I was very pleased during a conversation with a new potential buyer client of mine yesterday here in Boise, Idaho that was referred to me by one of my lender partners. This buyer has a better grasp of how to sell real estate than most Realtors I know!
Even though this type of client intimidates many Realtors, I welcome them and all their questions. I have found that this type of logical thinking client gains the respect of many of their friends and typically are my best future referral generators as past clients.
Here are a few of the great questions/comments they had yesterday as we were discussing buyer agency and how the real estate industry opperates:
I couldn't believe the first Realtor we talked to wanted us to sign a "Buyer Representation Agreement" before they even established their value as a Realtor;
Why doesn't the listing we found have more than one photo?
Why is the single photo they have a three year old photo from the Tax Assessor instead of a current one?
Why don't they have a virtual tour either? Are they trying to hide something about the house?
I can see why that listing has been on the market a while since I don't care to see it if they are hiding something;
If they aren't hiding something, they aren't representing their clients very well are they?
Wouldn't this lack of proper cause fewer showing and make the seller think it is overpriced causing them to unreasonably lower the price do to poor marketing?
I read the Realtor's Code of Ethics and it appears that agent isn't doing what they are suppposed to for their client.
I love working with clients like this since they get it. When I do a great job for them, they are the type of clients that recognize it is a great job and that is why they typically are the best type of referral clients to have. Too many consumers think all Realtor's are created equal but they are usually independent contractors all with different marketing plans, budgets and ideas. Even in the same francise and the same office of that franchise, each Realtor will offer unique levels of service.
Before you sign a buyer representation agreement or list your home with a Realtor, make sure you get a few opinions from different agents. Make sure they can back up their marketing plans with facts from their previous clients. Check with the Better Business Bureau to see if they are an A+ rated company or not. Google them to see how they come up in their market and see if you can see how they are marketing themselves and their homes.
It is a sad day in Boise today because Micron CEO Steve Appleton was killed in a plane crash this morning shortly after takeoff at the Boise Airport.
He was flying his experimental single engine Lancair which crashed around 9 a.m February 3, 2012. He was the only person onboard and was in contact with the radio tower requesting permission to turn around.
Steve Appleton done a lot for Boise since he graduated from BSU on a tennis scholarship. Micron has been a huge factor in the Boise economy. Shares of their stock were halted on the news.
Steve was fortunate to have survived a previous plane crash in 2004, but wasn’t so fortunate this time. Idaho lost another great pilot back in August of 2011 with the passing of Greg Poe.
Those two are probably already up in heaven doing stunts in the planes above the clouds.
I am always amazed at how many people that rent a home don’t stop to wonder why their landlord decided to buy a home only to rent it out. Simply put, it is because it is your landlord’s investment strategy to get their tenants to pay off their debt while they get tax deductions themselves! If that isn’t good enough, property values historically appreciate 3.8% a year so if you borrow the money from the bank (using other people’s money) the appreciation essentially even pays off your mortgage at today’s interest rates. Keep in mind the property keeps typically appreciating, while your mortgage (and interest payments) declines giving even better leverage!
Before most people begin buying investment properties, they start by buying their primary residence so they can fire their landlord. I have a complete system that sets buyer's on a "Path 2 Own" their own home. At least here in the Boise, Idaho area, there are multiple programs for 100% financing and sometimes below market interest rates for first time home buyers that are considered low to moderate income. Sometimes, it actually helps to make less money so you can get your share of the government stimulus money! I consistently have clients buy their own home for less than what they had in security deposit on their rental and their monthly payment typcially drops giving them more disposable income almost like getting a raise!
Here are the three main tax advantages you will potentially start earning when you decide to own verses rent your home:
Primary Residence Mortgage Interest Deduction. All the mortgage interest paid on a primary residence is a potential deduction.
Primary Residence Property Tax Deduction.Here in Idaho, we have the “Homeowner’s Exemption” so property taxes are considerably less on the same home if you live in it, plus it is a tax deduction.(lower taxes on the same property is yet another reason why owning can be cheaper than renting)
Residential Mortgage Point Deduction.This is when you buy the property and pay “points” on your mortgage.
As always, check with your CPA for specifics on how these might impact you and your specific situation! Now is a great time since you should be starting to complete your 2011 taxes and it is a great time to do a “what if analysis” with your tax preparer to see how much less you might have paid in taxes had you been able to claim these deductions instead of passing them off to your landlord!
I have owned rental homes in the Boise area for twenty years. If you have any questions on buying investment property or want to know about some of the government programs designed to help first time buyers acquire their first home, please call or email me @ GoOwnIt@gmail.com.
I don't usually reblog posts; however, I had this pulled up to read the other day and just took time to do it. For those of you that missed it, it is a fun read that hopefully you can share with your clients who may not understand how to compare agents. I might even use this in my first time home buyer classes (after I get permission of course).
WOW ~ I COULDA'HAD A V8! Two Types of Real Estate Agents.
