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Mohave County, AZ Real Estate News

By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
All small businesses have fixed costs ranging from rent to utilities to office supplies. For real estate agents and REALTORS®, there is the added business cost of dues. REALTORS® may have to pay more dues than real estate agents because of the affiliations with the local REALTOR®, State and National Association of REALTORS®. Additionally, if an agent wants to belong to more than one real estate association depending upon the policies and procedures of that second association, the brokerage for that agent may also have to join the agent. Another due is an annual payment for a device to store keys for access to residential properties or even fully fenced in vacant land with outbuildings.  Here in Mohave County, one of these firms is SUPRA.Both REALTORS® and Real estate agents are able to ...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
Every day I read another sales expert, marketing expert, real estate expert, touting the praises of Artificial Intelligence hereafter called AI. Here on Active Rain, there are Active Rain members using AI to generate their comments to blog postings. Usually after the second comment, a receiver of those comments doesn’t have to be very astute to know AI is writing the comment not the actual Active Rain members.The “A” in AI does not refer to being authentic or authenticity, but rather Artificial. What does it mean to be authentic? We can travel back in time to the Greek Language and learn authentic comes from “authentikos” meaning original, genuine and principal.Then what does it mean to be artificial? Again, a time travel is required and one learns the earliest use of the word was for t...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
For many years, the public, consumers, entrepreneurs have been told being a real estate agent is “easy peasy money” as the cost to enter the industry is relatively low as are the ongoing costs to maintain being a real estate agent.  Well, as in the movie “Independence Day” when the Secretary of the Department of Defense is responding to the alleged non-existence of a secret government lab when states “Well, Mr. President that is not entirely accurate,”  and the President learns of the secret Area 51 government funded research laboratory.For any small business and yes, the majority of real estate agents are independent contractors aka small business owners who work for a real estate brokerage company and planning is required. Unfortunately, there is a considerable lack of strategic think...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
As the seller(s) and buyer(s) have signed all the real estate documents, Title has sent the deeds for recording, the professional real estate listing agent, at least in AZ, is not finished.First, she or he must exchange keys or access code with the buyer’s agent. Sometimes this is happens within minutes after close of escrow other times is may take a couple of hours. The listing agent and the buyer’s agent have already scheduled when, where and how this exchange will take place.TIME: 1 HourNext, the professional real estate agent must updated the local MLS with the details of this transaction including: Date the Property Sold Sold Sale Price Type of payment, cash, loan, owner financing or 1031 exchange Any concessions in this real estate transaction Title Company TIME: 15 MinutesDependi...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
Many consumers do not realize that professional real estate agents in their roles as listing agents have a role of "Monitor."  Once the accepted offer to purchase contract is received by all parties, the monitoring begins with the buyer’s agent historically sending the accepted offer to purchase contract to Title. When lawyers are involved this process is probably different.As an aside in AZ, we as licensed professional real estate agents have the AZ Constitutional hence statutory authority to write real estate contracts.  Attorney involvement is also recommended to both parties; however most sellers and buyers rarely bring attorneys into the transaction unless the sale is under “court approval” or there are other concerns.Earnest funds are received within the time frame articulated in ...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
Today we may have heard or continue to hear how real estate agents are making too much money for their efforts. Yet, very few  "experts" and even more importantly, the consumers, actually know all the behind the scenes activities that happen within any real estate transaction especially for out of area home buyers or vacant land buyers.Professional real estate agents and REALTORS®  are the "Source of the Source". These state licensed professionals can guide potential sellers and buyers to the various resources to expedite sales of residential property or vacant land parcels.For example, when buying a home in AZ, these professional real estate agents can "Be the Source of the Source" for: Local Financial Lenders Local Title and Escrow Firms Local Insurance Companies especially for Manufa...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
The residential open house was a success.  Suddenly the listing agent receive three (3) offers to purchase the home.  First, the listing agent responds to each of the buyer’s agents and acknowledges receipt of the offer via email and text.Next the professional real estate agent will carefully review the terms and conditions of  each offer, make any necessary notes and most likely put together a comparison document for the sellers for an easier review.  Often the listing agent may have to call the buyer’s agent for clarification about the loan pre-qualification document, etc.This compare the terms and conditions such as: Offer price Down Payment Type of Financing Lender (local or out of area) Title & Escrow company (local or out of area Length of close of escrow Exceptions to the listing...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
