is a 145 day old listing screaming Me Too! Me Too!

There are new Washington State MLS addendums dealing with pre foreclosure language. There are new rules about what Realtors can and cannot do to market short sales and pre foreclosures. This is serious stuff. So you will have to excuse me if I don't return your call after not hearing from you one year ago when I made the listing presentation, now that your cosmetic fixer is going to auction in next 60 days. I do not enjoy saying No. But best of luck to you anyway.

I am fortunate to have built my business based on systems. Five years ago many thought I was insane for spending money on print, radio, online and offline promotion, viral, peer to peer, direct mail, etc. The concensus being houses sell in a day or two anyway, why spend? Well, some of us did. Realtors who chose this route are in a much stronger position than the practitioners who jumped in simply to pick low hanging fruit from the market vine. They are gone now. With this in mind, a Realtor's value today is more important than ever. I do not enjoy saying No to your exhausting and cliched' demands for discounts. But I will.

You may not know it at the time we set up your listings, but Realtors around the country are spending real money on things clients don't even acknowlege. The signage is manufactured, stored and delivered by companies who charge for this. The full color flyers, the websites we have built for your home, the online marketing, the mailing campaign, the brokers open featuring those fantastic sandwiches from that new place in the square, the hours of open houses, and yes, the $4.50 per gallon gasoline it took to get us there.........it all costs. I do not enjoy saying No to clients, but now that you have read this paragraph, I'm positive you agree your Realtor does much to represent you and needs a little in return by way of cooperation and openness to his or her plan for your home or purchase. So let's work together in a way where all you hear is Yes, Yes and Yes.

I haven't forgotten the buyers: the effort it takes to represent your offer is large. If you think signing 16 pages of an offer is stressful to you as a buyer, what do you think your Realtor is going through to make it perfect? In the last four months alone many Realtors have taken another 8 hours in continuing education simply to grasp implications pertaining to ONE LINE of an MLS contract. And after we get home from school? Your midnight phone call about a house you found online and just have to see at 8AM tomorrow. Therefore, I do not enjoy saying No to your ridiculously low offer today simply because you heard there were problems at CountryWide this week.

I do not enjoy turning down business this year, but I will.

A Quiet But Major Return Of Kirkland, Washington Real Estate

Gene Dexter, Seattle Realtor (Asset Realty) — Wed, 07 May 2008 10:34:51 -0700

The seeming lack of excitement coming from the eastside regarding Google's move to Kirkland / Houghton is hiding a very large fact: this is a major, major thing to be occuring in the local real estate market! The low key style that is the Northwest hides an obvious elephant sitting in the corner of the room.

Values in the condo and casual luxury market have been stagnating for a year now and will most certainly rebound from this influx of hundreds of new Google associates. I don't think buyers at Boulevard have anything to worry about, considering how difficult it was to sell the last few units in late 2007. They took a very temporary hit from the downturn. In the long run, all residents will be considered geniuses for investing in new construction in downtown, east and west of market street, etc.

If there were an official Buy rating among Realtors, Kirkland certainly would be on top of my hot sheet for the next year.

Time to concentrate on Kirkland!

Looking For Long Term Seattle Investment? Follow The Blue Line!

Gene Dexter, Seattle Realtor (Asset Realty) — Mon, 17 Mar 2008 13:48:42 -0700

You can look at it several different ways. Finding a home along the Blue Line light rail system between Tacoma and (eventually) Ballard will make it your personal energy policy for the future. Or, you just might end up being a landlord over the next decade. Regardless, if you follow the Blue Line route you won't go wrong for a home purchase.

It's a simple enough strategy. Growth in Seattle is not only inevitable, it's predicted to be three times larger by 2030. Public transit is going to be the biggest Hot button of the century. Why not make your real estate portfolio a small part of the plan as well?

Especially interesting to me is Rainier Vista. Already at a premium, there is more equity return coming. It's just the beginning. And the Blue Line station? Across the street.

Other very good opportunities exist near McMicken Heights in Tukwila/SouthCenter.

See you onboard!

http://www.GeneDexterHomes.com

House Values.com Needs To Leave Me Alone

Gene Dexter, Seattle Realtor (Asset Realty) — Mon, 17 Mar 2008 06:03:00 -0700

The phone call comes in like clockwork. John from HouseValues has leads! Leads leads leads. Accurate e mail addresses and phone numbers of people who filled out a form! Of course he does.

I'm sorry. It's not that easy, is it. Whether the market is up or down, real estate representation is entirely about relationships, networking and total management of a sphere. Filling out an online questionaire and reselling it as a neighborhood lead for $600.00 a month is not financially sound business to go after.