There are two types of real estate agents. Which one had you rather hire to sell your home? One type is the V8 type. The other type is the sugary sweet carbonated type.
Just like the vegetable drink delivers to you those vitamins and minerals that are needed by your body, are good for you and help your body do it's job...
The V8 type real estate agent delivers those things that are needed to sell your home !
·Does a CMA and is honest with you about the expected sale price of your home.
·Tells you to clean it, declutter it, and prepare it for showing.
·Takes good photos and puts them online.
·Communicates well with you about what's going on with your home sale.
·Asks you to leave the home when a showing is happening.
·Takes care of you all the way to closing.
·Etc.. Etc.. Etc..
AND Just like the sugary carbonated drinks that you can consume..
The sugary carbonated type of real estate agent sugar-coats:
·Sometimes gives sellers an artificial "feel good" sugar coated high by listing at a high price that they know is WAY above market.. Every seller wants to hear that their home is worth more money, ASK them to show where they got their numbers.
·Give you a fizzy sugar-coated line about what you need to do to our home to prepare it to sell.. Sometimes they'll tell you really don't need to worry about having it... that buyers can see past the clutter. Some buyers can but you want to make the effort to get the most for your home and in a timely fashion... don't by pass the clean and de-clutter!
·Grabs just a few photos sometimes poorly taken..
·Are difficult to reach when you need them. They really do not want to tell that there's nothing going on with your home.. no interest in it.
·If you do happen to get a contract.. you're pretty much on your own and may never see them again.. they probably won't even show for closing, just ask the closer to send them a check.
·etc.. etc.. etc..
It's the little decisions in our day that comprise how that day turns out and the repercussions of it..... minute by minute. Then there are the bigger decisions that take us down a different road altogether. Sometimes when we make a BIG decision, we do not know it.. we think we are making a small decision, but it turns out to have major consequences in our lives.
Such is the decision of choosing the right real estate agent. It may seem like a small decision but selling your home is a major decision AND choosing the right agent to help you sell is a part of that major decision that you are making.
You want to choose one that delivers what's needed to get the job done and done well, not one that gives your flowery promises and a sugar high but then cannot deliver.
Ask around to people that have sold their homes, ask them who their agent was and if they were happy with them... ask them if they would use them again. Then mark them as either a V8 agent or a Sugary Cabonated agent. You want to choose that V8 agent up front and not have someone slap you up beside the head and tell you that you coulda' had a V8!
The "I Shoulda' Had a V8" commercials are some of my favorite commercials.. Choosing that healthy V8 being much better for you than sugary carbonated drinks.
So if you're a real estate agent that is reading this, which type of agent are you.. Are you a V8 AGENT? I am. I'M A V8 AGENT!
Image courtesy of SkippyJon through a search for Creative Commons-licensed content for adaptation, modification or building upon on Flickr.
Today is a great day for skiers and snow boarders at Bogus Basin. Not only do they have incredible amounts of new snow, but they are opening the newly upgraded Superior Chairlift as a high-speed detachable quad lift! Old timers like me still call it Chair 3.
They will also be opening Bitterroot Basin (chair 5) and Pine Creek (chair 6).
Bogus went from one extreme to another with this year crushing an unfortunate record - their latest opening. We went from that to now having a 49” base thanks to this storm. On the 18th, they got 10” of snow, another 14” on Thursday, three more on Friday and so far another 6” today.
Night skiing is slated to open on Wednesday, January 25th, 2012.
Bogus Basin ticket prices are currently $38 for a day pass and $30 for the afternoon pass. If you still need an added incentive on top of the nearly three feet of fresh snow this week at Bogus Basin, stop in at your neighborhood Jackson’s convenience store and buy a 12-pack of any Pepsi product and you will receive a “Jackson’s Ski For Less Voucher” that will allow up to 4 people to receive $10 off an adult lift ticket, rental package, or walk in group lesson. Check with Jackson’s Food Stores or Bogus for any specifics on this program.
One of the things I love about living in Boise is the night skiing. I can have dinner with my family at 6pm, and still head up to Bogus Basin night skiing and enjoy about 10-14 runs before 10pm while I enjoy the city lights below and fresh air.
As a Realtor and Broker of Progressive Realty Corporation, I also enjoy taking my relocation clients up to Bogus to give them a personal tour.
I think I might be suffering from “altitude deprivation sickness”. The best cure is heading to higher altitudes to help cure your attitude! I hope to see you at Bogus and maybe we could take a few runs together some day.
Here is one of the best depictions I have seen on how to use Facebook, Foursquare, and social media tools to let people know of new events in your life, setting meetings, and more.
Enjoy this holiday season!
It is almost impossible to know how accurate a website is when you are searching for homes online. Websites have different reasons for posting homes for sale and therefore you will find different levels of data and data integrity. Think back a few years ago when the various real estate booklets were popular (Harmon Homes, Homes and Land, Real Estate Book, etc) which had print deadlines roughly 2-3 weeks prior to printing then only published every month so you could have a listing sell even prior to publication!
