I often get asked for referrals to many different types of businesses, including 3rd party residential rental property managers.
As you probably already know, it's always a good idea to check with multiple sources before hiring any company, including a professional property manager.
In my networking with other brokers & agents, as well as looking online at the rating information with the Better Business Bureau, plus in review of a couple of the local & State of Arizona government agencies and couple of various consumer commentary websites, I have done some of the "legwork" for you.
Here is "my" list:
"Property Management Companies to Consider"
By part of the Valley - the greater metro Phoenix, AZ area - put in quadrants (Southeast “SE”, Northeast, “NE”, Southwest “SW” & Northwest “NW”), as I have yet to find one with valley wide coverage that I could in good conscience add to this roster of sorts...
SE-
PRS Property Management
Desert Wind Property Management
------------------------------------------------
NE-
Trilogy Realty
Management Masters
------------------------------------------------
SW-
RPM West Valley
Active Property Management
------------------------------------------------
NW-
Key Management
Primary Residential Management
=================================+
Now it's your turn... who do you know - good, bad or otherwise? Any on my list that you disagree with? Maybe one(s) that you love; be they on the list already or not? Your feedback can potentially help provide all readers here to get a more complete look at the experiences of others in the perceived service delivery quality of area home property managers.
Thursday, December 3, 2009
Tuesday, November 17, 2009
Contract Diligence - Part 2
Picking up on the line of thoughts from Part 1 of this...
INSPECTIONS - Explain the inspection period via the Buyer’s Inspection Notice & Seller’s Response “BINSR”. Recommend that inspections be done by licensed contractors or home inspectors. Make sure all parties know what kinds of things that the inspection clause includes. Have the Buyer attend the inspection themselves. You may accompany them, but you should not be the only one to attend. If you are, you may have taken on the responsibility of knowing the condition of the property. As to the Seller's Response to buyer's requests in the BINSR, and per the form, the buyer has only two choices - to accept or reject the seller's offer - but not to ask for a cash concession in lieu of repairs, understanding as a practical item this does sometimes happen!
SIGNED, SEALED, AND DELIVERED - A contract is binding to all parties when it is signed, sealed, and delivered. This means that you must deliver a copy of the signed contract to the client (or the client’s salesperson) immediately after acceptance. Digital signatures (through providers such as DocuSign) are now accepted in most places & have been for over a decade. Either party can change their mind until the signed documents are delivered. The sooner you get it to the other party, the faster it is "officially" accepted.
TIME FOR ACCEPTANCE - The time for acceptance should not say “upon presentation.” It should be specific. Typically allow at least one working day. Remember that most contracts state “This is intended to be a legally binding contract”. If you make the response time “upon presentation” it could be reasonably argued that you are putting the Seller under duress. If so, and this causes the Seller to do something that they claim has had adverse consequences, you can be held liable. This does not preclude you from getting a signature when you present the offer; it merely removes duress.
WRITTEN, TYPED OR PRINTED - A general "rule" is that any language that is hand-written is taken over added phrasing that is typed and that added-typed takes priority over the pre-printed text on a document. This is important to know when there is a question as to which kind of clause or notation takes precedence over another (and potentially conflicting) item. So in being aware of this, be careful that any additions don’t compromise the standard form unless that’s indeed what you intend. And the safest thing to do (so that all readers know this fact) is to lead in with a statement that this is the intent, i.e. "This language supersedes conflicting language in this form found at..."
REAL ESTATE FEE - The AAR Residential Resale Real Estate Purchase Contract "Contract" should not be used to address payment of commission issues. Understanding that the licensees want to be paid for their efforts, the Contract is NOT the place to address or cross-reference compensation, as the licensees are not a party to the Contract. Rather, the Contract is an agreement solely between the buyer and the seller outlining each party's rights & obligations in the sale of a home. Therefore the Contract should not be utilized to negotiate (or renegotiate) the rights and obligations of third parties, including the payments to brokers. Agents need to keep commission issues out of the Contract! To add it to the offer process is a potential violation of both the Arizona Commissioner's Rules & Realtor Code of Ethics.