Like alot of agents, I tried a few programs here and there over the years. Search engine optimization via AdSense and Overture was ok, back when I could buy the keyword phrase Seattle Real Estate for 10 cents per click. Now of course it's something like $12.00 . While it lasted, did I convert anyone? Of course not.

Then there was RealEstate.com and their pay per lead program. Something like $45.00 each. I agreed to buy ten. I was later asked for specifics as to why I would not continue with them. Well, let's start with how two of those "leads" were two Realtors in my market who were testing out the system and filled out the online form! Isn't that fun...and the other eight? Their profuse apologies for not knowing what they were doing when they filled out an online page!

My advice to agents (including the two who were "leads" to me!), take a little budget out for coffee days and pick up your friend the home owner for a nice latte near their office or house. Deliver a floral bouquet unannounced on the anniversary of someone's home purchase. Send your existing client a year's subscription to Dwell or Organize. These are the things that count, not an "exclusive" neighborhood or regional leads list.

Finding new clients is an everyday challenge, but maintaining who you have already is an art. Sorry John!

Sellers, The 1970's Called: It Wants Its Inflation/Interest Rates Back

Gene Dexter, Seattle Realtor (Asset Realty) — Sun, 16 Mar 2008 17:00:25 -0700

That dark cloud looming ahead is not a mirage. The relative quiet and stillness of the moment is actually a vacuum building up dangerous power; when unleashed it could harm alot of consumers.

Let's set aside for just a moment last week's news about the nation's fifth largest investment bank having to take out a 28 day credit line from the Feds. Instead, listen to the printing presses as it begins to release more devalued currency.

It's a couch potato's prediction only, I'm not an economist. I am just a 1970's kid who sat in line with my mother as we waited for our turn at the gas pump in L.A. (I think we had Even days assigned from the license plate of the station wagon), and watched as she also tried to buy a $37,000 home in West Hollywood @ 18% interest with same home the following year at $55,000 @ 19.5% interest. I'm the same kid who watched bad monetary, foreign and energy policy at work, a war the country was still trying to forget, a foreclosure market that turned into an Industry.

My advice to my clients for March, 2008: It's time to price listings accordingly. Our 8 years of historic low interest rates are going away. While there is still plenty of profit left in the Seattle real estate kitty, give some back before our government's decisions take it away for us. The difference in rates are going to be absorbed by lower home prices. Adjustments will be taken. Do you still want a listing on the market should this happen?

To the client who thinks the Spring weather is going to make the acreage bloom and justify the 90k premium within asking price: It won't happen. For the seller who is timing his own sale by squeezing out the 20k above recorded comps: It's time to get real.

The financial weather report is coming: A storm is approaching. And the 1970's left a message at the front desk.

Revised Real Estate Agent Wish List (As Illustrated In Fortune Magazine)

Gene Dexter, Seattle Realtor (Asset Realty) — Thu, 28 Feb 2008 16:58:28 -0800

LAST YEAR THIS YEAR

Custom Shirts By Turnball & Asher Muscle Shirts By Hanes

Porsche 997 Carrera S Razor Scooter

Personal Training By Army Rangers Body Blast DVD

Nine Course Dinners @ Per Se Never-Ending Pasta Bowl @ Olive Garden

Armani Dbl-Breated Suit In Gabardine Adidas Single Zipper Suit In Nylon

Case Of Chateau La Mission Haut-Brion '61 12 Pack Of P.B.R.

Time Share On St. Barts Long Weekend In Tacoma

I'm Concerned About Sellers/Buyers Insanity In Seattle

Gene Dexter, Seattle Realtor (Asset Realty) — Mon, 28 Jan 2008 14:04:59 -0800

2008 is starting with a whimper in Seattle. All agents/brokers are having to keep ears to the walls and it's the only way to hear anything right now. And yet, Seattle is one of the strongest markets in the U.S. . Our employment and quality of life picture is bright. What is really going on? Are we the last important market to begin feeling the pain? Or is the Seattle market creating it's own downturn, as factors here are so different from the rest of the country? Is this human nature at work and not the fundamentals?

Based on my regional tour of homes for the past two weeks, sellers and buyers have become enemies.

I've noted this in previous posts, but today it's becoming more obvious to a wider range of real estate professionals; sellers feel entitled to their profits. Buyers do not care one bit and are waiting for their moment to make those offers. Neither is correct. Unless crystal balls have suddenly become envogue.

From Seattle to Snoqualmie, sellers are on average 30k above sold comparables prior to August, 2007. They are dictating to a market that isn't writing anything down. As for buyers, they have suddenly become experts and are wringing their hands, waiting for a giant correction that won't be coming in quite the way they think.

