Sellers :: SoundBiteBlog.com

As the market continues to correct itself, the usual suspects typically surface.

BROKE BROKERS
Brokerages are closing or consolidating. Several of our local real estate offices are playing ‘Musical Chairs.’ Many agents are switching from offices that charge rather exorbitant desk fees, over to the more traditional split commission agencies. The Agent exodus which started last Summer continues to build up momentum. Many of the “Get Rich Quick” set have come to the stark realization that there is no quick anything in this business. It takes hard work, commitment, and perseverance. Real Estate is not for the faint of heart. So long, farewell, Auf Wiedersehen Goodbye!

IMPATIENT SELLERS
Most of the more astute Sellers are now coming to the conclusion that the market has shifted. Pricing and preparation are ‘everything’ to achieving a successful sale. Gone are the days of “Well, let’s just put it on the market and see what happens.” The next tendency that Sellers need to avoid like the plague is price reductions. Price your property right from the start. It’s not what ‘You,’ the Sellers, think the house is worth, or what your neighbor’s house sold for last year. The market determines the price. What are people willing to pay ‘today’ for your house? In a slowing market, Buyers can find themselves in a game of ‘catch up,’ and always ending up a few steps behind the market.

LOW-BALL BUYERS
And lastly, slowing markets breed over-demanding ‘low-ball’ Buyers. Don’t get me wrong. I have nothing against getting a good deal. In fact, that’s a big part of my role as a licensed real estate professional – skillfully negotiating the very best price for my clients, whether Buyers or Sellers. Let’s face it, everyone likes to think they got a sweet deal. But if a Seller has done their homework, priced the home aggressively, properly prepared the home to show well, etc., why insult them or waste their time with a ridiculously low offer? With that said, I recognize that there may actually be those rare occasions where a particular property has been languishing on the market for an extended period of time, and the Sellers are much more motivated or desperate to sell. Bargains are always out there. Just don’t unduly penalize the efforts of a hardworking Seller just because you want to be a greedy Buyer.

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Posted in Buyers, Real Estate Bites, Sellers, Silverdale WA Real Estate | 8 Comments »

Tags: Bremerton WA Real Estate, Silverdale WA Real Estate

With the advent of the Internet, information has become accessible at blinding speed. Want to know the migrating habits of the South African Gnu? What is the proper way to eat sushi? Or what was the original color of coca-cola? Powerful search engines enable us to locate virtually anything we want at the touch of a few keys. Websites, forums, and networks abound where we can obtain answers for every conceivable question. Information equips and empowers. It serves to form our opinions and guides our decisions.

This rapid accessibility and transfer of information is changing the way we conduct business as well. Companies and business professionals are moving away from one-sided, static websites to dynamic, interactive platforms, such as blogging, that allow consumers the ability to directly engage in virtual conversations.

Open and transparent dialog is a welcomed development in the real estate industry. The shrouds of mystery surrounding our profession have been quickly dissipating, offering consumers a well-deserved look into the inner-workings of the real estate world.

But there are inherent dangers to this new-found ‘free-for-all’ of information. And the potentially damaging ramifications exist for either side of the discussion.

Here’s an example of an actual ‘real’ question that was recently posed by a consumer on a popular real estate site:

“We just recently put our home on the market and we’re wondering, what is the selling market like now? What is the average time to sell a home in the $800K range?”

I’m not going to publish the various ‘responses’ to this inquiry (there were 5 answers at last look), but suffice it to say that all of the respondents chimed in with very detailed local markets statistics, jockeying and positioning themselves as the undisputed resident authorities. Almost all of them offered some measure of advice or counsel, and added the ‘perfunctory’ “for more information, my website/email is blah, blah, blah“….

What I found curiously missing was the question that should always be asked right out of the gate:

“Are you currently working with a licensed real estate professional?”

I’m thinking to myself, does this person have their home listed through a licensed agent, or are they attempting to market it on their own?