REVIEW ALL - It is usually a good idea to have someone else review the documents before presentation and/or final acceptance, such as a trusted experienced agent or your Broker, Trainer or Mentor. Use the best, clearest, most unambiguous language possible and use the “4 Corners” Principle; meaning that “it” is clearly stated in writing; shown on, within, the 4 corners of the page. You may also want to consider it from the “12 Year Old Rule”, meaning is the language lucid & simple enough that a typical 12 year old could understand what is being stated?
Speaking of "reviews"...I hope this was a healthy re-introduction to you of the many key components of proper contracts!
INSPECTIONS - Explain the inspection period via the Buyer’s Inspection Notice & Seller’s Response “BINSR”. Recommend that inspections be done by licensed contractors or home inspectors. Make sure all parties know what kinds of things that the inspection clause includes. Have the Buyer attend the inspection themselves. You may accompany them, but you should not be the only one to attend. If you are, you may have taken on the responsibility of knowing the condition of the property. As to the Seller's Response to buyer's requests in the BINSR, and per the form, the buyer has only two choices - to accept or reject the seller's offer - but not to ask for a cash concession in lieu of repairs, understanding as a practical item this does sometimes happen!
SIGNED, SEALED, AND DELIVERED - A contract is binding to all parties when it is signed, sealed, and delivered. This means that you must deliver a copy of the signed contract to the client (or the client’s salesperson) immediately after acceptance. Digital signatures (through providers such as DocuSign) are now accepted in most places & have been for over a decade. Either party can change their mind until the signed documents are delivered. The sooner you get it to the other party, the faster it is "officially" accepted.
TIME FOR ACCEPTANCE - The time for acceptance should not say “upon presentation.” It should be specific. Typically allow at least one working day. Remember that most contracts state “This is intended to be a legally binding contract”. If you make the response time “upon presentation” it could be reasonably argued that you are putting the Seller under duress. If so, and this causes the Seller to do something that they claim has had adverse consequences, you can be held liable. This does not preclude you from getting a signature when you present the offer; it merely removes duress.
WRITTEN, TYPED OR PRINTED - A general "rule" is that any language that is hand-written is taken over added phrasing that is typed and that added-typed takes priority over the pre-printed text on a document. This is important to know when there is a question as to which kind of clause or notation takes precedence over another (and potentially conflicting) item. So in being aware of this, be careful that any additions don’t compromise the standard form unless that’s indeed what you intend. And the safest thing to do (so that all readers know this fact) is to lead in with a statement that this is the intent, i.e. "This language supersedes conflicting language in this form found at..."
REAL ESTATE FEE - The AAR Residential Resale Real Estate Purchase Contract "Contract" should not be used to address payment of commission issues. Understanding that the licensees want to be paid for their efforts, the Contract is NOT the place to address or cross-reference compensation, as the licensees are not a party to the Contract. Rather, the Contract is an agreement solely between the buyer and the seller outlining each party's rights & obligations in the sale of a home. Therefore the Contract should not be utilized to negotiate (or renegotiate) the rights and obligations of third parties, including the payments to brokers. Agents need to keep commission issues out of the Contract! To add it to the offer process is a potential violation of both the Arizona Commissioner's Rules & Realtor Code of Ethics.
REVIEW ALL - It is usually a good idea to have someone else review the documents before presentation and/or final acceptance, such as a trusted experienced agent or your Broker, Trainer or Mentor. Use the best, clearest, most unambiguous language possible and use the “4 Corners” Principle; meaning that “it” is clearly stated in writing; shown on, within, the 4 corners of the page. You may also want to consider it from the “12 Year Old Rule”, meaning is the language lucid & simple enough that a typical 12 year old could understand what is being stated?
Speaking of "reviews"...I hope this was a healthy re-introduction to you of the many key components of proper contracts!
