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It all started about a month back when I recieved a great offer on a beautiful property I had listed from a well respected agent from another firm. Price was great, terms and financing were acceptable, and they didn't even want a home inspection! Then I noticed a clause that stated (not quoting here) The Seller will pay from closing 3% commission to (said company) as noted in the MLS.
I thought about it for awhile and although I had never seen a commisision written into a contract, it seemed like a smart idea to me. The seller had no problem because they were already planning to pay the stated 6% to split between us. Sellers signed the deal, appraisal, financing, ect all went smoothly and we closed 4 weeks later.
Fast forward to this week. I show a property for the second time to interested buyers Ive been working with and they decide to make an offer. I write it up (Not putting commission on the contract) and take it over to the sellers agent. It was low so over a period of days the buyers and sellers verbally came to an agreement. This final agreed upon price was only acceptable to the seller if both agency's agreed to lower total commission from 6% to 5% (sellers great idea). Im not one to lower commission but in this situation I really wanted the buyers to get the house so I agreed.
In the process of writing up the contract terms everyone has agreed upon, I tell the selling agent I am going to note the commission on the contract (the seller already lowered us to 5% and Im thinking I dont want him trying to hassel further at the closing table!). The selling agent said that they absolutly would not have his sellers sign a contract that stated the commission rate. He says its unethical, illeagal, and against NAR policy to have commission on the contract!
After some quick research I haven't found definitive proof either way. The agent I "adopted" it from is generally top notch and I would consider her very ethical. So do YOU, or do you know anyone who puts commision rates on contracts? Is it against NAR policy? Illegal?
Travis Broadwater
www.travisbroadwater.com
If you are planning to install new energy-efficient windows in your home there are three factors to keep in mind: frame, glass and installation.
First, the frame can be constructed out of a variety of materials, including aluminum, vinyl and wood. Aluminum is not a practical choice in most areas because the metal conducts temperature and can fluctuate between hot or cold, however, because of its durability, aluminum may be the best option in coastal areas or rainy climates. Vinyl is inexpensive and practical, but may be limited in choice of color. Wood-framed windows are the most insulative, but they require more upkeep than aluminum or vinyl.
When it comes to glass, the most often-selected option is an argon-filled, double-paned window with Low-E glass. To understand a window's performance, check its energy-efficiency label. The "R" value is the measure of how well it prevents heat from passing through; it ranges from 2.4 to 4.5, and the higher the better. Conversely, the "U" value measures how much heat actually passes through and this number should be low.
Finally, if your windows are not properly installed, they will not perform effectively so be sure to hire a reputable professional.
Should You Buy Now?
Even though the federal tax credits have expired, it is still wiser to buy now than rent. You get a tax write off and build appreciation instead of throwing money away each month. Home prices are so affordable today it is a good time to take advantage of the buyer’s market conditions with low interest rates and an abundance of properties to select from. Buyers can find great deals on distressed short sales, foreclosure auction properties and REO’s (real estate owned), including single-family homes, multi-family dwellings, townhouse, condos and commercial apartment buildings in all areas and price ranges.
If a large down payment is preventing you from buying, you can purchase an owner occupied property (single-family home -4 units) with an FHA loan that only requires a minimum of a 3.5% down payment. However, if you are going for traditional financing or buying non-owner occupied investment property, then you will need at least a 20% -30% down payment and good credit. If you have less than perfect credit, you may want to investigate seller financing or a rent to own program.
So the first decision you need to make is what type of property you want to buy and how you intend on using it. Intended uses including:
· Residing in the property
· Renting it out
· Holding on to it
· Flipping it
· Lease optioning
Be sure to line up your financing right away so you are ready to make an offer when you find the right opportunity.
Timing is everything in buying and selling real estate, and right now is a great time to buy, especially foreclosure real estate. Foreclosures are sold at discounted prices, and you get a property with built in equity. One thing for certain is real estate appreciates over time. With affordable prices, all time low interest rates and abundant inventory, there is no reason not to buy.
Travis Broadwater
Broadwater Properties
Eager to watch the likes of Hulu and YouTube on the big screen, more people are hooking up their TVs to the Internet, says a new report from iSuppli.
A survey of 800 U.S. consumers who bought TVs in January found that 27.5 percent of them have connected their new sets to the Internet, either through the TV itself or via an external device such as a game console or digital video box. That compares with 24.3 percent in December.
