buyers: Who Should Pay the Buyer's Agent?
- 12/26/07 05:32 AM
Recently an offer came in on one of my listings from an experienced, seasoned, competent, and well-regarded buyer's agent from a well-known, well-respected firm. As many offers are these days, the price was low, the closing cost credit was high, and the inspection contingencies were rigorous. On this particular listing, the seller was offering a somewhat less than standard coop to the buyer agent. When the agent expressed shock and dismay about the amount we were offering, I decided on the spur of the moment to get into it. I asked "Who are you working for?" The reply came quickly and with … (8 comments)
buyers: Turning an Internet Lead Into a Buyer: Part 2
- 04/03/07 03:40 AM
In Part 2, Turning an Internet Lead Into a Buyer: Part 2, I differentiated between a true lead and a mere glimmer of hope. That is, a true lead is a consumer who asks for information that is not already on the web site and expects a reply in their email or by phone. That means that when they get a response from you they will: Be expecting itBe glad to get itRead itPossibly respond to itMaybe even save itThey won't consider it SPAM. That's the good news. The bad news is that they might not be ready to get in your car and … (1 comments)
buyers: Turning an Internet Lead Into a Buyer: Part 1
- 04/02/07 06:21 PM
I am constantly bombarded by offers from thousands (it seems like) companies offering to give me (for a fee) buyer and seller leads from the Internet. After all, we've had to accept that the Internet is where the buyers are, or where they start out at, and agents who get them during that "information gathering" stage will net a buyer down the road. I'm convinced. So bring on the leads! Leads, leads, leads! Cheap leads and expensive leads. Hot and cold leads. We get leads upon top of leads from the Internet, but THEN what? In my team, we quickly found out … (4 comments)
buyers: Home Inspections: Getting Buyers and Sellers On the Same Page
- 04/01/07 04:31 AM
It might be funny if it wasn't so risky: Buyers and sellers playing games with home inspection items. Have you evern heard a buyer, when drafting a list of items to request of the seller on a home inspection addendum, say something like, "Let's give them a few things to say No to!" Have you ever heard a seller say, when anticipating a home inspection say something like, "I'm leaving a few things unrepaired so the buyer will have something to ask for!" WHAT! What kind of thinking makes either of these strategies seem like a good idea? A long list of items presented to … (3 comments)
buyers: An Offer the Seller Can Say "Yes" To
- 04/01/07 03:31 AM
These days, many buyers think they HAVE to offer less than the seller is asking. I'm not sure exactly why. Of course, buyers can't explain it. Just a couple of years ago, buyers were regularly making offers much higher than the seller was asking. The human brain hasn't changed that much in the last couple of years. Why, now, are buyers outraged at the idea that a house might be worth what the seller is asking for it? Is this another "Principle of the thing" response such as I mentioned in a previous post? I can think of a couple of reasons: 1. Perhaps buyers, … (2 comments)
buyers: How Is The Market? It Moves!
- 04/01/07 02:04 AM
Buyers and sellers are constantly asking me, "How is the market?" These day, the question is often more specific: "When will the market improve?" I'm constantly amazed at the question. The real estate market, is, well, a market. It responds to the law of supply and demand just like any other market. Sometimes sellers have the advantage (in terms, pricing, timing, and so on) and sometimes buyers have the advantage, but houses always sell to someone at some time. But even though the housing market IS a "market," it is fundamentally different from, say, the market for pork bellies, in that the commodity … (4 comments)
buyers: What Are Buyers Looking For?
- 04/01/07 12:45 AM
I recently spoke to a prospective buyer who came to me through in Internet lead. In discussing what he had done so far in his home search, I realized that he had been not only shopping for a home, he had been shopping for an agent as well, even though he probably didn't realize it. His history included surfing the Internet and taking actions that would send a lead to an agent, calling listing agents on newspaper ads, and calling on signs. In addition, he had several agents on the lookout for properties in various communities, one agent to a community. The net … (1 comments)
buyers: Feedback On "Calling For Feedback"
- 01/03/07 10:15 PM
I am amazed by the feedback I have gotten on my blog about calling for feedback. It illustrates a point I forgot to mention in my post: If you put something out there that interests people, you will get feedback whether or not you ask for it. A few of the responses agreed with me that I can give my sellers feedback after showing without talking to the agent. That is, "We didn't get an offer. So they didn't want to buy it." Feedback (on my post) ranges from "feedback is useless" to a firestorm of controvery between my readers over email vs. … (3 comments)
buyers: Smart Showing Guidelines
- 01/02/07 11:20 AM
As a young buyer's agent, I was amused by the variety of responses from sellers when I asked to show their houses. Some stayed and chatted up the buyers, some tried to show the house themselves, some nervously met us at the door and then raced out as if we had a contagious disease, some scrammed before we got there leaving a strong aroma of potpourri and a sign cautioning us to keep their cats inside, and some just wouldn't let us in at all. When I began to list houses, I decided that my sellers needed some coaching on how to handle showings. So I … (2 comments)
buyers: Helping Buyers Make a Decision
- 01/02/07 06:46 AM
You've all been there You spend a lovely afternoon showing houses. The buyers see several homes they like and seem to be encouraged, but at the end of the day they haven't made a decision. Worse yet, you can't remember which houses they liked, which they didn't, which had the skylight in the kitchen, which had the pool, and so on. You look around in your car for clues. All you see is a jumble of listing information sheets, brochures, and virtual tour CDs among the chewing gum wrappers and cookie crumbs in the back seat. I an effort to abolish clutter, I came up with a solution. … (25 comments)
buyers: If Someone Likes It, They Will Buy It
- 12/30/06 11:34 PM
Every Realtor knows that property condition and "showing well" are of primary importance in getting an offer on a house. But we've all had this experience: Just after you've explained that the kitchen needs new counter tops, the cracked tile in the bathroom needs to be replaced, the yard needs landscaping, and all the bedrooms need paint the seller smiles at you dismissively and says, "Oh, if someone likes it they will buy it." Meaning, "We know better than you how to sell our house and we're not willing to do any of the things you advise." Here's what I say: How are we … (1 comments)
buyers: Two Phrases Every Agent Should Know
- 12/30/06 07:34 AM
As real estate professionals, we hold several titles: Sales Associate, Realtor, Broker, Real Estate Consultant. We also wear many hats: Presenter, negotiator, mediator, decorator, counselor, courier, helping hand, listener, and, perhaps, even house cleaner or dog-sitter. My least favorite role, however, is one that I seem to perform all too often: Bad News Lady. Wouldn't it be great to have only good news for buyers and sellers? To be able to say, "Yes, Mr. Buyer, the sellers will gladly take a 25 percent price reduction AND pay all your closing costs!" Or, "Great news, Mrs. Seller! I have a buyer who wants to pay … (30 comments)
buyers: Strategic Pricing
- 12/29/06 01:51 AM
A new agent came to me for advice about a listing that wasn't selling. A quick look told me that the home was overpriced--by a lot! When I asked why the agent had taken the listing at such an unrealistic price, she replied that another agent had offered to list the home for the higher amount and the client would have chosen the other agent if she had not taken the listing at the high price. I won't go into all the reasons an agent shouldn't "buy the job." We've all heard plenty about that before. What concerned me about this situation is that … (15 comments)
Recently an offer came in on one of my listings from an experienced, seasoned, competent, and well-regarded buyer's agent from a well-known, well-respected firm. As many offers are these days, the price was low, the closing cost credit was high, and the inspection contingencies were rigorous.;)
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