One thing I know as absolute truth is that buyers and their representation simply do not know how to work around a list price. We are simply not seeing negotiation skill at work. For sellers, they do not understand that list price to many is THE PRICE. You won't find this happening anywhere else. But Seattle? Nobody is having this conversation.

I enjoy being a listing agent, but I have my sphere of highly qualified buyers too. Just this past weekend, I watched my clients view four very good homes in Redmond/Sammamish and come down to an interesting but misguided conclusion. "It's worth 40k less to us, but we will wait until the listing price changes, thank you". Wha??

Nevermind that my buyers also need to sell their homes in order to upgrade. Don't even think for a second whether or not they are considering how this pays forward when they list their own homes, "oh no, Karma has nothing to do with MY home". Meantime, we go through the motions, create the CMA's and make the presentation, only to see the buyer, who also needs to sell, raise their own listing price 30k - 40k above where it needs to be at.

The circle is complete and the market is creating it's own problem. It's like smog in the L.A. basin, just hovering until something from nature comes along and blows it somewhere else.

To paraphrase and tweak Gordon Gekko in Wall Street; Greed, for lack of a better word, is NOT good.

Win-Win is.

Most markets are trying to survive. In Seattle? We fight over 150k -200k gross profit for a three bedroom "war box" and how much of that pie from ownership during 2003- 2007 the seller can keep.

WOW!

I think Open Houses Still Work

Gene Dexter, Seattle Realtor (Asset Realty) — Sat, 10 Nov 2007 15:31:41 -0800

Had I not been there to open the condo, the offer never would have been made.

The seller approached me after canceling the listing with someone else who had it for five months. I took one look at it and decided it needed three things.

1. Better photos

2. Carpet cleaning/paint in the master bedroom.

3. Open houses.

Seller hired carpet cleaner I recommended. My assistant and I painted the master. It took about a day and a half plus three coats, as the previous color was Hot Pink.

We placed it on market and did two open houses. It sold in six days. How?

A young couple was driving around the neighborhood with their agent and noticed the directional signs to the building. They knew about my recent listing but thought the price was above their range. Since it was open, they decided to look.

With their agent present, I told them the seller will look at any offer and not to be shy about it.

A price everyone could live with was negotiated.

The Seattle market is sometimes a little too polite. Many think the list price is THE price. If I didn't open this condo who knows if this opportunity would have presented itself.

I see alot of negative blogs about open houses, and it's just not so. The top agents know, Open House Today still works.

It Expired! Quick, Call His Client!

Gene Dexter, Seattle Realtor (Asset Realty) — Mon, 22 Oct 2007 11:41:29 -0700

Just my opinion, but calling another agent's client within 12 hours of a listing "expiration" is way too soon. If you feel compelled to do so however, I naturally have a few small suggestions!

1. Make absolutely sure that everything said to my client can be repeated, as some people are not just clients, but years long friendships and business relationships.

2. Please do not say "list now because prices are just going to keep going down next year". Really. I had no idea we had economists and Fed regulators moonlighting as real estate agents in Seattle.

3. Please refrain from asking "Are you ready to work with the right agent now?". The answer you may hear is, "No, I only work with Democrats".

4. Try and preview the home during the listing period, this way when you call, you will be aware of the second full kitchen downstairs and MIL dwelling, and the new construction coming in across the street. Otherwise, you face being embarassed by the seller.

5. Don't ask the seller how long they've owned the property. As an agent trying to take my listing (poorly, by the way), a simple click of the mouse will get you to public record.

Happy selling!

P.S. We are re-listing after finding a property accepting contingency offers.

The Castle In Malibu Was In Escrow

Gene Dexter, Seattle Realtor (Asset Realty) — Mon, 22 Oct 2007 11:18:26 -0700

I just got a call from one of my great friends, an agent in Malibu, California. She is upset.

Many have come to know and love the castle sitting on top of the hill overlooking the pacific ocean. It seems to have been up there for anyone driving up (or down) the Coast Highway, to admire. It has been available for sale, over several years now.

The highly publicized fire in the area so far has taken nine homes, including portions of the castle. In escrow around $18,000,000 (list price). it is something of a tragedy for the sellers. Hopefully the insurance company will be able to get this back on track and save the deal.

That Home Security System Nearly Killed Me Today.

Gene Dexter, Seattle Realtor (Asset Realty) — Fri, 19 Oct 2007 19:05:15 -0700

I will just come right out of the gate and admit it was completely my fault. Just because the luxury home was vacant did not mean the security system would not be armed and ready to deal with this unprepared agent.

