Posts Tagged ‘Agents’
Posted by tblefko on June 3, 2010
So you’re thinking about putting your home on the market and moving to that condo/farm/new build/quiet neighborhood/high-rise/bigger home/smaller home (select one). Even though prices on homes seem to be stagnant and you won’t be able to get as much for your home as you could just three years ago, the deals you can get as a buyer after you sell your home seem too good to pass up.
Your natural inclination is to save the commission and try to sell your home yourself which will leave extra cash to put toward your next home. Simple math says that if you don’t pay a REALTOR® a commission to sell your home, you’ll have more left over to buy your new home. You may want to reconsider your strategy.
In a recent article posted on FORBES.com, they make the case that going it alone has drawbacks that most potential ‘For Sale By Owners’ don’t even consider.
Here is the article posted in its entirety:
Five Reasons Why You Still Need a Real Estate Agent ¹
The proliferation of services that help homebuyers and sellers complete their own real estate transactions is relatively recent, and it may have you wondering whether using a real estate agent is becoming a relic of a bygone era. While doing the work yourself can save you the significant commission rates many real estate agents command, for many, flying solo may not be the way to go–and could end up being more costly than a realtor’s commission in the long run. Buying or selling a home is a major financial (and emotional) undertaking. Find out why you shouldn’t discard the notion of hiring an agent just yet.
1. Better Access/More Convenience
A real estate agent’s full-time job is to act as a liaison between buyers and sellers. This means that he or she will have easy access to all other properties listed by other agents. Both the buyer’s and seller’s agent work full time as real estate agents and they know what needs to be done to get a deal together. For example, if you are looking to buy a home, a real estate agent will track down homes that meet your criteria, get in touch with sellers’ agents and make appointments for you to view the homes. If you are buying on your own, you will have to play this telephone tag yourself. This may be especially difficult if you’re shopping for homes that are for sale by owner.
Similarly, if you are looking to sell your home yourself, you will have to solicit calls from interested parties, answer questions and make appointments. Keep in mind that potential buyers are likely to move on if you tend to be busy or don’t respond quickly enough. Alternatively, you may find yourself making an appointment and rushing home, only to find that no one shows up.
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Posted in Agents, Buyers, Sellers | Tagged: Buyers, Sellers, National Association of REALTORS, Web Sites, Agents, Negotiating, Real estate, FSBO, For Sale By Owner, Fiduciary, Commission | Leave a Comment »
Posted by tblefko on April 27, 2010
Here’s something to make you think (at least I hope it will):
The first lemonade stand is run by two kids. They use Countrytime lemonade, paper cups and a bridge table. It’s a decent lemonade stand, one in the long tradition of standard lemonade stands. It costs a dollar to buy a cup, which is a pretty good price, considering you get both the lemonade and the satisfaction of knowing you supported two kids.
The other stand is different. The lemonade is free, but there’s a big tip jar. When you pull up, the owner of the stand beams as only a proud eleven year old girl can beam. She takes her time and reaches into a pail filled with ice and lemons. She pulls out a lemon. Slices it. Then she squeezes it with a clever little hand juicer.
The whole time that’s she’s squeezing, she’s also talking to you, sharing her insights (and yes, her joy) about the power of lemonade to change your day. It’s a beautiful day and she’s in no real hurry. Lemonade doesn’t hurry, she says. It gets made the right way or not at all. Then she urges you to take a bit less sugar, because it tastes better that way.
While you’re talking, a dozen people who might have become customers drive on by because it appears to take too long. You don’t mind, though, because you’re engaged, almost entranced. A few people pull over and wait in line behind you.
Finally, once she’s done, you put $5 in the jar, because your free lemonade was worth at least twice that. Well, maybe the lemonade itself was worth $3, but you’d happily pay again for the transaction. It touched you. In fact, it changed you.
Sometimes it takes an eleven year old girl selling lemonade to get real estate agents to think about a better way to sell their product. Which lemonade vendor are you? Have a great day!