The listing is now active on the MLS which has fed the listing to various other real estate websites.  Also the agent has placed signage for the residential listing and possibly for the vacant land listing.Time:  1 to 2 hours depending upon location and number of signs. Again travel time is not included nor the cost of the signage.Now the waiting begins.  Communication from calls, emails and texts start arriving. These contacts may want additional information or may wish to schedule a showing appointment depending upon what the sellers have agreed to within the listing agreement. During this time, the listing agent has had numerous calls with the sellers respective to the potential buyer activity.Then there are those situations where the real estate listing agent must be present for any...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
The Residential Listing Presentation is a SUCCESS, but not so fast.  Now the real work or even more potentially uncompensated work for the agent begins.  As each listing is different and unique along with each MLS and marketing efforts by each professional real estate agent, some of the following action steps may have already been undertaken.The professional real estate agent returns back to her office and writes up the Listing Agreement (presumes the actual listing agreement was not signed in person) along with any additional addenda such as HOA, Septic, Well, etc.  Next the agent sends the employment listing agreement (aka as a Listing Contract) via email for the seller or sellers’ signatures.Additionally, the agent must update all internal processes from the brokerage’s CRM to the ag...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
For a residential listing presentation, the appointment is often scheduled for 2 hours allowing for an additional 30-60 minutes if necessary. During this listing presentation conversation, the licensed professional real agent learns the expectations of the sellers also known as motivational/value drivers.Also, during this interaction, the agent will answer questions and possibly ask questions for additional clarity especially what is the seller or sellers bottom line? Here the goal is to continue to build trust for a favorable outcome that being a signed listing presentation. Sometimes sellers will interview several real estate agents and then call back the successful listing agent.The time for vacant land listings presentations can be somewhat less depending upon the situation. For me,...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
The phone rings, a text or email is received and a seller want to discuss listing his or her or their property with you. After the 5-60 minutes plus communication in which an appointment has been set, the agent becomes quite excited.TIME INVESTED: 30 minutes on averaged base upon my experienceNext the professional real estate agent will assemble his or her listing presentation packet. Depending on the agent and the brokerage each packet be a little different. However, most packets will contain the following: Information about the brokerage Information about the real estate agent including client testimonials Competitive Market Analysis (CMA) Additional Information Related to the Current Market Conditions or that Particular Area/Subdivision including HOA/POA is applicable  A Blank Listin...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
Human beings are quite interesting creatures as captured in these words by Johann Georg Von Zimmermann:“Half our life is spent trying to find something to do with the time we have rushed through life trying to save.”Ever have someone speed by you in a hurry and then both of you end up at the stop light at the same time?Time is a constant.  There are 24 hours in every day, 1440 minutes and 86,400 seconds. Once a second, minute or hour passes, that time cannot be recovered.Time management is an oxymoron as time being a constant cannot be managed. Old Ben Franklin who also was a philosopher in his own right understood this concept that time is a constant.“Lost time is never found again.”William Penn shared Franklin’s viewpoint from a somewhat different perspective.“Time is what we want mos...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
The buyer’s agent receives a call that the deed has been recorded.  Now it is time to exchange the keys with the new and very excited owners. This may require picking up the keys from the Listing Agent and then delivering the keys to the new owners.  At this time the real estate agent may give a gift to the new owners. In AZ, the monetary value of that gift is $25.00TIME INVESTED: 1-2 HoursLater that day, the buyer’s agent finally receives notice her or his compensation is ready. Depending upon the compensation instructions and if the title firm is local, the buyer’s agent may be able to pick up the monetary reward for all of her or his efforts.TIME INVESTED: 1 HourUpon returning to the office, the buyer’s agent must audit all of her documents to ensure that the brokerage has a complete...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
