Everything A Real Estate Agent Doesn’t Want You To Know-Part 1

MONEY MATTERS

Are you planning on buying or selling a home? Maybe refinancing? Perhaps you’d just like to pick up a few tips on home buying, selling and mortgage borrowing-if so you may want keep track of Money Matters in the months ahead as I will be giving out all kinds of tips and insights as we approach the home buying-selling season. I will be discussing a wide variety of real estate and mortgage financing issues you should know (Things real estate agents don’t want you to know). Well, good agents won’t have a problem with you knowing this information but the part-timers and less ethical operators would certainly prefer you not know what I am going to share with you!

You see, buying or selling a home is the largest investment of a lifetime for most people and it is a BIG business deal…a transaction composed people, emotions, contracts and cash…all the ingredients for legal and financial pain if you don’t know what you are doing. Real estate agents earn a commission when a home is sold whether they are the listing agent, the selling agent or both. Real estate agents typically (and legally) represent sellers in a real estate transaction and not buyers. Yet, every day, homebuyers refer to the real estate agent as “my real estate agent”…they are not your real estate agent…they are the home seller’s agent and agents have a legal duty to get the best selling price for the seller. Further, anything you tell them can and probably will be used against you to extract a higher selling price out of the deal. Sellers on the other hand are often manipulated into signing long term listing contracts for up to a year by an agent who will simply throw the listing into the multiple listing service (MLS) and hope another agent sells the property for them.

For agents, the name of the game is to get listing contracts…a common slogan amongst real estate agents is: “if you don’t list, you don’t last”. Once an agent gets a listing contract from a home seller, they will get the bulk of the commission when the house is sold whether they sell it or another agent sells the home. Not many sellers know this fact and many are swooned into long term listing agreements with hopeful promise of selling their homes at the highest possible price only to find out they don’t. Agents will say and do most anything to get a listing contract shy of breaking the law. And the big question for home sellers is are you working with a part time or full time agent? What is their background in marketing and sales? Do you really want to sign a long term listing agreement with a part timer that has one toe in the tub and no business background? Were talking about a business deal right?

Whether you are buying a home or selling a home you should be clearly aware that you will enter into legally binding contracts and relying on mortgage lenders to provide financing for the project. The question then becomes; how much do you know about contract law and mortgage financing? What are the most important elements of a contract and how does that impact you as a buyer or seller? This series of articles is generally drawn from my E-Report (101 Real Estate Tips for homebuyers, sellers and money borrowers). The report is designed as a crash course to provide you the information you need to know to protect your legal and financial interests whether you are a homebuyer or seller. This series of articles will touch upon the information you should know to keep from making blatantly stupid mistakes that could hurt you legally and financially and we’ll try to have some fun in the process…

Which reminds me! If you would like to receive a FREE copy of my E-Report: 101 Tips For Homebuyers, Sellers And Money Borrowers, go to smart Books website, send us an email and requesting a copy and we’ll send it to your email address within 24 hours-absolutely free-Another Ezine Articles Exclusive! Don’t forget to say you saw it at Ezine! Stay tuned!

Copyright © 2006

James W. Hart, IV

All Rights reserved

Real Estate Agent Slogans

Catchy taglines are everywhere in advertising. Whether they rhyme, or they inspire, or they create a memorable image, taglines are something every advertising agency works hard to craft. How many of us know, “Like a good neighbor” or “Just do it”? While you might not create a slogan as memorable as those, you should be able to come up with something that your local clients will always think of. Need a little inspiration to get started? Here are some suggestions for slogans and ways to get the creativity rolling.

When you do come up with a slogan, you need to use it throughout your advertising and on your website. That way, people will be faced with the association frequently and they will be better able to keep your name and the slogan together.

Your slogan should be short and sweet. Try your best to keep it under eight words. Anything longer will just deter people instead of drawing them in. It should also make sense for the brand you are creating.

One thing you can do is come up with a rhyming slogan. Case in point – a Realtor named Scott Geller tagged “The Home Seller” after his name and because it rolls off the tongue so smoothly, it has become all one phrase. And, that makes it easy to advertise. His word of mouth campaign keeps his advertising costs low.

