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Remember.....it's not over until a successful close

I truly believe the secret to a significant part of a REALTOR®’s value to clients is setting the stage for expectations. Most sellers think that an agent’s real work involves finding the right buyer, and most buyers think that the agent’s real work involves finding the right house to buy. In fact, the real work involves bringing the deal to a successful close.

The public doesn’t see the gyrations that go into reaching contract agreement and closing the deal, but if that step goes awry, no other step in the real estate sales process matters.

The process of negotiating a deal involves fiduciary responsibility, market knowledge, client relations, and enormous skill and tact. Sometimes success means your client is the one selected over other interested parties to buy a particular home. Sometimes it results in a negotiated reduction in a home’s sales price. Always it reflects the realities of the market and the best terms and conditions the buyer and seller can achieve.

There are rules of negotiating, starting with knowing all there is about the market environment, so you can convince your client to accept terms and conditions you believe are the best to be had at the present time, based on current market conditions. Often, that persuasion needs to be administered to a less-than-enthusiastic client who was hoping for a better outcome.  The next time you consider who will represent your interests in a real estate transaction make certain the agent is a REALTOR (member of the National Realtor's Association) and an excellent NegotiatorNot all realtors are the same

Agree or disagree I welcome your response.  Please visit my site at www.alan-realtor.com for more information on buyer's or seller's tips.

Top 7 Reasons To Use A Buyer's Agent When Purchasing Your Home

by Eric Bramlett  (courtesy of Broker Agent News)

  
   
 

 

 

 

 
 

 

 

Purchasing a home is a big step, and a big decision. The average person spends around 1/3 of their income on their home. The home that you choose has a big impact on your life, and can have a big impact on your finances, as well. It always surprises me when Buyers attempt to "go at it alone" because of the possibility of mistakes. A good Buyer's Agent is invaluable to a Buyer, and can be the difference between a wonderful transaction, and a nightmare.

1) Full Access to the MLS

The Multiple Listing Service (MLS) is a powerful tool that only Realtors have access to. When listing agents market a home for sale, they typically allow any Realtor to present the home to potential buyers, and to present contracts for purchase. The MLS is a database of all homes listed by Realtors, and represents roughly 99% of the homes for sale in any given market. As technology advances, so does the MLS. It has evolved into an extremely powerful search engine that allows your buyer's agent to enter in search criteria, and returns only homes that match those specific parameters. Buyers can find a lot of this information online through IDX feeds available on many websites, but this information is a "watered down" version of the MLS because the IDX search engines aren't quite as powerful, and don't return as detailed profiles as the MLS.

2) Maximize Your Time

While driving neighborhoods is an excellent idea to help you decide which locations you prefer, it's not a very efficient way to find your new home. Gas is expensive, and your time is valuable. Your Buyer's Agent will listen to your needs, make fantastic suggestions based on your likes & dislikes, and provide you with a list of homes that ALL match your wants & needs. Your Buyer's Agent has helped MANY new homebuyers through MANY purchases, and will help you better organize your search & decision making process – saving you valuable time.

3) Representation

Listing Agents enter into legally binding agreements that require them to ALWAYS act in the best interest of the seller. They are the seller's "coach" and will make sure that their clients' best interests are looked after. Luckily, your Buyer's Agent is there to make sure YOUR best interests are accounted for. With your expert Buyer's Agent in your corner, you can rest assured that you're on, at least, even ground with the home seller. A football team would be at a pretty significant disadvantage without a coach – just as you would be without a Buyer's Agent.

4) Negotiating Power

The MLS maintains a record of, not only all homes listed by Realtors in a given market, but also the sales price of those homes. Your Buyer's Agent will run a Comparative Market Analysis (CMA) to determine a prospective home's Fair Market Value (FMV). In simpler terms, your Realtor will look at similar homes in the same neighborhood that have sold recently. This way, you will know whether or not the seller has their home priced fairly. If the home is priced over Fair Market Value, your Buyer's Agent can present your "under asking price" offer with plenty of firepower – and a greater chance that the offer will be accepted.

5) Experience

The average person buys 3-5 homes in their lifetime. A good Buyer's Agent will assist in 3-5 home purchases every month. What might seem complicated and intimidating to you is fairly common and familiar to your Realtor. Your Buyer's Agent will know what to expect, and will know when to alert you if anything out of the ordinary occurs.

6) Industry Contacts

It takes a lot of people to close a real estate transaction – Buyer's Agent, Listing Agent, Loan Officer, Inspector, Appraiser, Insurance Agent, General Contractors, and sometimes more! A good agent will come with a strong closing team that has performed in the past, and will continue to perform. A transaction is only as strong as its weakest link – with your strong Buyer's Agent & their closing team, you can rest assured that you will have plenty of support.

