Tag Archives: Flat Fee Rochester

Getting started with List2Move

Last thing you do is pay…so go ahead and start building your listing today…!!!!  List2Move.com

Watch this video and get started.  You can list any property; Residential, Land, Commercial, Town House/Condo, and even Rentals!  We teach you how do do what your real estate agent does and we are always there for you if you have any questions! Continue reading

You need to be in front of the Buyers!

Are you marketing to all the buyers?

There are only 4 types of home buyers!

1. The buyer in a hurry.   This is a buyer that is ready to buy today! They may be moving to this area because of a job transfer, or have already sold their present home and need to find another one fast, or they may just be the kind of people that like to make quick decisions.  These buyers are typically pre-qualified with a lender and almost always work with a Realtor.  They don’t have time to drive all over town trying to track down a home to buy.  Since 97% of the homes for sale are listed with Realtors, these buyers know it’s just easier to get help from a Realtor.

 

2. Those Not in a Hurry.  This type of buyer is serious.  They may be first time home buyers, or have just recently put their current home on the market, but don’t have a buyer lined up yet.  This type of buyer is also prone to working with a Realtor.  They THINK that working with a buyers agent doesn’t cost them any money and if they are first time home buyers, they may feel helpless and need someone to walk them through the process and protect their interests.

 

3. The Investor.   This type of buyer is looking for a steal.  Their idea is to find someone that’s desperate to sell so they can buy the home at a steep discount.  This type of buyer is almost never pre-qualified with a lender so you’ll never really know if they can actually afford to buy your home, but they’ll tell you it’s not a problem.  If you advertise your home on Craig’s List, you will get calls from the Investor.

 

4. Tire Kickers.   This type of buyer is a time waster. They can’t afford to buy because of bad credit or no money, but they won’t ever tell you this.  They like to spend their weekends just looking at homes and wasting your time.  They’ll tell you they love your house and ask all kinds of questions.  They’ll get your hopes up, but after they walk out the door, you’ll never hear from them again.  When you call them, they’ll have some excuse of why they’re “not ready to buy right now” or they’ll say, “We’re still looking”.

Conclusion:

If 97-98% of all the homes for sale in this area are listed with real estate firms, where do you think the serious buyers most likely to go?  That’s right, the MLS or a Realtor or Homesteadnet.com, or List2Move.com or Realtor.com or Nothnagle, or Hunt or Remax…..you get the picture.  POSITION YOURSELF FOR SUCCESS BE WHERE THE SERIOUS BUYERS ARE AND GET ON THE MLS.  List2Move it and get it sold!

Change commissions after accepted offer?

 

One of the requirements for gaining access to MLS as a For Sale by Owner or as any full service real estate client is an offer of commission.  It can be as low as one dollar (as with List2Move.com) but you have to make a blanket offer of commission and it has to be documented in the listing agreement (Contract)!  This “offer” basically says, “if you (a Realtor) bring me an offer that I accept, I will pay you (that Realtor) “x” amount of dollars or percent!!!!  It is contractual, it is specified in the MLS and only Realtors who have access to the MLS database can see it!!!!!   Again, it is contractual because we are dealing with money….which should make cents, right?

 

Negotiation of the commission can only happen before the contract is signed!

 

Real life story….

I got a call this morning from an agent who has an accepted offer with a seller.  She tells me that the seller who is offering 1.5% says they are going to pay less because the buyer came in before they put the home on the MLS without a Realtor, however, the contract was drawn up by a Realtor with the Realtor’s name on it naming the Realtor’s company as the procuring cause of the sale.

I looked up the offer of compensation on our listing agreement, and it read 1.5%.   Seller didn’t renegotiate with Realtor before accepting the offer and therefore, most likely, the Realtor will be paid the full 1.5% commission.

Negotiation beyond the Engineers Inspection

Can a buyer negotiate after signing off on the engineers inspection?

 

Not really…. unless you let them.

 

We just had this happen to one of our Rochester NY For Sale By Owner clients.  The buyer signed off on the engineers inspection, then right before closing they threatened not to close unless the seller agreed to fix something which would have cost the sellers 5 thousand dollars.   We suggested they talk to their attorney, and ask him about suing for what they call…..”Specific Performance.”  Specific Performance basically means that in this case, the buyer would be forced by the court to buy the sellers home.

