Crescent City Real Estate News

Present your buyers offer for better results?  Yes, I know this isn't always possible.  In the case of an REO, an asset manager is not interested in what the selling agent has to say.

However, if you have an arms length transaction*, you have the right to ask to present your buyers offer to the seller.

The seller has the option to say no, but I have rarely had that happen. 

Presenting your buyer's offer may not be necessary most of the time, but there are instances that it is prudent.  Many listing agents may feel threatened by this, but it NEVER HURTS TO ASK. 

"Cash is King" lost its importance when the market was hot and anyone with a pulse could get a loan.  Well, times have changed, haven't they?  In my market, the USDA GRH (guaranteed rural housing) program is the predominant form of financing.  That and cash (is King).  Of the 26 transactions closed in July, 42% (11) of those were cash, 1 was owner financed, 6 were GRH, 5 FHA, 1 VA, and 2 were conventional (banks don't seem to want to part with their money and with all that bail-out money!).  25% of escrows that opened in my market in July, canceled.  I don't know every reason, but in talking with other agents and in my own experience, financing/appraisal issues would be at the top of the list. 

How many agents in this market know these statistics and will convey them to their seller?  Not many, so you, the agent representing your buyer, need to share this information with the seller if you have a cash buyer and if not, let the seller know how strong your buyer is because you personally talked to your buyers lender and confirmed your buyer is pre-approved.  If this isn't the case, you shouldn't be writing an offer, by-the-way.  Sharing your buyers motivation can sometimes help a seller determine your buyers strength (make sure your buyers give their permission to share these details).

The few times I have asked to present my buyers offer met with success, so I am adding this to my agent-arsenal to be used more often (as I determine necessary).

For this approach to work for you, do your homework upfront and confirm your buyer has the ability to follow through with their offer and then be their advocate.  You will be glad you did.

* Fair and enforceable if both parties to the contract have relatively equal powers of negotiation upon entering the contract; neither party has a disproportionate amount of power to strong arm the other party into an unfair deal.

If you have any questions about buying or selling real estate in Del Norte County, give me a call.  I will give you an honest answer and base what I have to say on sound market research of all pertinent data.

I am here to assist you with all your Crescent City and Del Norte County real estate needs.  Thank you for stopping by and please leave a comment.

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran. Put Fran to work for you!

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®

*PER CCMLS

I wrote a post on my experience at a realtor.com seminar last week.  I did not realize I would elicit such a reaction from the readers on AR.  What a shock when I woke up the next morning and had 100's of comments in my email and the comments continue to pour in.

[This post is not meant to focus on realtor.com, but to point out the value of great customer service. ]

I have read all 280 comments and the overwhelming majority, at least 95%, believe that realtor.com enhancements are not worth the exorbitant rates, but it doesn't stop there.  Many responses told of horror stories of trying to get automatic credit card charges to stop when the contract had expired and other such examples of really bad customer service.

A small minority of agents had nothing but wonderful comments regarding realtor.com, it's customer service, and their products.

I contemplated the passion of so many of the responses and asked myself why so many agents took the time to read and respond to my post.  20-30 agents took the time to contact me directly through email, all saying how vociferously they agreed with my opinion that realtor.com enhancements are not worth the money.

I know what annoyed me about the realtor.com seminar and I think it is what has elicited passionate responses from so many agents.  Realtor.com is not giving the value one expects for the amount of the investment. 

A pastor once said that less than 10% of the members of his church do all the work that is required to keep it running smoothly.  I don't know how consistent that may be in most professions, but in real estate, in my market anyway, less than 10% of the agents do most of the business. 

Why?  Top producers take customer service seriously.  They are honest, ethical, return phone calls promptly, don't make excuses for their mistakes, aren't afraid to say, "I don't know, but I'll find out," generally work full time and have their clients as their top priority.  It is a way of life that isn't for everyone and not every agent has the will to do what it takes to rise to the top. 

People who give great customer service are repelled when they see bad customer service.  We wonder why someone who is taking my money would be rude, not say hello, where's the smile, how about a thank you, doing what you say you will do would be nice, and so it goes. 

I work with a great group of people in my market.  The professionals who give great customer service have my trust, my confidence that they will follow through on what they say, and my loyalty.  The vendors I work with who give great customer service, Top Producer, my website provider is a good example, have my loyalty and I don't mind paying them one bit.

I would like to think that my clients feel this way about me because it is what I work toward each and every day.  Our clients should believe that we bring value to each transaction and that the commission they pay, was money well spent because we brought value to their transaction.

My website brings me leads, my internet presence brings me leads, my signs brings me leads, some say realtor.com brings them leads as well, but what converts those leads to clients is the value you bring to that clients life. 

