Opinions appreciated on this real time CMA.

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

OK, this is an actual CMA and E-mail sent to an absentee owner. What do you think? I use a pretty basic CMA format from our MLS. Nothing fancy but it seems to work. The information is current as of this afternoon so it will also give you an idea of market conditions in Poinciana Fl. I'll trust you not to contact my Seller. If you do tell him I said Hi. 🙂 By the way, if you are newer to the business, please feel free to copy the format if it will help.

Following is the Market Analysis I have prepared for your house at XXX XXXX Ct. A few comments: The analysis includes 3 bedroom homes due to the fact there are only 2 other 2 bedroom pool homes on the market in Polk County Poinciana. One priced at $173,900 and one priced at $179,000. There are eleven 2 bedroom homes on the market with or without pools from a low of $159,900 to a high of $179,900. There have been eleven 2 bedroom homes that have sold this year with or without pools from a low of $125,000 to  a high of $179,000. The suggested pricing is based on price per sq ft living area and is basd on the highest sold price per sq ft. In my opinion the suggested price is maxed out. But we can discuss that when we talk.

Your home is in pretty good condion. I would recommend, painting the front door, replacing or removing the verticle blinds in both bedrooms, replacing the light fixture in living room, replacing the socket covers that were removed and clean, clean clean. Next to pricing, cleanliness is the most important. The pool surface is bad but no action required on your part.

Overall it is a very sellable house. Nice open floor plan. Great front yard. The back yard is kind of small but nothing you can do about that. Same with the 1 car garage. It is what it is.

All of these things have been taken into consideration in my pricing. I highly recommend the "Range Pricing". This will enable me to place the home into the MLS at the lower price, but still having the ability to negotiate to the middle of the suggested range.  My whole goal is to get them in the door. If they don't see it they can't buy it. Also, I think it is imperative that we offer the selling agent a x% co-broke. Obviously, if I find the buyer I will not charge you the co-broke. To be honest, that doesn't happen much, but it may.

The previous pricing of $209,000 was a waste of your time. There are 1,400 properties for sell in Poinciana, not counting FSBOs, as of this morning. You have a lot of competition. There are 235 homes under $200,000. So needless to say pricing is extremely important. Ok, that's all for me rambling. Please review all the info and let me know when I can get started. I did a complete photo shoot and measured while I was there today. So if you are agreeable I can have you up and running within 1 hour.  Call me with any questions or suggestions.

Please visit a personal page I've set up for you that contains a link to a Comparative Market Analysis report.

http://bryanttutas.mfr.mlxchange.com/?r=111496147&c=2&id=32373632313339.366

Answer the phone!

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Tried to find my Sellers an out of State Realtor this week to help them find a house in the town they were relocating to. Researched several Realtors’ web sites to find one experienced with what my Seller was looking for and that seemed to have a lot of experience working with relocation Buyers. Found a great one. Over 10 years in business. Husband wife team. Top Realtors in their area. Great Web site, web log and pod cast. All the new tools to get the job done. Sent them a detailed E-mail explaining my Sellers needs and time frame for purchasing. My Sellers were pre-approved and going to the State in a week to purchase. Then being the good Realtor that I am I called the “contact me direct” phone number and left a detailed phone message as well.

Well now 7 days later no return call, no return E-mail. It seems you can have all the tools and put forth the appearance of being the best in your area and still not have the most important quality a Realtor can have-Responding quickly to ALL inquiries. Timely communication is the number one way to make money in Real Estate. Answer the phone. If you can’t answer it. Return the call in 15 minutes or less even if it’s to tell the person you don’t have time to talk but will call them back in 1 hour. Then call them back in 1 hour not 1 hour and 15 minutes. My cell phone has made me 100’s of thousands of dollars. Set your E-mail on auto response if you are not able to check it every 30 minutes. Better yet have it forwarded to your cell phone or PDA. Never leave a call or E-mail to the following day. Take care of today’s business today. You will have enough to take care of tomorrow. Answer the phone!!

 

Finding ways to be humbled helps overcome frustration.

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Hi folks. As most of us in this business I seem to have a lot more frustrating days than I used to. Real Estate is hard. My personal business is about 80% short sales and REOs (foreclosures). Frustrating.

I work in a very low end market and have to do lot’s of transactions every month in order to make a good living and pay the business bills. But that’s ok. So many folks have it much worse than I.

Yet, they have more strength than I could ever imagine. A perfect example is…..

