Professional Courtesy

There are few business models in the world where competitors are as cooperative as REALTORS®. In real estate though, we are quick to protect the professional image REALTORS® have or at least I hope have. 

However there are, as in businesses everywhere, clueless people that leave me scratching my head when it comes to how they conduct their business especially when it impacts my business and my clients. I'm talking about how scheduling appointments gets done and how the agent responds or doesn't respond when the buyer changes their mind after an appointment has been set.

When I schedule appointments for buyers I try to make sure they have already seen the property by doing a drive-by,have seen the MLS detail and all the photos and virtual tour posted. That should prevent any surprises and last minute decision to not go in the house. But it does happen, and it's happened to me too despite having the buyer as prepared as possible for what they are looking for and what they will find when they get there.

Are they looking for a ranch and do they know it's a two story. Are they looking for an easy property to maintain, but see the five acres differently. Do they want to walk to the grocery store but it's 7 miles from town?

The problem is at that point a buyer pulls up to see a home after scheduling an appointment their they change their mind. It happens and I understand-been there done that. But I've picked up the phone-called the other agent so they can alert their seller that it's OK to go back to the house. It's easy and always has been appreciated. It's also important when my schedule goes astray. Suppose I'm running an hour early. Do I just show up at the house or do I call first to see if it's OK? Suppose I'm an hour late for a 5PM appt. DO I just show up hoping for a seat at the dinner table? NO, I extend a little professional courtesy and call my fellow REALTOR® so the seller is prepared.

The actions of one bad agent can ruin an entire company reputation or enhance it by that one simple act of professionalism.

Jim Mellen,REALTOR® PROFESSIONAL, RE/MAX Peninsula at New Town in Williamsburg,each office independently owned and operated

I would encourage everyone to pay close attention to their use of the REALTOR logo and trademark. Find a copy of the use abbreviated below. Google has been inconsistent with me on various ads that I have attempted to place and dissaproved them based on their capitalization rules. If everyone would use the MARK properly, perhaps I wouldn't (or perhaps YOU wouldn't have this issue again!

I only included the part 1 portion of from the NAR trademark policy to be a little brief, but familiarize yourself and be diligent in the proper use on your advertising and anywhere you use the MARK.

In scanning through the internet and even in my local paper, there are many instances of incorrect use and while there may not be any "trademark police" roaming around, we are all expected to follow the rules. As to the Code of Ethics and the Standard of Practice, you will find an easy explanation and expectation that we REALTORS adhere to!

Part One - Overview

I. Introduction

A. Trademarks in General

To understand this Manual and the guidelines and policies set forth in the pages which follow, it is NOT necessary for the reader to be familiar with the laws governing the registration and use of trademarks, service marks, certification marks or collective marks. It is NOT necessary for the reader even to be able to distinguish the various types of marks. It will suffice to know what a trademark is; what function it is designed to perform; and for whom.

Trademarks are nothing more than unique terms, symbols or combinations of terms and symbols that communicate some specific message to the public. The term "COKE", for example, is a trademark which identifies for the public a specific soft drink produced by The Coca-Cola Company. The term "AAMCO" is a service mark which identifies a specific provider of transmission repair services and distinguishes that service provider from all others. Over time, marks like those mentioned become associated with standards of quality or care and the public looks upon such marks as guarantees of repeated quality or care.

History teaches that trademarks not properly protected are soon lost forever. Many of the words we use in our everyday speech were once valuable trademarks and could have been maintained as such had they been properly promoted and protected. The words "escalator" and "aspirin" were once valuable trademarks, but for lack of vigilance, care and public promotion, lost their distinctive protectable qualities and are now words of ordinary use. Preservation of trademarks requires that they be used only in their trademark sense, that they be distinguished from words of ordinary use by the use of capital letters and the registration symbol "®" and that an appropriate program governing their use only in accordance with certain standards of quality or care as to the products or services or qualifications of their users be developed and carefully followed.