Almost 42 percent of the sets that were purchased in January and are now connected to the Internet are Internet-Enabled TVs (IETVs), which can jump online using their own built-in wired or wireless capabilities. That is a huge rise from December when new IETVs accounted for 27.7 percent of the connections. Video game consoles were the next most popular way of accessing the Net through a TV, followed by Blu-ray players, digital video boxes, and PCs.
"From video-sharing sites like YouTube to online services like Hulu, consumers increasingly are turning to the Internet for video entertainment," iSuppli television systems analyst Tina Tseng said Tuesday in a statement. "And these consumers want to view Internet content on their primary displays in their homes--their televisions--rather than being relegated the small screens of their desktop and notebook PCs."
Global sales of IETVs will hit 87.6 million units by 2013, up from 14.7 million last year, the market researcher predicts. And around 60 percent of all flat-panel TVs shipped in the U.S. in another three years will be IETVs.
"IETVs provide easy, integrated Internet access, attracting the interest of consumers," noted Tseng. "Because of this, all the major brands now are offering more flat-panel sets with Internet connectivity, including Samsung, Sony, LG Electronics, Vizio, Sharp, and Panasonic." Dropping prices and a greater selection of screen sizes are behind the surge as well, Tseng said.
Opera Browser Coming to iPhone
 If you want to browse the web on your iPhone (or iPod Touch or the upcoming iPad), the only option is the built-in Safari browser because Apple, until now, won’t approve other browser apps in their iTunes store.
Opera, hoping that Apple will change their policy, has developed a version of the Opera Mini browser for the iPhone and they’ll showing a preview of this iPhone App during the Mobile World Congress that happens in Barcelona next week.
An email from Opera PR says:
“We are thrilled to offer journalists and partners an exclusive preview of Opera Mini for iPhone during the year’s biggest mobile event,” said Jon von Tetzchner, Co-founder, Opera Software.
Safari vs. Opera for iPhone
Opera says Opera Mini for iPhone offers up to six times faster download speeds than Apple’s own browser, and up to 10 times smaller data traffic.
The Opera Mini for iPhone will only be shown to members of the press but Apple will have to approve the app for everyone else to experience Opera on their iPods and iPhones.
That may not happen anytime soon as Opera is yet to submit their Opera Mini iPhone App to the Apple App Store for approval.
Finding The Time To Blog
Dear Blog,
I must apologize for my lack of commitment lately. Between prospecting for new clients and trying to keep my closings on track I just haven't had time to fill you in on my day-to-day activities. I promise I can change, can you forgive me?
Sincerely,
Travis
Now that I have taken care of the apologies, lets get to the point! I often find myself "blogging" great topics in my head, unfortunately I must admit, not even half make it to my laptop and ultimately to the internet where they belong. My problem lies in finding the time to actually sit down and just get to work.
Well this year I have finally decided to make blogging a priority as so many of you already have. In my "planning" I have made a list of three ideal times and places where I might be able to sneak a few paragraphs without effecting my day dramatically and I would like to share them with you. Please feel free to comment with your preferred "quick blog" places as well, I need all the help I can get!
1. On an airplane/trip- Use those dreadful hours in the air to get ahead on your blog. (I'm on a plane back to Pittsburgh right now, so it works!)
2. Meals out- Anytime you find yourself eating lunch or dinner alone, take your laptop or net book along. Many area's and restaurants provide free wifi. That means when your finished blogging (& eating) you can publish it immediately. Instant gratification.
3. Waiting- Blog while waiting on clients, kids, or your spouse. Especially in the car, trade in those 5 min of mediocre radio play for 5 minutes blogging whats on your mind. It makes the time fly by and does not cut into your daily schedule.
With some simple planning blogging can be a quick and easy method to advance your career and hopefully land some clients as well. So get out there and blog already!
Travis Broadwater
I recently recieved an email from a local FSBO asking me a question I generally do not answer unless its asked by one of my sellers. I guess I was feeling nice that day, or maybe I just hope to eventually claim the listing but here was my response to him.
When reducing the price of a property there are a few things I recommend to keep it "fresh".
1. As noted in a previous post, a new picture is always a good start. Possibly a different front angle or just a better overall shot (almost all listing photos I see can be improved, including my own). This is especially effective when the seasons have changed since the original shots were taken.