It started out so easy and relaxed; walking up the nicely landscaped lawn area and casually opening the box, deftly inputting my code with one hand, thumb on the numbers, yanking the carriage out confidently, unlocking front door and grandly opening it wide for full visual effect, on behalf of my client standing beside me. Voila'! And then, the screeching of the alarm........

I had left the copy of the listing in the car. The agent remarks section had the code to disarm. By the time I ran back and grabbed it the entire community alarm system was raging. Bells and buzzers going off literally everywhere. A microphone magnified it from the street entrance to the development! Let's Tell The Entire Neighborhood Gene Has Entered The Building Without His One Sheet!

My client was amused. I was not. In fact, a cocktail is in order just thinking about it.

It won't happen again. I will read the entire page listing agents so generously spell out for me. I will carry it with me . I might even read it twice!

There has to be a few better stories out there. Maybe the spinach salad you had for lunch that miraculously stuck on your teeth for the rest of the day while previewing? Perhaps mismatched shoes you put on in that rush to get to the client's final walkthrough at the new development site? Oh, uh, that was me too.

Come on now, tell me your story, I'm the only one here..........

I'm listening, just for you...

Carbon Neutrality? Ha!

Gene Dexter, Seattle Realtor (Asset Realty) — Thu, 18 Oct 2007 08:16:28 -0700

Reprinted From My Column On http://www.crazypinoy.com

The Drama For October, 2007
Category: Life

This whole Carbon Neutrality thing is a crock. I can't stand it. The media is going to tell me that all I have to do is offset the use of the SUV by planting a tree once a year or make a donation somewhere? Puleeeez. This is a Touchy Feely method of obscuring some very scary facts about how the worst specie on the planet is destroying itself.

If you let them tell it, and by "them" I mean all corporate owned media, which is everything we read and listen to, Don't Worry - Be Happy, and be sure to keep spending, consuming or otherwise extract all you can, because, hey, you can make up for it by using those hotel sheets twice! It's just dumb.

Now, I am as guilty as the next person, I know that. I drive mid to low mileage heavy vehicles, trying to remember but often forgetting to bring my Trader Joes shopping bags with me into all markets so I don't have to use the store provided plastic, drink from ridiculous plastic cup lids from Starbucks, keep the appliances plugged in, haven't bought the special lightbulbs yet, haven't started the e mail campaign requesting of particular companies to cut down on its use of paper, haven't yet converted all my bills to online statements, am not on http://www.goloco.org/ daily to offer or hitch a ride around town, and not looking into how much petroleum product went into that Ascot Chang shirt fabric I just acquired. No, I am a typical critic who doesn't adhere to his preaching, at times. But I will say it again, Carbon Neutrality is a fake, ad driven, Feel Good, worthless media created set of words that make no difference to the Ozone layer or the 30 other verifiable species that go extinct everyday, because the materials we need to run the cellphone and battery in the Toyota Prius are just Too Cool, man.

But I'm Tryin'. I'm Really Tryin'.

Salmon Vs. Realtors

Gene Dexter, Seattle Realtor (Asset Realty) — Mon, 15 Oct 2007 03:45:32 -0700

We take our salmon seriously in the Great Northwest. Last week's Salmon Days Festival, held annually in Issaquah, Washington, attracted record crowds in spite of the rain. Rain is actually an invitation up here to get outside more often anyway.

Getting into the high spirit of salmon spawning season is quite easy in Seattle. All one has to do is visit the hatchery in downtown Issaquah. There you will get up close and personal with literally thousands of some of the largest coho and king salmon returning via Issaquah Creek, to complete their goal. It is also a reflective experience for us humans, as it can represent the cycle of life and purpose driven activism.

A sane person would simply appreciate this event and let the season rest. But you know I can't! I'm sorry, but one look in the eye of some of these fish and it started...........Salmon Are Like Realtors!

1. They come in all sizes.

2. Bigger didn't mean better with their run. Some were so tired and fat they couldn't finish jumping the ladder!

3. A few tried leaping over the wall of the hatchery instead of merely dying in the containment area.

4. Some made bigger splashes than others.

5. They all looked the same, until you observed their movements.

6. Just one or two would disrupt the entire pool, chasing the others and pushing them around.

7. All offered egg prodcution, but we all know some are more fertile than others!

Happy "Fishing" To You!

The Sky Is Falling In Seattle!! Oh, Wait A Sec.........