.……Artist Leon Botha, one of the world’s longest surviving Progeria sufferers, and photographer Gordon Clark embark on a collaborative and artistic adventure, exploring the questions of destiny and immortality to bring us this powerful photo series Who Am I? Transgressions.

By words one transmits thoughts to another, by means of art, one transmits feelings.” Leo Tolstoy

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

 

The BIO for Bryant Tutas

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

Don’t let “serious inspection issues” derail your deal.

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Water damage and mold

Hi Folks. As we all know, nothing can derail a real estate transaction faster than a home inspection that uncovers “serious inspection issues“.

Recently I had a home inspection done on one of my pending listings. It was an older property and I was a little bit nervous and hoping there wasn’t going to be any major issues to deal with.

Anyway, shortly after the inspection was completed I get the e-mail from the selling agent to let me know we have “serious inspection issues.” She also sent me a copy of the inspection report and the WDO (wood destroying organisms) report. Darn it!!! We have termites!,  wood rot and major AC issues.

Well, being the good little Broker that I am, I pick up the phone and call my “peeps”, Wendal my HVAC guy, Dan the Termite Man and Khan my handyman and wood rot specialist. They all return my call within 5-10 minutes and stop what they are doing to go by the house and check it out. Within one hour, I have writen estimates from all three and time set aside on their schedules to get the repairs taken care of.

OK, now I’m prepared to call my Sellers. So I give them a call, explain the situation, go over the estimates and within 10 minutes I have authorization to move forward with the repairs.

Smartly, I had spent time during the listing presentation discussing inspections and repair issues and my Sellers were prepared. They understood that these were serious issues and would not just go away. So, they agreed to “let’s solve the problem and close the transaction.

Now, a little over an hour after receiving the inspection report and e-mail from the selling agent, I give her a call. Folks, for some reason she seemed to be surprised that I called back so quickly, not to moan and groan about a problem, but to let her know the problem had been solved, repairs had been approved and scheduled and the signed repair addendum was on the way over from the Sellers. I think this REALTOR(R) will be happy to show and sell my listings in the future.

What could have been a deal breaker was not even a bump in the road. It was just a few calls to the right “peeps” and a well informed Seller. We were back on track.

Folks, it’s all about educating your customers/clients and having people that you have worked with for years who are willing to drop everything and help you out when you need them.

So, have you built and nurtured your business relationships(“peeps”)? Are you in a position to solve problems this quickly? Are your Customers/clients educated and well aware of issues that my arise during the contract period? I hope so. There’s a lot more involved with being a listing Broker…… than marketing.

Broker Bryant’s Tips

  1. Educate your Sellers at time of listing
  2. Get estimates for repairs so the seller can make an informed decision. It’s rarely as bad as they will imagine.
  3. Have “peeps” that you can depend on. Make sure they get paid quickly. 
  4. Repairs issues will not just go away. The seller will pay one way or the other. Best to just do them and close the deal.

That’s it. What say you?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

 

If it walks like a duck…………………

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Even the name sounds contradictory. Dual Agency. How can this be achieved? How can a Realtor, in all honesty, work for two Clients on opposing sides of a transaction? How can you place your Client’s interest first, when there are two of them, one trying to get the highest price possible and the other trying to get the lowest price possible? The concept of Dual Agency just doesn’t make sense to me, at all.

The State of Florida got smart in 1997 and made Dual Agency illegal. We are now presumed to be Transaction Brokers unless disclosed differently. I discussed this in a previous post, so won’t rehash it here.

An Agency relationship creates a fiduciary between the Agent and Principal. Take away the fiduciary and there is no Agency. In my opinion, when entering into Dual Agency relationship, this fiduciary must be modified, to the point of no longer existing, in order to assist both Clients equally. A fiduciary is NOT equal. Here lies the problem. Dual Agency, by it’s very nature, is not an Agency relationship. Below are some excellent links that delve into the problems with Dual Agency a little further.

http://www.realestatelawyers.com/Dual-agency.cfm

http://www.realestatejournal.com/columnists/housetalk/20031010-barta.html

http://realtytimes.com/rtapages/20050208_dualagency.htm

So what do we do? As Realtors we are obligated to “protect the public.” Our Code of Ethics is built upon this premise.

In my opinion, Florida has started down the right tract. Be an Agent, for one party and one party only. If you must work for both parties, then do it as a Transaction Broker. Personally, I would like to see it taken a step further and have no Agency relationship in Real Estate. Always, be a Transaction Broker. I believe this is a truer representation of what we really do. We are “facilitators.  If it walks like a duck…………..