7) Piece of Mind

If you are like most people, your home is the largest purchase you will ever make. The average person spends around 1/3 of their total monthly income on their home. This is a big decision and you don't want to go at it alone. When you use a trusted Buyer's Agent, you know that your best interests are accounted for, and that you can feel confident in your purchase.

Purchasing a home can be a fun and exciting process. However, the home buying process can be intimidating, and mistakes are possible. A Realtor who specializes in working with Buyers can help alleviate the fears & possibilities for mistakes. Make sure and use a Buyer's Agent on any real estate transaction, and you will help ensure that you are making the right decisions.

  
 
 
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So Long To A "Cool 2006"


In January 2006, David Lereah, chief economist for the National Association of REALTORS® predicted that “the key word for the housing market in 2006 is balance, with a return to a more normal rate of price growth”. According to Lereah, cooling sales are necessary for the long-term health of the housing market.

Indeed, 2006 was a “cool” year compared to the overheated pace of 2005 housing sales. The market is in the process of approaching normalcy as the rise in home prices adjusts closer to the long-term norm, which is just a percentage point or so above the overall rate of inflation.

The long rang mortage forcasts look very good.........what a great time to buy a home!  Make sure to click on the Morgage Matters button on my website or off the home page a click to Coldwell Banker Mortage icon will get you all the information you need.  SeeYou...............................

Mirror Postings From http://www.therealestatesoapbox.com

Thursday, October 19, 2006

Should I Buy Now or Wait---Maybe Prices Will Drop?

The correct answer is buy when the timing is right for you instead of trying to time the market. Here's why. Money is cheap today. Do you feel interest rates are going to go up?
David Lereah, NAR´s chief economist, said mortgage interest rates are trending up but will remain favorable. He expects the 30-year fixed-rate mortgage to rise to 6.9 percent by the end of the year. - RISMEDIA.com, April 12, 2006.

I also believe the answer is yes, so don't make a decision about buying your home simply based on the price of the home. Look at several things including interest rates, tax benefits of owning your home and your abilities to make the payments. Look at the big picture.

Here is an example using basic figures without looking at the complications or benefits of taxes.

You buy a home and have a loan balance of $400,000 at 6%. Your monthly payment is about $2398. You wait a few months or a year or two for home prices to decline 5% making the sales price become $380,000 and you pay 7% interest. Your monthly payment is about $2528. You're already behind on your monthly payment by $200. You wait for home prices to decline 10% making the sales price become $360,000 and you pay 7%. Your monthly payment is about $2395...almost where you would be today if you bought at $400,000. Now it may be true that no one can predict where interest rates will eventually go but the safe bet is that they will rise rather than retreat considering today's market rates.
How much did you pay in rent in the meantime and what were the tax benefits that you missed out on? I'll be happy to help you get educated about your goal and when you're ready to buy your home, you'll be much more prepared to make the right decisions. I'm here to help.
Visit my website for access to mortage calculators and reports on various mortgages and how they can influence the way homes are purchased at http://www.alan-realtor.com. You can also shop mortgage rates and even start a pre-approval process by clicking on the COLDWELL BANKER MORTGAGE ICON. Your comments are always welcomed and appreciated. SeeYou..........

 

Saturday, October 14, 2006

Website Gains Accolades

I was recently informed that my website http://www.alan-realtor.com was awarded the distinction of one of the Top 100 Real Estate Websites in Louisiana by the RE Pros organization. Real Estate Pros screens website submissions to determine the quality and quantity of information offered which best serves the public interest in the area of Real Estate. Thousands of sites are submitted, however, only 100 are awarded placement on the company's website. You can check out the entire list at http://www.realestatepros.org/top100/.

I am very happy and honored to have my real estate site designated in the Top 100 in the State of Louisiana. It is always a rewarding experience to know that the time and effort put into the design, content and daily updating of the site is worth the effort. I strive to offer the very best of current information pertaining to my market area as well as articles, reports, tips, and more in a format which is easily navigable by clients while always keeping in mind " what is in it for the client" rather than the site being " what's in it for me".

I invite you to visit my site at http://www.alan-realtor.com or my alternative domain can be found at http://www.mandevilleagent.com and evaluate the site yourself. If you think it deserves the recognition it has been awarded let me know. If you would like to see the site improved in some fashion I would like to hear about that as well. Your comments are always welcome. SeeYou...

 

Tuesday, October 10, 2006

It's All About Family

Every year around this time, the kids start getting excited about the kickoff of the holiday season. First they'll get to celebrate Halloween by going door-to-door in costume gathering candy. Then before you know it, Thanksgiving, Christmas, Hanukkah, Kwanza and New Years will be upon us. Looking for ways to make this holiday season meaningful?