Monday, November 2, 2009
Contract Diligence - Part 1
One of the goals of a real estate agent (or at least it should be) is to always complete clear and competent contracts so that everyone involved has both a smooth & pleasant experience - well, at least as much of one as is reasonably possible!
Understanding that if we do not have "excellent" contracts, we cannot make an "excellent" living is one thing. But, more importantly for our consumers, if we have careless, sloppy contracts, we can harm them...and ourselves in the process! The truth is that your license, and really, at some level, your reputation, are on the line every time you prepare a contract. So - keep your real estate license unblemished and your good name by treating everyone fairly, researching the property, and by disclosing any and all pertinent (material) information to all concerned parties.
Integrating the following practices in your contract processes increases the likelihood of doing a great job for yourself & all persons who are part of the process!
ADDENDA - Addendum means “something added”. Addendum are simply documents used when additional space is needed to add to or remove something to any document, be it a listing agreement, a purchase offer or a contract that has already been accepted. You do not need to use an official Arizona Association of Realtors “AAR” Addendum (or Counter Offer) form to have a valid one. Use this when appropriate - many times we see an Addenda used when a Counter Offer should have been & vice verse.
COUNTER OFFERS - Counter Offers "Counter(s)" are used when most of the terms of the contract are agreed upon by both parties, EXCEPT for one to several points. Only once all of the terms (and Counters, if any) are agreed to in writing is there a binding contract. To create a Counter is to create a new offer. If there is more than one Counter, the second (and betond) should incorporate all of the acceptable terms of the first Counter & any additional terms needed, with language such as “All other terms & conditions remain the same”. This way you will have only one final counter form signed. There is a reason in our electronic documents, called "Zipforms", that the Counters are not numbered any higher than 5, being this: if it goes beyond the 5th Counter, it is often best to go back & effectively start over,"re-draw" it all up as it were brand new - on a “fresh-from-scratch” resale purchase contract. If you don’t do this, it can easily lead to more confusion than there might otherwise be.
DATES AND TIMES - Dates should be written out with the name of the month to avoid confusion. A date written as 11-2-09 can be seen as either November 2nd, 2009 or as February 11th, 2009. Most (if not all) of the AAR designed forms we use are already designed to clarify this, but when you are using a document that does not, be clear as to what is meant. And when writing times, such as a time for acceptance, always add the proper time zone if it is not already stated on the document as most of the AAR ones are. This will avoid any confusion concerning the actual times used. Remember - here in most parts of Arizona, we are on "Arizona time", as we do not participate in Daylight Savings, witnessed by most of the rest of the USA "falling back" one hour this past weekend!
DUE DILIGENCE - If you are diligent, you cannot be negligent. Employ competence with reasonable skill and care when preparing contracts and addenda so that the interest of all parties will be treated with fairness and honestly, knowing that full diligence is a duty you owe to all of your clients.
HOME WARRANTY - Offer a home warranty program to buyers (and sellers!), explaining the benefits and costs. The AAR Resale Purchase Contract specifically gives and asks for information on this topic. There are a whole host of competing plans to choose from; maybe offer consumers three to select from...and like an independent home inspection, it is highly recommended that there be a home warranty on EVERY closed transaction!
I'll continue in this vein in a new post (Part 2) later this month!
Understanding that if we do not have "excellent" contracts, we cannot make an "excellent" living is one thing. But, more importantly for our consumers, if we have careless, sloppy contracts, we can harm them...and ourselves in the process! The truth is that your license, and really, at some level, your reputation, are on the line every time you prepare a contract. So - keep your real estate license unblemished and your good name by treating everyone fairly, researching the property, and by disclosing any and all pertinent (material) information to all concerned parties.
Integrating the following practices in your contract processes increases the likelihood of doing a great job for yourself & all persons who are part of the process!