B. The MARKS: REALTOR^®; REALTORS^®; REALTOR-ASSOCIATE^®; and, the REALTOR^® Logo

The National Association is the proud owner of numerous marks including but not limited to the terms REALTOR^®, REALTOR-ASSOCIATE^®, REALTORS^®, the REALTOR^® Logo and the Block "R" mark (which may be referred to collectively as the "MARKS").

The Marks are collective membership marks which serve to identify Members of the National Association and distinguish them from non-members*. Since 1916, when the unique term REALTOR^® was first "coined" or "invented", the public has come to recognize those who use the MARKS as Members of the NATIONAL ASSOCIATION OF REALTORS^® and, as such, providers of real estate related services consistent with a strict Code of Ethics and the highest standards of professionalism. Member Boards**, through their use of the MARKS, are recognized as Member organizations.

Members are licensed by the National Association to use one or more of the MARKS in connection with or in reference to themselves and their real estate businesses.

It has become increasingly important to make the time we spend with our buyers more productive and profitable don't you agree? So why do we continue to tour people around showing them homes so that they can figure out what it is they want or are looking for in a home? I've heard of agents showing buyers 30,40 or 50 homes only to have the people change their minds 10 times or worse yet, decide that there is no home on the market they want so they say goodbye and you've spend three weeks and $50 (make that $100!) worth of gas and have nothing to show for it.

I suggest a better way. Educate the buyers. Spend time with them in front of a computer-preferrably a big screen monitor or projector in your office-and show them the market. In a matter of an hour or two you can probably narrow down what they want in a home, convince them where the market really is that they want to be in, and most likely have a much shorter list of really good possibilities that they may actually write an offer on. Those two hours in front of a computer could save you an entire weekend of show and tell

I start my searches with their wish list. We write it down and put it all into the MLS search. Nowadays, you can search for practically any feature, descrition, term. I may end up with 50 listings out of 500 and a price range hundreds of thousands of dollars apart, but it's a simple start. Then we start factoring out those things they can do without. I alsways look at price last-instead of first. I've learned that if you simply go out searching within a 25K-50K range and limited criteria they will want you to start showing them homes at the bottom and will work their way to the top. You just showed them 25 homes and guess what-their favorite was the most expensive. They'll most likely will never like the bottom of the range. I always make sure I've got the financing covered before we hit the road. That's even more important with the current mortgage limitations.

As agents I think many of us have let the buyer control the process. Moreso the newer agents who are still cutting their teeth and affraid to stand up and say "no I can't go show you all 30 of these homes!" Remember, we are or are supposed to be the professional. Earn their trust by showing them you respect their time and they will respect yours!

Good luck, trust me it works.

Sellers have wondered whether too many photos or a virtual tour give the buyer a reason not to come see the house. I say yes it does. The buyer who does not like your home in pictures, also won't like it in person and will have wasted several people's time. But the person who does like it, will be more likely to make an appointment.

Giving buyers a good idea what to expect saves the buyer time, saves their agent time, saves the seller time by not leaving the house 12 times a day so buyers can stalk through your house and say they hate wallpaper, or wanted a well lit family room only to find a cave. If you think not showing them the interstate running through your back yard in a picture will somehow be overlooked when they see it in person, don't get your hopes up!

Every large purchase most people make today, whether a new washing machine, a table saw or a new camera, starts with research on the internet. So why should the largest purchase (or sale) you make be any different!

Buyers have been saying for 6 months or more "I'm going to hold off on buying until the bottom hits". Guess what, the bottom has come and gone. While there are still countless motivated sellers who will make a deal, the buyer has to initiate the deal! And while the buyers have been waiting for the sky to fall, the mortgage market has been changing your plans and you may not be paying attention!

Lenders and the two major providers of mortgage money-Fannie Mae and Freddie Mac have been rewriting programs, guidelines and standards, making it tougher to qualify for a mortgage, as well as more expensive.