Posted in Agents, Consumers | Tagged: Agents, Countrytime, Lemon, Lemonade | 2 Comments »
Posted by tblefko on November 6, 2009
The Lancaster County Association of REALTORS® Government Affairs Department, headed up by Frank Christoffel, IV, passed this Q&A along regarding the latest information on the potential extension of the homebuyer tax credit which includes an existing homebuyer credit that was not part of the first bill.
The House of Representatives passed the extension yesterday by a vote of 403-12 after passing the Senate the previous night 98-0. The new provisions will take effect as soon as President Obama signs the bill.
Here are some of the specifics regarding eligibility requirements:
1. Existing homeowner credit: Must the new house cost more than the old house?
No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.
2. I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.
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Posted in Agents, Buyers, Consumers, Financing, Legislation, Sellers | Tagged: Agents, Barack Obama, Buyers, FAQ, Financing, Lancaster County Association of REALTORS, National Association of REALTORS, Obama, Sellers, Tax credit, U.S. Housing Market, United States Senate | 2 Comments »
Posted by tblefko on October 31, 2009
Google unveiled its latest innovation for real estate this past week and they crushed a 3-2 pitch in the bottom of the ninth into the upper deck! Every time Google tinkers around with its website, real estate people get a shiver of anxiety and this latest innovation is likely to give many within the industry a full-blown case of hives.
Since Google announced the ability to see lots of real estate listings directly on Google Maps back in July of this year, they’ve been working hard to make it even easier to use. They’ve added things like brand new high-resolution Street View imagery and detailed map data. Now they’re making Google Maps an even more useful tool for online real estate searching. Here are a couple of things you can look out for next time you visit their website:
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Posted in Agents, Buyers, Consumers, Sellers, Technology | Tagged: Agents, Buyers, Google, Google Map, Google Streetview, Moving, Real estate, Search Engines, Web Sites | Leave a Comment »
Posted by tblefko on September 23, 2009
The term ‘Baby Boomer‘ gets thrown around a lot in the world of advertising. It seems like everyone is trying to sell to this segment of the population; including the real estate industry. Economic statistics show that baby boomers account for 28% of the population, but over 77% of all financial assets in the United States. This generation also accounts for more than 50% of all discretionary authority in private organizations as well as in government. But do REALTORS® and builders really know what baby boomers want in a home? Do they know what features they want? What locations are preferential? How much money they’re willing to spend? A new survey conducted by the MetLife Mature Market Institute and the National Association of Home Builders entitled 55+ Housing: Builders, Buyers and Beyond was just released that sheds some light on these very questions.
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Posted in Agents, Buyers, Construction, Consumers, Motivation, Technology | Tagged: 55+ Housing: Builders, Agents, Baby Boomers, Builders, Buyers and Beyond, Downsizing, Green Building, High-Speed Internet, Media, MetLife Mature Market Institute, National Association of Home Builders, Property Values, Real estate, Reports, Statistics | Leave a Comment »
Posted by tblefko on September 10, 2009
There are more and more positive signs that the fog is starting to clear in the residential real estate market. Gone are the dense, pea-soup like conditions from a couple of months ago that caused buyers and sellers to try and drive through it at 5 mph. It appears that they’ve put their collective feet on the accelerator and are now driving more confidently, albeit still with the headlights on.
Point2 Technologies, Inc., the largest independent provider of website and listing syndication solutions for the real estate industry, with users in over 100 countries on its platform, released its Real Estate Confidence Index (RECI) for August 2009 this past week. Over 3,000 real estate professionals covering every U.S. State, Puerto Rico and Guam contributed to this month’s report. Charts of their findings are shown below:
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Posted in Agents, Buyers, Consumers, Market Conditions, Sellers | Tagged: Buyers, Sellers, Statistics, Reports, Web Sites, Charts, Agents, U.S. Housing Market, Real estate, Saul Klein, Point2 Technologies, Real Estate Confidence Index (RECI) | Leave a Comment »
Posted by tblefko on September 4, 2009
The Central Penn Business Journal (CPBJ) just published its Fall “Construction & Real Estate” report. CPBJ claims it’s the beginning of the end after more than a year in recession for Central Pennsylvania. CPBJ focuses on why the construction and real estate industries are key economic indicators and what effect the federal government’s stimulus package has had on the mid-state. You’ll read about companies that got creative to weather the recession and the state of our region’s commercial, residential and rental real estate markets.