Some websites require individual agents and consumers to upload and update their listings. Other websites get listings syndicated (sent from other sources). Some even resyndicate other syndicated listings. Some websites are tied directly to the local Multiple Listing Service (MLS) so as properties are listed/sold/expired, they will be updated as often as the site interacts with the MLS. If you are looking for a home online, don't you want to know how updated the information is?
Think about the intent of the website. The MLS is only interested in conveying current homes for sale since they sell their accurate data to local Realtors and Appraisers (not the consumers). Public portals like Zillow, Trulia, Realtor.com, etc., sell advertising so they just want people to come to their sites for potential advertising revenue!
I have been talking to our local CEO of our Intermountain MLS to have them adopt an "MLS Certified" brand that they can put on any of their web partner sites to at least show the consumer that the site with their "Certification" is being updated at least every ___ days or hours! For example, our MLS rules and regulations require a broker to update the listing status within 3 days because we want data integrity! We want people looking for homes online to know they can rely on the information we provide.
An IDX (Internet Data Exchange) site pulls from the MLS so they are typically pretty good. However, there are no current requirements that I know of for how often the IDX vendor needs to update their data and which fields. For example, do they pull all field changes including new pictures, new disclosures, new edits, or just price and availability?
I know my websites pull directly from the MLS daily because I want my clients to have accurate data when they search for a home online! I get frustrated when a client finds a listing on another website that they are really excited about only to find out it has sold months ago or has an offer on it that isn't reflected yet.
If anyone knows of an MLS that is currently using any type of "certification" process, let me know so we can compare notes and help improve the industry in which we serve!
As Realtor's and just those involved in the industry, we should always be learning more about our industry. A great way to immerse yourself into what is new is by attending the National Association of Realtor's trade show and expo held each year.
There are hundred's of exhibitors ranging from:
real estate brokerages (national franchises and new emerging companies);
title companies
lender's (Bank of America, Chase, Wells Fargo, Carrington, etc.)
Contact Management providers
Website companies
Lead Generation companies;
Computer companies (HP, Dell, etc.)
National Association of Realtor's Member Benefit providers;
Digital Signature platforms
QR Code, Texting, and call capture marketing booths
ActiveRain
etc.
I personally get more out of my time visiting and talking to the people in the booths than I do attending the many seminars. Why go to the seminar to have them pitch their product to 100 people at a time, when you can meet with their people one on one and ask them what their products can do for you?
Another great benefit of attending is many of the booths have drawings for great prizes. Even if I didn't win the car from Wells Fargo, I am exited to say that I did get a call today from Dell informing me that I had won their new Dell™ Streak 7 Honeycomb tablet!
I am still waiting for calls from the other vendors telling me I won their iPad 2 give away.
In case the pre-season sales are not available soon enough already, you can go online and get some great "Pre-Black Friday" sales and even find some of the advertising slicks online now without waiting for your local newspaper!
I have used the FatWallet site for years and love how easy it is to get feedback on products and find the best sales and how to maximize your rebates, etc.
As a national real estate trainer, Realtors are continously asking me which is the best laptop, computer or "pad" to buy. The answer depends on your sophistication level, budget and needs.
I have been using Tablet PC's for nearly 10 years starting with a Gateway, then an HP, then an iPad.
The learning curve for some non technical agents is rather steep so maybe the best thing to do is start slow and work your way up. The best technology tool I found to help was at the recent National Association of Realtor's convention in Anaheim, California!
I was taking a "train the trainer" class for REBAC at Disney's Grand California Hotel when I was shocked that the wonderful people at Disney were giving away their newest creation - Disney's new "IdeaPad"! It competes with the HP TouchPad, the various Android Pads and the iPad. However, Disney's version has unlimited battery life, can work on airplanes without restriction during take off and landings, plus it has a really cool "always on" feature.
I am not sure if I am allowed to release the "technical specs" of this wonderful new tool, so here is a photo. The main downside is you have to provide your own stylus when the one they provided runs out of ink.
I will be doing lots of real estate training in 2012 for REBAC including the SRES Designation, ePRO, BPOR, AHWD, and others. If you take a course from me, maybe I will see if I can score you one of these great tools as a bonus. I will be doing these via my new training subsidiary - ProFound Seminars, LLC
Jim Paulson is currently the Past President of the Ada County Association of Realtors. I try to use this experience coupled with my 20 years being a licensed Realtor to help bring you relevant information and hopefully an occasional thought provoking idea or two.
I am a member of the Greater Boise Chamber of Commerce and and Accredited business with the Better Business Bureau. I can help with Idaho Foreclosures, Boise Idaho Short Sales, building a new home, or even using First time home buyer grants and niche lending prodcuts to buy or strategically sell homes. I am here for your real estate marketing needs!
http://www.IdahoMLStours.com
Http://www.Progressive-Realty.info
Virtual Tour Inventory Widget
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
There are two types of real estate agents. Which one had you rather hire to sell your home? One type is the V8 type. The other type is the sugary sweet carbonated type. 
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