buyers: What? I'm to Pay You My Commission?
- 03/27/23 06:46 AM
Many, many years ago, I represented a buyer on a new construction home. This is my 3rd post in the March to a Solution Challenge. These posts for this challenge have been very interesting for us all. In this particular situation, I was first contacted by Mrs. Buyer. She and I were in constant communication, she was the only person to actually look at the homes, and, she handled all of the negotiations. I knew that she was married, but until the day of the final walk-through, I had never met Mr. Buyer. Closing day had arrived and I finally met Mr. Buyer … (16 comments)
buyers: Slab to Shingles Series ~ What Does Cost Plus Mean?
- 02/26/23 08:07 PM
Today in my Slab to Shingles Series, we are going to discuss the meaning of what "cost plus" means. Many times, people enter a new construction contract and never truly understand what this term means and more often than not, end up paying a lot more than they anticipated. I'm going to try and break this down: Definition: Cost-plus means the contractor pays for the expenses and adds any additional charges incurred. Also, the contractor's profit is added. For a buyer, there are some risks: Prices have been known to escalate unexpectedly and this can cause a project to exceed the budget very … (7 comments)
buyers: EXPLOSIVE Marketing to Ring in 2023
- 01/31/23 12:24 PM
Nothing like waiting for the last day of an Active Rain Challenge to submit your entry! But, here I am on this final day of January as those of us in North Texas are snowed in and enjoying a full-fledged snow day. So, here I am writing my entry for Anna Banana Kruchten Phoenix Broker and Aura Alex's contest. As I was pondering this contest about sharing marketing ideas that have worked for us, what came to me was the success of utilizing many different media platforms. What I mean is, I have incorporated social media platforms, video marketing, contests, in-house seminars, … (16 comments)
buyers: In Real Estate, TIME is Essential
- 08/22/22 10:13 AM
As real estate agents, we all remember the "time is of the essence" being drilled into our heads during real estate school. This is one of those extremely important issues that agents must remember to stay on top of during any transaction. I am sure that in every state, there is a time clause that parties must adhere. In Texas, our 1-4 Single Family Contract is very specific when it comes to critical dates. Where I am seeing a huge issue is regarding the receipt of Earnest Money and Option Money. Our contracts specify 3 days from the executed contract for money … (26 comments)
buyers: Which Hat Am I Wearing Today?
- 04/05/22 06:46 PM
I bet most of you in any realm of the real estate industry can relate to the wearing of many different hats not only from day to day but moment-by-moment. The real estate world changes rapidly and is never the same and completely unpredictable. Therefore, in order to survive and thrive in this business, we need to be able to pivot quickly and know which hat we are currently wearing. Here are just a few of the hats we could be wearing at any given moment. I call these hats our A.C.E. hats: Advisor - This hat is what most people expect from … (20 comments)
buyers: How to be the BEST Buyer!
- 09/08/21 07:59 AM
If you are a buyer in today's real estate market, it is essential that you aim to be the best possible buyer. The market is competitive and when you are intentional with some strategy, it just may help you get your offer accepted. In order to be the best possible buyer, here are a few tips to help with your success: Be prepared. In this market, you need to be ready to pull the trigger when you find the home that works for you. This means, finances in order, know your price range, be pre-qualified, and have an understanding of your local … (8 comments)
buyers: Pit Stops and Pot Holes
- 03/18/19 09:59 AM
Pit Stops and Pot Holes This life journey I awaken to each and everyday is interesting to say the least. The journey in real estate is rarely on a straight and narrow road either. Typically, there are many winding roads accompanied with several pit stops and pot holes.
When we do experience a real estate transaction that is super smooth and closes without incident, we celebrate as this is not the norm. Those of us in real estate most likely experience transactions with numerous challenges along the way. This is where an experienced agent will add the most value to their clients.
The pit stops … (3 comments)
buyers: The Accompanied Showing ~ No Thank You!
- 04/18/18 07:45 PM
The Accompanied Showing ~ No Thank You! We have all been there as agents right? The Seller wants us to be present at each and every showing. Is this really feasible and the other question, is this a strategy that is conducive to a potential sale? My short answer is no on both accounts.
Of course there are unusual situations at times where the home truly does require special instructions or has complicated security systems, gates, etc. Other times, especially in a specific home that is laden with high-end equipment or collections, the Seller might truly feel better with their agent present. These cases … (76 comments)
buyers: Seller Surveillance Systems ~ Educate Your Clients
- 03/12/18 10:32 AM
Seller Surveillance Systems ~ Educate Your Clients In this day and age of video surveillance systems, this is a game-changer in real estate. Potential buyers must be aware of the possibility of being video recorded while in a seller's home. But....did you know that here in Texas, audio recording of which the person recording is NOT a party to the conversation is a FELONY?
Under the Texas Penal Code "it is prohibited to audio record without the consent of at least one individual who is part of the conversation."
Recently, an agent called me (broker) to complain about one of my agents showing … (44 comments)
buyers: Before You Show, Get Your Ducks in a Row
- 02/14/18 02:02 PM
Before You Show, Get Your Ducks in a Row Many times, real estate agents are so eager to show a prospective buyer homes they don't take the necessary steps to have the client qualified and prepared to make an offer. In this day and age of impostors, scammers, and sometimes just uniformed buyers, Seller's more than ever are savvy when they are accepting offers. Therefore, it is imperative that real estate agents educate their buyers BEFORE showing property.
