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Sure, swim with the alligators as long as you know the risks...

By Gary L. Waters Broker Associate, Bucci Realty

Real Estate Agent with Bucci Realty, Inc. BK3064647

June 29, 2012 09:49 PM

There is a risk when going it alone. This is true whether you are renovating your kitchen, selling your own house as a FSBO (for sale by owner), or managing your own rental property.

I had a landlord's previous tenant call me recently because their deposit had not been returned. I explained that I was not the property manager and recommended they read the statutes. I then emailed the statutes to my "Do It Yourself" landlord who was going to immediately contact the tenant who moved out last month.

This served as a reminder to me that it is imperative we understand the implications of doing things without the assistance of a professional.

Selling your own home is not a proven successful strategy for the majority of home owners. I am not sure about the success history of owner landlords.

I recognize my limitations so I have never attempted a major home renovation job. I have never sold my own home without the use of a Realtor®. When I owned a rental property I had a property manager handle all tenants.

Knowing your limitations is key in managing your risk exposure.

If you are considering selling your Viera, Suntree or Rockledge, Florida home, call me to discuss how I can work for you.

If you own rental property in Brevard County, Florida and are seeking assistance with tenant placement, call me. If you would like me to refer a property management company, just ask!

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Tammie White, Broker

Franklin Homes Realty LLC - Franklin, TN

Franklin TN Homes for Sale

Gary, I currently have a home that is under contract. It was listed for 8 months as a FSBO. I got it under contract in 2 days. The seller is a control-freak. He calls me multiple times a day. I keep telling him, when I know something, he'll know it. I have mangaged this sale very well but he can't handle that he can't have direct access to the seller who also happens to be an agent. He told his wife the other day, he'll never use an agent again. Too bad because if I hadn't been involved this deal would have fallen apart because of the seller's temper.

Jun 30, 2012 02:22 PM

Donald Reich

Madison Specs - New Rochelle, NY

Cost Segregation Specialist

So many consumers out there think they know better than us. They are only hurting themselves

Jun 30, 2012 08:05 PM

Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Eighteen Years Experience in Brevard County

Sandy - There is a risk...a costly risk depending on the property. Thanks, Sandy!
Jeffrey - Thanks.
Kathy - IN the long run...and often they never accept it either, thanks.
Morgan - Knowing is key...accepting that you have limitations is the next step. Thanks!
Tammie - Control is probably one of the characteristics of FSBOs. Or is it the lack of trust?
Donald - How much they hurt themselves they very often never realize.

Jun 30, 2012 09:23 PM

Michael Setunsky

Woodbridge, VA

Your Commercial Real Estate Link to Northern VA

Gary, these are two areas where a real estate professional is a definite must. This is not the place to try and save money.

Jun 30, 2012 10:52 PM

Dr. Paula McDonald

Beam & Branch Realty - Granbury, TX

Granbury, TX 936-203-0279

Yep, the old saying you get what you pay for rings true here! Saving a buck can cost you thousands.

Jun 30, 2012 10:56 PM

Jennifer Fivelsdal

JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY

Mid Hudson Valley real estate connection

Gary what a great title. We see it all the time where people risk much by going it alone. I hope some will heed your sound advise.

Jun 30, 2012 11:01 PM

Chris and Dick Dovorany

Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL

Broker/Associate at Premiere Plus Realty

This post did help me. I am not a rental agent but I have a customer wishing to rent for 1 year then buy what he's renting. The rent would be $7,000/mo and the home is listed at $1.4. I want to do the rental but I don;t know how and I'm afraid of the liability. Your post put one more notch on the con side of this. Thank you.

Jun 30, 2012 11:37 PM

Richard Iarossi

Coldwell Banker Residential Brokerage - Crofton, MD

Crofton MD Real Estate, Annapolis MD Real Estate

Gary,

As licensed agents, not only do we have to know our capabilities, but also what's in the scope of our license.

Rich

Jun 30, 2012 11:57 PM

John Juarez

The Medford Real Estate Team - Fremont, CA

ePRO, SRES, GRI, PMN

DIY is driven by the desire to save money. It is a fact of life that many DIY projects – home remodel, auto repair, FSBO home selling, owner/property manager – do not work out well and cost more than hiring a professional would have.

Jul 01, 2012 12:48 AM

Richard Weisser

Richard Weisser Realty - Newnan, GA

Richard Weisser Retired Real Estate Professional

Gary...

It is a lot like "swimming with alligators," isn't it? There are some real perils when you test dangerous waters alone.