Gene Dexter, Seattle Realtor (Asset Realty) — Fri, 12 Oct 2007 11:36:47 -0700

Yes, a new real estate cycle is turning it's little wheels in Seattle, for now. We are hearing so much negativity about sellers not being able to keep all of their 160k-200k profit from the last two years. They actually have to negotiate with buyers, lately! Mon Dieu! Most will shed a tear, we feel your pain. Well, Not. You see, greed is not good. And it can contribute to the short-term destruction of a marketplace. But I digress. This post is not about overpriced listings, although it should be.

This is about the Doom And Gloom scenarios people just love to beat themselves up about. The naysayers, the crabs. For these and their little fans and minions, I present a history of statements, just for them!

Here's where the experts have said....

"The prices of houses seem to have reached a plateau, and there is reasonable expectancy that
prices will decline." (Time, December 1st 1947);
"Houses cost too much for the mass market. Today's average price is around $8000-out of
reach for two-thirds of all buyers." (Science Digest, April 1948);
"If you bought your house since the War... You have made you deal at the top of the market...
The days when you couldn't lose on a home purchase are no longer with us" (House Beautiful,
November, 1948);
"The goal of owning a home seems to be getting beyond the reach of more and more
Americans. The typical new house today costs $28,000." (Business Week , September 4 1969);
Be suspicious of the ‘common wisdom' that tells you to ‘Buy now... because continuing
inflation will force home prices and rents higher and higher.'"(NEA Journal, December, 1970);
· " The median price of a home today is approaching $50,000.... Housing experts predict that in
the future price rises won't be that great." (National Business, June, 1977);
"the era of easy profits in real estate may be drawing to a close." (Money, January, 1981);
"In California... for example, it is not unusual to find families of average means buying
$100,000 houses... I'm confident prices have passed their peak." (John Wesley English and
Gary Emerson Cardiff, The Coming Real Estate Crash, 1980);
"The golden-age of risk free run-ups in home prices is gone." (Money, March 1985);
"If you are looking to buy, be carful. Rising home values are not a sure thing anymore."(Miami Herald, October 25, 1985);
"Most economists agree... [a home] will become little more than a roof and a tax deduction,
certainly not the lucrative investment it was through much of the 1980s." (Money 1986);
"We're starting to go back to the time when you bought a home not for its potential money
making abilities, but rather as a nesting spot." (Los Angeles Times , January 31, 1993);
"Financial planners agree that houses will continue to be a poor investment." (Kiplinger's
Personal Financial Magazine, November 1993);
"A home is where a bad investment is." (San Francisco Examiner , November 17, 1996);
"Your house is a roof over your head. It is not an investment." (Everything You Know About
Money Is Wrong, 2000);

Sound Familiar, Anyone?

Motivational Speaker, Coach, Or A Martini

Gene Dexter, Seattle Realtor (Asset Realty) — Thu, 11 Oct 2007 13:19:01 -0700

He was mesmerizing. An inspiration, even. Our conference room had turned into an evangelical experience. Fifteen minutes ago he was just a guy waiting in the lobby, but now? A preacher man. And a very good one.

Slowing market? Having a hard time getting motivated? Your systems are shot? Not to worry, the motivational speaker and personal real estate coach is in the house! And for one year, he will be your mentor, or your money back.

By the time he was finished with us some of our top agents, feeling the need, wanting the love, needing the love, signed up. Total take? $40,000 to an organization I never heard of one hour ago.

Well, some of the top agents. I am one. And I didn't sign.

A $3,800 program. Wow! I say.

At $3,800 I can get self motivated very quickly. I can arrange to make interest free loans via www.Kiva.org to entrepreneurs in desperate countries who need a few hundred dollars to build a store or seed for planting.

At $3,800 I can help build a home via Habitat For Humanity.

At $3,800 I can arrange for a phone service to call me daily and leave a voicemail about how I need my four transactions this month if I am ever to reach my goals.

At $3,800 I can host martini hours with my entire sphere, for six months.

Come to think of it, I'm feeling a bit motivational.

I'm available to speak for the first hour, absolutely free, mind you. Just commit 25 of your agents.

Amen, baybee.

Seattle Needs To Watch Its Back...

Gene Dexter, Seattle Realtor (Asset Realty) — Sun, 16 Sep 2007 18:21:22 -0700

We have been so fortunate, even blessed perhaps, to be in a market that continues to defy the downward trend seen by at least five other major states, and many more cities. Seattle is not only a great place to live, it's been a residential real estate bonanza. However, I personally believe many sellers, especially from the FSBO market, are way off the mark with asking prices right now.

My analysis of most metro Seattle neighborhoods show prices are too frothy. The warning signals are becoming clear. This is a time to be reasonable with profit taking and not to gloat or lord over buyers. It could backfire. Yes, Microsoft and Boeing continue to hire. Yes, we saw a 9% fiscal year price gain in Seattle. No, sellers should not bop buyers over their heads right now with average asking prices 0f $30,000 - $50,000 above verified (sold) comparables. Let's be careful, my friends.