Matthew Dollinger wrote an excellent post on "Client Love."  If you haven't read it you really need to and subscribe to Matthew's blog while you're at it.  He is awesome. 

If you want to be a top performing agent in your market, then be someone other people talk about in a positive light.  Bring value to the lives of the people you touch and the word will spread.  If I were to write a post about you and it received 280 comments, would 95% be positive or negative.  Think about that.

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran. Put Fran to work for you!

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®

*PER CCMLS

REO and short sale listings are 9% of the active listings in my market and growing by the day.  They present a wonderful opportunity for buyers to get a home at a great price in many instances, especially REO listings (aka: foreclosed or bank owned). 

Getting numerous REO listings would be great, but I've noticed that many lenders already have their go-to agents.  In my market most of the agents who have a large number of REO listings have been in the biz a long time and have well-established relationships with the lenders and asset managers who are meting out these listings.

How can a relatively new agent get into the REO market?  Here are two ways:

1. Beg, no just kidding.  I had a phone call from an asset manager looking for an experienced REO agent in my market.  I had never listed an REO and I wanted the listing, so I shared the listing with an experienced REO agent in my office.  The asset manager was fine with that. What does he care?  He got 2 heads for the price of one.   The other agent is happy to share REO listings because of the amount of work and out of pocket expense involved.  We sold the listing quickly and I how have REO experience. 
   
   Based on this experience, if you are a new agent, I would not hesitate to ask an experienced REO agent if they would consider sharing a listing.  It never hurts to ask and they may be happy to have someone share the burden.
   
2. The second way to get in on the REO market is to find buyers for the listings.  Since the bulk of my business has been working with buyers, this seems pretty natural to me.
   
   First thing to do, make your clients and prospective buyers aware of the REO's in your market.  One great way to do this is to email your clients a monthly market report with a summary of your market conditions and add a link to the REO listings in your market.  This market report establishes you as an expert in your market and gives you a good reason to email your clients the listings.
   
   Everytime I email a market report with a link to something particular on my website, such as REO's or custom home listings, my website traffic goes way up and I get calls.  Of course you can only do this if you have the listings on your website (that is your homework assignment for today).
   
   I have started emailing my clients whenever I add two new REO or short sale listings to my website, or if the current listings have a price reduction.  This keeps my clients informed and continues to give me expert status on my market conditions.

I'm still working on getting asset managers to list with me, but in the mean time, I plan on selling as many REO listings as I can.  My buyer's are looking for deals and REO listings are some of the best priced listings in my market.

I am here to assist you with your real estate needs!

Brought to you by Fran Gatti at  THE REDWOOD COAST REAL ESTATE CONNECTION  Bus: 707-464-5400, Cell: 707-218-8162 Email: fgatti@charter.net Website: FranGattiHomes.com My Blog: Fran's Blog Fran is the #1 buyer's agent for 2007per CCMLS

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran. Put Fran to work for you!

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®

*PER CCMLS

Houses are dropping like flies in the Del Norte County real estate market. 

Houses are dropping like flies in two ways:

One - Homes are dropping off the market.  Our market is down 32 residential listings or 10% in less than 1 week.  For a small market like ours that is notable. I'm noticing that the expireds are not relisting at the usual rate and that homes are being withdrawn more so than ever before.

Two - prices are dropping like flies.  Homes that have been on the market for 6 months or more with the price never being reduced are now taking deep price reductions and offering incentives such as a flooring allowance, etc. to make the home stand out in this market.  My guess is it's too little too late for incentives, but if you have to sell, it's certainly worth a try.

In my opinion it would be better to ask your agent for a current CMA (market analysis) using comps that are 1-2 months old and then price your home at the bottom end of the price range.  There's nothing that will sell a house better than proper pricing. 

The current economic woes of the U.S. are making it difficult for buyer's to get loans, that's if they even want one.  With news like a recent CNN poll that states that 6 out of 10 Americans believe the U.S. is headed for a full blown depression, the expired listing owners are probably thinking, "Why bother trying to sell now."  However, this decreasing inventory will help the seller's who are hanging in there, so don't give up if you need to sell.

The competition is fierce in every price range right now in the Del Norte County real estate market.  Sellers, in pricing your home for sale, try to think like a buyer who is going out on a limb in this uncertain economy and wants the deal of the century and you may be one of the few listings to sell in this tumultuous market.

I am here to assist you with your real estate needs!

Brought to you by Fran Gatti at  THE REDWOOD COAST REAL ESTATE CONNECTION  Bus: 707-464-5400, Cell: 707-218-8162 Email: fgatti@charter.net Website: FranGattiHomes.com My Blog: Fran's Blog Fran is the #1 buyer's agent for 2007per CCMLS

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran. Put Fran to work for you!

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®

*PER CCMLS