Posts Tagged as Real Estate Agent Tips

Tips On Guiding Your Listing to Pay the Buyers Closing Costs

Dual Agency? Make Sure You Cover the Details with Potential Buyers and Sellers

Dual agency real estate transactions are often confusing for clients, and come with a number of significant benefits and drawbacks. Left unaddressed, misunderstandings arising from a dual agency transaction can leave behind a bad taste, especially in those situations where things go awry. If dual agencies are legal in your state, here’s how to come out on top without getting any egg on your face.

Addressing the Conflict of Interest Conundrum

Though playing both sides does streamline the process and minimize communication delays, dual agency real estate has some significant gray areas, which are important to explain to clients to keep things on the up-and-up:

– Advice

Because buyers want the lowest price, and sellers the highest, dual agents cannot take sides or give advice. Instead you’re more like a parent, you love both kids, and want to make sure the outcome of the situation is fair.

– Checks/Balances

There’s no one to catch it if you miss things, as you’re running both sides. And because you’re human, mistakes will inevitably occur.

Pointing out the Pros

That said, dual agency real estate isn’t all bad. There are also many benefits that should likewise be pointed out to potential clients:

– Full disclosure

Dual-agent/broker scenarios must be disclosed/consensual, and can’t occur behind the scenes.

– Potential savings

Dual agency real estate allows for potential savings in commission fees if the same person plays the seller and buyer’s agent, reducing fees.

– Increased potential access to properties

In large brokerages, who house a number of agents forming a different kind of dual agency scenario, sellers have more access to potential buyers, and vice-versa.

– More streamlined sales

A single entity makes communication issues moot. Communication between parties is timely and the process more streamlined with a single agency in charge of scheduling paperwork and deadlines.

Help your dual agency do double duty. Up your game with tools and technology from Properties Online today­.

Timing of Your Client's Home Sale Means More Money

Timing of Your Client’s Home Sale Means More Money

In today’s dog-eat-dog world of real estate sales, where supply is low and housing prices rapidly rising, seller’s remorse is a common issue. If Steve or Sally Seller is driving themselves insane over timing issues, wondering if their home will be ‘worth’ more if they simply wait to sell, it’s time to get down to the brass tacks.

You Can’t Perfectly Time a Home Sale

Like stocks, you can’t time a home listing for the absolute peak of a housing market ascent. Without ESP or a Magic-8 Ball, you’re out of luck. Even staid economists and real estate agents cannot predict exactly what will happen next in real estate sales with any level of certainty. (Remember the housing bubble?)

Home prices could rise – or drop – in which case waiting would fall firmly in the ‘no bueno’ category. Like stocks, marginal differences based on timing will likely be insignificant. Taking a long-term perspective is key.

Housing Costs Will Rise Alongside the Value of Your Current Home

Let’s face it, you have to live somewhere, and the majority of Americans are looking to move up – not down or laterally – in listing their current home. If values are rising, they’re rising everywhere. The math simply doesn’t add up. The more you make on your current home, the more you’ll spend on whatever home you choose to buy.

Put Plainly: It’s Time to Sell When You Have To…

Like when you’re relocating for that great new job, making room for a new family member, or finding your dream home. At these times, when sellers worry about listing too soon, reminding them to look at the bigger picture can quell uncertainties, preventing listing limbo from becoming a stumbling block to bigger, better things.

It’s now or never. Are you ready to up your real estate sales game? Make the move with the help of Properties Online today.

New Agent? Don’t Fall Prey to these Antiquated Misperceptions

New Agent? Don’t Fall Prey to these Antiquated Misperceptions

Those considering or just getting started in real estate often take to heart antiquated real estate selling tips. Post housing market crash, and with the inherent implications of today’s mobile and digital era, there are new rules…

Don’t Fall Victim to False Impressions
These erroneous beliefs top the list of things that cost new agents a future in the real estate industry:

1. Overinflated expectations.
While it’s good to think positive, many agents have greater expectation at their career onset than their budget can support. High income expectations, coupled with underestimated expenses, take many new agents off the market within their first 2 years in the field.

2. Making it on family/friend referrals.
Your entry into the real estate industry does not mean that all of your family members and friends will miraculously list and/or purchase a home. Or do so with you. While you may earn a few referrals from this group, it pays to realize your friends and family may already have trusted associates in the realty business.

