THE QUESTION SELLERS FORGET TO ASK...

Sellers are very savvy these days. They understand the essential process of interviewing Realtors and getting referrals from friends and family. Sellers are getting better about understanding the critical decision to work with an Realtor who works and understands their neighborhood. The message of working with a Realtor as opposed to an agent is also starting to be part of the decision making process (Realtors are held to a higher ethical standard). They ask such questions as:

How long have you been selling real estate?
How many homes have you sold in the last year?
How are you going to market my home?
What do you believe is a fair market value of my home?
Do you do open houses?
Do you work in this neighborhood?
What is your commission?
Where do you advertise?

Here is the question that sellers forget to ask their Realtor:

How many of the homes you listed in the past year sold?

The reason I point this out is that this should also be a critical part of the decision making process. Let me explain. There is an agent that dominates a neighborhood. This is evidenced by the number of signs erected in the area with her name on them. You would think that this translates into sales. However, when researching the actual production of this agent, it is discovered that of the 30 homes she had listed, 14 were either withdrawn or expired, with only one of those 14 coming back on the market and eventually selling. This tells a story. This Realtor either overprices the homes she lists or has unsatisfied clients in the end. Either way, is this an agent a seller really wants to have representing them? If the seller had not asked this question, they would have thought that she only listed and sold 17 properties.

So, next time a seller interviews a Realtor to list their home, ask for all of the information needed to make an intelligent choice...including the ratio of listed to sold homes.

TAKE ADVANTAGE OF YOUR REALTOR

We are here to be used and taken advantage of...the moment you decide that you want us to represent you.

There is an assumption among Realtors that if you have decided to have representation...and even better yet, have us represent you, then you felt that you did not have the expertise to accomplish the task at hand on your own. This being the case, the next step would be to trust that with our fiduciary responsibility to you, we are giving you the very best advice for your situation.

For example, if you tell your Realtor that you want to low ball every offer you decide to write (and I promise, with this approach, you will write a lot of offers), listen to what your Realtor has to say. In some cases, a low ball offer is just fine. However, writing a low ball offer in the first week a property is on the market is not one of those times.

If your Realtor tells you that to maximize the net to you as a seller you should spruce up your home with a few upgrades, don't wait until it has been on the market a month to decide now is the time to take your Realtors advice. It will be too late.

If your Realtor tells you that the house you have fallen in love with will not last, trust your Realtor. Odds are there are others that feel the same way. Write an offer immediately. If you don't, then don't be angry with your Realtor or the listing agent if it sells before you get off the fence.

When you are discussing the listing price for your home, trust that your Realtor knows the market and the correct price. Padding for negotiation simply doesn't work in this market. You can't negotiate an offer you don't get because you have overpriced your home.

These are just a few instances of the reasons you need to take advantage of your Realtor. You will find a much better real estate experience if you use the expertise and knowledge offered to you!

HOME BUYERS...MAKE YOUR BEST DEAL!

The Los Angeles Times just published some valuable information for prospective home buyers. The tips are worth adopting in the search for that dream home.

Once a buyer has made the decision to initiate the search for their perfect home, consider it a priority and a commitment. A quick way to ensure less than stellar service from your agent is to make comments such as "If you ever see a house that has....", "I am in no rush..." or "I don't know where I want to live, but here is a 10 mile radius to search...", to a Realtor, translates to "I am not really ready to buy." An enthusiastic buyer with specific time frames and needs will bring out the best in their Realtor.

In a market with extensive inventory, a buyer can be easily overwhelmed with the number of potential homes to view. A list of "musts" and "wants" will go a long way to provide your Realtor with information that will narrow down the showings to homes that will really fit the buyers needs.

In a market where a foreclosure rate of 3% leads to a 7% increase in crime, knowing the neighborhoods and the niches within the neighborhoods becomes critical. Work with a Realtor who specializes in the area in which the buyers want to live. As is always the case, real estate is a very local business. Knowing the nuances of that neighborhood is good information to have.

It is a repetitive quote, but it particularly true right now. There is a widespread thought that interest rates have hit their all time low and are already starting to climb. Inventory is great, with lots of selection. Now is a great time to buy...and commit to that purchase!