Posts Tagged ‘ seller ’

5 Things That Make Real Estate Agents Cringe

Want to make your real estate agent cringe? Say any of these 5 things:

“We would like a tour.”

This usually translates into, “We don’t know the area. We are not ready to buy but would like you to drive us around for several hours showings us the area to see if we like it.” Despite what you may think, real estate agents love to sell homes but really do not want to give tours. If you have been selling real estate for awhile then you have probably given a tour. From my personal experience, people who are unwilling to hop in their own car and tour themselves around are not ready to buy.

“I’d rather find a house and then deal with financing.”

Years ago when just about anyone could get a mortgage this was not such a big deal. However, today it is a different story. Lending guidelines have changed dramatically. The last thing a real estate agent wants to do is go out and show a bunch of houses only to find out later that the buyer cannot get a mortgage. It seems like the pendulum has shifted too far to the other end. I have recently seen some very qualified buyers not get approved for financing. Continue reading this post

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Posted by: Marc Rasmussen on August 23rd, 2010 under Guest Bloggers, Realtor

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Is It Time To Start Taking Those Overpriced Listings?

I absolutely hate taking an overpriced listing and simply would not do it. It seems like one big waste of time to me since the market has been declining for the last 4 years. It is like going to work and not receiving a paycheck.

If a seller is overpriced from day one then they will really be overpriced 3-6-9 months down the road.  However, the market is looking more positive as inventories are declining and unit sales are up. It appears that we are in or coming close to a bottom. home-seller-overpriced-listing

So should you start building your listing inventory even if the sellers are overpriced?

If you ask some of the largest producers in your market they will probably say yes.

I’m always looking to learn in this business so I like to observe the biggest producers. Most of them take a lot of listings. There is definitely a direct correlation between being a huge listing agent and selling a lot of real estate. If you look closely at some these large producers you will notice that they don’t always take a listing at an aggressive price.

In fact, many of their listings are over priced. However, in time they manage to get the seller to see the light and eventually many of them sell.  Start observing the larger producers in your market and I think you will see the same patterns.

I read recently that a seller accepting the realities of the market is similar to the stages of the grieving process.

Stage 1 – Denial Continue reading this post

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Posted by: Marc Rasmussen on December 8th, 2009 under Market Trends

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Every Deal is Different

These are the words that my first broker had for me after I closed my first deal. As luck would have it, I was in for quite the ride for my first deal and at times I thought there was no way I could actually get it closed and even worse, there was no one or nowhere I could turn for all of the answers.

puzzle-2It involved foreign terms to me at the time like elevation certificates, flood plains and settlement statements. Most of us who have done this for a while have had transactions where we just thought the changes would never end, but, when my broker told me “every deal was different,” I thought twice before continuing on in my real estate career.

Surely things wouldn’t always be different and if they were, I would never be able to learn enough about how to be a great real estate agent so I might as well quit now!

If you are a new agent, there is no need to have the fear I had. Instead, think of the fact that every deal is different as a blessing. Every new transaction will open up for you new and creative ways to make transactions work.

Even as real estate agents (not brokers) what we are really doing is “brokering” a transaction between a buyer and a seller.

In today’s market, things can often times become more complicated than in the past because of fickle buyers, short sales, foreclosures and wounded sellers who have seen their retirement accounts slide away right alongside the equity in their homes. These situations can make real estate in today’s environment tricky and deals harder to hold together.

Frequently, less than usual situations risk tearing apart transactions that sometimes seem only to be held together by our will. Continue reading this post

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Posted by: Ryan Ward on October 22nd, 2009 under Motivation

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10 Ways to Better Negotiation – Part 1

The key to effective negotiation is your ability to convey interest while at the same time being willing to walk away. It is important to establish your interest, else the seller think you are only a tire kicker out to waste their time.

Once he or she knows you are interested, their job becomes one of getting you to make an offer. Therein begins the delicate dance of negotiation.

Here are some tips, many of which I learned as an arbitrator and settling lawsuits.

Remember, every price is an “asking price”, not the price the seller is willing to accept.

1. Do Your Homework.

In order to know whether you are getting a good deal, you have to know the current marketplace. This includes the inventory and the economic reality of the local market. You also need to know the seller’s situation and motivation.

Don’t be afraid to ask questions. Continue reading this post

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Posted by: Joseph Ferrara on March 24th, 2008 under Best Practices, Guest Bloggers, Polls

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MLS Compensation; The Ugly Truth Today

House and Money

“Real estate compensation structures are wrought with problems, which could be effectively eliminated if the MLS-mandated offer of compensation were done away with.

Agent compensation is set by office policies that support a specific company’s fee philosophy and income. But the system doesn’t take into account how it affects consumers’ opinion of value received or how it can clash with other companies’ compensation policies.

These policies also contribute to uneducated agents blacklisting certain properties—either intentionally or unintentionally.

One major contributing factor to the compensation problem is that a buyer’s agent is paid according to the selling agent’s office policy. This totally disregards the buy-side agent’s office policy on compensation, the buyer’s contract with his agent and the seller’s best interests, which are to remove any barriers that may keep potential buyers from seeing their home.

One problematic result of the mandatory unilateral offer of compensation is the belief that the seller and his agent are the ones paying for the buyer agent’s fee. In reality, both the seller and buyer agents’ fees come from the negotiated sale price, and are deducted from the proceeds Continue reading this post

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Posted by: Jeffrey Bastress on October 24th, 2007 under MLS

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