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Category Archive: ‘Realtor Training’

Most Realtors Don’t Sell

failure-rate

There are 80,000 realtors in CRMLS – Art Carter is the CEO. 

Here’s what he had to say about agent productivity:

But many of the MLS’s 14,000 or so member firms have no listings, he added. The vast majority of the firms are one-man offices.

“Typically, only about 48 percent of our members in any four quarters participate on one side of a deal,” Carter said.

“Historically since I’ve been here at CRMLS, that has been about the average.”

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Posted by on Dec 4, 2016 in Jim's Take on the Market, Realtor, Realtor Training, Realtors Talking Shop | 0 comments

Flippant

t-day

I agree with the author about answering questions casually – agents look like idiots when they make a flippant remarks about work. The condition of the ‘market’ is relative to your own personal situation – it could be good or bad.

http://www.bestrealestateblog.com/6-things-shouldnt-ask-real-estate-agent-thanksgiving-dinner

#5 “How’s the market?”

This is too broad of a question.

The market is never entirely good, bad, or somewhere in between. It’s always good for some people, bad for others. How the market is depends entirely upon you and your needs and circumstances.

Not a bad question really. But it certainly isn’t one that an agent can or should just answer flippantly. So if you ask it, maybe you should be prepared to get into your specific scenario so they can accurately answer it.

Too many people get flippant answers from agents and base their perspective on the real estate market, and overall economy, on off-handed answers to questions like this.

Posted by on Nov 22, 2016 in Jim's Take on the Market, Realtor, Realtor Training, Realtors Talking Shop | 0 comments

Dual Agency Case

cz

On the surface, this case seems unusual – the seller’s agent owes both the buyer and seller a fiduciary duty if the buyer’s agent works at the same brokerage.  It’s because the agents are working on behalf of the broker – hopefully this will cause better broker supervision of dual agency cases.

The big kahuna of cases will be when a class-action suit is filed against a brokerage for all of the ‘Sold Before Processing’ sales, where the sellers didn’t get open-market exposure.

http://www.sfchronicle.com/business/networth/article/California-high-court-decision-favors-real-estate-10629057.php

In a closely watched case involving dual agency, the California Supreme Court ruled unanimously Monday that a real estate agent representing the seller of a property owes a fiduciary duty to both the seller and the buyer if the buyer’s agent works for the same brokerage firm.

The case involved the sale of a luxury home overlooking the Pacific Ocean in Malibu where the square footage was in dispute. The buyer and seller were represented by agents from different Coldwell Banker offices.

Under California law, a broker may act as a dual agent for both the seller and the buyer in a real estate transaction, provided both parties consent to the arrangement after full disclosure that the broker owes a fiduciary duty to both.

What was at dispute in the case was whether that duty extends to “associate licensees,” who are the individual agents/salespeople who operate under that broker’s license. The court ruled 7-0 that it does.

Read full article here:

http://www.sfchronicle.com/business/networth/article/California-high-court-decision-favors-real-estate-10629057.php

Posted by on Nov 22, 2016 in Jim's Take on the Market, Listing Agent Practices, Realtor, Realtor Training, Realtors Talking Shop | 2 comments

MLS Rules

mls

I attended the Sandicor seminar last week about our rules.  Here are my notes:

  1.  ‘Coming Soon’ – The advertising of listings that are ‘Coming Soon’ is acceptable as long as the seller-signed ‘Exclusion from the MLS’ is on file at Sandicor.  There isn’t an automated data checker for this issue, so they only respond to complaints, which pretty much means you can get away with advertising direct to buyers prior to MLS input, if the seller doesn’t mind.
  2.  Value-Range Pricing – Sandicor has established a limit when using the two-price range.  The lower price cannot be less than 80% of the high-end price. I hope there aren’t too many people disappointed by that rule; as we’ve discussed that the ideal gap is around 7%.
  3.  Misuse of Remarks – They have had a data-checker for years that sweep the remarks of listings, looking for violations – such as the advertising of open houses, youtubes, agent info, etc.  But there isn’t much enforcement or penalties – an offender might get a letter.
  4.  Photos – One photo of the front exterior is required within 72 hours.  That’s it.
  5.  Advertising Other Broker’s Listings – Do you receive the realtor mailings that show the current active, pending, and sold listings?  The sold listings are fine, but an agent cannot advertise another agent’s active or pending listings without permission.  $500 fine per violation.
  6.  Days on Market – The industry has always been willing to deceive the public at will, as long as it can be said that it’s in the best interest of the seller.  The constant ‘re-freshing’ of a listing every 30 days is acceptable, as long as the listing agent has several 30-day listing agreements.  Thankfully, Sandicor is going to add the same ‘CDOM’ that is popular at the CRMLS where they also publish the cumulative-days-on-market so agents and consumers don’t have to look it up.