As real estate professionals, it’s ingrained into us from almost day one (Realtor Code of Ethics, Article 16) NOT to engage, counsel, or solicit someone who is, by contract, under representation by another agent. When in doubt, ASK!

And, as a consumer who is asking the question, how do you know if the individuals responding to your questions are actually ‘qualified’ to answer accurately? Are they licensed in the State where your home is located? Do they know and understand the unique nuances of your particular area? Who holds them accountable if they provide you with misleading or false information? How do you know for sure if they’re even a ‘real’ real estate professional?

Now don’t get me wrong. I am thrilled about all the advancements in Internet technology and their impact on the real estate industry. Many of the applications are having a very positive effect, both for us professionals, and for consumers.

But as real estate professionals, in our drive and desire to be helpful, we need to be ethically prudent, and exercise caution on what we say, and to whom we respond.

And, as consumers, though the Internet opens up a unlimited wealth of resources, remember that ultimately, real estate is local. The best way to obtain a qualified response?

Ask a local expert.

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Posted in Bainbridge Island Real Estate, Buyers, Kitsap County Bites, Real Estate Bites, Sellers | 8 Comments »

We were pressed for time. My Out-of-State Buyers had only a few days, and were on a whirlwind schedule. They scoured the Internet from a coffee shop wireless connection, and threw a few more candidates into the mix.

It ended up being like that VISA commercial, where everyone in the store is using their VISA card, and then the one guy tries to use cash, and the whole place shuts down from the log jam.

I called one of the last minute entries. The ‘phone-to-show’ number was the Listing Agent’s cell number. I got his voicemail:
“Hi! This is Rich Jacobson of Brio Realty. I was wondering if I might be able to schedule a showing for your listing on Jones Street for later this afternoon. I have some Buyers from out of town, and they would like to see the house.”

I got a return phone call later that day:

“Hi, This is Bill from XYZ Real Estate. Here are the showing instructions for the Jones Street property. Monday, Wednesdays, and Fridays from 5:30pm to 7:00pm, Tuesdays and Thursdays from Noon to 2pm, and Saturdays and Sundays after 7pm.”

…..The brakes on the Home Tour bus came to a screeching halt!!!!…..

It amazes me, given the current market conditions (slow as molasses going uphill on a cold day), why anyone would create obstacles to prevent a home from being shown?

Typically here in our market, the ‘phone-to-show’ number is the Seller’s phone. The Buyer’s agent calls and sets up the showing appointment with them directly. This eliminates one more step in the communication chain. Some Listing Agents prefer to have their cell phone as the ‘phone-to-show.’ This isn’t necessarily an issue, as long as the Listing Agent is readily accessible. But then, the Listing Agent still has to call the Sellers, obtain permission, then call the Buyer’s Agent back. This can sometimes cause delays.

In a slow market, where you have tons of inventory, and lots of homes competing for the same pool of Buyers, Sellers need to do everything within their ability to make the showing process easy and painless for Buyers and their Agents. That means removing any potential obstacles that may exist.

Now, obviously, this doesn’t mean, as a Seller, that you do anything that compromises your safety. Don’t ever allow anyone in through your front door who can’t establish their professional standing as a licensed real estate professional. Always have them activate the Lockbox first, to ensure they can properly/legally access the key, and provide digital record of their visit.

As a Seller, you need to be as accommodating as possible if you’re going to successfully compete with other homes on the market.

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Posted in Buyers, Poulsbo Real Estate, Real Estate Bites, Sellers | 6 Comments »

I’ve been reading a number of blog articles lately from other real estate agents who promote themselves as though they’re the cure for cancer. They proceed to explain why potential clients should select them as their agent. They all use many of the same descriptive terms – ‘Honest’ or ‘Ethical’ or ‘Hard-working.’ And it just makes you scratch your head and wonder, if all of them are so honest, ethical, and hard-working, why is the general public’s perception/approval rating of real estate agents so low?