The key to success is taking the time to come up with things you can do together as a family. An activity sure to make an impression on everyone is working on holiday-themed arts and crafts projects together. Rather than going out and buying decorations -- which anyone can do -- think about how much fun, and meaningful it will be to make them instead. This time of year, stores across the country are fully stocked with the materials needed to make just about any holiday decoration you can imagine. For Halloween, there are artificial pumpkins you can carve into reusable Jack-o-lanterns, all the materials you need to make a holiday-themed centerpiece, and easy-to-use foam craft kits that allow even the little ones to construct 3-dimensional haunted houses, scary skeletons or even witches on broomsticks.

Here's another project the entire family would enjoy doing, a "Mummy Pumpkin". The materials you need are: Medium white pumpkin, cheesecloth, brown, white, red and black acrylic paint, gel medium, scissors, a paintbrush, a ruler, disposable plates, paper towels and a container of water. Instructions: Cut strips of cheesecloth, each about 3-inches wide. Apply strips to the pumpkin by wrapping with Gel Medium. Be sure to leave an open space for the eyes and mouth. Let dry. Paint the eyes and mouth with acrylic paints as desired. Use a small amount of water to thin brown paint and dry crush over pumpkin. Let dry.

Once Halloween has passed, turn your attention to Christmas. Among the more popular projects are wreaths and ornaments, gingerbread houses and snowmen, even personalized gift tags. Many of the projects are so simple, the little ones can do them either on their own or with minimal assistance. Here are the instructions for making a Reindeer Ornament: Materials: A reindeer pattern (which you can download from the Michaels Web site (www.michaels.com), a plastic snap together ball, brown craft foam, brown and tan felt squares, a small red jingle bell, oval wiggle eyes, 1/2 yard of green ribbon, craft glue, scissors and a black permanent marker. Instructions: Using patterns (or free-hand draw if desired), cut two antlers from the brown craft foam, two ears from brown felt and hair from tan felt. Glue the antlers, ears and hair to the plastic shell. Glue the wiggle eyes and red jingle bell nose in place. Use the marker to draw a mouth and eyelashes. Tie ribbon into a bow and glue to the bottom of the ball.

Have some fun with the family and remember to visit my website at http://www.alan-realtor.com for the latest and greatest real estate info on the Northshore. Your comments are always welcomed and appreciated. SeeYou......

 

Monday, October 02, 2006

Overpricing Your Home--"The Cardinal Sin"

Many people believe that the starting listing price for a house isn’t important because it can always be adjusted later. However, overpricing your house could prove to hurt your chances of selling. Agents show clients houses in similar price ranges and yours could be passed over as not as attractive as the other houses at the same price. Agents also pay the most attention to new listings. New listings are on the “hot” sheet circulated in real estate offices, and a properly priced house from the beginning will get the most attention.

You might want to set a high selling price with the intent of negotiating, but buyers do not initially think about how much you are willing to negotiate, but rather, they are comparing your asking price to other asking prices. Lowering your price after your house has been on the market for a while will likely get unnoticed by agents because your listing will not be moved back into the new listing cycle. This could ultimately lead to receiving lowball offers and you could sell for less than if you had priced the home correctly in the first place.

Ultimately, starting out with the right price for your house should lead to a higher selling price than if you had started with a higher asking price. I welcome your comments please feel free to post a reply. Please remember to visit my website at http://www.alan-realtor.com for the latest and greatest info on real estate. SeeYou......

 

Sunday, October 01, 2006

Make A Soldier Happy

Just came across this website, LetsSayThanks.com. You can send a free postcard to a US soldier overseas thanking them for their service. And, it’s free.
The postcards are designed by children ages 6-14. So, if you have a child, or work with children, consider creating and submitting designs to give the children a fun project. Xerox Corporation is printing and mailing the cards.
It only takes a minute to send a card - choose a design, choose one of the prepared messages, or write one of your own, click Submit, and you’re done! You aren’t required to provide any personal contact information.
A letter from home when you’re far away can be a big morale booster. Send a card today - and tell your friends! Don't forget to visit my website for the latest and greatest info on real estate at http://www.alan-realtor.com SeeYou!

 

Sunday, September 17, 2006

How to choose a real estate agent

How to choose a real estate agent
By Sylvia Booth Hubbard • Bankrate.com


The decision to buy or sell a home is one of the most important financial decisions most people make, yet many give little thought to finding the real estate agent best suited to their needs.
Agents are often chosen solely on the recommendation of a friend or an ad in the newspaper. But choosing the right agent can save you time, effort and aggravation in finding the perfect home at a price you can afford or selling your home quickly for top dollar.

"Real estate has always been a mark of independence and freedom in this country," says Donald R. Brenner, professor emeritus at American University. "Owning property is very important, and when you deal with someone who is going to help you buy or sell a piece of property, you'd better find someone that knows what they're doing.
"If you pick up the phone book and choose from the yellow pages, you won't make a better decision than if you picked up the telephone book to choose a brain surgeon," says Brenner.