Jul 01, 2012 01:24 AM

Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Eighteen Years Experience in Brevard County

Michael - You are right...a qualified professional can save and manage risk. Thanks!

Paula - Amazing the cost of saving. Thanks!

Jennifer - The title just sort of showed up when looking for a picture because we all know we need some graphic in every post. I am not blessed with the skill you have when it comes to great pictures. Have a great Sunday!

Chris and Dick - Thanks. Recognizing our limits is key to our staying out of trouble. Good luck!

Richard - So true. Our license has its limitations as well. For that reason most of us are quick to defer to attorney and tax specialists.

John - You are right - save money. For those who have the skills it is well worth the effort. For the rest of us...hire a pro. Thanks.

Richard - Perilous waters...for sure. Thanks.

Jul 01, 2012 02:38 AM

Brian Park

Park Realty Investments - Murray, UT

Your post is right, at least get someone to help who has read the instruction manual. I say check twice on that professional help though. The reason I became a real estate broker was directly due to two agents I can't forgive even now 50 years later. Because of them I didn't trust any agent, and took the real estate license course to get a foundation for selling and buying my own homes without using agents. If an agent showed up at my door I let them know they had better started running.

When an agent started using me as an adviser I decided I had all this knowledge and I might as well get paid for it plus it gave me some extra income from deals too thin for me as an investor but fat enough for a commission and within a week or two some how I became an agent. I applied for a license and got a test date for the next week, panic set in then I decided what the heck I would take the test for the experience, study and try again in a few months.

Then the post card, I passed and I read later in the state bulletin that only 56% passed. The big shock was I found out I had gotten the license but it was only a license to hunt, I still had to learn how to hunt. But I lucked out and was befriended by an old agent that had started in 1909 and the other agents avoided because of his long stories. He taught me how to hunt and his old stories were pure gold, and now I say I have 103 years of experience. The real lesson I learned was not all agents were incompetent, crooked, or idiots and should not be used, just be careful who you pick, it could be someone in the aforementioned group..

Jul 01, 2012 04:09 AM

Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Eighteen Years Experience in Brevard County

Brian - So true. Just as the bottom student in medical school is also called a doctor, all who pass the licensing exam is called a real estate agent...for good or bad. Thanks!

Jul 01, 2012 04:28 AM

Mike Cooper, Broker VA,WV

Cornerstone Business Group Inc - Winchester, VA

Your Neighborhood Real Estate Sales Pro

Good advice, Gary, and something every DIY-er should know up front. If you're going to go it alone, know the rules or be willing to bear the consquences.

Jul 01, 2012 04:42 AM

Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Eighteen Years Experience in Brevard County

Mike - That is it..knowing what outcomes are possible....success at what cost? Thanks.

Jul 01, 2012 06:09 AM

Karen Feltman

Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA

Relocation Specialist in Cedar Rapids, Iowa

Truer words could not have been spoken. I have a buyer that just had an inspection on a house with a new kitchen. One where there was no permit. Electrical is all sorts of dangerous and not correctly done. I hope that the seller is prepared to fix it to code and make it safe!

Jul 01, 2012 02:28 PM

Gary Frimann, CRS, GRI, SRES

Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA

REALTOR and Broker

Gary, your post is spot on. Certain things like property management should not be done by amatuers. Removing a splinter is OK to do by yourself, but performing open heat surgery, or brain surgery should best be left to pros. Indeed, those are more highly skilled, but having no skill in property management is almost suicidal. There is a reason there is a market for property managers. There is a lot of knowledge by people who do this stuff on a daily basis.

Jul 01, 2012 05:29 PM

Pamela Seley

West Coast Realty Division - Murrieta, CA

Residential Real Estate Agent serving SW RivCo CA

Gary, property management is completely different from residential sales. I wouldn't go there unless I had studied and had a mentor to guide me. Don't swim with alligators.

Jul 01, 2012 07:38 PM

Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Eighteen Years Experience in Brevard County

Pamela - I agree. Property management is an entirely different set of issues.

Gary - Great analogy using splinters and heart surgery, Thanks

Karen - Kitchen, no permits, amateur job only creates problems for the next buyer. Thanks.

Jul 01, 2012 08:57 PM

Sharon Alters

Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL

Realtor - Homes for Sale Fleming Island FL

Gary, property management is another whole game. Our company requires a class in order to do property management, and this is a great example as to why.

Sharon

Jul 03, 2012 02:11 PM