If we are not prudent, all this beautiful equity that has been created could be diluted very quickly. Sellers digging in their heels need to understand what could be coming around the corner. Caution, please.

What happened To The Third "Location"?

Gene Dexter, Seattle Realtor (Asset Realty) — Thu, 30 Aug 2007 17:43:33 -0700

I've been seeing it more often and today I even heard it on a radio advertisement. It used to be that when we wanted to highlight an ideal location we would say, three times, Location Location Location! Now? Just Location, Location. Twice.

So I got to thinking, what else could we drop like that?

Tora Tora!!

A T &

Manny, Moe &

2 Blind Mice

Two's Company, Four Is A Crowd

There are many more of course (at least three!).

www.GeneDexterHomes.com

Lessons I've Taken From The Music Industry Part 4

Gene Dexter, Seattle Realtor (Asset Realty) — Tue, 28 Aug 2007 20:14:47 -0700

An artist by the name of T.I. signed to Epic Records and had a pretty hot project out. I was particularly pleased about the phone call from Epic's promotion department about running the Northwest campaign for it, only because notable record accounts beget notable record accounts!

We established a price and immediately received delivery of promotional materials that easily filled my storage area in the office basement. Boxes and boxes of giveaway product. We were asked to wait until we heard from the label about strategy. We didn't hear a thing, but waited.

Four weeks later I received a surprise phone call from the urban marketing director at Epic. He was in town! I asked when this promotion would begin. He acted as though I didn't know what I was talking about. Instead, the tour bus wanted to stop by and pick up the materials, to be used at T.I.'s next two concert appearances! Just then I realized there was no account, only my free storage unit for their use. This had been their entire plan from the beginning.

I gave them a very hard time about it and let several boxes "disappear" as the tour people were allowed to come over and pick up the rest.

LESSON: There is no loyalty in the game. We have our core sphere and constituency, but otherwise, expect hidden agendas, smoke screens, etc. It is after all, the real estate business, get used to it. Buyers, sellers, it doesn't matter. They are only human and simply don't get it..........or maybe they do.

www.GeneDexterHomes.com

End of Part 4.

Lessons I've Taken From The Music Industry Part 3

Gene Dexter, Seattle Realtor (Asset Realty) — Fri, 06 Jul 2007 16:18:05 -0700

He was a hot new artist signed to LaFace Records in Atlanta, whose product was then distributed by Arista. There were very high hopes as this youngster was extremely talented and personable. But he needed seasoning. So L.A. Reid, the president of LaFace, sent the kid to another powerhouse record label owner for one year, to learn the real business of music. That mentor turned out to be P. Diddy of Bad Boy Entertainment. Why would Reid do this with HIS artist? Well, the music industry is intertwined. Not only was LaFace and Bad Boy distributed through Arista at the same time, but relationships are paramount in this business.

During one year of schooling the emerging R&B star was taken on world tour under Bad Boy. It was a huge opportunity as this tour was the first for Bad Boy since Biggie Smalls (Notorius B.I.G.) death two years earlier. Alot was riding on this for the entire Bad Boy roster. Again, even though signed to another label, the young artist was made a part of this.

When the tour reached the Northwest, I attended the show from backstage. The energy was amazing as last minute arrivals by private jet were coming in, including Mase and P. Diddy. Mase took a few days off from tour for a wedding and rejoined the caravan in Seattle. There were also four different hotels and about 12 vans and limos involved.

The entire night was hectic. So stressed at times because of logistics, ground transportation issues, etc. However, unlike most of the headliners appearing at this particular show, this unassuming young singer kept his composure, engaging everyone around him. Fans, mostly very young girls, were ecstatic how he was the only one who took time out to sign each and every autograph, wave to everyone, and make people of every age group feel as special as he was. No other performers on this night were doing so. This was a gift, I thought. But the best moment was yet to come!

After his electric performance the artist ran off the mainstage and prepared to leave. I managed to meet him at the loading dock to say farewell. There were two young girls who happened to slip through and made it back there as well. Or maybe they were the children of Seattle music reps, I don't know. The girls had a disposable camera and were quite excited and nervous, speaking to him. He was incredibly generous, pulling out posters from the van and signing them. The camera was pulled out and the girls tried to take photos. In their excitement, they could not get the flash to work. So instead, the artist hugged them both, apologized for the camera, and he and his eight handlers jumped into the van. As it was pulling out of the gate, the flash from the disposable camera suddenly went off as one of the girls tried it, and both of them cried. However, the light must have been noticed and the van stopped outside the gate. Suddenly, it went into reverse, parking again where it had been in the first place. This R&B talent jumped out alone, hugged them again, and said, "let's get that picture taken". I was floored. Never had I seen so much attention given.

