Real estate agents owe lots of duties. But to whom?
Whether representing buyers or sellers, Realtors® have a duty under Article 1 of the Code of Ethics to treat all parties honestly. That much is clear. What is not quite so clear is how wide the net of all parties is to be cast.
Does all parties refer only to signatories to a contract? Or might it also include their family members; and, if so, which ones? Are prospective or intended beneficiaries of a contract also parties to whom a real estate agent may owe a duty? And are such duties owed even if no contract has yet been formed? Read More.
Win the listing before you get to the presentation
These days, there’s so much technology around that it’s easy to get caught up in it, thinking it’s the secret to real estate success. But sometimes it’s the absolute basics that can be the most powerful business tools, but they’ve become neglected or overlooked entirely.
How would you like to win the listing before you even get to the presentation?
What a great situation that would be, and it’s so simple: A prelisting kit and four to eight photo testimonials with a contact phone number (and that’s really important) can do the job for you.
In my training seminars for real estate professionals worldwide, the responses amaze me time after time when I ask these questions. Read More.
5 tips buyers would give sellers if they could
It is a rare occurrence these days to have a home’s buyer and seller sit down around the kitchen table to make a deal. In some areas, they do still sit around the attorney’s boardroom table to close the deal, but by that time, the deal is done and the ship has already sailed on any avoidable mistakes.
So in the vast majority of home sales, buyer and seller never connect in person, never talk, and never exchange insights or information except in the most formal, written formats – despite being effective business colleagues in one of the single most important transactions of their lives. Read More.
5 biggest turnoffs when touring a home
A real estate agent’s job entails more than assisting clients with the nitty-gritty details of buying or selling a home. Good agents also tour as many homes as possible. Knowing the local inventory gives them an edge over the competition and provides great value for future buyers and sellers because those agents know the market — their product.
Having toured hundreds of homes through the years, agents have come to loathe certain sights. They sometimes leave houses wondering whether the seller even knew a showing was scheduled for that day. Read More.
Duty to arbitrate commission dispute upheld
A Connecticut court has considered whether a lawsuit involving a commission dispute between two REALTORS® should be stayed and sent to the local REALTOR® association for arbitration.
Sotheby’s International Realty (“Listing Broker”) served as a listing broker for a property located in Greenwich, Connecticut. The Listing Broker placed the property into the Greenwich Multiple Listing Service (“MLS”), offering a cooperative commission to other participants who produced a buyer for the property. Read More.
16 ways to keep your seller happy
I doubt you can find too many home-sellers on the planet who complain that their agent communicated too much with them, but there are certainly plenty who feel they weren’t communicated with enough.
And “communication” isn’t just about calling every week to say, “Hi, how’re doin’?” No, it’s also about keeping the seller informed on local market activity, providing feedback from showings, and notifying him of new competing listings and recently closed sales. Read More.
3 strategies to price your listings right
Persuading sellers to price their properties realistically is always a challenge. This can be especially difficult when your market is still experiencing price declines. The question is how to unhook your sellers’ price anchors and then persuade them to list their property at a price where it will sell.
In psychology professor Daniel Ariely’s book, “Predictably Irrational,” he discusses how people become firmly attached, or anchored, to ideas. According to Ariely’s research, these anchors are extremely strong when it comes to the price of someone’s home.
For example, when a homeowner sells his home for $500,000 in Los Angeles and moves to Dallas where the same home would cost $250,000, in almost every case, the homeowner will purchase a new home that is at least $500,000.
Breaking a seller’s price anchors can be challenging. Here are three proven strategies that really work. Read More.
10 ways to turn off a homebuyer
What a difference a couple of years makes. Back in 2007, homebuyers would beg to purchase your house. They would even bid more than the asking price for the privilege to do so.
Today … well, not so much. Once the real estate bubble burst and foreclosures poisoned the housing pool, buyers suddenly regained the upper hand. But instead of buying, they’re waiting, convinced that housing prices will continue to drop.
A team was assembled for the article and they suggest 10 buyer turnoffs that sellers should avoid at all costs. Read More.
4 ways to capitalize on shift to seller’s market
It’s the spring selling season and good news is popping up like wildflowers in many places. The rocky bottom may be behind us with a new challenge ahead: a seller’s market with higher prices and not enough inventory.
“A seller’s market? Are you serious?” the naysayers will say. “NAR just announced that prices declined again and that the current sales pace puts us on track for doing about 4.93 million home sales in 2012. That’s less than the typical 5 million home sales that constitutes an average year.” Read More.
Breach of fiduciary duty negated by courts
A New York court has considered whether a listing broker breached her fiduciary duty when she showed the eventual buyer other properties while she continued to represent the seller.
Franklin and Shelia Tretter (“Sellers”) retained real estate brokerage Douglas Elliman Real Estate (“Brokerage”) to list their cooperative apartment for sale, with Barbara Lockwood (“Broker”) serving as the listing broker. The Broker began marketing the apartment, and after a few months she received an offer that the Sellers accepted. However, the offer was contingent on the potential buyer being approved by the co-op board and the buyer failed to get approval from the co-op board. Read More.
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