Shelley O'Hara, author of 'The Complete Idiot's Guide to Buying & Selling a Home,' says, "When you announce your desire to purchase a house, you may be surprised at the number of real estate people who want to represent you. Agents come out of the woodwork. You won't have to worry too much about finding an agent -- you do need to worry about finding a good one."

Paul Purcell, a partner in Braddock & Purcell, a real estate advocate in New York City, agrees. "Buying a house is the most important financial transaction most people will make in a lifetime," he says.
"The most important thing when either buying or selling a home is to select the right real estate agent, but people usually go about it backwards. They read a newspaper or get one of the home magazines in the supermarkets, and they call about a home they see advertised. They should first select the real estate agent -- one who will understand what they need and can navigate the system for them.

"Advertising is designed to make the brokers' and agents' phones ring. Typically no one buys the house they called for, but from that point on, they're joined at the hip with a real estate agent they don't know anything about -- whether they are good, bad or indifferent or new to the business. They need to find an agent before they find house."

Brenner explains, "You must make inquiries before you sign with an agent or broker. Commissions are usually substantial, so some real estate agents will try to sell you anything. They'll tell you every house is the best house they've ever seen, every room is the prettiest, your kids are going to love it, and your dog is going to bark nicely. They'll tell you anything!
"If you're selling, your property may be the most valuable thing you own and it is of utmost importance to find an agent you can trust," Brenner says. "A real estate agent has a high fiduciary duty -- a duty of trust and confidence. It is the most important duty of any sales person or broker in real estate. An agent must disclose all the material facts of any transaction -- everything they know about the property, good or bad. If a salesperson knows there are three inches of water in the basement every time it rains, he is obligated to disclose that fact." END OF ARTICLE.

I could not agree more nor could I have written the article any better. The article's most important point is to select an agent that you feel comfortable with. Someone with whom you can immediately tell that both of you "are on the same page". I could never understand potential buyers running to a listing agent on a property of interest. Sure, I realize that contacting the listing agent is the easiest method to get quick information but to continue to work with that agent on that property is a big mistake. Does the buyer need to be educated to the fact that the listing agent's priority is to the seller? (see my previous blog on dualing agents) That buyer should already have an agent selected who is certain to look out only for that buyer's interests. All real estate agents are not the same (but we'll save that for another blog).

Potential sellers have equally important but different concerns when selecting an agent. Selling agents should be interviewed just as "a potential employer" would do for a job position. The owner needs to hold the lisitng agent's "feet to the fire" and demand to know up front exactly what the agent is going to provide in commission structure, advertising, open houses, etc. After several "interviews" with various candidates the owner will have a much better feel for who will do a better job in listing their home and finding the right buyer. Remember, in most cases, it is not the agent, per se, that sells your home but the quantity and quality of the marketing that the listing agent provides in attracting potential buyers. Your strongest bond to your lisiting agent should be the "mutual agreement" on how your home will be marketed!

Overall the selection of your real estate agent should be similar to how you select other professionals you use in your personal and professional business dealings. The agent selection process should be the same as how you would decide on an attorney, accountant, physician, or any other professional who is trained in a specific area and who you trust is the very best at what they do.

Let me know what you think. How have you gone about selecting an agent in the past? Did this blog inspire you think a bit differently? Your comments are always welcome. Visit my website at http://www.alan-realtor for the latest and greatest real estate info. SeeYou..........

 

Thursday, September 07, 2006

Should the public demand more from real estate professionals?

Source: REALTOR.ORG http://www.realtor.org/rodesign.nsf/pages/FS_2005PublicAware
The National Association of REALTORS® Public Awareness Campaign features a bold new message to homebuyers and sellers this year. While continuing to differentiate REALTORS® in the marketplace, the 2006 message highlights the integrity consumers can expect when working with a REALTOR®. Consumers put a high value on trust, and even more so when engaging in transactions as large as buying or selling a home. The new commercial, "Someone You Can Trust", highlights the honesty and integrity that REALTORS® bring to every transaction, and specifically mentions the quadrennial ethics training every REALTOR® must complete. The strategy behind this commercial is to help REALTORS® use the Code of Ethics as a way to market and differentiate themselves. In addition to the TV and radio, there is a special Web site, REALTOR.org/codeofethics, where consumers can get detailed information about the Code and REALTORS® can download materials to use with their clients. There is also a separate Code of Ethics within the Public Awareness Campaign section of REALTOR.org. Click on the "Code of Ethics" tab above to preview materials in support of this campaign.

As a member of the National Association of Realtors, I fully subscribe to and conduct my real estate business conforming to the REALTOR code of Ethics. When working with a real estate agent is it important to you whether he or she is a member of the National Association of Realtors? Your opinions are important! Your comments are always welcome. Make sure to visit my website at http://www.alan-realtor.com to get the latest and greatest info on real estate. SeeYou.......