The artist was Usher. And soon enough his records began selling in millions upon millions.

Lesson #5... The details are in everything. As old and new Realtors we have a responsibility to ourselves to make absolutely sure everyone we come into contact with, no matter how small or great our business is, are left to feel special and a part of our world. And we must do it one client, one family, one sale at a time. 100% has to be poured into our representation. We also have to be out there constantly, working the market, the crowd, making a personal connection with everything around us. By paying attention, we realize we touch tens of people daily, and they need to be acknowledged.

In the end, we too become platinum selling producers by doing what others don't seem to have time for.

End of Part 3.

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Lessons I've Taken From The Music Industry Part 2

Gene Dexter, Seattle Realtor (Asset Realty) — Thu, 05 Jul 2007 16:56:31 -0700

It was an exciting day when I became co-partner at Crazy Pinoy Promotions. The founder of the company decided to throw a celabratory luncheon. A few good record labels and one or two marketing companies flew into Seattle for it, plus a concert their artists/clients were performing in at an annual event called KUBE 93 Summer Jam, so the timing was good.

The lunch went extremely well. I felt I got along with all the execs and decision makers there. Columbia Record's urban marketing department reps were especially nice to me. Everyone was assured I was the best choice to take over the company. We kept all the accounts.

Three weeks later we were given the Lauren Hill record campaign (miseducation of lauren hill) which eventually sold 9 million copies. From just about the moment we picked up the materials I was given zero latitude from the Columbia/Sony division. They did not care I just took over the company, they wanted to know what I was going to do about their record! On a daily basis calls were calling in, constantly pressuring about the numbers, the impressions, the amount of work going into the Northwest markets. They were relentless. They simply did not care about the changes at our firm or want to hear about any transition. All Columbia wanted was the hard data, the facts. They viewed my new role as a distraction to their priorities, if anything at all. I was the new partner, great.....what value does that bring to the record?.... Or so they seemed to want to know.

Fortunately, my markets were the first to embrace Lauren Hill and we ended up being in the Top Ten of sales. But it was painful getting dressed down by Columbia/Sony.

Lesson #4. It doesn't matter to clients if we are second, third or fourth generation real estate agents. In fact, putting that into our marketing is a sign of weakness, as it is entirely about the work and what we personally bring to the table. Sure, people might like us and enjoy the novelty of knowing our moms and dads held down the farm area for twenty years, but what have we done lately? Only the work matters, not the titles, the designations, the pedigree. It's about the work. Period.

End of Part 2

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Lessons I've Taken From The Music Industry Part 1.

Gene Dexter, Seattle Realtor (Asset Realty) — Tue, 03 Jul 2007 13:41:30 -0700

The heyday or apex of the music business was 1999-2000. Fat from CD technology, back when you replaced your cassette, vinyl and eight track (!) collection, record labels could do no wrong. These were the golden years, and money poured into the system. And my promotions company fed from the trough.

Today, the recording industry is in shambles. It simply will not change with the times. Fortunately, I bought a few houses before the meltdown. In fact, Suge Knight's marketing department helped buy my first fixer in Seattle! And I learned some new applications for real estate marketing. Maybe you can benefit from some things coming from the "entertainment economy".....

At it's peak, fifty rap music records from major labels were released every two weeks, and yet the buyers were the same, not increasing. There were (and is) only 20 slots available in radio formats to play music, so how did we promote the ones not chosen? Street marketing!

Lesson one: Use all forms of alternate means necessary. Adapt. Explore options. Never ignore the buzz.

My firm didn' t reach consumers directly. We influenced people who influenced people! Media, radio hosts and programmers, retail, club promoters, DJs. They in turn, put our priorities out.

Lesson two: It isn't about who attended your open house or who found your listing. It's their friends and family. This is viral marketing at it's base. It's also about your existing "fan" base, the sphere. Work it to death. Use all methods to go as wide as possible, it will return to you within "3 degrees".

We always created a backstory to go with the product, meaning we shared the history...who the artist was, their story, which producers they worked with, tour and disc biography, even their past problems. It personalized the album in the end.

Lesson three: There is never enough information or marketing that can be done about you, your client's house, your buyer's needs.

End of Part 1.