ADDENDA - Addendum means “something added”. Addendum are simply documents used when additional space is needed to add to or remove something to any document, be it a listing agreement, a purchase offer or a contract that has already been accepted. You do not need to use an official Arizona Association of Realtors “AAR” Addendum (or Counter Offer) form to have a valid one. Use this when appropriate - many times we see an Addenda used when a Counter Offer should have been & vice verse.
COUNTER OFFERS - Counter Offers "Counter(s)" are used when most of the terms of the contract are agreed upon by both parties, EXCEPT for one to several points. Only once all of the terms (and Counters, if any) are agreed to in writing is there a binding contract. To create a Counter is to create a new offer. If there is more than one Counter, the second (and betond) should incorporate all of the acceptable terms of the first Counter & any additional terms needed, with language such as “All other terms & conditions remain the same”. This way you will have only one final counter form signed. There is a reason in our electronic documents, called "Zipforms", that the Counters are not numbered any higher than 5, being this: if it goes beyond the 5th Counter, it is often best to go back & effectively start over,"re-draw" it all up as it were brand new - on a “fresh-from-scratch” resale purchase contract. If you don’t do this, it can easily lead to more confusion than there might otherwise be.
DATES AND TIMES - Dates should be written out with the name of the month to avoid confusion. A date written as 11-2-09 can be seen as either November 2nd, 2009 or as February 11th, 2009. Most (if not all) of the AAR designed forms we use are already designed to clarify this, but when you are using a document that does not, be clear as to what is meant. And when writing times, such as a time for acceptance, always add the proper time zone if it is not already stated on the document as most of the AAR ones are. This will avoid any confusion concerning the actual times used. Remember - here in most parts of Arizona, we are on "Arizona time", as we do not participate in Daylight Savings, witnessed by most of the rest of the USA "falling back" one hour this past weekend!
DUE DILIGENCE - If you are diligent, you cannot be negligent. Employ competence with reasonable skill and care when preparing contracts and addenda so that the interest of all parties will be treated with fairness and honestly, knowing that full diligence is a duty you owe to all of your clients.
HOME WARRANTY - Offer a home warranty program to buyers (and sellers!), explaining the benefits and costs. The AAR Resale Purchase Contract specifically gives and asks for information on this topic. There are a whole host of competing plans to choose from; maybe offer consumers three to select from...and like an independent home inspection, it is highly recommended that there be a home warranty on EVERY closed transaction!
I'll continue in this vein in a new post (Part 2) later this month!
Wednesday, October 28, 2009
Understanding The Showings-to-Home-Pricing Dynamic
Now that two of my properties are to be listed for sale, I need to be more conscious of this than ever...and so will you &/or your seller clients the next time you are looking at pricing issues!
Know this...
1. If the house is not being shown at all, it usually means the buyers & agents think the asking price is too high for the house & neighborhood. Recommendation: A major price adjustment.
2. If the house is being shown, but infrequently at best, and/or you not getting any offers during the 1st two weeks, and most certainly no later than the 1st month, it more often than not means buyers are finding nicer homes for the same or less money. Recommendation: A moderate price adjustment.
3. If the house was one that agents say was seriously considered by the buyer, but the buyers end up purchasing something else, &/or if the buyers view the house a second time, but still end up buying something else, it means that the current price is probably closer to what it will sell for. Recommendation: A minor price adjustment.
In closing, remember these two key concepts:
1. All you are doing when you select the asking price on a house is "How long will it take to sell?",
and
2. There is nothing wrong with any home listed, not selling, that a proper price reduction won't cure!
Know this...
1. If the house is not being shown at all, it usually means the buyers & agents think the asking price is too high for the house & neighborhood. Recommendation: A major price adjustment.
2. If the house is being shown, but infrequently at best, and/or you not getting any offers during the 1st two weeks, and most certainly no later than the 1st month, it more often than not means buyers are finding nicer homes for the same or less money. Recommendation: A moderate price adjustment.
3. If the house was one that agents say was seriously considered by the buyer, but the buyers end up purchasing something else, &/or if the buyers view the house a second time, but still end up buying something else, it means that the current price is probably closer to what it will sell for. Recommendation: A minor price adjustment.