If you are a prospective buyer, please do not be offended when your agent asks you for your Pre-Qualification letter, proof of funds, etc. In order … (16 comments)
buyers: A Tale of an Abysmal Appraisal
- 01/12/18 02:43 PM
A Tale of an Abysmal Appraisal I can just hear you all inwardly groaning on this topic. Most likely we all have an appraisal horror story. That no so-great phone call saying the home or building did not appraise for the sales price. You can feel you stomach drop when you hear this right?
The phone calls commence to the Sellers, the Buyers, the other agent, etc. Re-negotiations begin and far too often, the deal is dead. Not to mention, Sellers are forced to either accept a lower price or go back to the drawing board with the home put back onto the … (14 comments)
buyers: Are you a Helicopter Agent?
- 10/26/15 01:54 AM
Are you a Helicopter Agent? Have you ever heard the term, Helicopter Parent? These are parents who hover over their children in such a way that the child never learns to do anything for themselves. As I have read various articles on this phenomenon, it occurred to me that there could be such a thing as a Helicopter Agent!
The dictionary defines this term as: A parent who takes an overprotective or excessive interest in the life of their child or children.
Hmm, this would be considered to be a really good thing for any real estate agent to be referred to by their clients. Being … (18 comments)
This morning when I was reading Fred Hernden's post, The Inspections is a Formality, I was reminded of how easily buyer's can get caught up in the emotion of finding that "perfect" home. We have all been there either as consumers or as an agent representing a client. Buying a home can be exciting, stressful and often emotional.
While there is nothing inherently wrong with emotions, when you are purchasing what is most likely the largest assest that most people own, emotions need to be kept in check when purchasing a home. Emotions can get in the way … (5 comments)
I know that this is not an original title but it fits so perfectly that I had to steal it from the show The Bachelorette! In the past few days I have been involved with a really unorthodox real estate transaction. What began as a typical offer began to unravel and show its true colors very quickly! Stick with me on this as I believe you too will find it to be amazing!
I represented the Seller's on this particular offer. We received a full-priced offer with acceptable terms on nearly everything that they asked for. With only one item … (47 comments)
buyers: A Virtual Meeting Saved This Deal!
- 11/03/14 07:34 AM
Each and every one of us knows how personal this business is with the interaction with our clients. The hoped-for outcome is a genuine trust between the parties! So what happens when life happens and you really cannot be at a vital meeting?
This happened to me this weekend as a bronchial infection soon took over my body in the form of Pneumonia. I was down for the count! These clients had come from out of town and were an Active Rain Referral no less!
Now of course I know there is a time when we just have … (28 comments)
buyers: IS IT BEST FOR A HOMEBUYER TO USE THE BUILDER'S LENDER?
- 08/14/14 11:44 PM
When working with home buyers of new construction, most of the companies in this area will offer the buyer some incentives for using their in-house Lender as well as their Title Company. At first glance this often seems like a great deal for the buyer. Hold on there Nellie, let's make sure this really is a good deal!
Even with the incentives, an in-house Lender might not always be the best deal. Buyers need to be sure to really compare what they are getting. In these cases, it is good to advise the buyer to speak with a trusted … (6 comments)
buyers: WHY THE INFORMATION ABOUT BROKERAGE SERVICES MATTERS!
- 08/03/14 11:51 PM
In Texas, it is require BY LAW to present all prospective buyers, tenants, sellers and landlords the form called INFORMATION ABOUT BROKERAGE SERVICES. This form is to be presented by a real estate agent upon meeting a prospective client at the first "substantive dialogue". So what does this mean?
What is the definition of "substantive dialogue"? Basically when a prospective client meets or discusses specific things regarding a real estate property. This could mean exchanging information via email on a specific property or through a phone call or in person.
What is the form? Commonly know as the … (2 comments)
buyers: UNDERSTANDING WHAT BASE PRICE IS FOR NEW CONSTRUCTION
- 07/27/14 03:26 PM
I had the pleasure of working with a lovely young couple in purchasing their first home. We looked at many resales and then the new construction. Thankfully this couple listened to my advice and really weighed all of their options and pros & cons of their decision. They ended up choosing the new construction which for them was the right choice.
When the excited prospective buyers enter the fabulously decorated model home, they begin to immediately dream of moving into a home with all of the bells and whistles. It is wise to understand that the model home typically … (5 comments)
Home buying should be an exciting time for a consumer! Choosing the perfect home, packing up your former home and preparing for the BIG DAY! No one can predict a perfect move or closing however, steps can be made to make the closing and move as stress-free as possible.
1. Stay in close touch with your Agent, the Title Company and your Lender! Stay abreast of any "issues" that might be lurking so that you are fully aware of them in order to deal with them … (5 comments)
There have been a lot of blogs recently discussing the final walk through. In reading through some of the horror stories, I thought I would put together a fun little ditty of some of the more "interesting" surprises that I have encountered during the final walk through.
The free-roaming snake! Yes you read that correctly - a snake on the loose! Needless to say, this was one quick walk through. Client spotted it from the corner of her eye and we … (6 comments)
Many, many years ago, I represented a buyer on a new construction home. This is my 3rd post in the March to a Solution Challenge. These posts for this challenge have been very interesting for us all.
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