Many of the agents I know respond to Seller inquiries rather agressively. This isn’t bad, in and of itself. Being confident in one’s abilities is a good trait, as long as it doesn’t supersede or overshadow the best interests of the potential client.

But ‘One Size’ doesn’t fit All. Let me explain…

Whenever I become engaged in conversation with a potential client, I let them know up front, that while they’re interviewing me, I am interviewing them as well. There are so many dynamics and variables that exist from one client to the next, I just never assume that I will work/partner with everyone who asks.

I’m not being rude or arrogant in this approach. The working relationship between a real estate professional and their client is crucial to achieving success. In a slow market like we are experiencing right now, with high levels of inventory and highly selective Buyers, it is imperative that a home be priced agressively and the necessary steps be taken to ensure that the home is adequately prepared for market.

Quite honestly, there are some instances where I feel customers can be served better through other means: 

With all the recent foreclosures, short sales are becoming increasingly common. This area is not one of my strong suits, so I would probably refer it to another agent, one that I know has proven ability.

If someone is ‘upside down’ (owes more on the house than they could sell it for), or lacks equity, it may be better for them to consider using a ‘limited-service’ agency – a ‘per menu’ provider that will place their home in the local MLS for a flat fee. Typically these agencies will only put up a yard sign, fill up the flyer box, and enter the home in the MLS. They typically don’t help counsel you or negotiate any offers that come in. You’re on your own there. But that might be a better situation for some, as opposed to using a ‘full-service’ agent.

What are the specific, current market dynamics in the area of the subject property? What are the inventory levels of comparably priced homes? What are the Seller’s goals or timeframes for selling? These are just some of the nuances that vary with each situation.

So while I like to think I’m a pretty good agent, I realize that I can’t be all things to all people.

That’s one of the many benefits of blogging. It allows me to share insights into who and what I am. Through my writing, I can convey my unique perspective, my passions, and my personality. Prospective clients can determine whether we would be a good fit without ever having met in person. How cool is that?

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Posted in Buyers, Real Estate Bites, Sellers, Silverdale WA Real Estate | 3 Comments »

As I travel throughout the Real Estate Blogosphere these days, I see a lot of articles being published by agents with the positive-spin headlines,….

…..”It’s a GREAT Time to Buy!”

I wonder how much of this is simply hopeful optimism? Wishful thinking? Or an attempt by those in the real estate industry to counter the incessant media bombardment of ‘Doom & Gloom?”

Well, let’s face it, in most markets across the country, existing homes sales have declined significantly. There’s no way to sugar coat that reality. And as much as we’d love to see things turn around soon, there is no substantive indication of that happening anytime in the near future.

But I suppose, if enough people say that it’s a good time to buy, then maybe some innocent and unsuspecting consumer will actually decide to ‘buy’ something? Just like Peter Pan, we could collectively think ‘Happy Thoughts’ about the market, and magically, home sales would fly!

Buying a home is a HUGE decision, by far one of the most important financial investments you’ll probably ever make. Certainly not something to be rushed into based on the overly zealous opinions of someone who doesn’t get paid unless YOU buy!

So, is it TRUE or FALSE? Is ‘Now’ a good time to Buy?

Well, the answer is TRUE. And FALSE. It really depends on each individual situation. What’s your current financial status? What are your goals? Where do you want to buy? How long do you plan on living in the home?

Here in Kitsap County WA, many of our clients are Active-Duty military. A good number of them are typically on orders to be stationed here for 2 to 3 years. In the past, with home valuations appreciating nicely, investing in a home purchase made sense in most instances. But with the current market decline, it may be better for some people to take advantage of on-base housing, or rent.

If you’re considering a home purchase, find a real estate professional who knows the local market intimately, and can give you reputable counsel, based on your particular needs.

And if the first words out of their mouth is, “It’s a Great Time to Buy!,” then give me a call.

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Posted in Bremerton WA Real Estate, Buyers, Real Estate Bites, Sellers, Silverdale WA Real Estate | 8 Comments »