Lots of good ‘stuff.’
Posted in Construction, Consumers, Development, Lancaster, Market Conditions | Tagged: Agents, Buyers, Predictions, Property Values, Reports, Statistics | Leave a Comment »
Posted by tblefko on August 21, 2009
When was the last time you sat down with a customer or client and really listened to them? No – I mean really listened? Did you interact with them and delve deep into their inner thoughts and feelings or was it superficial? Worse yet, was it all ‘talk’ and no ‘listen’? Take a second and watch this video. Remind you of anyone?
A recent study conducted by Michigan State University researchers has identified what the sophisticated consumer is looking for in today’s competitive, challenging global economy. Essentially, they are looking for a “total experience.” Whether they are thinking about listing their property, talking with a financial consultant, shopping for a new dress or buying a cup of coffee, all consumers are looking for four major factors. They are, in order of importance:
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Posted in Agents, Buyers, Sellers | Tagged: Agents, Buyers, Competitive Advantage, Consumer, Listening, Michigan State University, Reports, Sellers, Video | Leave a Comment »
Posted by tblefko on August 15, 2009
Image courtesy of Flickr
I remember a couple of years ago when Zillow first hit the real estate scene. Consumers embraced the web site almost immediately because of the web site’s cool, on-line tools. One tool in particular caught their fancy: the Zestimate. This single, funny-sounding word would grow to strike fear in the heart’s of REALTORS® everywhere.
But what is a Zestimate? A Zestimate is an estimated market value of a home based on Zillow’s proprietary, mathematical formula. The home data they compile to generate a Zestimate home valuation varies by location. Some geographic areas provide all the data Zillow could hope for, but others are lacking such key things as the number of bedrooms and bathrooms, or, in some cases, the square footage of the home. The theory says that the more data Zillow has, the more accurate the Zestimate. They even made it easy for users of the site to help them improve accuracy by incorporating edited home facts into their Zestimate calculations. In some areas, Zillow can’t produce a Zestimate at all, but they do have some basic information on the homes.
Why did REALTORS® dispise Zillow? Because they claimed that the tool that produced Zestimates oversimplified the valuation process and gave inaccurate results. Regardless, Zillow shot up the popularity charts and in no time at all it was firmly entrenched as one of the top ten real estate web sites in the world. REALTORS® looked at the new kid on the block as a threat to their own personal fiefdom as experts on property valuation. They exclaimed, “How dare they hand out FREE property estimates! They’re misleading consumers. Why can’t consumers see that the accuracy of Zestimates is atrocious?”
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Posted in Agents, Lancaster, Market Conditions, Sellers | Tagged: Agents, Charts, Lancaster County, National Association of REALTORS, Property Values, Sellers, Statistics, Video, Zestimates, Zillow.com | Leave a Comment »
Posted by tblefko on August 9, 2009
Image courtesy of Flickr
Any good real estate agent will tell you that our jobs are fraught with times when we have to communicate bad news to clients and consumers. Unfortunately, in these trying economic times that we find ourselves in, the frequency of this type of communication has expanded exponentially. A small sampling of some scenarios that we have to deal with include:
- telling a seller that the amount that they owe on their home is more than its value
- looking that first-time home buyer in the eye and informing them that the lender won’t give them a mortgage because of more stringent guidelines imposed by the government
- informing a buyer of new construction that the builder is going to miss their projected completion date by thirty days and that interim housing needs to be secured
This small list could go on and on. Communicating these examples to the effected party is never easy; you could even say they’re stressful. But it has to be done. Unfortunately, many people and companies take this opportunity to glaze over the truth or fabricate the reasons why something unfortuante happened.
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Posted in Agents | Tagged: Agents, Honesty, Reports | Leave a Comment »
Posted by tblefko on July 24, 2009
Image courtesy of Flickr
As many of my friends and business associates know, I have a passion for running. I run when the sun scorches the asphalt and the cold, bitter Arctic wind whips across the fields. I guess you could say I have a running addiction. Because I’m always out there pounding the pavement, I go through running shoes every couple of months which means the local running store owner and I are on a first name basis.