This information is culled from a National Association of REALTORS "NAR" study. It did not (nor any other research that I am aware of) however define what a minor, moderate or major price reduction is... but in my experience & professional opinion they should be considered as such:
Minor - 1-5%
Moderate - 6-10%
Major - 11%+
Additionally in this report prepared by the NAR, it stated that if a "typical" house (one at or near the median price for the area) listed for sale is priced correctly, it should, on average, be getting at least 1 written offer from every 6 showings. The NAR study also finds that, also on average, a property for sale should be getting 2 showings a week.
So, if you are not getting to these numbers listed above, you of course can always look at waiting longer, and/or at doing more marketing, but the harsh reality is that what is probably needed is a price adjustment; most likely a moderate to major one!
Avoid what I call "Death by a Thou$and Price Cuts"; meaning many too small price reductions too infrequently done...resulting in these most unfortunate outcomes: 1., not accomplishing the objective of a sale at all, or 2., to dramatically delay a realistic time frame for it to occur, and/or 3., end up selling for much less than you likely would have been able to if you had simply priced it right at or near the beginning...by PRICING IT CORRECTLY NOW!In closing, remember these two key concepts:
1. All you are doing when you select the asking price on a house is "How long will it take to sell?",
and
2. There is nothing wrong with any home listed, not selling, that a proper price reduction won't cure!
Friday, October 16, 2009
WHICH PROFILE DESCRIBES YOUR BUYER?
Savvy sellers hire listing agents who already have a sense of the profile of the most likely buyer for the property. Marketers of all types of products and services do something similar.
As an example in residential real estate, brand new home builders often have dozens of different defined market niches of prospective purchasers that they then typically select 2-3 from when deciding what to build and who to promote the new construction product to, both by demographic & psychographic needs and characteristics, and often times with clever labeling names, i.e. Blue Color Blues, Upper Crust Elites, D.I.N.K.s (Double Income No Kids), etc.
Once you identify which one or two categories is most probable to be attracted to the type of home, you can then better determine how to market the property listing!
In residential resale, let us start with several basic ones, understanding that while these categories tend to contain many generalizations, there is more truth regarding these more often than not.
5 Buyer Profile Categories:
Who they are and what they often want; important items & considerations that are things to emphasize in your marketing efforts and showings:
1. First Timer's -
“A house like Mom’s”
Low Cash Down
Credit Issues o.k.
Affordable $ payment per month – lowest possible
The feeling of "Security"
Many Community Amenities.
2. First Move Up -
Newer "Everything"
"Good" schools
“A real house this time”
Size; more space inside & out–
Corner Lot, cul-de-sac’s, more yard
At least 2, possibly 3+, car garage
3. Second & Third Move Up -
The "Dream Home"
Quality (The higher-end, the better)
Designer brand names
Even more exclusive schools
Pool w/ luxury features
Status, prestige, exclusivity
4. Empty Nester -
Low or no maintenance
Service-orientated area
No kids bedrooms
Downsize, but in place
Smaller space-but keep stuff
5. Retired -
Single Level Home
Open Floor Plans
Extra energy efficient
Want easy access to close by eating, shopping, medical service
Reputation of area must be good
Smaller yard maintained by HOA.
=====
Now these 5 are all owner-occupied kinds of likely purchasers. Both the 1st time buyers and investors have been driving the majority of our home sales here as of late, so investors would be an example of another key group to do something similar for and about.
Target the buyer and thus you're much more likely to get the target price & time frame for a sale!
As an example in residential real estate, brand new home builders often have dozens of different defined market niches of prospective purchasers that they then typically select 2-3 from when deciding what to build and who to promote the new construction product to, both by demographic & psychographic needs and characteristics, and often times with clever labeling names, i.e. Blue Color Blues, Upper Crust Elites, D.I.N.K.s (Double Income No Kids), etc.