2. If you are not using a Realtor you should be. But if for some reason you disagree, you absolutely need to get your home on the MLS. Some areas have companies that will list your home on the MLS for a low set fee. Fact is, the most powerful marketing tool available is the MLS.
3. Sometimes I use the phrase "New Price!" across the top of my listing photos in print advertising. I find that people are more drawn to it than when using "Price Reduced". It may have to do with the fact that people scan ad's looking for "New Listing" and the word new catches the eye.
4. Keep doing everything you have been doing and be sure to update the price on all the sites you are already using. Find a few more to use, you can never be on to many websites.
5. Make the price change once. If you have come to the conclusion that you are priced higher than you should be than you probably have had your house on the market awhile with no luck. If you are serious about selling your house, price it aggressively now. This is not a market where you are going to get lucky and make a million selling your house. You do not want to have to update 30 websites again next month when you realize you need another reduction.
I hope some of these ideas will help a fellow Realtor! Happy Selling!
10 Smart Tips For Savvy Homeowners
Here are some tips that I give my sellers when listing their house. It's a mix of domestic wisdom and selling secrets!
- Keep candles in the refrigerator for several hours before use to slow down dripping and make them last longer.
- Have you tried baby wipes on carpet stains? They work so well you will be wondering why no one told you sooner!
- To eliminate strong cooking odors (fish, fried food, bacon, garlic, ect.) heat white vinegar in an uncovered pot on the stove. (Don't boil) Remove after 30 minutes. The light vinegar smell dissipates quickly, taking odors with it.
- After your next party, share flat, leftover beer with your garden. Plants love the yeast.
- Ants hate anything spicy. Sprinkle ground pepper, cayenne, even cinnamon, in their path, and you'll stop them in their tracks.
- Fill nail holes with a paste made from cornstarch and water. Works just as well as putty!
- Your chimney will stay clean if you throw a handful of salt on the fire.
- When a wooden door or gate sticks, bring out the hair dryer. By blowing hot air directly on the wood where its sticking, you will remove the moisture and the swelling will go down.
- Squeaky doors? For a drip less solution, use petroleum jelly on the hinges instead of oil.
- Simmer a sliced apple and a couple cinnamon sticks in water on your stove. Your whole house will smell like apple pie. This one is great for open houses!
 Quick Skim
For those who've wondered why some people seem to always find success while you struggle to live paycheck to paycheck, author Robert Shemin has the answer. In his new book, How Come That Idiot’s Rich and I’m Not? (Crown Publishers, 2008), Shemin provides a roadmap to becoming what he calls a “Rich Idiot” and building your wealth. He talks from experience, having become a multimillionaire himself by the age of 30 and owning a real estate empire of more than 400 properties. His wealth strategy relies on purchasing real estate, investing in stocks and bonds, and building your own business.
From the Book: 5 Ways to Increase Your Wealth
The key to achieving financial wealth first requires unlearning some of the things that have been holding you back, Shemin says. Here are a few:
1. Stop thinking too much. If you overanalyze and spend hours studying and creating complex charts to evaluate decisions, you risk becoming too set in your ways and unable to accept new ideas. In other words, “you’ve become too heavily invested in your own smartness,” Shemin says. By the time you’ve made a decision, the opportunity has disappeared. Instead, get the basic facts, verify those facts through others who’ve taken similar opportunities, trust your instincts, and then, most importantly, take action.
2. Throw away your long list of goals. Too many goals scatter your focus and energy, Shemin says. Instead, have one goal and pick activities to work toward it daily. “Setting too many goals is like taking aim with a shotgun,” Shemin writes. “Setting one goal is like taking aim with a laser beam.”
3. Get into debt. Good debt, that is — those assets that bring in more money than they cost. Good debt includes a loan to buy real estate or a loan to start your own business. Bad debt eliminate — debt on credit cards or that fancy car.
To help manage your cash flow and prevent bad debt, follow a budget, such as spending 30 percent on housing, 10 percent on transportation, 10 percent on insurance/medical, 15 percent
on food and clothing, 15 percent on travel and entertainment, 10 percent on savings, and 10 percent on charity.
