Tonight while watching one of my favorite movies of all time, I realized that this movie described me every time I left the office, or my house, to go to a For Sale by Owner's home. I left with all the confidence in the world, but upon getting in to the house, I was a wreck and sounded like an idiot!
So thank you Mel and Gene for putting exactly how I feel about taking on a For Sale by Owner. I didn't have to change a word in this dialog, it was perfect!
I have a Realtor client that I have worked with for years, and they hate short sales. However, here in Sacramento they are a large part of the market. I've told her about Active Rain, and told her that I would put a request for a company that can help close a short sale.
I know there are companies that promise that if you obtain the short sale listing, they will help facilitate the short sale: negotiating with the loss mitigator, providing required paperwork, and communicating with the lender to ensure closure.
Does anybody know of a company that fits the aforementioned description that they would recommend here in Sacramento (or through the internet). Any insights on what to look for would also be great as well.
It is not a secret that selling in today's market if you live in "most" of America will be a challenge. Some markets are tougher than others. I sold my rental property a year ago in yet another tough market - Norman, Oklahoma. But my objective was clear: to get this condo SOLD - once and for all. Like most sellers, the odds against my success were high. I would not be telling the truth if I didn't mention that yes, I was a little fearful with my market and of my competitors. Buyers of condominiums are not readily available and it in February that I had put my property on the market.
If you knew Norman, Oklahoma at all, it is a university town. My alma mater - the University of Oklahoma. The Spring semester had already started and most students move back home in the Summer until school starts back in the Fall. So, clearly I had some time factor stacked against my sale. I employed the best Realtor® in Norman, Patrick Moore. Patrick understands the college town real estate. He is not a pushy salesperson and he is very respectful of my opinions (if you know me by now, you know I have too many!). Together, Patrick, my husband and I did the impossible: Sold this condo in 30 days when others took over 180 days.
So how did I sell my property in 30 days when others took over 180 days?
I took 4 important steps, which I believe made that a success transaction:
Remodeling:
After 4 years of renting, it was clear that the property was not in its best shape. I did what other Sellers did not want to do: pour in more money into this thing you no longer want to own. I did not want to give Buyers any chance to say "I like this, but......" I DON'T believe in "ifs and buts". So, I put in new tiles to replace the laminate flooring in the kitchen and bathrooms. Brand new carpet to replace old wooden parquet floors the rest of the property. I repainted the entire condo with a coat of fresh new paint. Just with these major changes, the property already scream "Buy me, buy me" when compared to my competitors.
You see, my understanding of my objective is very clear. I give no reason for buyers not to make a "slam dunk" decision. I study my competition and I make sure I come out the top of the list. With Patrick's help, we went to see 4 other properties that afternoon - researching what they are asking with what are featured in the property.
Staging:
Screaming "Buy me, buy me" is not enough for a tough over-achiever like me. I honestly didn't think it needed staging given the condition of my property based on its price (which I will discuss later) when it was stacked against the competition. But I needed to help the buyer make a no-brainer decision. So, I staged it. Yes, it was the only staged property among those available. I believe that Staging is the cream of the crop. In some markets and at some price points, they are not an option. You MUST stage them. Very successfully, this vacant cold condo looks homely and it was the key for any parents who would want to purchase a cozy "home away from home" for their child. I understand this mentality.
Pricing:
All the above would not be successful had I not priced it correctly. Unfortunately, when I made the decision to re-carpet, re-tile and re-paint, I did not figure the cost of these maintenance into my equation. Why Did I Not? How could I? That's what most Sellers reactions would be. However, being a Realtor® myself, I understand how Buyers make the decision call. When you buy, you would almost expect carpet, flooring and paint on the walls unless it's a rehab property. If the conditions were not good, as a Seller, you would almost always get penalized for them. If they were acceptable conditions, then okay. However, if they were fresh and newly installed, it just almost makes them feel good about their purchase.
Like I had mentioned before, my objective is clear. To sell this property to the first buyer that walks in. I give no reason not to make this no-brainer decision. I priced it $3,000 less than my next competitor, who didn't have new flooring and new paint. I priced it $6,000 less than my "similar" competitor who had new flooring. In terms of percentage, this $3,000 is almost 8% less. However to me, having to risk that $3,000 "loss" upfront was very little when compared to my property sitting in the market for over 6 months (my mortgage payment would be more than $3,000).