Close of Escrow (COE) is looming. Usually anywhere from 3-10 days before Close of Escrow if not earlier, the buyer’s agent has received the compensation instructions. These must be reviewed and completed.  Then the compensation instructions must be sent to the buyer’s agent designated broker for her or his signature. NOTE: The time varies as Title must balance with all monies received including confirmation from the lender the final dollars for the loan.Also at this time, the buyer’s agent will contact the Title company to confirm all is good to go. Sometimes, if there is a loan involved, there may be a delay due to the lender’s process (final review by underwriting). Then this requires communication with the lender.In AZ, if the Listing Agent has not sent the septic inspection report, ...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
While the real estate purchase contract undergoes the title and escrow process, the buyer's agent must monitor the transaction to ensure a successful close of escrow. During the first few days (See Part 5 of this Series), an earnest fund receipt must be received, proof of funds delivered to the listing agent if not already part of the real estate offer, disclosures received per the time frame within the real estate purchase contract.Next comes confirming the schedules for the various inspections which may be none if the real estate purchase is vacant land to several as noted in Part 5 of this series She Works Hard for the Money.Within the first 3-5 days after Escrow has been opened, the Title and Escrow firm will mail a Preliminary Title Commitment report is usually received within 3—5 ...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
All parties are now excited. An offer has been made and accepted with or without counter offers.  Close of Escrow date has been established within the accepted offer to purchase real estate along with additional terms such as type of payment, lender if a loan is involved, escrow and any other documents such as supporting and/or required contingency papers.Historically, the buyers’ agent opens escrow by submitting the fully executed real estate contract along with any and all addenda to the escrow firm on noted on the contract. This contract is also sent to the buyers as well as the lender if required. For those states where an attorney is involved, the attorney will open escrow. NOTE: The buyers agent must also update the brokerage files with all documents along updating the Customer Re...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
The buyers have found the “perfect home” or “vacant land” for that forever home.  They indicate they want to make an offer to purchase real estate.If the buyers agents have not already researched comparable homes, active, pending, sold, time is now devoted to this undertaking of Comparative Market Analysis (CMA) which may take one hour or more depending upon the uniqueness of the home.  Given many homes are financed, professional real estate agents will confirm a loan is acceptable to the sellers and specifically what type of loan. Additionally, if closing costs for the buyers have not been calculated, this activity also must be performed. The goal of all these behind the scenes is to ensure that the buyers make the best offer possible. Here is where the experience of the professional r...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
After speaking with a potential buyer or buyers, a request is made to tour several properties.  The buyer’s agent reviews each MLS listing. Additionally, the real estate agent may have to request a loan pre-qualification document or proof of funds for cash purchases from the buyers per specific private remarks to the real estate agents or REALTORS®. And sometimes the buyers will bring family or friends with them.If the real estate agent has not already downloaded all available information, time is invested to gather a complete file on each property.  This may included physically printing out specific documents which may be placed into a presentation folder. Making calls to the Listing Agent for additional information. Often the Listing Agents may be called when real estate properties ar...
Comments 5
By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
Another day and the phone rings. Upon answering the call, the buyer’s agent learns there is  a potential buyer wanting information on a particular residential or vacant land property.  Quickly, if near a computer, the buyer’s agent brings up the local MLS to be able to have a educated conversation with the sales lead.A conversation ensues with the real estate agent answering all questions to the best of the agent's ability. If the agent is not near a computer which happens more often than not, the professional real estate agent promises to call back the potential buyer upon returning to the office.During the conversation, the buyer’s agent learns often far more than he or she wants to know. Personal issues by the potential buyer are shared from financial, health and past experiences. Wi...
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By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
With the recent real estate law suits regarding real estate compensation, the Consumer Federation of American  suggested real estate agents do not deserve the compensation they receive because entry into this industry is far too easy compared to other licensed professionals.  Well, all agents must do is take a pre-licensing course (In AZ this is 90 hours at an investment of under $1,000); pass a state licensing examination;  open a couple of doors and "WaLa makes some big bucks. So 2% should be enough for any real estate agent or REALTOR®However experienced and professional real estate agents and those who are also REALTORS® know the “REAL” truth.  These licensed professionals do work hard for their money. Often their hours worked do not generate any funds because unlike other licensed ...
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