Once you identify which one or two categories is most probable to be attracted to the type of home, you can then better determine how to market the property listing!
In residential resale, let us start with several basic ones, understanding that while these categories tend to contain many generalizations, there is more truth regarding these more often than not.
5 Buyer Profile Categories:
Who they are and what they often want; important items & considerations that are things to emphasize in your marketing efforts and showings:
1. First Timer's -
“A house like Mom’s”
Low Cash Down
Credit Issues o.k.
Affordable $ payment per month – lowest possible
The feeling of "Security"
Many Community Amenities.
2. First Move Up -
Newer "Everything"
"Good" schools
“A real house this time”
Size; more space inside & out–
Corner Lot, cul-de-sac’s, more yard
At least 2, possibly 3+, car garage
3. Second & Third Move Up -
The "Dream Home"
Quality (The higher-end, the better)
Designer brand names
Even more exclusive schools
Pool w/ luxury features
Status, prestige, exclusivity
4. Empty Nester -
Low or no maintenance
Service-orientated area
No kids bedrooms
Downsize, but in place
Smaller space-but keep stuff
5. Retired -
Single Level Home
Open Floor Plans
Extra energy efficient
Want easy access to close by eating, shopping, medical service
Reputation of area must be good
Smaller yard maintained by HOA.
=====
Now these 5 are all owner-occupied kinds of likely purchasers. Both the 1st time buyers and investors have been driving the majority of our home sales here as of late, so investors would be an example of another key group to do something similar for and about.
Target the buyer and thus you're much more likely to get the target price & time frame for a sale!
Thursday, September 24, 2009
A “Backup Agent” Is A Must When You Aren’t Available!
Few things are more annoying to fellow real estate agents and the public than licensees who do not seemingly ever answer their phone & maybe even worse, such as those agents who rarely even return voicemail left for them.
The "good" agents do answer their phone with regularity and actually get back to people when messaged; be it by phone or text. But what about when even those "good" agents will be away (unavailable) for one reason or another? What must they (you?) do about handling potential inquiries for you when you won’t personally be there to take care of your real estate matters?
Quick answer - Appoint another agent! A so-called "backup agent".
This really needs to be required for any absence of more than one day - even you’re accessible by mobile phone! Just because you can answer your cell most anyplace doesn't mean that you can, in all circumstances, work on what is required if you are not physically nearby or available. SOME things CANNOT - even today in our technologically advanced world - be done without you being there!
You truly need to make detailed arrangements with a backup agent before you are “off”– I say 24 hours or longer...but if busier, less than that – for any reason, be it just some quiet time, heading out on a trip or taking vacation! This is even more true on a on-going basis for "dual-careerists", (sometimes called "part-timers", etc.) - those Realtors, who regardless of the identifying label, have limited availability most of the time, not just from time-to-time!
So who is a good backup agent in your absence? Well, the right Realtor will be another agent at your company (yes, it should be a real estate licensee with your current brokerage, not one at a different firm); an agent who can take inquiries from anyone who wants to contact you regarding real estate. This should be a Realtor who is prepared to be familiar with any listings you have and is hopefully as motivated to do as good of a job as you - irrespective of what they are called on to do!
More often than not it is best that you must let the designated broker (or one or more of their duly-appointed representatives) and those who answer your phones (i.e. a primary receptionist) know who will be handling your business in your absence. In practice, that means that if any inquiry is made for something connected to you (e.g. someone decides to call, email, fax, etc. you or wants to see, buy or list a property before you return), the backup agent needs to be aware of all your listings and sales you have in escrow.
The "good" agents do answer their phone with regularity and actually get back to people when messaged; be it by phone or text. But what about when even those "good" agents will be away (unavailable) for one reason or another? What must they (you?) do about handling potential inquiries for you when you won’t personally be there to take care of your real estate matters?
Quick answer - Appoint another agent! A so-called "backup agent".