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Reprint Of RE/MAX MainStreet Article Re: 60 Minutes Interview/Red Fin

Gene Dexter, Seattle Realtor (Asset Realty) — Sat, 26 May 2007 12:23:21 -0700

'60 Minutes' Story Slanted, Seattle Associate Says

The editing job on a May 13 "60 Minutes" piece about the real estate industry was interesting, to say the least, says Seattle Associate Deborah Arends.

ARENDS

"Could I be misquoted more times in two minutes and 20 seconds?" asks the Sales Associate with RE/MAX Northwest Realtors in Seattle. "I had lots of good things to say that somehow never made it on the air."

Arends (CRS), a RE/MAX Platinum Club and Hall of Fame member, was the only representative of the traditional real estate industry to appear in the segment, which focused on Settle Internet discounter Redfin.

View the streaming video of the program.

Arends says she had good answers to every question asked by interviewer Lesley Stahl. It's just that most of them landed on the cutting-room floor.

For example, questioned about the fact that Redfin sells houses for a flat rate and that she won't discount her commission, "60 Minutes" cut most of her response.

"The answer to that is - and no matter what I did they would not put it on the air - it's not what you pay an agent, it's what the seller nets that matters," Arends says. "I have reams of documented proof that my sellers net more than they would with Redfin. That's the crux of the whole story."

Stahl interviewed a Seattle couple who say they saved $26,000 by selling and buying through Redfin. Arends wondered how much money the couple left on the table by not using a full-service Realtor. She also said that companies such as Redfin offer their customers the Wal-Mart treatment when what they really need is a professional Realtor.

Arends believes the CBS program had already determined the tone of the program before ever talking to her.

"They certainly slanted it," she says. "The story was going to be the same no matter what I told them. The thing I was struggling to get across is that it's not only the service we provide that's valuable, but the skill and expertise we bring to the table."

Arends has received more than 100 e-mails from Realtors around the country.

"They were very supportive," she says. "Most of them were very upset with the portrayal of real estate agents. I'm surprised that so many of them mentioned the editing job. Every time I said something, my mouth was open to say something else."

Still, she doesn't regret doing the interview.

"I'm absolutely glad I did it," she says. "I mean, somebody was going to sit in that chair and get the same treatment."

Besides that, she says, the program didn't get it all wrong. Part of the interview covered her ability to stage her listings so that they show well.

"They did some good things such as capturing me out and about," she says. "And it was nice to show that I had a strategy on my listings. I could tell the segment on staging was going to make the air; Lesley was animated during that interview, which wasn't true the rest of the time."

Ok Red Fin, The Gloves Are Coming Off..

Gene Dexter, Seattle Realtor (Asset Realty) — Mon, 14 May 2007 15:30:42 -0700

So you are looking to "destroy" the real estate industry model......oh really. That is what the CEO said on 60 minutes, right?

So let me be the first to say, I am officially announcing my effort to obliterate yours!

I know bussers in restaurants who make more than your licensed people. At $29,000 salary per year, Red Fin certainly knows it's value to employees! Pass the butter, please, and after delivering water feel free to send that offer!

For my latest listing, the luxury home is up against 57 similiar houses in an excellent area. No Red Fin listings are among them, thankfully. But if there were, would you cover the staging expense @ 4k? The cleaning expense @500.00? The community lunch set for this Saturday? I DID. You wouldn't have a prayer going up against mine, now or in the future.

Locally in Seattle, you have been reading my blogs about your company, which is why you are sending Joe P. out to show my listings, because I will never, ever open any of them to an under represented buyer. And let's face it, all your clients are vastly under represented, if represented at all.

The market is changing. This means more marketing money to spend, more attention to detail, more consultation than ever, to our clients. Will Red Fin compete with that? Hahaha.

I will be at the CRS PRO ACT W. class in Vegas in June. How many Red Fin people will attend, earning the classification? For what you pay them, how is it even possible?

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Your Client Is Not a Serious buyer/seller When.....

Gene Dexter, Seattle Realtor (Asset Realty) — Sat, 12 May 2007 00:46:49 -0700

Your Client is not a serious buyer/seller when:

They ask or say or proclaim:

"how much money are you making over this?"

"Are the curtain rods included?"

They need to extend inspection period to throw a video robot down the sewage pipes (true request!)

Backed out of deal over difference of five days for closing date

"Let's look at houses anyway, my grandmother will put up quick qualifying down payment!"

"Sure that other listing needs paint, carpets, and doesn't have your stainless steel appliances, but can you accept same price?"

"This is a half bath, not quarter bath, dammit"

Have you write an offer of 50k less because it's been on the market for three weeks.

Have you write an offer of 100k less... because it's cash with a ten day inspection!

Happy Selling,

www.GeneDexterHomes.com

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