Clean it up and sell it!

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Took a listing a couple of weeks ago. Seller is an out of area Investor who had bought a new home to flip for a profit. Fortunately he bought right and this can be achieved. Contacted me off an expired listing mailing. He had been on the market for about 9 months with no offers. I pulled up his details in the MLS and it looked like the house was priced right at $205,000. So I told him I would go out and have a look to see why it hadn’t sold.

When I pulled up to the property I was shocked! The lawn was a good 4 feet long and full of weeds, the Real Estate sign was laying on the ground with the post still standing albeit a little crooked. I used the current Realtor's lock box and tried to place the key in the front door after several attempts I was finally able to jiggle it to get it in. Opened the door and I was overwhelmed with dead cock roaches, spiders, crickets and other critters I was not able to identify. And the smell!!! Well let's not go there but we know how Realtors treat toilets sometimes. The vinyl flooring was covered in scruff marks from all the Realtors and Buyers who had obviously been looking at the property. This was evidenced by the stack of 40 to 50 business cards displayed all over the kitchen counter. This new never before lived in home was totally disgusting. Of course the marketing remarks in the MLS said “brand new home in excellent condition ready for new owner”.

Well I gave the Owner a quick call and told him the condition and said I would list the property and that I was going to arrange a professional cleaning crew and lawn service ASAP. I will pay the bill and he can reimburse me at closing. It cost a total of $275.00 to have his property spit shined, carpets cleaned and set up on monthly lawn service. I had his house back on the market within 48 hours looking like a brand new house and “Range Priced” from $195,000 to $215,000 with a 4% Co-broke. Needless to say Realtors and Buyers are now knocking the doors down to see this house and we have already had offers. Unfortunately they were not from “truly” qualified Buyers but that will have to be another post.

Again it’s another case of a Realtor taking a listing and then just abandoning it. The Seller was completely agreeable to whatever needed to be done to get his house sold but was never advised by his Realtor or heard from him for that matter. As professional Realtors we must provide honest straight forward advice to our customers and clients. To do anything less is unethical. So be proactive. Clean it up and sell it! 

Short Sale Knowledge At Your Fingertips.

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Is Your Presentation Keeping You From Being A Champion..

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS
Just because I like it!!Presentation is so important. The way we present information. The way we present ourselves. The way we present our responses to objections. Being a good presenter will make your business easier and will help to build your reputation as a fair person. And this of course will make people want to trust you. Here are a few examples of what I’m talking about.

In my area it is common to see co-broke commissions in the MLS like this 3%-$295. How does that make you feel? It makes me feel slighted. I feel like they have given me something and then taken it away. It’s not the amount of the commission that causes me to feel that way it’s the presentation.

What if the same listing had the co-broke presented as 2.75%? How does that make you feel? No big deal is it? It’s just a co-broke well within the range of normal. I feel it’s fair. The reality is it could actually be less than the 3%-$295 example. But it doesn’t matter because it was presented better. They didn’t give me something and then take part of it back. The presentation mattered.

How do you respond to the potential seller that says “I’m not pricing my house that low. My home is worth a lot more than that.”  I know many agents will try to convince this seller that they are wrong. They may say “Mr Seller the comparable sales are much lower than what you think your house is worth. You’ll never get that much for your property. If you can’t price it here then I can’t take the listing.” Now while the response is accurate the presentation sucks. The Seller will more than likely assume a confrontational position and you will have to battle to prove your position.

What if you said this instead. “Mr Seller I completely agree with you. But..I’m not here to tell you what your house is worth I’m here so we can figure out what it will take to get it sold. And based on current market data your house needs to be priced here in order to compete. I know it sucks but let’s work some numbers and see if we can make it work.” That’s a much better presentation. You are not disagreeing with the seller at all. You are admitting that there’s a problem and together you need to work it out. Now instead of being the bearer of bad news you are a problem solver. You have opened the door to a constructive conversation. The presentation mattered.

How do you present a “low ball” offer? Do you use the term “low ball”? If you do that’s a mistake. What it is is an offer. Just an offer. It means there is a buyer who has shown an interest in purchasing your Seller’s home. This is a real good thing. It shows you have been doing your job. So just present it. No need to poison the Seller right up front by calling it a low ball offer.