This really needs to be required for any absence of more than one day - even you’re accessible by mobile phone! Just because you can answer your cell most anyplace doesn't mean that you can, in all circumstances, work on what is required if you are not physically nearby or available. SOME things CANNOT - even today in our technologically advanced world - be done without you being there!
You truly need to make detailed arrangements with a backup agent before you are “off”– I say 24 hours or longer...but if busier, less than that – for any reason, be it just some quiet time, heading out on a trip or taking vacation! This is even more true on a on-going basis for "dual-careerists", (sometimes called "part-timers", etc.) - those Realtors, who regardless of the identifying label, have limited availability most of the time, not just from time-to-time!
So who is a good backup agent in your absence? Well, the right Realtor will be another agent at your company (yes, it should be a real estate licensee with your current brokerage, not one at a different firm); an agent who can take inquiries from anyone who wants to contact you regarding real estate. This should be a Realtor who is prepared to be familiar with any listings you have and is hopefully as motivated to do as good of a job as you - irrespective of what they are called on to do!
More often than not it is best that you must let the designated broker (or one or more of their duly-appointed representatives) and those who answer your phones (i.e. a primary receptionist) know who will be handling your business in your absence. In practice, that means that if any inquiry is made for something connected to you (e.g. someone decides to call, email, fax, etc. you or wants to see, buy or list a property before you return), the backup agent needs to be aware of all your listings and sales you have in escrow.
Certainly any failure on your part to safeguard your clients’ interests when you go away is a violation of your fiduciary responsibility and may result in you not getting paid all of the commissions you thought you would be receiving. Your broker(s) are there to help you, but not to take your place. It's simply unfair to impose on them, expecting them to do more for no extra income!
Know too that if you have hired a specialized "open transaction coordinator", be it a virtual one or otherwise, this someone who is not a full-charge & tasked personal assistant to you; that s/he is only there to take care of some of the details on your in-process sales, not to be all things to all persons when you are not fully available.
Again - who could this "backup" person be then? Let us begin with the fact that the (or one of the) most common ways is probably that agents often "team up" to cover for each other. This means when you won’t be available, another agent of your choice will serve as your backup. And when that agent is unavailable, you agree to take care of his/her business. No change in compensation is offered or exchanged. Agents who have a reciprocal relationship may be motivated to help each other simply because such mutual back-scratching is in their interest.
But a more powerful incentive for a backup agent is to get a piece of the commission that comes with the required work. Again, you need to reach such an agreement in writing with your backup agent before you take some time away & submit this form to the office. Such agreements are typically available from your brokerage, some even showing various options to payments between the agents depending on what services are performed by the backup agent in your absence and vice verse.
In summary, it's an old joke in our business that "If things have slowed down, take some time off; it will suddenly get busy!" And just because you say " I have nothing going on - I don't have any listings or active buyers!"...believe me - as soon as you are not available, an inquiry will come in for you - often from a source you would least suspect!
Please help us all in the industry collectively - and aid the consumer to minimizing their frustration- complete the following (or something similar) before you become temporarily unavailable!
SAMPLE FORM(AT) - ASK YOUR BROKERAGE IF THEY HAVE ONE SPECIFIC TO YOUR FIRM:
Print Agent Name ___________________________________
I will be gone from _____________ to _________________.
Any real estate related business for me will be handled by ________________________________________________
They can best be reached at this phone # & email _____-______-________ /______________________
In case of emergency, you may reach me at _________________________________________________
Special Instructions ________________________________
*PLEASE NOTE: It is the Sales Associate’s responsibility to notify their r.e. brokerage to cancel these instructions, or if plans change, if applicable, upon your return or modification of the original arrangement.
Saturday, September 5, 2009
Real Estate is as Easy as 1-2-3
If you decide to read Bob Boog's book, "Selling Homes 1-2-3" (subtitled "Insider Advice on Becoming a Surprisingly Better Part-Time or Full-Time Agent"), you will easily gain a wealth of new information on the processes that could very well increase your job satisfaction and your income.