Your slogan should make a tug on the heartstrings, too. You are taking part in one of the most important events in a person’s life. By letting your customers know what you can do in terms of customer service, your slogan will help quickly convey what you can do. Consider something like, “Jane Smith – Helping Your Family Make the Right Move”.

Avoid any slogans that are bland or generic. They won’t work to set you apart from your competition, and they might even work against you. If your slogan is generic, your potential clients might think you are, too, and that you won’t be the best agent they can find. Think about something like, “I’ll take the stress out of your home buying experience”, or “Call the Carson City condo specialist”.

You can also consider your location for your slogan. When you add in your place, it not only helps make you the personal expert for someone, you also boost your search engine ranking.

Creating an image in your potential client’s mind is an effective slogan, too. Assuring your client you can solve the mystery of home buying or be their personal navigator makes that slogan unique and memorable at the same time.

If creativity is still escaping you, you can contract this process out and hire a professional. Some will even blend the slogan into your total advertising plan, and not charge you too much for it.

Now, if you come up with a slogan and you test it on your friends and family but you receive a negative reaction, be ready to set that slogan aside and pick something else. You should also not take it personally. Try out another one and keep going until you do find one that is well received.

Thinking of Being a Real Estate Agent?

A lot of people see successful real estate agents and start fantasising about how they can make the transition into the career for themselves. It’s an extremely understandable sentiment, as successful agents are capable of earning far more than the national average salary, however, it is important to remember that a lot of work goes into getting to that point.

If you are thinking of becoming a real estate agent, it is important that you are aware of what you need to do to not only become an agent in the first place, but to also ensure that you are successful when you do.

Be Aware Of How To Get Your Licence

Every state has slightly different requirements that you must meet before you are able to claim a real estate licence. This means that what works in one place may not be relevant in another. As such, the very first thing you should do is find out about the qualifications and training that you need to undertake in order to get your licence in the first place.

Most of this should be fairly easy to locate online and will provide you with the foundations of what you need to know to enter the business. The courses you will take will be very helpful when you are first starting out, but it is also important that you don’t assume that they will show you everything that you need to be a success.

Be Prepared To Take Work Home

If you are used to working a nine till five job, you are likely going to find your first few months in the real estate business to be almost overwhelming. The simple fact of the matter is that you need to be prepared to take work home with you, particularly if you are intending to work part-time.

It doesn’t matter if you have the greatest time management skills in the world, as the needs of your clients will often throw a spanner into your works. For example, you have to remember that many of your clients will also be working during the day, which means you may need to be flexible enough to attend viewings and communicate with them during the evening instead. As such, you need to understand the workload that you will be facing if you make the transition and be prepared to handle it.

Having the Right Character Traits

Honesty, confidence and a gift with speech are all going to be major factors in whether or not you achieve success as a real estate agent, so it is important to identify areas that you are weak in and start working on them early if you are seriously thinking about the career.

Luckily, honesty should hopefully come fairly naturally to most, and the rest can be worked on with the proper training. You could even try thinking outside the box and take public speaking or acting lessons to improve your skills. You may find that the added confidence becomes really important when you are handling tense negotiations.

Spot the Fraud Real Estate Agent

Dubious real estate agents are mushrooming all over the country and tarnishing the image of real estate professionals who operate with honesty. Instead of calling them all crooked, one needs to identify the genuine, verified players. The task becomes easier if you identify the fraudulent property agents and their scheming ways.

Take undue advantage over the client,decamp with his deposit money,furnish incorrect facts or omit the truth to swing the decision-making process. Manipulate prices to derive excessive profit. A fraudulent agent is prone to indulge in all these.

As clients tend to blindly trust the words of the agent, they never cross-check. When the unfortunate incident occurs, they begin to regret. Watch out for the common symptoms that raise suspicion regarding agents trying to dupe clients.

Fake documents, double mortgage chances, a general power of attorney used to sell to different persons, government land, encroachments, and dubious agreements, are some common ways of cheating clients. Verify each and every aspect and take an informed decision.

Persuasive pitch

Brokers depend on persuasion. They cite an increase in the value of other properties in the locality to create a fear of price rise. They want you to panic and take a quick decision. If your real estate agent adopts this strategy, you have a valid reason to suspect his motive.

If the agent prefers upcoming projects, remember it is mere speculation. Maybe the builder has not even registered the land where he is supposed to construct.