This past week, I stopped in to purchase a new pair of Brooks Adrenaline™ GTS 9′s so I would have plenty of time to break them in prior to my upcoming marathon (Philadelphia) in November. To my chagrin, the salesperson that I usually work with (notice I didn’t say ‘buy from’) had a day off. In his place was a twenty-something, nice young man who seemed eager to help me. After some casual small-talk about running, I indicated to this salesperson what I was interested in buying. His face immediately lit up and he proceeded to tell me everything he knew about the running shoe (WARNING: Boring, technical running shoe stuff coming up.): the HydroFlow liquid that was in both the forefoot and heel; the mid-sole that had BioMoGo cushioning; the dual-density post that is biomechanically engineered; the (blah-blah-blah-blah-blah).
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Posted in Agents | Tagged: Agents, Listening, Sales | Leave a Comment »
Posted by tblefko on July 21, 2009
How many times during our lives have we looked at someone else and asked the question, “I wish I had their talent?” Was it when you looked at the boy on your team who hit the game-winning home run? Perhaps it was the time you gazed in amazement at the pig-tailed girl with freckles who could tickle the ivory on the piano like no other fifth grader. I think at some point in our lives, we all have had these moments of awe and envy.
I think too many times we look at the other person’s accomplishments and we chalk it up to God-given talent. Sure, some people are born with certain attributes that belie their age or physical stature, but apparently, it’s what you do with those talents that, in the end, gets a person across the finish line faster or better than their peers.
In a recent article that appeared in REALTOR® magazine, Geoff Colvin the senior editor of Fortune magazine, granted an interview where he discussed the findings in his latest book, “Talent is Overrated.” The article appears in its entirety below:
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Posted in Agents, Motivation | Tagged: Agents, FAQ, Geoffrey Colvin, Interview, Real estate, REALTOR Magazine | 1 Comment »
Posted by tblefko on July 18, 2009
I regularly browse the web reading and listening to ‘Stuff’ that I think would enhance my business or make me a better REALTOR®. When I stumbled upon this short video about contacts, leads, et al – - - it made me stop and think.
In a nutshell – stop telling the consumer about YOU and start listening to THEM. After all, they’re opinion is the only one that counts.
If you liked this video and want to listen and read more ‘Stuff’ like it, go to 1000 Watt Consulting’s Blog where you will find other thought provoking ideas.
Have a great weekend!
Posted in Agents | Tagged: Agents, Listening, Video | Leave a Comment »
Posted by tblefko on July 12, 2009
Image courtesy of Flickr
The real estate industry has been operating under the new HVCC guidelines for a couple of weeks now and we are beginning to see the ugly results of this misguided set of government regulations. In a preliminary report issued this past week by the National Association of REALTORS® (NAR), it finds that the HVCC is having an adverse impact on housing markets.
Before I get into the actual results, let me spend a minute and tell you about what this new set of guidelines was supposed to do.
The HVCC was intended to promote independence in the appraisal process and, thus, help ensure that appraisers and the appraisal process may be relied upon as part of sound underwriting for financial institutions. What that actually means is that the loan officer who is working on your loan no longer orders the appraisal on your home. It is done through the lender who either has an in-house process for appraisal management issues or, more often, it is done through something called an Appraisal Management Company (AMC).
While this may not seem like a big change to you if you are buying a home, it can possibly be a much bigger change than you might think. Prior to May 1, loan officers, REALTORS® and appraisers all communicated as needed regarding your home and home financing and it wasn’t uncommon for everyone to be on the same conference call if needed. But now that the HVCC rules are in place, the only way the loan officer or REALTOR® will know who the appraiser is is if by chance the appraiser calls them. In other words, no one talks to anyone to clarify anything!
Now, on to the findings of NAR’s analysis:
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Posted in Agents, Buyers, Financing, Legislation, Sellers | Tagged: Agents, Appraisal, Appraiser, Buyers, Financing, HVCC, National Association of REALTORS, Property Values, Reports, Sellers, Statistics | Leave a Comment »
Posted by tblefko on July 10, 2009
The gap between the 2008 and 2009 real estate markets in Lancaster County is down to a razor’s edge. On Wednesday of this week, the front page of the Intelligencer Journal ran the following story:
Market Here For Housing Gets Better ¹
Numbers for pending home sales improve
The housing market in Lancaster County continued to rebound in May, creeping ever closer to 2008′s level, local Realtors reported Tuesday.
