kathy vaughan: Limited Service Agency
- 02/26/07 05:16 PM
This coming July, a new revision to the agency law goes into effect in Virginia. This revision sanctions the "limited service agent." Up until now, Virgnia agents could work as "standard" agents or as "independent contractors." No distinction was made regarding the types of services expected of an agent based on his or her title. Come July, agents will have to let their clients know just exactly what services they will be performing and get their agreement in writing. Sme folks object to this change. They say that Virginia is sanctioning discount brokers when they should instead be setting a minimum standard … (1 comments)
kathy vaughan: Auctions: An Introduction
- 01/10/07 03:27 AM
Now that we have entered a strong buyers market, we are returning to marketing techniques we haven't seen in quite a few years in an effort to get our listings sold. We're beginning to see Broker's Opens, bonuses, seller financing, and other techniques. Another creative marketing technique is the auction. You will definitely want to look into an auction if your listing simply isn't getting many showings. The best thing about the auction is its ability to expose your listing to a large number of people in a short period of time. Even if your seller doesn't have much equity, I would still … (10 comments)
kathy vaughan: Code of Ethics 2007
- 01/08/07 01:12 AM
The revisions to the Code of Ethics for 2007 have been released. Upon reading the revised Code, I was struck once again by the poetry of the Preamble. Please take a moment to re-read it and quietly regard our awesome responsibility to the public and the honor of providing service. "Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. REALTORS® should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution … (2 comments)
kathy vaughan: Do Sellers Have Smellers?
- 01/07/07 10:19 PM
Early in my real estate career, I read an article titled "If You Can Smell It, You Can't Sell It." I don't remember the author, the publication, or even many of the details, but the catchy title has always stuck with me. It has stuck with me because it's catchy, but also because I am confronted by the challenge of talking to sellers about potentially offensive odors in their homes in almost every listing. Pet odors are the most frequent odor problems, but lingering smoking and cooking odors also present their fair share of challenge. Now, it's really not that hard for me … (2 comments)
kathy vaughan: The Ethics of Real Estate By Internet: The 2007 Code
- 01/04/07 04:57 AM
The National Association of Realtors has adopted several brand new Standards of Practice for the 2007 Code of Ethics that directly address "doing the right thing" when using the Internet in the practice of real estate. Here is a quick summary in plain English: Don't mislead the client when using the Internet to establish a contractual relationship.Make sure the information you put on the Internet is current, and, if it is not, take immediate steps to correct it.Clearly disclose the name of the firm and the state of licensure on all web pages.If you intend to share or sell the consumer's information you … (2 comments)
kathy vaughan: 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)
kathy vaughan: Calling For Feedback
- 01/02/07 10:48 PM
I once asked a seller whose listing had expired why their house hadn't sold. He told me there was no doubt about it, the agent had not called other agents for feedback. I didn't argue with him, but it seemed such an odd shortcoming to focus on, I gave it some thought. Why do we agents call for feedback (or send emails, faxes, or letters)? Do we really want some sort of information, or do we just want to satisfy the seller that we have done everything possible to sell their home? What do we really expect to hear when we ask, "Did … (23 comments)
kathy vaughan: What Will You Do If My House Hasn't Sold In Two Weeks?
- 01/02/07 11:46 AM
There is no shortage of resources for sellers on how to interview agents. I have gone to many listing appointments where the sellers proudly produce a photo copied sheet of questions. The list is always different. Sometimes the questions are good ones. Sometimes I've already answered them. Sometimes they just don't make any sense at all. But there is one question every seller should ask,and I don't think I've ever seen this question on any of those pre-printed forms. (If you have, please let me know.) That question is: "What will you do if my house hasn't sold in two weeks?" Optimism is abundant … (1 comments)
kathy vaughan: 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)
kathy vaughan: 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)
kathy vaughan: How Long Have You Been An Agent? Answering A Tough Question
- 01/01/07 04:30 PM
As a new agent, I was terrified of the question "How long have you been an agent?" I thought answering the question honestly would reveal my incompetence and lose me a precious client. I was lucky to have them, and I didn't want to lose them! After getting a few transactions under my belt, I began to feel that my clients were lucky to have ME! But, as a real estate broker and coach, I hear new agents expressing this concern time after time: "What if they ask me how long I've been in real estate?" Here are a few of the suggestions I … (5 comments)
kathy vaughan: 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)
kathy vaughan: 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)
This coming July, a new revision to the agency law goes into effect in Virginia. This revision sanctions the "limited service agent." Up until now, Virgnia agents could work as "standard" agents or as "independent contractors." No distinction was made regarding the types of services expected of an agent based on his or her title.;)
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