So, after the remodelling, staging and pricing, I let my Realtor® do his duty - to sell it for me. True enough, I received a phone call from him 3 weeks after we went on the market and an offer came in shortly after. I also want to mention that I got an offer $1,000 less than listing price. Not bad. Not bad at all.
I believe 4 crucial steps contributed to my phenomenal success: Placing the property at the top of the market condition, staging it to place it over the top, pricing it attractively to help the buyer make the decision. The final and most important step is that I have a very competent Realtor® who understands his market and provided me with all necessary information to make an informed decision. After all, like it or not, Realtors® are only facilitators to the transaction. The ultimate decision: success or not lies in the hands of the Seller ie me. Only I can control the outcome of my sale and I exercised it.
Well, after reading this blog, there is no secret at all to selling in 30 days when others took over 180. The hard fact to swallow is that the market is more competitive and it takes much more to sell. The only real secret is if you, the Seller wants to accept the reality of the market. (I meant this is a humility voice).
I proudly serve and sell real estate in the northern suburbs cities of the Dallas metroplex. If you are thinking about selling your home in neighborhoods of Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area and other surrounding areas and more importantly, want to work with a local area expert, contact me immediately.
It is a competitive market, hence it is important that you choose to work with the realtor who knows these communities like none other. I employ a systematic market approach in selling your home - an intentionally unique proposal that most real estate agents do not use. If you care to be on your way to a successful closing, contact me immediately to see how different my proposition will be.
Contact: Loreena Yeo Realtor/ Broker of 3:16 team REALTY (214) 783-2210 loreena@loreenayeo.com
Note: I blog about the home-buying and home-selling process. All contents are original and where necessary are correct for the local North Texas real estate market conditions. Consider subscribing to my blog. It is my intentions to bring you good blog contents that will make you feel that it was worth your time to subscribe.
Loreena Yeo - Realtor(R)/Broker proudly serving Frisco TX Real Estate Frisco, TX View My Blog
There are some things I'm VERY passionate about: relationship-building, high character values, financial wisdom, photography and of course, real estate! And this is MY VOICE on Active Rain. Real Estate advice (and more) for real people. If you want no fluff, you are at the real place.
It is in vain, sir, to extenuate the matter. Gentlemen may cry, "Peace! Peace!" -- but there is no peace. The war is actually begun! The next gale that sweeps from the north will bring to our ears the clash of resounding arms! Our brethren are already in the field!Why stand we here idle? What is it that gentlemen wish? What would they have? Is life so dear, or peace so sweet, as to be purchased at the price of chains and slavery? Forbid it, Almighty God! I know not what course others may take; but as for me, give me liberty, or give me death!
A few of our local aquatic "preserve" are Estero Bay which is located along the back Bay of Fort Myers Beach and a sight to see. Matlacha Pass and the Pine Island Sound around one of my favorite Old Florida island in the area of Lee County which is Pine Island. and the Gasparilla Sound - Charlotte Harbor.
There is a long way to go. I have been a resident of Fort Myers Beach for over 9 years and I was told that anyone could swim in the back bay in the 70's. Granted we have come along way in water treatment plants since the wasteful 70's and 80's but we have still along way to go in the way we use our chemicals and dump so much of our waste along the mouth of the Gulf Of Mexico.
I am staying positive. The only way to go is to be ecologically aware and the rest is common sense.. Does it tick you off when commercial ships power wash their decks into the bays? When non commercial boat owners dump their blip into our waters? When sail boat and power boats hulls are cleaned straight into the aquatic preserves?
We have to be responsible. After that we cannot complain if our waters are not clean and our aquatic habitat is in jeopardy.
Happy Hunting!
For more information about this great area of Southwest Florida contact me and I will be glad to talk to you or send you the latest best opportunities in Lee County, either in Cape Coral, Fort Myers and The Beach, Sanibel, Bonita Springs. Estero and Pine Island. Its a buyer's market and the deals are here.
WILLIAMSBURG REAL ESTATE & MARKET HOMES REPORT for July 1 through July 31, 2008
Williamsburg Virginia consists of several counties. They are James City, York and City of Williamsburg.
