Tag Archives: Rochester Buffalo Syracuse NY

Exactly what you shouldn’t post

Let’s face it not all Sell by Owners are Advertising Executives, but some of the things that get posted on Craig’s List really outrageous!

How about this one for starters….

IMPORTANT: If you respond to this ad requesting more information, please give me some details about who you are, where you live, and what your specific housing interests are. There are simply too many spammers on Craiglist for me to reply to everyone who sends me a response like, “Could you send me some more pictures.”

Isn’t this a little odd?  An “Important” notice to buyers with requirements?  Really?  This certainly wouldn’t sit well with me if I were hunting for a home.

No phone number, No Name to call or email and No Address for the property.  Not sure we get it.

Don’t Confuse a Repair with an Improvement

We get these questions all the time.  Should I replace windows, roofs, garage doors etc… My response is usually, “if it is not broken, don’t rebuild the house!”  For Sale by Owners should always use common sense!  If the window is broken you can replace the glass but you don’t have to replace the fixture.

 

From Investopedia.com.

Unfortunately, not all home expenses are treated equally for the purpose of determining your home’s basis [for tax purposes]. The IRS considers repairs to be part and parcel of home ownership –something that preserves the home’s original value but does not enhance its value. This may not always seem true. For example, if you bought a foreclosure and had to fix a lot of broken stuff, the home is obviously worth more after you fix those items, but the IRS doesn’t care — you did get a discount on the purchase price because of those unmade repairs, after all. It’s only improvements, like replacing the roof or adding central air conditioning, which will help decrease your future tax bill when you sell your home. For gray areas (like remodeling your bathroom because you had to bust open the wall to repair some old, failed plumbing), consult IRS Publication 530 and/or your accountant.

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!

Is your flat fee provider working against you?

For sale by owners, beware!

 

If you are not working with a provider that is truly on your side you will most likely pay the price.


$1000′s in commissions


What do I mean?  You must remember that when you go on the MLS, your not only tapping the number one tool of the Realtors but you are also getting syndicated nationwide in most cases, which is all good.  However, one key ingredient is missing that could be costing you thousands of dollars in commissions.

The buyer leads!

 

Where are they going?  They are going to the broker, not you (the for sale by owner) !!!!

 

Surprised?  Don’t be.

 

The MLS and the syndicated sites are set up for brokers,

 

not for sale by owners!

 

Brokers pay for this syndication out of their dues paid annually to their MLS and the small fee you pay to list your home or property on the MLS is just that.  A small fee for exposure or advertising!  It does not guarantee you the buyer leads!  However,

 

Getting around this is easy


Look at the brokers listings on the brokers website.  Is it FSBO (For Sale by Owner) Friendly or not?  You should see a way to clearly get in touch with the owner.  The broker should also be promoting this on the public MLS website.

 

List2Move sends you 100% of the buyer leads

 

Log on and list!

 

 

For Sale By Owner using Realtor’s tools in Rochester, NY

Sellers are saving $1000′s

 

Selling your home as a FSBO or For Sale by Owner in Rochester NY is so much more efficient than it used to be, thanks to List2Move.com.    Today any For Sale by Owner of any type of property can tap the most efficient selling tool available to any real estate professional, all from their home computer and not have to pay the big commissions to do so!!!  The tool we are referring to is the number one tool used by all Realtors called the Multiple Listing Service (MLS).

List2Move Open House Sign

Get Listed to Move

So what is the MLS?


It is simply a private database that is shared amongst members, and makes an offer of compensation (which is your money as commissions) in return for cooperation.  It has evolved into the number one marketing tool for bringing buyers and sellers together.  Syndicating of listings through the MLS is mostly automatic…. however, Roxwell Properties in Rochester, NY actually pays Realtor.com to get better placement for it’s customers

 

How does it work?

 

Thanks to List2Move.com property owners going FSBO today have total control when marketing their homes when using List2Move’s proprietary database driven website.   It is a matter of logging in and building your listing.  The last thing anyone does on the site is pay.  That’s  when you go live.  FSBO’s control just about everything when marketing their property; price, status, commissions, public remarks and more without ever leaving their desk!  They are basically their own listing agent after paying List2Move.com for the use of its infrastructure which mirrors the same database used by Realtors.