3. Relying on advertising brokers.
Have your name mentioned on a broker’s website or in their print advertising? This floor time is great, but it’s not going to net you a deluge of weekly leads. It’s going to take far more legwork than that.

4. Losing potential customers to ‘assumptions.’
When new customers approach, assumptions can be deadly. Is that potential buyer with the dirty, torn clothing broke, or the working owner of the local construction company? Big deals often come in surprise packages. Look to every customer as a prospect, treating them in-kind – or you could quickly regret it.

Are you getting the right real estate selling tips to safeguard your future career? Look to the leaders who have evolved alongside the industry. Find the help you need with the latest tools and technology from Properties Online today.

November May Just End Up Being Your Best Month

Scripts to Help You Encourage Your Seller to Lower the Asking Price

The Internet Argument
Sellers often say, “But everyone finds their own homes on the Internet these days…” A great theory, but buyers still need an agent to show the home. And when buyer’s agents are pushed into the showing, you can be sure they’ll point out every flaw in the house… potentially some that sellers never knew existed – and that the price is too high. Sellers are, in essence, pushing for every buyer’s agent NOT to sell their home.

That Whole ‘Morality Thing’
Shouldn’t realtors put their clients’ interests first? While the exceptional ones do, in the real world, things often work out differently. Discounted services alienate buyer’s agents. In a perfect world, a good agent should explain up-front how they’re paid: No salary, only a commission if a home is sold.

When sellers also consider agents also don’t: A: Work for free, or B: Like being paid less for the same job (a demotion), that measly 0.5-1% starts looking a bit petty – especially in addition to all the other negative effects of ‘discounted commissions.’ Among top real estate selling tips: Here is where a sit-down with clients and a buyer’s agent contract shine, ensuring all parties understand the situation – and get the services/salary they deserve.

The Illogic of Discounted Services
Good doctors and lawyers don’t discount their rates. They don’t have to. Clients flock to them because of their superior abilities. It is the same for buyers and sellers agents, which each likewise require a specific skillset for success.

Clients should be asking themselves why an agent would discount their services: What aren’t they getting? Experience? Attention? Marketing? Accurate pricing? Each agent has their own way of doing things. We are not lemmings. Lousy agents are easy to identify: They’ll do anything to get a listing.

Don’t do anything. Do it right, with the latest real estate selling tips and technology from PropertiesOnline. Learn more today.

November May Just End Up Being Your Best Month

How to Handle Requests for a Lower Selling Commission

Discount brokers are popping up nationwide, sporting “sell-to-the-commission” tactics. In today’s real estate selling tips, we’ll take a look into how this concept backfires for all parties, and how to explain to buyers why a fair commission will net a better all-around sales experience.

The Unalienable Truth of a Fair Commission:
Lower Sales Cost + Lower Commission = Shortage of Showings.
This also equates to confusion and frustration for buyers and sellers, who are left on the sidelines. If more buyers/sellers understood the following facets of agent commissions, they would finally understand why ‘you get what you pay for’ when it comes to sales commissions.

The Split:
In the typical 50/50 commission scenario, a 5% split would pay 2.5% each to the buyer’s and seller’s agents. With a discount broker, the buyer’s agent typically ends up shorted, getting 2% to the seller’s 2.5%. With an average home price of $250,000, sellers see that 0.5% saved as an extra $1,250 in-pocket. This miniscule portion, however, points agents representing buyers to other homes not nickel-and-diming agents.

The result? Less showings, with less potential sales. Less competition, with a lower possibility of the coveted ‘bidding war’. A longer time on the market, with buyers wondering what’s wrong with the home. A negative stigma, resulting in a lower purchase price, and lagging sale. It’s the same extended market time that overpricing leads to, which likewise kills the potential to get top dollar.

The Ridiculous Question
Ask your sellers to ask themselves, “Which house do you think a buyer’s agent will want to sell: A competing home willing to pay the typical commission, or a home listed by a ‘discount broker,’ which involves the same work for them, but pays less?”

Delve into the nitty-gritty of this argument in Part-2, exploring what you assume clients know, but often don’t, about commissions, and the real estate selling tips to break it down from Properties Online today.