CITY of WILLIAMSBURG Between July 1, 2008 and July 31, 2008, there were 7 homes that closed in the CITY OF WILLIAMSBURG VIRGINIA. This is a decrease of 2 units as there were 8 homes that closed in July 2007.
The Average Sales Price of the homes that closed in the City of Williamsburg Virginiafor the month of July of 2008 was $473,643.
The Average Sales Price of the homes that closed in the City of Williamsburg Virginia for the month of July of 2007 was $530,362.
The Average Days on Market of the homes that closed in the City of Williamsburg Virginia for the month of July of 2008 was 114 days.
The Average Days on Market of the homes that closed in the City of Williamsburg Virginia for the month of July of 2007 was 117 days.
The Average Percent of List price of the homes that closed in the City of Williamsburg Virginia for the month of July of 2008 was 95%.
The Average Percent of List price of the homes that closed in the City of Williamsburg Virginia for the month of July of 2007 was 96%.
In Williamsburg Virginia City of Williamsburg, 10 homes went under contract in the month of July 2008. The Average Sales Price was $296,870 and the Average Days on Market was 98 days.
***The above statistics are for Single Family Homes and do not include Condos or Multi-family homes/townhomes.
Courtesy of Yvette Smith, SRES®REALTOR® WILLIAMSBURG REAL ESTATE 757-753-7472 YvetteSmith @AtHomeInWilliamsburg.com
I wonder how many real estate agents have an education in real estate. You don't see a degree in real estate on most people's resume or being pushed by colleges. Most states require some sort of pre-licensing education with a test but does that really compare to a true education in real estate?
After I finished high school I did a semester of college and then I joined the Navy. I didn't join the Navy to pay for school. I turned down the GI Bill for some stupid reason. Actually, it was because I didn't want to pay $100 each month for my first year in the Navy when I already had a puny paycheck. But then again, I was from Illinois so as long as I returned to Illinois I could attend a state college for free. Go Illinois!
So 13 years after getting out of the Navy I took a couple of college classes. These classes were the required pre-licensing classes. After completing the classes I took and passed the licensing exam. The classes were very educational but I realized beforehand that I needed to know a lot more than what was covered in school about the state's real estate laws. So I studied state law specifically and then took the test.
After completing those classes I decided to continue my education. I now have a goal and I have the ability to obtain it. My goal is to continue college, study business and get an MBA (masters in business administration).
I am currently working toward my associates degree so I have a way to go. A few weeks ago I realized that I can get a minor degree in real estate. Imagine that! Guess what two of the required classes are? Yup, the same two pre-licensing classes I already took. There are other classes that go along with the minor in real estate and each one of them will better me as a realtor... or will being a realtor make me a better student?
When I introduce myself to my classmates, some young and some not, I always say I'm a realtor and a business owner. It's also a good way to advertise and network. :-)
What is it with all these agents that feel no pride in their profession and
only see designations as "just a bunch of letters after your name" or that
"EXTRA" training is just a waste of time???
I am so sick of posting referrals here and getting pure hate in return. I
require that the agent have at least TWO major designations before I will grant
them the referral, not a big request for a serious agent. I get emails that are
just slamming me for having the never to make people "jump through hoops" or to
be certified is just a waste of time.
I hold only four designations / certifications and have one more pending.
These designations show my clients that I am serious about my education and
learning to serve them better. It shows other agents that I am a serious player
and not just a part time hack.
Certified In
RRG - Risk Reduction Graduate
CREN- Certified Real Estate Negotiator
ABR- Accredited Buyers Representative
ABRM- Accredited Buyers Representative Manager
PENDING
GRI - Graduate Realtor Institute (just two
more classes to go)
PEOPLE, GET A CLUE... It is not about the certification, it is about the
dedication. The classes are not hard and to be honest they are for the most part
not a challenge. The designations are not the goal, they are the tool... And to
be BLUNT if you are too lazy to get extra education and cant see past the nose
on your face, I do not want you associated with me when I place my name and
reputation on the line to give out the referral.
For all of you who have designations regardless of what they are, I say
congratulations, you are a true professional. To the rest of you I say, even
McDonalds and Starbucks requires their employees to be certified, so get off
your butts, stop making excuses, and get at least two before you ask me for a
referral...
