45 days listing agreements. Weak……I don’t think so!

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

I've read several post recently talking about taking 6 month listings and nothing less. Well, personally, I take 45 day listings and nothing more. Not only that, but I do not charge cancellation fees. My ads state this, 45 day listing agreements no cancellation fees, ever! For me this works like a charm. When I meet with potential Sellers, mostly referrals, expired or withdrawn listings, this is usually mentioned after I have gone over my analysis.

I say something like this…. "The average days on market right now are about 78 in Poinciana. I am willing to take your listing for 45 days and if you are not happy with my services, pick up the phone and fire me. No questions asked and no charge to you. I get paid when you get paid, at closing. I may not be able to sell your house in 45 days but I certainly don't need 6 months. After a couple of weeks working with me you will want me for your Realtor for life anyway, so, if need be, we can extend the listing at the end of the 45 days. 45 days will give me enough time to earn your trust and your business. So what have you got to lose. So, are you ready to go on the market today?"

Well, in most cases the answer is……. yes.

Now I am sure there are Realtors out there who would say taking a 45 day listing agreement is weak. But you know, you are dead wrong. First, in most cases I will sell their house in 45 days. My average days on market right now are about 20-25. Secondly, I know that I will be able to create a lasting bond with my Seller in way under 45 days. Why? Because I call them constantly and I'm excellent at what I do. Now don't get me wrong, there aren't too many things in life that I'm excellent at, but when it comes to pricing and market positioning, on a listing, I am an expert. It's what I do. And I take it very seriously.

Now, a couple of fine points in my above presentation that you may have missed:

Notice how many times I mention 45 days? This is not random. I do it on purpose. I want 45 days to be imbedded in my Seller's mind. It shows them my urgency in getting their home sold. This is a very good thing. Especially if they have been on the market already for 6 months with another Realtor.

"…not happy with my services, pick up the phone and fire me." What's to think about? They can change their mind if they want to. It's a risk I'm willing to take.

"…I get paid when you get paid, at closing". This is a word picture. Closing and getting paid. I am getting them to focus on the end result. All good.

"…Realtor for life", planting the seed for future referrals.

"…we can extend the listing at the end of the 45 days." I haven't even taken the listing yet and I've already mentioned an extension.

"…time to earn your trust and your business". What more could a Seller ask for from his Realtor?

"…What have you got to lose?" "Are you ready to go on the market today?" Asking for the business. The close. This is where some Realtors fail. You must ask for the business. I don't care how good your presentation is, your last question must be the close.

So next time you have a listing appointment, try the 45 days listing agreement. Weak?……I don't think so!

What is the “Right Price”?

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

I have heard numerous times over the last few months from Realtors wondering why their listing hasn’t sold. The usual comment is “it’s priced right”. Well is it really? My experience has been that any property will sell if the price is right. What is the “Right Price” in today’s market? Is it “Market Value” based on the last 6 months of sales? Is it based on homes that have sold in the last 30 days? Is it the “Appraised Value”?

The “Right Price” is the price that will sell your listing in 60 to 90 days. But what is this magical number and how do we arrive it? Well in my market (Poinciana, Fl) the right price is 5% to 10% below recent comparable sales. When Realtors are searching the MLS they may have 70-100 homes that meet their Buyer’s parameters. My Seller’s property, in order to sell, needs to be in the top 5 (preferably #1) properties on the list (by price) and it needs to have a competitive or better co-broke. If you can achieve this positioning you should have no problem getting the listing sold in a short period of time. Seller’s need to know this. It is very important when pricing a house to look at the whole picture that includes active, pending, withdrawn, expired and recently sold listings. I know this is Real Estate 101 but I have met with many Seller’s recently whose listings have expired and they have never even seen a “Market Analysis”. When asked how the Realtor arrived at the listing price they say “this is what we told him/her we wanted.” They used a little known technique to price their property it goes something like this:

Down payment for house I want to buy + moving expenses + credit card debt + closing costs + Realtor commission + current mortgage balance=“Market Value”.

Now I know this may be the new math but folks it won’t get your house sold. When hiring a Realtor it is important that that Realtor provides you with a detail analysis of current market conditions and counsels you on what it will take to sell your property. They need to be 100% honest about pricing. It may not be what you want to hear but it must be what you need to hear. Then and only then can you make an informed decision on how to list your house at the “Right Price”.

Does your Realtor really represent you?

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

When hiring a Realtor in Florida it is important to decide how the Realtor will be working for you and what duties they do or do not owe you. I have provided a link at the bottom of this post that will take you directly to Chapter 475 of the Florida Statutes where you will be able to find all information related to having a Real Estate license in Florida. Following is the "nut shell" version of Brokerage and Non Brokerage relationships.

In Florida Dual Agency is illegal. The only exception is on a commercial deal where both Buyer and Seller have assets of over 1 million two sales associates from the same office can work as "designated sales associate". One for the Seller the other for the Buyer.

In a residential transaction a Realtor has three choices of how to work.

1. Single Agent-this is a fiduciary relationship. You can work for either Seller or Buyer but not both. Your duties include confidentiality and full disclosure.

2. Transaction Broker-this is a form of limited representation but does not create a fiduciary relationship. Limited confidentiality and limited liability. You can be a Transaction Broker for either Seller or Buyer or both. If working for both parties it cannot be to the detriment of either party. In Florida we are presumed to be "Transaction Brokers" unless single agent or no brokerage relationship is established with a customer in writing.

3. No Brokerage Relationship-no representation at all. Can be with either Seller or Buyer or both. No confidentiality.

And then we have this thing called "Transitioning to a Transaction Broker"

FLORIDA LAW ALLOWS REAL ESTATE LICENSEES WHO REPRESENT A BUYER OR SELLER AS A SINGLE AGENT TO CHANGE FROM A SINGLE AGENT RELATIONSHIP TO A TRANSACTION BROKERAGE RELATIONSHIP IN ORDER FOR THE LICENSEE TO ASSIST BOTH PARTIES IN A REAL ESTATE TRANSACTION BY PROVIDING A LIMITED FORM OF REPRESENTATION TO BOTH THE BUYER AND THE SELLER. THIS CHANGE IN RELATIONSHIP CANNOT OCCUR WITHOUT YOUR PRIOR WRITTEN CONSENT

Click for Chapter 475 Florida Statutes.                 Click here for Realtors Code of Ethics

Short Sales got you down?

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

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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.