By Melissa Krchnak
Who has an influx of buyers? We sure do! My market (the Inland Empire of Southern California) is crawling with them. Our middle market is sitting a bit, but our entry-level and high-end are moving quite quickly… with multiple offers over asking!
That got me thinking: With lower inventory and a ton of activity, should I be going back to the 2009 days of setting a cut-off date for offers?
I obviously want to make sure I’m doing what’s in my seller’s best interest… so, is that it? Maybe. Here’s what I think you should do if you set a cut-off date:
- Review your offers as you get them, but present all at once: I created a cover sheet that I attach to each one with a break-down of the offer with any special notes, so when I go to present, I have all the info right there.
- Have at least one open house before presenting offers: Like I say, “business comes from everywhere,” and who am I to deny a lucky buyer the joy of working with me?
- Have at least one brokers’ open: Give all your lovely agent friends a chance to check it out. I don’t do a brokers’ open on most of my listings, but if you’re only going to have it on the market for a limited amount of time, it’s probably a good idea to give everyone a fair shot.
- Have it on the market for at least 10 days: When the market was hot in 2009, 10 days was an eternity and I’d be swimming in 30+ offers. I don’t think it’ll get that crazy now, but I wouldn’t want my sellers to wait much longer than that – they’re tired of opening their door to strangers… I get it. Just make sure that 10 days includes two weekends. I usually list my homes on Thursday or Friday for maximum exposure.
I’ve had agents try to get me to extend the cut-off date, but if I have it in the MLS, and your Client (or yourself) is set-up on an auto-email, how did ya’ll miss it? Just curious. I always offer to hold it as a back-up in case something happens with “the chosen one.”
What’s your market look like? Do you need to chat with your sellers about a cut-off date when you’re taking the listing?
Melissa Krchnak is the assistant team leader for Keller Williams Realty in Rancho Cucamonga, Calif. Connect with her at kwrancho.com.
By Peter N. Lamandre
While I was at the Rally to Protect the American Dream last Thursday during the NAR Midyear meetings in Washington, D.C., I had the opportunity to interview some of the YPNers in attendance. See what they had to say about the importance of homeownership.
By Chris Nichols
Approximately 60 REALTORS® from the state of Utah spent last Wednesday afternoon discussing issues vital to the housing market with their Congressional Delegation. The afternoon started with a state caucus meeting with Jamie Gregory, one of NAR’s chief lobbyists, walking us through the major talking points of the day. Then it was off to Capitol Hill to meet with Senators Orrin Hatch and Mike Lee, and Representatives Jason Chaffetz, Rob Bishop and Jim Matheson.
The meetings were a tremendous success and we are fortunate in Utah to have a congressional delegation that gets it when it comes to the importance of homeownership.
Following the close of the Senate session, we had the amazing opportunity of a private tour with Senator Lee’s chief of staff, Spencer Stokes. The Capitol was empty and we had the opportunity to enjoy the rotunda with no one else around. There is certainly something about standing in these hallowed halls and quietly soaking in the history and importance of this special place.
Spencer was such a gracious tour guide, showing us amazing places such as the President’s Room, the House Chapel, and a very special visit to the Senate Foreign Relations Committee Room. The staff there was wonderful and shared many interesting and insight stories about what happens in that room.
My evening ended on a high note with a private dinner at the Capitol Hill Club with my Congressman, Rep. Jason Chaffetz. I had a great time discussing a variety of things ranging from the presidential election to everyday life with him. As always, it’s a great opportunity to come to Washington, D.C., and spend quality time with our elected officials.
*Originally published on NAR’s Midyear Live Blog.
By Anand Patel
In an attempt to jumpstart the fitness routine I once followed, I decided to sign up for a three-week boot camp. As we are now entering the third and final week, I am wondering how am I possibly going to work-out with the same intensity and discipline at the gym on my own once the week is over. There is something about exercising in a group environment (or even with a partner), having each other and a trainer to encourage and push you beyond what you mentally thought you can achieve that makes boot camps so successful. Come on! One more pushup!
It got me thinking about a truth that also applies to our personal and professional lives – who do we surround ourselves with? Just as the boot camp environment works by having your peers challenge you to continually improve, we also need similar peers around us in other aspects of our lives. Sit back for a moment and think about the people who you surround yourself with in your life. Would you consider them people who encourage you? Or do they bring you down? Do they push you to think bigger and strive for more? Or do they cloud your judgment with fear and negativity?
In real estate, we all know agents who are complaining about how bad the market is, and blaming the economy for their lack of sales. We also know agents who, in spite of the market, are optimistic and making the best of the situation. These agents are doing extremely well. Which ones do you surround yourself with? Which ones do you allow to influence your thoughts and mood?
Now, keep in mind, this goes both ways. Are YOU a person who uplifts others, encourages them, and pushes them to do more and grow personally and professionally? Or do you bring them down, discouraging their goals, dreams, ideas, and ambitions? Which person do you want to be?
Just some food for thought as you start off your week. Now if you’ll excuse me, I’ve got a couple of more pushups I need to knock out.
Have a great week!
Anand Patel is a broker licensed in Florida, Georgia, Tennessee, and Mississippi with Elite REO Services and Elite Premier Properties. You can connect with Anand on Twitter: @anand_tampa; Facebook: www.facebook.com/livingelite; LinkedIn: www.linkedin.com/in/anandpatel1 or on the Web at www.anandsblog.com.
By Scott Newman
I recently had the privilege to do some work for high-profile clients. While I did enjoy working with them, I was reminded of just how different their expectations can be. As such, I thought it would be pertinent to review some simple tips and strategies so that should you ever have the opportunity to work with such a client, you’ll be prepared and ready to do a great job.
Respect their privacy: This is the first and most important rule when working with high profile clients. Nothing will get you blackballed in the VIP community faster than blabbing to the press, or anyone, really, about where they’re living or how much they spent, etc. Keep in mind that while people finding out where you live wouldn’t be too much of a hassle for you, it can become a huge problem — and even a safety issue — for high profile people.
Understanding how important privacy is to VIP clients can not only make or break your reputation, but it can also be used as a selling point. Make sure you let them know right up front that you are trustworthy and will keep their information confidential…and make sure you don’t go back on your word for any reason.
Be flexible with your schedule and plan accordingly: Many VIP clients do not do well with schedules because they often have many people pulling them in many directions, and getting them places on time can be difficult. I have had several clients in the past who routinely showed up 30-45 minutes late and that was just something I had to learn to work around. I quickly figured out that I should give the agents we are meeting a time-window and explain the likelihood of my client being late.
Another simple strategy is to schedule more than enough time between showings. Continue reading »