In fact, even if you feel it’s a low ball offer this attitude may put you in a frame of mind where you are not able to present the offer in a non judgmental way. Just present it. Give the seller the facts so they can make a decision. If they want your opinion they’ll ask you for it. How about this “Mr Seller we have just received an offer for your property. The price is less than we had discussed but it looks like a good qualified buyer. Let’s go over the numbers and the time frame and then we can discuss the way forward.”
I say presentation matters. What say you?

Do you need a new Broker?

Want to find out more? www.TTRealtyNet.com

 

The BIO for Bryant Tutas

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

It’s scary out there!

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

I participate in another Real Estate forum and some of the questions that I see make me wonder if some Realtors are in way over their heads. Here are a few examples:

1. If I do a lease/option contract when do I get paid?

2. As a Sales Associate can I represent a Buyer in a business transaction? (if you have to ask the question, you shouldn’t be doing the deal)

3. The transaction didn’t close on time. Can I file an Ethics complaint against the other Realtor? (my personal favorite)

4. I’m going on my fist listing appointment. Besides the “purchase contract” what other forms do I need?

5. My Broker’s not giving me any leads. Is this illegal?

Now, don’t get me wrong, I am not faulting the Realtors. In fact I am glad they are asking the questions. There are no stupid questions only stupid answers. But this is scary! Where’s the training? What are the Broker’s doing? How can they allow Realtors without the basic knowledge to conduct business, loose on the public? And why do these Realtors have to ask these questions on a forum? Where’s the Broker?

My belief, is that, the general public when contacting a Realtor, should be able to assume, that the Realtor has the knowledge required to conduct business. And that they are able to “protect the public.” After all, that’s what Realtors are supposed to do. It’s scary out there! What say you?

Are you being short changed? Not by me.

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

On a local Realtor forum I participate in I have recently been hearing a lot of Buyer Realtors complaining that the sales commission is not being split 50/50.

Ok let me see if I can explain this commission split thing in simple language. I am a lister of properties. It’s what I do. When I meet with potential Sellers I tell them the minimum amount of money it is going to cost them to use my services and get their home sold. This depends on how realistic they are on pricing, how much money I will spend on marketing, whether I have to pay a referral fee and whether they are repeat customers or if I will be assisting them on another purchase or sale. This could be 1% it could be 5% The figure we arrive at is my compensation and will not change and has nothing to do with the selling Realtor. Then together the Seller and I review market conditions and what their competition is and how much commission we need to offer the selling Realtor in order to be competitive. Once we arrive at a suitable percentage for the other Realtor (which may go up during the course of the listing) we add the two sides together and there you have it! The total commission the Seller will pay when the house is sold. As a listing Realtor my compensation has been decided in advance and is a part of the listing agreement. It may be more than 50% it may be less than 50% of the total commission.

Now as a Buyer’s Realtor the amount of compensation that my Seller is willing to contribute to your services is the amount that is fully disclosed in the MLS. Nothing more and nothing less. Buyers and Realtors are actually at an advantage if they are using a “Buyers Broker Agreement”. You, the Realtor has the advantage of discussing your fee with your potential Buyer prior to showing them any properties and being able to let them know that the Seller is willing to contribute a percentage of the fee the Buyer has to pay to work with you. The Buyer has the advantage of knowing his Realtor is free to show them any and all properties that may meet their needs. Be it FSBO or a listing with a lower Co-broke that you may not normally want to show. Folks you need to be selling your services to your potential customers before you go to work. And you are selling them for a fee. Buyers have no problem guaranteeing you a certain percentage if you are a professional hard working Realtor and are able to sell your services. You are in sales! Sell yourself! Quit relying on listing Realtors to negotiate your compensation. If you are not capable of negotiating your own compensation how in the world can you be expected to negotiate the best deal for your Buyer. Our services are really the only thing we have to sell. Houses sell themselves. If you are not “listing” your Buyers with a “Buyers Broker Agreement” then unfortunately you are at the mercy of what is being offered in the MLS. As a listing Realtor it is not my job to negotiate your compensation. It is my job to sell my Seller’s property. Are you being short changed! Not by me.

Each State may vary on laws realting to Buyer Broker’s Agreements and types of Agency or Non Agency relationships.

About us

I am a licensed real estate Broker in the state of Florida. My opinions on real estate have been formed from my experiences and 15 years of working in the business. My opinions are in line with Florida Real Estate laws and the REALTOR(R) Code of Ethics. Your State’s laws may differ. So do your own homework before implementing any of my business practices into your business.