The essence of brilliance is to take the complex and make it simple (to perhaps poorly paraphrase Albert Einstein) and Bob Boog does that in this excellent book. By the way, is "Bob Boog" a cool name or what?!
We in the industry have made this business much more complicated than it really needs to be. For all of the changes in the profession, it still, at its core, remains very much the same as it was when my dad obtained his real estate license - 1966 - also the year I was born. Selling Homes 1-2-3 cuts away the complexities we've collectively laid over it all for too long now and makes it much more simple for everyone involved. It also contains many quality sales approaches and techniques for agents that I've never seen or heard of in any real estate training tool - be it a book or otherwise. And I have seen most all of them!
The book has a heavy emphasis on working with buyers, which is relatively rare in a residential sales agent book. In the spirit of conventional wisdom in the business, most books of this type overly favor discussing working with sellers; getting listings. While there is a lot to be said for classic statements such as "If you're going to last, you better list", "Listings are the name of the game" and my favorite, "Old Realtors don't die, they just become listless", many agents look for educational offers on buyers (including books) and often times come up short when looking for such a tome. This book fits the bill for the agent looking to work with more buyers much better than they have been.
One good example of the "1-2-3" concept in the book title in action is this dialogue to use with a prospective home purchaser - O.K. - in the spirit of the book..."home purchaser" - let me just call it what it is - a buyer. Here's the script from the agent to the buyer:
"Buying a home is really as easy as 1-2-3. The 1st step is to make sure the money is there. If you are not paying all cash, you want to first work on getting pre-qualified for a new loan. The second step is to narrow it down to just the right area for you. And the third step is - again you have the money to buy lined up and selected the neighborhood you want, is to find the exact right home for you - at the best possible price, the most favorable terms, in the time-frame you want -- all with the fewest hassles possible. Does that sound good?"
As famed trainer of realty salespeople, Tom Hopkins has said of this book Selling Homes 1-2-3, it's a "great one that real estate agents should keep handy". I AGREE!
The essence of brilliance is to take the complex and make it simple (to perhaps poorly paraphrase Albert Einstein) and Bob Boog does that in this excellent book. By the way, is "Bob Boog" a cool name or what?!
We in the industry have made this business much more complicated than it really needs to be. For all of the changes in the profession, it still, at its core, remains very much the same as it was when my dad obtained his real estate license - 1966 - also the year I was born. Selling Homes 1-2-3 cuts away the complexities we've collectively laid over it all for too long now and makes it much more simple for everyone involved. It also contains many quality sales approaches and techniques for agents that I've never seen or heard of in any real estate training tool - be it a book or otherwise. And I have seen most all of them!
The book has a heavy emphasis on working with buyers, which is relatively rare in a residential sales agent book. In the spirit of conventional wisdom in the business, most books of this type overly favor discussing working with sellers; getting listings. While there is a lot to be said for classic statements such as "If you're going to last, you better list", "Listings are the name of the game" and my favorite, "Old Realtors don't die, they just become listless", many agents look for educational offers on buyers (including books) and often times come up short when looking for such a tome. This book fits the bill for the agent looking to work with more buyers much better than they have been.
One good example of the "1-2-3" concept in the book title in action is this dialogue to use with a prospective home purchaser - O.K. - in the spirit of the book..."home purchaser" - let me just call it what it is - a buyer. Here's the script from the agent to the buyer:
"Buying a home is really as easy as 1-2-3. The 1st step is to make sure the money is there. If you are not paying all cash, you want to first work on getting pre-qualified for a new loan. The second step is to narrow it down to just the right area for you. And the third step is - again you have the money to buy lined up and selected the neighborhood you want, is to find the exact right home for you - at the best possible price, the most favorable terms, in the time-frame you want -- all with the fewest hassles possible. Does that sound good?"
As famed trainer of realty salespeople, Tom Hopkins has said of this book Selling Homes 1-2-3, it's a "great one that real estate agents should keep handy". I AGREE!
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