The number of pending home sales here was down only 2.5 percent from the May 2008 figure, the smallest gap so far this year, according to the Lancaster County Association of Realtors.
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Posted in Lancaster, Market Conditions | Tagged: Agents, Buyers, Financing, Intelligencer Journal, Lancaster County, Lancaster County Association of REALTORS, Mortgage, National Association of REALTORS, Newspapers, Property Values, Statistics, U.S. Housing Market | Leave a Comment »
Posted by tblefko on July 7, 2009
Image via CrunchBase
Google just upped the ante in the competitive field of real estate listing search engines. In a move that certainly had a few established players (i.e. REALTOR.com, Zillow, Tulia, et.al.) do a double take, Google Maps incorporated a new tool into its site that links buyers and renters to available properties. The feature was only launched in Australia and New Zealand yesterday, but I understand that selected metropolitan areas in the United States are already able to utilize the service.
The following is an instructional video on how to utilize the service:
So what’s the big deal?
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Posted in Agents, Buyers, Sellers | Tagged: Advertising, Agents, Buyers, Google, Google Maps, Media, Realtor.com, Sellers, Video, Web Sites, Zillow | Leave a Comment »
Posted by tblefko on June 9, 2009
Image courtesy of Flickr
I consider myself a ‘casual’ baseball fan. I watch a couple of games a year on TV and maybe take in a minor league game every once in awhile. While most guys attend games to watch balls fly out of the ballpark (“Chicks dig the long ball!”), I’m more cerebral and love a good pitcher’s duel. There is nothing like watching a pitcher that has total control over his pitches as he nibbles at the corners of the strike zone trying to get a batter to swing at a bad pitch, or if they make contact, will weakly dribble it into an infielder’s glove for an easy out at first base. However, there is a fine line between nibbling at the corners and just throwing a pitch away. It’s hard to define, but you know it when you see it. The same applies to submitting an offer on a listing. There are some offers that cause the seller to take a good hard look at (and occasionally take a swing at) while there are others that are real head-scratchers. As in baseball, the low-ball offer that is a waste of everyone’s time is hard to define, but I know it when I see it.
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Posted in Agents, Buyers, Market Conditions, Sellers | Tagged: Agents, Buyers, Negotiating, Offer, Property Values, Sellers | 1 Comment »
Posted by tblefko on June 5, 2009
Image courtesy of Flickr
I read two surveys within the last week that reconfirm my belief that newspaper advertising for real estate is now officially a thing of the past. No more will I listen to those pundits that extol the benefits of this flimsy periodical from a bygone era. If you’re a homeowner who needs to sell their property and is considering what forms of advertising to utilize – - – listen up. If you’re an agent who is looking for ammunition to try and convince a potential listing that newspaper advertising is not worth it – - – you’re about to hit the jackpot.
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Posted in Agents, Buyers, Sellers | Tagged: Advertising, Agents, Buyers, Charts, National Association of REALTORS, Newspapers, Sellers, Statistics | Leave a Comment »
Posted by tblefko on June 2, 2009
Image courtesy of Flickr
When I first got into the real estate business year’s ago, occasionally I would run into a seller that told me to sell their home quickly at the highest price but with some of the following caveats:
My response was always the same; “Are you out of your mind?” Actually, I conveyed my message a little differently but the point was always the same; “Mr. & Mrs. Seller, in order for me to get your home sold in the shortest period of time at the highest price, I need all the tools available to me. That includes . . . . “ At the end of the day, I would get the listing, use all the tools and eventually sell the home.
I can understand this line of reasoning from a seller (hmmm – not really) but from the National Association of REALTORS® (NAR), I’m floored!
Posted in Agents, Legislation, Sellers | Tagged: Advertising, Agents, Google, IDX Feed, National Association of REALTORS, Sellers, Web Sites | 2 Comments »
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