We have rules, but there isn’t much enforcement so it’s loosey-goosey (though Daina does the best she can!).  I doubt that most agents are aware of the rules (there were 11 agents at the seminar).  I think most just copy what they see other agents do – figuring if they’re doing it, then it must be alright.

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Posted by on Nov 7, 2016 in Jim's Take on the Market, Realtor Training | 0 comments

New Sandicor Mobile App

snap

Let’s catch them doing something right!

Sandicor has rolled out their new mobile app for realtors, and it’s a big improvement over the old one. I know it is September, 2016, but this is the first time in history that the MLS has provided us with school information (I’ve been using Zillow for years). The new app also shows nearby comps, and it makes it easy to find out an agent’s sales history too.

It even looks like Zillow – which is good:

Homesnap Pro Overview from Homesnap on Vimeo.

If you are interested, Homesnap has a mobile app for the public too.  You can take a photo of a house, and get its full history.

Speaking of Sandicor, I have been in conversation with the President of our local association of realtors since I ran the video on Friday (I sent it to her).  She is confident that informing the membership is creating positive results, and that the majority of us want a statewide MLS.

She wasn’t keen on my idea of agents joining CRMLS today. She thinks we should work through the proper channels and have Sandicor create agreement with CRMLS and/or the statewide MLS when available.  The lawsuit by SDAR is holding that up currently.

I asked about short-sale fraud, and how Sandicor allows the DOM ticker to keep running on short sales which helps to enable agents to commit fraud. She was unaware of the situation, but thought it sounded like a bad thing. I also asked her about the ‘sold before processing’ listings when every agent has signed an agreement to share their listings with the rest of us. She agreed that it was a bad thing too.

Posted by on Sep 14, 2016 in Jim's Take on the Market, Realtor, Realtor Training | 1 comment

Realtor Video Tour

glendale

I know it is 2016, but it’s rare that we see an agent do a real video tour of a new listing.  I’d like to acknowledge this guy who did a simple 1:29-minute video here to advertise his open house today:

http://www.bruceavenue.com/

There are at least 30 people in line!  He also has 3,200 views on Facebook.

Videos work!

Posted by on Aug 28, 2016 in Bubbleinfo TV, Jim's Take on the Market, Listing Agent Practices, Realtor, Realtor Training | 0 comments

How to Become a Real Estate Agent

rw

Last month there were 3,419 houses and condos sold in San Diego County. There are more than 10,000 agents!

http://www.realtor.com/advice/buy/become-a-real-estate-agent/

Every month, over 14,000 people Google “how to become a real estate agent,” and consider joining the 2 million real estate licensees in the U.S. And for good reason: Helping people buy the perfect home or make tons of money selling their house is exciting! Not to mention the rather enticing fact that real estate can be a lucrative field.

According to the Bureau of Labor Statistics, real estate agents make an average of $45,610 per year—and the top 10% tier of agents earned a whopping $166,940 in 2015.

“We can make as much money as doctors and lawyers, and they spend tens of thousands of dollars on their degrees,” says Rae Wayne, a Realtor® with the Bizzy Blondes team in Los Angeles.

Still, buying and selling real estate isn’t as easy as it might look. And it’s a notoriously tough industry for newbies; some real estate experts like industry vet Tom Ferry estimate that 87% of all new agents fail within the first five years.

All of which means you should carefully weigh the risks and rewards of joining this profession. Just so you know what you’ll need to invest in terms of time and money upfront, here’s how to become a real estate agent.

Read full article here:

http://www.realtor.com/advice/buy/become-a-real-estate-agent/

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Posted by on Jun 22, 2016 in Jim's Take on the Market, Realtor, Realtor Training | 2 comments