Saw the convention tonight. McCain was pale in contrast to Sarah Palin. The interviews think that this duo is now the "golden ticket." It'll be interesting to see. McCain is not a great orator nor does he command a great presence.
So what really is McCain's strength? He's transparent, genuine and authentic. This is a huge contrast to Obama....that's for sure. I've never been a McCain man, but because of his wisdom in selecting Palin.... you've got to believe that he has wisdom that surpasses his 72 years.
Obama, the rock star, acts as if this is a walk in the park. I'm not sure how he'll do now that he actually has a fight for his campaign. Obama was leading the polls 55/45. Now, immediately afterwords, it's now the polls have McCain equal to Obama. I think Palin will take them through.
I guess my point is that McCain is attractive because of his authenticity. He's authentic and transparent. Let's see where the fallout ends.
Designed as an open forum that just allows people to talk about anything pertinent. Not politically correct...just facts, fun, advice, expertise and opinions expressed here.
Many mortgage brokers are self-employed, and work out of their homes. As refinancings and sales slow down, many mortgage brokers that you know may be looking for more work. They rely on Realtors to bring them business, just as you rely on referrals. The right mortgage brokers - ones that you trust will stick to a bargain - can be useful in helping you do a better job in marketing your listings and getting them closed.
Make a pact
Tell the mortgage broker that you are going to recommend him or her on all leads that you get from your listing, but you want the same courtesy in return. If your listing is instrumental in getting the mortgage broker leads, you want those leads turned back over to you to help them either buy your listing or another home.
Let the broker know that you expect a good working relationship. Hold out the carrot that you would like the relationship to continue on other listings. He/she will get your meaning loud and clear that trust is of paramount importance to you.
Help with fliers
It's surprising how poorly done most real estate fliers are. Some agents view them as a necessary evil in promoting the home, and many agents don't do fliers at all. But for smart sellers, a key decision point might be to hire the agent with the most creative and aggressive flier.
As a smart Realtor, you can use your fliers to your advantage in your listing presentations to show how much more you put into a flier than your colleagues and competitors. Emphasize to the seller how you work with a mortgage broker to help get buyers qualified quickly so you have a greater pool that are ready to buy the seller's home.
Fliers are important. They provide a wealth of information for buyers. Information makes buyers stick around. If they can't get it, they'll go somewhere else. It's as simple as that.
Put yourself in the buyers' shoes: If you got two fliers from two comparable homes in the same neighborhood, which would you spend more time reviewing - the one with the front-door picture on the front, some showing remarks (usually identical to what's in the MLS and on the Internet) and the Realtor's contact information? Or the flier with that same information, plus multiple photos, an Internet address with a virtual tour of the inside of the home, a few comparables, and mortgage information from 30-year fixed rates to 5-year ARMS on the back? The mortgage broker or you can also tease the buyer - 'Not sure if this home can be yours? Call me to get prequalified.'
It's easy to get all this information onto a flier, because every flier has two sides. Yes, your printing costs will be higher, but the information to the buyer is more valuable. The more interested the buyer is in the flier, the more interested they are likely to be in the home.
Help with open houses
Not only can mortgage broker partners help you qualify buyers so you have more business, they can also help you sit open houses. Open houses can either be lonely and boring, or more people come than you can safely monitor. It's a service issue and a safety issue, too. There's simply more security in numbers.
Having a mortgage broker present for your open house makes it more of an event. They can prequalify buyers on the spot, or at least get the process started, and they can answer questions to help keep prospects interested.
Help with marketing costs
A mortgage officer can also help cut your ad costs. Ask the officer to go in with you on your open house classified ad. It will make your ad more interesting to give some information about the house and then to announce that a mortgage broker will be on hand to answer questions and prequalify borrowers. The broker can also pay part of the cost of your fliers. After all, they are marketing their services, too. For that matter, you can even sell the broker advertising space on your Website or newsletter.
If you knew Norman, Oklahoma at all, it is a university town. My alma mater - the University of Oklahoma. The Spring semester had already started and most students move back home in the Summer until school starts back in the Fall. So, clearly I had some time factor stacked against my sale. I employed the best Realtor® in Norman, 
I wonder how many real estate agents have an education in real estate. You don't see a degree in real estate on most people's resume or being pushed by colleges. Most states require some sort of pre-licensing education with a test but does that really compare to a true education in real estate?