You can get an estimate of prices from property portals and newspaper listings. Contact multiple top-rated brokers or approach a person who has recently purchased a similar property in the locality and seek valuable information before you believe the agent.

Quality check

Real estate agents never disclose the quality of construction. Two similar properties in a locality are in the same price range but one project offers better construction quality and amenities. Visit the site to check the tall claims made by the property agent. Consider yourself lucky that the fraud real estate agent has been exposed at the right time if you find he has hyped it for you.

Distance sale

The dependence on the property agent is higher when buyers and sellers live in different geographic locations and they rely on the intermediary. Deals are closed on the basis of what the agent insists, as the parties do not get to meet in person. It is better to insist on meeting the other party before finalising the deal. If the agent wants to close the deal without the buyer and the seller getting to know each other, something is fishy in the case.

Transparent fees

Real estate agents get a commission based on the value of the deal. You should ask the fee the agent is getting from the other party. If you do not get a clear answer, take it as a warning signal. If he tries to avoid this query, you should become alert. A real estate agent should have no hesitation to answer this clearly as it generates mutual trust. When he knows the real value of the deal, he should reveal the commission he is getting from it.

Online ads

Real estate websites carry misleading listings by agents. Agents often use wrong photos, false specifications, and low prices to grab attention and generate leads. When buyers contact the agent, they are informed that the listed property is unavailable and they can choose from other properties.

Key information

In case your real estate agent is not making full disclosures or not quoting the best price, it is safer to get rid of him. There should be no nasty surprises reserved for the final stage.

Brokers are indispensable in the real estate sector. But you have to be on your guard all the time. He should give a realistic assessment of the market using best professional judgment and ensure that the clients do not suffer any loss on account of their neglect.

Why a Good Bartender Has the Skills to Be a Good Real Estate Agent

Some people do begin their real estate careers right after high school or college, but most come to real estate after doing something else. Some have retired, and other are just looking for a change of pace.

When writing agent bios I always look at those past careers to see how they can tie in to real estate sales. Often past experiences can reinforce the skills that the agent wants to emphasize.

Some past careers make for a tougher transition than others. For instance, school teachers have to teach themselves listening skills after years of being the one doing the talking. On the other hand, a good school teacher has the skills to educate buyers and sellers about the reality of today’s market.

That’s one skill that a bartender might not have, but I think good bartenders possess the majority of skills needed for a successful career in real estate.

My definition of a good bartender is one who has a following – a person who is a “draw” for the establishment where they work. They can mix a good drink, but it’s their people skills that turn occasional customers into “regulars.”

So what skills do bartenders possess that would make them be good real estate agents?

A good bartender knows how to listen. Just think of the time they spend listening to their customers. And while they may not have to listen wholeheartedly to everyone, they need to pay close attention to their regulars. Just as good real estate agents need to pay close attention to their buyers and sellers.

And then they’d better have a good memory. Not only does he (or she, of course!) need to remember what each person at the bar wants when they hold up a finger for another drink, he needs to remember what to set down in front of a regular when they walk in. And then, he needs to remember what that person does for a living, the names of their children, etc. Agents need to remember the personal information along with their clients’ wants and needs.

A good bartender respects what the customer wants – he doesn’t try to suggest that something else might do. As an agent, he probably won’t show someone a home on a busy street if they’ve specified wanting to live on a quiet cul-de-sac.

A good bartender can talk to people from all walks of life and treat them equally. He must be non-judgmental and friendly, in all but the most extreme cases. And when faced with those extreme cases he has to think and act quickly without getting flustered. Good practice for dealing with the surprises buyers and sellers sometimes spring on an agent.

A good bartender knows how to keep confidential information. Good bartenders can’t be gossips. Can you imagine how fast they’d lose their following if they started mentioning that Mr. Smith came in for a drink with Miss Jones, or if they mentioned that a salesperson from X company was involved in a long conversation with the owner of Z company? In real estate, keeping client information confidential is a must.

A good bartender has to have people-management skills. He needs to be able to say “You’ve had enough” without turning a customer into an enemy. That takes a bit of finesse! This skill could translate well into the finesse that’s needed when clients ask an agent to do things that go against regulations.

So – if you’re a bartender and thinking of a change, consider real estate. You have the skills!