Dalton’s Arizona Homes Blog Takes a Break …
To all of those observing such things, l’shanah tovah tikateivu. May 5768 be your best year yet. We’ll be back tomorrow night.
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What That Buyer Broker Agreement You Signed Really Means
Three weeks ago I received a call from Sarah. She was still living on the East Coast, her husband was here, and they were looking for a home they could rent in Estrella Mountain Ranch. She asked for additional information, which I sent to her via e-mail.
On Monday I received a follow-up call. Sarah was in town and she and her husband wanted to look at my rental. She also wanted to know if it was available via a lease option. I turned her over to my rental specialist, who sent her the listing sheet and proceeded to set an appointment to show her the home Tuesday afternoon.
Tuesday morning I receive a call from a real estate agent who “has been working with Sarah for several months.” This is the first I’ve heard of the agent. When I mention I’d spoken to his client several times already he told me, “well, I have a buyer broker.”
Jump back to July when I received a call on a listing in Palm Valley from someone up in Washington. I answered all of her questions and sent her information on the home. We spoke a couple of times about the property. And then I received a call from “her agent” to set an appointment. When I told her I’ve been assisting her client this whole time, she said “well, I have a buyer broker.”
So what does that really mean? What does it really mean when a buyer signs a buyer broker agreement?
For starters, they are agreeing to work exclusively with that agent. Any questions they may have need to be funneled through their agent, not the listing agent. Because if they do go through the listing agent for information, and the listing agent has evidence of procuring cause, the buyer will be paying their agents’ commission out of their own pocket.
Some will argue this is as it should be. Depending on the day and the presentation, I may or may not disagree. But as an agent holding the buyer broker, all you are guaranteed is that you’ll receive a commission if a transaction closes. Whether it’s paid by the seller via the listing agent or directly by the buyer is another story.
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Looking for Your Stolen Content?
Check out www.thickrealestate.com. I’ve already filed one report with Google this morning and another dozen couldn’t hurt.
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5 Reasons to Pull Your Home off the Market Today
Paraphrasing (poorly) Danny DeVito in War of the Roses … When someone whose livelihood depends on home owners selling their homes tells you why you shouldn’t have your home on the market, it’s worth listening
1) You’re still living in 2005. Market mechanics never change - a home only is worth what someone is willing to pay. Yet too many homeowners are looking over their shoulders at what someone might have been willing to pay two years ago and can’t accept the reality that the market’s in decline. If you’re still thinking about what you may have sold for once upon a time, you’re not ready to do what’s needed to sell now.
2) Your neighbors are more motivated than you. Pricing a home to sell is not a one-time exercise. Sellers must be prepared to react to changes in the market, primarily the most recent sales in your area and your neighbor’s price reductions. Nothing is lost or gained until the house actually sells - all the rest are paper gains and losses. If you’re less inclined to react to changes in the market - or, better yet, to be the cause for the change in the market, you shouldn’t have your home on the market.
3) You’re in no hurry to sell. Simply put, many of your neighbors are. So are the builders in your community. If you’re in no hurry to sell, don’t even try it until either the inventory has been reduced or until you’re motivated to move.
4) You can explain to the penny what you spent on every upgrade. It’s tremendous that you know. It will look great in a listing. And buyers will not care. You will see pennies on the dollars for the vast majority of your upgrades under current market conditions. If you are expecting to see dollar for dollar, or even 75 cents on the dollar for your travertine floors and granite countertops, you’re not ready to sell in the current market.
5) You know you can sell without an agent. In a word, go for it. When the ink on your sign has faded in the sun to the point the phone number is illegible (laugh if you will - I’ve seen it and recently), rethink your marketing plan and jump into the real pool of sellers.
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