By Dave Robison
Sometimes selling is complicated. Sometimes, a home can sit for weeks, months, even years before there’s so much as a bite. But with the right knowledge and dialogue, selling a home can be as easy as telling a buyer’s agent one simple thing. In 2011, I wrote a post about the power of one sentence to attract a client. Now, I’m going to let you in on another secret. Here’s how to sell a difficult home with just one line.
A few years ago, a seller in my local area called me and said, “Dave, I’ve had my home listed with my best friend for over a year. This is hard for me to do, but I need you to sell this house. Can you do it? Tell me the truth!”
To answer the question, I sold that home in one week to the first buyer who looked at it. Do you think it was luck? Not a chance.
Here’s how the conversation went with the agent who showed the home:
Agent: Dave, my buyer just saw your listing and it’s the first one he looked at. We have a lot of other homes scheduled to view and I wanted to ask, if you get anyone else interested in this property will you give me a call?
(Translation: We are going to shop around with your competition, are you cool with that?)
So to this I say, heck no I’m not cool with that! Why are agents telling buyers’ agents that they will call if they get offers? The Code of Ethics Article 1-15 specifically states: “REALTORS®, in response to inquiries from buyers or cooperating brokers shall, with the sellers’ approval, disclose the existence of offers on the property.” How many agents do you know who are technically breaking this rule by disclosing the existence of offers without sellers’ permission? Did the agent call the seller and ask for permission to disclose that they don’t have offers on the table? There’s a good chance they didn’t.
So what did I say to the agent? Continue reading »
By Scott Newman
With the market picking up steam, buyers are out there scooping up homes and they’re counting on you as their agent to help them navigate the treacherous waters of their transaction. When they are buying a condo, that path can be filled with even more landmines, and you have a whole new realm of elements to account for when advising your buyer clients. I’ve outlined some best practices for agents below who are representing buyers purchasing a condo.
Understand the Financials
Nothing will make you look more foolish than advising your client to make an offer, having it accepted, and then finding out there is something wrong with the building that prohibits financing. Review condo documents and know what’s going on with the overall health of the building your client is interested in — this is not just your attorney’s job post contract execution — it’s your job before your client ever puts pen to paper! Request a 22.1 disclosure, call the management company, speak to the listing agent — do whatever you need to do to ensure that the building your client wants to buy in qualifies for the type of loan your client is applying for.
Know Your Client
I cannot tell you how many times I’ve had a listing that gets put under contract, only to have the deal fall apart for ridiculous reasons that could have been brought to light long before an offer was made. Again, as the buyer’s agent, your job is to stay on top of these situations to ensure that you come across as a professional and that your client isn’t wasting their time. The only way to do this is to ask the right questions!
Do your clients have a dog or are they planning to buy one during their residency in the building? Are they planning to smoke inside their unit? Do they like to host company during very late hours? These can all be potential issues for a client as the rules in condo buildings can vary wildly, so it’s never safe to assume anything!
All of the above are examples of questions you should be asking to ensure that your client isn’t wasting their time. Get the right information ahead of time and call the HOA or listing agent personally to ensure that your client’s unique needs will be met by the building.
Do Your Homework
The time to find out whether or not the building has a pool or how nice the gym is should not be when you show up to the property with your client. Continue reading »
By Brian Copeland
In 1982, I faintly remember my mom going to fight at Kmart for the newest batch of Cabbage Patch dolls. It was a big deal. They were the hottest toy. All the little girls (and some boys) wanted one. It was only a few weeks to Christmas. It was a recipe for opportunity or disaster. She could get in the fight, get the doll and have a happy Christmas for her niece or wait until after Christmas, get a new batch, miss the rush but miss the holiday.
Showing houses to buyers over the past few weeks here in Nashville, I kinda get an idea of how mom felt back in 1982. It seems that every house we walk in priced below a certain price is either (1) in multiple offers, (2) a short sale that can’t make the contract deadline or (3) just contracted.
So, where does that leave us, the practitioners, and our buyers today? If they wait for a better inventory, they miss the tax credit. If they go to contract now, they may be making rushed decisions. As great buyer’s agents, it’s our job to guide them to the best decisions possible. Here are a few tips I’ve been working out with my current buyers.
- Pre-counseling is mandatory. In the counseling session, it’s imperative to discuss short sales and foreclosures in depth, giving them every scenario possible. Explain to them the “season” of searching they are in and what to expect between now and April 30. Continue reading »