Many home buyers and consumers I hear from have totally confused the fed rate cuts with the expectation of lower mortgage rates.  The opposite is true. While the lower short term borrowing rates help revolving credit and may stimulate spending, they stimulate the stock market. Those 200 and 400 point gains recently have a negative effect on the bond market which is where the mortgage market does it's business! So while you've been waiting for the bottom to fall out, mortgage rates went up 1/2  a point or more in the last few months, but more importantly the qualifying rules have drastically changed. So now you may not be able to afford the same house you could have 4 months ago. Do you want to take that chance to see what's going to happen next week?

But don't think you can't or shouldn't buy a house! You just may have to look at a slightly lower priced house. The good news is there are plenty of homes on the market here in Williamsburg Virginia and the surrounding area.

Let me say this first-the market is great to buy or sell a home. As long as you HAVE to buy or HAVE to sell.

One of the things I am beginning to ask my seller and buyer clients is "are you financially and emotionally ready to buy or sell your home TODAY?". Perhaps I should have been asking this a year ago. I might have saved an awful lot of money throwing good money after bad in a market for sellers who simply were not in a "have to sell" situation. Perhaps with my buyer clients I might have been able to save enough time and gas money to build a new workshop at my house, attended one of my daughters swim meets or coach a little league team.

My estimate is that 1/3 of the sellers in my market do not HAVE to sell. They may want to if they get their price or they may need to if they want to buy an investment property somewhere, move closer to family or downsize-but they still don't need to. The seller relocating for work, the seller who is divorcing, the seller who has a lender beating the door down for the last 3 months mortgage payments-they NEED to sell.

If we remove 1/3 of our inventory, we will be in somewhat better shape.Then, price your home to sell NOW. Look at your nearest competition, how long they've been on the market and price it better. Base your home on current listings not SOLD listings. The value you of a house and the price it sells for may be two different numbers unfortunately. I firmly believe the homes I am marketing are priced at or below market value. But they haven't sold or we haven't received an offer so what do I do next? Adjust the price or the incentive to get a buyer or an agent to where they HAVE to write an offer. It's not a matter of marketing trust me. I've spent thousands of dollars marketing homes that haven't sold, and thousands marketing homes that never sold. I've made mistakes, and I've learned from them. I turn down those listings now before throwing my money and time away.

Next we need to weed out the buyers who don't HAVE to buy, or are not financially and emotionally ready to buy. I hear agents talk about showing people 50 houses, and not finding a single one they like. Or the buyer says "I like the bathroom here, the yard there", or "I love the house but it's not on a golf course". Showing 50 houses is a waste of a buyers time, the sellers time, the  agents time. If you want to buy a house on a golf course-look at homes in a golf course community! Then there are the buyers who say I want to look at homes in the $100,000 to $400,000 price range. Guess what? You won't like a $100,000 home after seeing a $400,000 home. And you probably won't like the $300,000 home after seeing the $400,000 home either.

Get yourself financially ready first. Know your comfort level and stay within it. Every market in the country has an abundance of choices. You won't find the perfect house-it's not out there. You probably can't even build the perfect house. You will repaint or wish you had done this or that differently after you move in-I promise. The financing strategies change every day it seems. If you're not planning to buy for 6 months-don't bother looking for 6 months. When you are committed to buying-jump in feet first, find a house you can MAKE a home and make an offer.

Next, you need to find a professional,experienced and successful REALTOR to help you when you are ready. Working with your best friend who just got their real estate license may not be the best avenue to take when selling your home. Likewise when buying your home. I don't begrudge anyone looking to be self employed in what I feel is one of the most gratifying jobs out there. But, there should be more emphasis on training when it comes to new agents. And for some experienced agents I might ad! Would you trust your 16 year old with the keys to your brand new Mercedes? Inexperienced agents are filling real estate companies across the country. It's not that they are taking business from me-trust me they're not-it's that they don't know ANYTHING about EVERYTHING that can go wrong-and their job is to promote and protect your best interest. Your hairdresser spent over 1200 hours getting licensed to do your hair. Your brother or sister in law who just got their real estate license took 60 hours. How scary is that!

Jim Mellen, Licensed in Virginia
Liz Moore and Associates. The views here are my personal views and not meant to offend anyone!