I'd love to hear your thoughts after you read this article.
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Wednesday, March 7, 2012
Tuesday, March 6, 2012
Biggest Mistake Sellers Can Make and Agents Need to Consider!
Follow me if you will:
You are selling your home and you decide to call up Uncle John who is a licensed real estate agent because you want to save money on commission and Uncle John would never steer you wrong. However, there are a few things you should know about Uncle John:
1. He has been licensed for three years (the time is actually unimportant) and has his license with a Broker who he has never met.
2. He has a full-time job in another career (his career is actually unimportant) and is not current on real estate legal matters, market conditions, etc.
3. He lives OUT of the AREA..This actually is IMPORTANT and we'll get to that soon.
4. He does not have the most recent or updated real estate documents to complete a transaction.
5. He has never actually listed a home before
6. BLAH-BLAH-BLAH..
I think you know where I'm going with this. However, the sad truth is this scenario happens daily and it's partially because of the consumers perception regarding selling real estate. Consumers think it is all about putting a sign in a yard and waiting for offers to come in...OH REALLY??? After nine years of being in this business it amazes me that the general public still has no idea how complex a real estate transaction can be and all the behind the scenes negotiations, time contingencies, transaction management, inspections, disclosure requirements, etc. that goes on during a transaction and all within a 30-45 day period of time. A real estate transaction is probably the most complex in most states and it's involving your most valuable asset. And yet, sellers still want to hire the agent who is not in the business FULL-TIME. They want to hire the relative who DABLES in REAL ESTATE. I love it when I hear an agent say I work real estate part-time and dable in it....WOW...Way to take your profession serious! They want to hire OUT of AREA agents because it's their friend, relative or a referral and feel obligated...YIKES!
My two cents as a professional real estate Broker who takes his career and profession serious:
1. Hire a LOCAL AGENT who has experience in the area. Every area has a variety of local disclosures that an out of area won't have knowledge of. A local agent is more familiar with what is going on in the immediate and relivant market and may even have personal knowledge of something in the area that may or may affect the value of the home. A local agent will usually have closer relationships with other area agents and they have built a level of trust that goes along way when presenting an offer and their are multiple offers on the table.
2. Hire a FULL-TIME AGENT. I can not stress this enough. Part-time agents are the biggest liability not only to their Broker (unless they are a Broker themself) but also to their client(s). How are you going to feel when you call your PART-TIME agent to discuss an important matter and he/she is at their full-time job and can't talk? What does a part-time agent do when they have to be at a home during an appraisal or home inspection, but oh wait, they are at work and can't make the appointment? Part-time agents who call themself a real estate professional makes me fall out of my chair with laughter. I play golf once per month, but I don't say I'm a professional. I might mow my yard once per week, but I'm definetly not a professional landscaper.
As a real estate Broker and manager of five years, I can't tell you how many times I've had to intervene with a transaction when a part-time agent or out of area agent got into a bad situation during a transaction. I would say that 90% of the time the issues were minor in nature to the full-time professional, but to an agent who DABLES in real estate or lives 30+ miles away, the issues become SERIOUS!
Sellers: When you are looking to sell your most valuable asset, consider your agent wisely. It will be the best investment you ever made.
Agents Described Above: If you are reading this, do yourself a favor and REFER out the business. I'm all for you getting paid because you have a license, but take the referral fee and go back to whatever you are doing. Yes the fee will be less than the full commision, but with NO LIABILITY attached and you need to remember, WHAT'S IN THE BEST INTEREST OF YOUR CLIENT?
If you are looking for a FULL-TIME professional agent to help you understand your real estate options, then call The JWP Realty Group NOW!
You are selling your home and you decide to call up Uncle John who is a licensed real estate agent because you want to save money on commission and Uncle John would never steer you wrong. However, there are a few things you should know about Uncle John:
1. He has been licensed for three years (the time is actually unimportant) and has his license with a Broker who he has never met.
2. He has a full-time job in another career (his career is actually unimportant) and is not current on real estate legal matters, market conditions, etc.
3. He lives OUT of the AREA..This actually is IMPORTANT and we'll get to that soon.
4. He does not have the most recent or updated real estate documents to complete a transaction.
5. He has never actually listed a home before
6. BLAH-BLAH-BLAH..
I think you know where I'm going with this. However, the sad truth is this scenario happens daily and it's partially because of the consumers perception regarding selling real estate. Consumers think it is all about putting a sign in a yard and waiting for offers to come in...OH REALLY??? After nine years of being in this business it amazes me that the general public still has no idea how complex a real estate transaction can be and all the behind the scenes negotiations, time contingencies, transaction management, inspections, disclosure requirements, etc. that goes on during a transaction and all within a 30-45 day period of time. A real estate transaction is probably the most complex in most states and it's involving your most valuable asset. And yet, sellers still want to hire the agent who is not in the business FULL-TIME. They want to hire the relative who DABLES in REAL ESTATE. I love it when I hear an agent say I work real estate part-time and dable in it....WOW...Way to take your profession serious! They want to hire OUT of AREA agents because it's their friend, relative or a referral and feel obligated...YIKES!
My two cents as a professional real estate Broker who takes his career and profession serious:
1. Hire a LOCAL AGENT who has experience in the area. Every area has a variety of local disclosures that an out of area won't have knowledge of. A local agent is more familiar with what is going on in the immediate and relivant market and may even have personal knowledge of something in the area that may or may affect the value of the home. A local agent will usually have closer relationships with other area agents and they have built a level of trust that goes along way when presenting an offer and their are multiple offers on the table.
2. Hire a FULL-TIME AGENT. I can not stress this enough. Part-time agents are the biggest liability not only to their Broker (unless they are a Broker themself) but also to their client(s). How are you going to feel when you call your PART-TIME agent to discuss an important matter and he/she is at their full-time job and can't talk? What does a part-time agent do when they have to be at a home during an appraisal or home inspection, but oh wait, they are at work and can't make the appointment? Part-time agents who call themself a real estate professional makes me fall out of my chair with laughter. I play golf once per month, but I don't say I'm a professional. I might mow my yard once per week, but I'm definetly not a professional landscaper.
As a real estate Broker and manager of five years, I can't tell you how many times I've had to intervene with a transaction when a part-time agent or out of area agent got into a bad situation during a transaction. I would say that 90% of the time the issues were minor in nature to the full-time professional, but to an agent who DABLES in real estate or lives 30+ miles away, the issues become SERIOUS!
Sellers: When you are looking to sell your most valuable asset, consider your agent wisely. It will be the best investment you ever made.
Agents Described Above: If you are reading this, do yourself a favor and REFER out the business. I'm all for you getting paid because you have a license, but take the referral fee and go back to whatever you are doing. Yes the fee will be less than the full commision, but with NO LIABILITY attached and you need to remember, WHAT'S IN THE BEST INTEREST OF YOUR CLIENT?
If you are looking for a FULL-TIME professional agent to help you understand your real estate options, then call The JWP Realty Group NOW!
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