4. Never say “I can’t.” Instead, say “How can I?” Maybe you don’t have the big bucks rolling in now but even a small investment can eventually pay off. For example, just a $1 investment per day can reap big rewards. In 20 years (earning interest at 10 percent), you’ll have $21,129, or $1.1 million in 60 years. Up that to $250 a week in savings (also earning 10 percent interest) and you’ll get even more — nearly $1.2 million in 25 years and more than $36.7 million in 60 years.
Need inspiration to keep yourself on track? Create a wealth wall that consists of pictures and words on luxuries you want, vacations you want to take, and examples of good works, such as a scholarship you could sponsor or a shelter you could help feed. Use the wall as full-color daily inspiration to reaching your goal.
5. Get to give. Wait a minute, shouldn’t it be give to get? Shemin says that in order to give, the “get” must come first. “I know that most of us are uncomfortable with receiving,” Shemin writes. “But Rich Idiots think of getting in a very different way. Rich Idiots know that the more they have, the more they can give. In fact, Rich Idiots crank this thinking up a notch and believe it’s their duty to get more so they can give more.”
The law of “get,” Shemin says, is receiving abundance with gratitude. So “get” more by being thankful for what you already have and always asking for more, such as for help, advice, and money. Then, donate to important causes. Even when you don’t have a lot to give monetarily, you can give by volunteering for a cause or contributing to your community.
Rich Idiots strive for balance in their lives — what comes to them in wealth is balanced with the wealth that flows from them to others, Shemin says.
Sneak Peek
“What made that guy or that girl back then an idiot is the same qualities that are making them rich today. And what got you the good grades and the pats on the back and all the gold stars is what’s keeping you from getting rich. Duh! And you thought it was all about hard work, sticking to the rules, and never coloring outside the lines.”
About the Author
Robert Shemin, a nationally recognized real estate expert, is the author of 10 best-selling books, including Secrets of Buying and Selling Real Estate Without Using Your Own Money (Wiley, 2003) and Successful Real Estate Investing: How to Avoid the 75 Most Costly Mistakes Every Investor Makes (John Wiley & Sons, 2003). He has been involved in more than 1,000 real estate transactions and serves as a spokesperson for the The National Association of Real Estate Investors and the American Congress of Real Estate Investors. He also serves as a regular expert on wealth for CNN. He holds a law degree and an MBA from Emory University.
The 4 Major Factors That Sell An Expired Listing
As a real estate professional in the current market you are bound to run into your share of expired listings. Weather it is your listing that has expired, or a competitors, here are four major areas to address with the seller to get the listing back and get it sold-
1. Communication-
Teamwork and communication between the seller and agent is key to know how to alter a marketing plan for success. Inattention to a listing can be a factor, but rarely is the core issue. Make sure you let your sellers know that you want any feedback they can provide and that you will offer the same to them. The seller is the key source for information regarding changes in the neighborhood and property condition that affect the property's salability. The more you work together, the faster a sale will be closed.
2. Price-
This is the obvious most common culprit for the lack of a sale. An incorrectly priced home attracts the wrong buyers or worse, none at all. When working with a previously expired listing be sure to prepare an up-to-date competitive market analysis, the market conditions have probably changed since it was initially listed. Activity without offers often indicates overpricing. Remember, any home, no matter what the condition is, will sell for the right price.
3. Condition-
A home in like-new condition sells faster and gets the best price because it outshines the competition. Make sure your sellers fix all the little squeaks and drips, paint neutral colors where needed, brightened up and concentrated on outside curb appeal. I suggest having a few other agents from your office take a tour of the home with you and allow them to point out the areas that need to be addressed to make a sale happen. Make sure you relay any information that might be useful to the seller.
4.Marketing-
The saying goes, "Advertising doesn't sell homes, agents do." The secret to success is a carefully crafted marketing plan that exposes the property to the widest possible pool of prospective buyers. Some elements you might like to include in your plan: direct promotion to other agents/brokers, brochures and flyers, listing in an area wide internet website and MLS, broker open and buyer open houses if appropriate; and any other activities designed to capture buyers.
As a rule of thumb, make sure the home is in buyer-ready condition before you re-list it. If it didn't sell the first time around, don't just hope for better luck this time; make sure the necessary changes are made to inhibit a fast sale. Your sellers will thank you for it at the closing!
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Travis Broadwater
Wheeling,
WV
More about me…
Broadwater Properties
Address: 1713 Highland Avenue, Wheeling, WV, 26003
Office Phone: (304) 280-6033
Cell Phone: (304) 280-6033
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