What makes this efficient is that once the homeowner has input their property information, List2Move.com transfers it verbatim to Roxwell Properties, Inc., who then pastes the data, including photos into the Multiple Listing Service.  The listing is then syndicated to hundreds of websites, including all of the major real estate portals including, Homesteadnet.com (Rochester, NY), 2Findyourhome.com (List2Move Buffalo), CNYRealtor.com (List2Move Syracuse),  Realtor.com (America’s largest national real estate website).  And because local brokerages have what they call an IDX agreement which allows brokers to market other brokers listings, your listing shows up on all the local real estate broker’s websites as well.  This includes Re/Max, Century 21, Prudential, Nothnagle,Hunt Realtors. and more  This gives For Sale by Owners a huge advantage.

The other major advantage of getting on the Multiple Listing Service using this Flat Fee MLS service with List2Move, is that you only have to offer a dollar to a cooperating brokerage.  That means you can still have all the benefits of being listed in the Realtor database for virtually nothing!  The exposure is humongous!  You can always offer more to a buyers agent, it is totally up to you, but having the control over the commissions, is something customers really like.

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.

 

What the heck is a Brokers Open?

Think of it like an Open House just for sales agents, except filled with smoke and mirrors.

OK, so here’s how it works.  Broker’s will tell sellers that they are going to ‘expose’ the home to other brokers as a way to gain exposure and educate them on the homes features and benefits.  Sounds logical doesn’t it?

So the listing agent will send out an email to all the agents and brokers advertising their open house,  and to get them to show up, they tell them that there will be a free lunch or there will be some drawing of some prize.  The next hurdle is getting someone else to pay for that lunch/prize, so they will grab a mortgage broker who wants to get exposure to new referral sources (agents) to supply the goods.

The hungry agents come for free goods, talk a little shop, eat…talk a little more shop, pound some desert and oh yeah take a look around and leave.   But before they leave the listing agent asks them if they can make any RECOMMENDATIONS…Most agents will suggest reducing the price or staging or some combination of both, like they just solved a mystery.  “hmmm, you should think about dropping the price 5 or 10 thousand dollars and see how that works”

Then the listing agent goes back to the sellers and tells them how successful the open house was, and that 8 out of 10 agents suggested a price drop.  That way it was a third party suggesting the price drop, not the guy who told them he could get a million dollars for the 200k home in return for signing that 6 month listing agreement.

Very clever, but Brokers Opens are not effective in selling homes.  There is no efficacy here at all since most brokers and agents have very very little control over their buyers today!    Buyers are telling agents where to go, not the other way around.

 

 

Hustling Rebates In Real Estate

A real estate commission rebate is not considered taxable income!

What does that mean?  Well, it means you would get tax free money back soon after closing on your next home or property!!!!  Sounds good but not many Realtors are offering it.  Yet.  However, once you know about real estate rebates, you would be crazy not to seek out the largest one you could find! It really is that simple.

Let’s face it you are going to do the majority of the work finding and purchasing your new home and that is a fact!  So why not treat this like a business deal which it is and shop for the best rebate you can get.  Hey, everyone knows a real estate agent or ten, but this is BUSINESS, don’t make the costly mistake and make this personal.  Ask them all what kind of rebate you can expect from them when you use their services.  Remember it is your money that you are bringing to the table so get some back!

List2Move.com in Rochester and Syracuse, NY have been offering hefty rebates over the last couple years but so few people actually get it!  This can add up to literally thousands of dollars, that you were bringing to the closing table either way!!!!

Check your state to see if commission rebates are legal.  New York State allows real estate commission rebates!

In her own words

Attention all Rental Property Owners

Happy New Year from the IRS!  This year they want you to start working for them!  FOR FREE!

A new law requires you to issue an IRS Form  to the handyman or other vendors if you give them over $600 in work for the year.  (Make sure you keep a copy for yourself)

If you don’t comply you might find yourself paying the IRS the tax liability for your vendors!