 

Long story short, the sellers did talk with their attorney and they closed two weeks ago, without having to pay for the repair!  Don’t let buyers push you around, talk to your attorney about any legal questions.

For Sale By Owner’s Flat Fee MLS, Rochester, NY

Going For Sale By Owner in Rochester NY takes some thought.  The rewards are great if positioned with a company that doesn’t compete with you for buyers.  Some companies will throw you on the MLS and then when the buyer calls the broker the broker “represents” the buyer and collects the commissions.

 

Not at List2Move.com!

 

List2Move.com has the the infrastructure that sends the buyers direct to the seller everytime.  Effectively removing the broker from the equation and puts more money in the sellers pocket.    For Sale By Owner’s in Rochester NY are learning that not all flat fee providers are the same!

Adding the commission to the purchase price

This could be a first. Could times actually be changing?

I got a call this evening from one of our newer listings who had an offer brought in by a real estate agent.  This agent obviously saw in the MLS (database) that our client was only offering $1.00 (one dollar).  But to the agent’s credit, she didn’t moan and groan about how the seller has to pay her commissions. Instead she counseled her buyers, explained the situation and wrote the commission into the offer.  This is called being a PROFESSIONAL.  She was upfront and honest with all parties involved!

 

So we talked about the offer, and it was legit.  Good price, good closing date, good time for financing etc, so basically, it was a “clean” offer.  But I could tell the seller was interested in the win/win her and for this agent.  They weren’t quite at their price and the agent wanted her 3% commission.  The answer to me was simple, just add the cost of the commission to the price that the seller wanted in a counter offer.   I explained that this is done all the time when buyers need help in the form of seller concessions.  The client went on to explain that the agent was very “nice” and accommodating and that she had communicated several time since she brought the buyers in.  And before we ended our conversation, I got the feeling that the sellers liked this agent and maybe they weren’t going to counter with the full 3%.

 

We are going to find out sooner than later, but if I were to guess…I am thinking the sellers are going to counter less then the full cost of the commission and pay it.

 

Real Estate Rebate Check Cut in Pittsford, NY-Just Smart

Last month we cut our first rebate check of  the year!  Buyer bought a $265,000 home and got a sweet rebate check of $3975.00 after closing!

Not something you see everyday!  A real estate broker coming to your door with a check for thousands of dollars!

These people worked the system so well on both ends of the deal that they saved over $10,000 in commissions easily!

If you are buying, you are going to a lot of the work yourself so why not get paid to do it?  It is about savings, it is about keeping your money, it is about being smart.

In her own words

Google axes Real Estate Listings in Feb

Consumers will not be able to search Google maps for real estate listings and real estate companies/brokerages won’t be able to upload any listings….Interesting move by Google.  Well to be honest, everything Google does is interesting…

Majority of Buyers Don’t Shop for Mortgages

A recent poll by Harris Interactive (I believe they are right here in Rochester, NY) and LendingTree showed that 40% of home buyers only obtain only one mortgage loan quote before applying and only 28% of those polled believed they got a got the best deal! They also mentioned that 70% said that mortgage shopping is a frustrating experience!  Sound familiar?

Here’s why…. Mortgage shopping is crazy confusing, even for seasoned veterans… Good luck comparing quotes.  Most lenders have their own forms and hide as many points and charges that they can in the whole process.  They can give you a quote today and flip you into another program over the phone two weeks from now and bury it in the paperwork.  Works out well for the lender’s bottom line doesn’t it?

Here is my little secret, and  it works…

Look at the Good Faith Estimate which they have to give you before you commit to the loan (usually with in 3 days)  and look at the “APR” (Annual Percentage Rate) vs the Interest Rate.  There is a difference.  The interest rate they gave you over the phone is not a true representation of the effective interest you will be paying on the loan!!!!

APR Definition taken directly off LendingTree’s website…..

The APR formula
The APR formula combines a loan’s interest costs with other fees charged by a lender over the life of the loan, and expresses them as a yearly percentage. The APR is therefore a better reflection of the true cost of borrowing than interest rates alone and is a good benchmark for comparing loan offers.

Now go out and compare some loans!!