Preparing for the worst – knowing what the “worst” looks like and doing whatever is possible to avoid it – that is one of the key components of a successful Realtor. I’ve said many times before that mere MLS access is no longer a guarantee of success.Setting clients’ expectations at appropriate levels and preparing them for some of the “mights” is one of the most important aspects of a transaction – if you do this, then this will happen; if you don’t do this, then expect the other side to do this.My job is not to promise sunshine and happiness every day or that every transaction will be seamless (most of them are, to the clients’ eyes) – my job is to manage the transaction minutiae so that surprises are negligible factors – and this comes from experience.What would be worse as a buyer or seller – having the “worst” happen to you, or being surprised when the worst happens?
Browsing Category Sellers
Steering buyers’ agents
In a presumably-paid-for-piece in the “Business Journal” section of the DP a local Realtor says:”The commissions offered in a buyer’s market to participating agents are very important…. This quoted sentiment may be applicable to some Realtors, but I would argue that it’s not for most of the good Realtors in the Charlottesville area.Here are two questions for real estate consumers to ask -1…. – Do you get a higher commission if you sell one of your company’s listings?- How many buyers are even told anything about co-brokerage other than “don’t worry, the seller pays the commission.”?2…. (note: in my company, we practiced Dual Agency about 8.5% of the time in the same time period – which is still too high in my opinion, and I haven’t done it yet).As a buying or selling client – do you really think you are getting 100% representation from your contracted representative if your agent is “representing” both parties?Earlier this year I wrote A Call for and End to Cooperative Compensation.
New Disclaimer/Disclosure forms in Virginia
The main change is this text on the Residential Property Disclaimer Statement (PDF) (and the Disclosure as well, but those are rarely used in the Commonwealth of Virginia).The undersigned owner(s) represent that there are no pending enforcement actions pursuant to the Uniform Statewide Building Code (§36-97 et seq.) that affect the safe, decent, and sanitary living conditions of the real property described above of which the owner has been notified in writing by the locality or any pending violation of the local zoning ordinance which the violator has not abated or remedied under the zoning ordinance, within a time period set out in the written notice of violation from the locality or established by a court of competent jurisdiction, except as disclosed.The full bill is here, and even better, Richmond Sunlight highlights the changes. If you are buying or selling real estate in Virginia, you do have a choice as to which form – Disclosure or Disclaimer – that you may choose.Note: another set of Disclosures/Disclaimers will be arriving 1 January 2008.
For all Charlottesville agents, buyers and sellers
When I look at MLS photos I want to see the front of the house, the kitchen, some pasture and a barn if there is one…. Unless it’s an award winning designer bathroom we really only need one shot but not in place of the kitchen.In Albemarle, Charlottesville, Fluvanna, Greene, Louisa and Nelson, there are 2,597 properties currently listed as “active” in the MLS. Of these:2140 – Have more than one photo391 – Have only one photo67 – Have no photos at allFrom my perspective, it sure seems that there are more properties with only one photos or terrible photos…. For those of you buying or selling in the Charlottesville/Central Virginia area – do you have any advice for those marketing properties that you want to share?
You’re buying your Monday mornings
Showing property this weekend, I put words to a change that I have recognizes as the market has shifted. My clients have the luxury of time to do more and better due diligence prior to buying a home…. Granted, it wasn’t the best day for it, as the rain was intermittent, but the point is we had the time to do so (and we’ll probably do it again today).I encouraged my clients to take the time on Monday morning to drive from Point A to Point B during rush hour …… If you’re going to do it five days a week for the next several years, shouldn’t you do it at least once before you buy?We are all adjusting to the changing market, and this is one of the benefits to the shift.
Real estate will always be local
Forsalebylocals notes the value of local content, coincidentally on the same day that I received a heads-up about a new data mashup startup, Fortius One, which looks quite interesting. Ideally, FortiusOne will provide the ability to localize their content on websites (like my blog or real estate search site, for example), assuming they provide an API and I can figure out how to use it…. * Choosing your ideal neighborhood using crime, population and commute data * Identifying your target markets using age, income and occupation data * Educating yourself and others using pollution and environmental impact dataA map of the USA for those relocating is useless. A map with the same data, only drilled down to specific neighborhoods would be extraordinarily valuable.As Pat Kitano said:On just one map however, the obvious value is in identifying niche neighborhoods across a variety of variables…
Dual Agency, selling advice and how to avoid getting sued
My call to action is still in the works.Often times as agents representing the seller, we receive calls or emails on our listings from potential buyers who are not working with an agent and who want to see our listing, or perhaps even write an offer…. So don’t do it.Greg notes some of the ways to avoid potential lawsuits when selling your home:Your Realtor should help prepare you properly to make sure you are not exposed to risk of lawsuit, but here are a few things to keep in mind.Finally, Daniel writes a very succinct post about pricing one’s home and what to do with that first offer (hint: you may do well to take it) Normally I don’t quote such lengthy parts of posts, but Daniel gave permission and it is very worthwhile:You are selling your house…. You aren’t thrilled with the idea of having to take $10,000 less than your asking price, so what do you do?Remember, more is better sooner…. I know what you are going to say, “but the house is getting showings, and someone could come and make an offer for full price in a week.”