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Category Archive: ‘Realtors Talking Shop’

Off-Market Sales

Two things never discussed about off-market sales:

1) Every agent signed an agreement to share their listings with other agents.

2) Nobody reads the forms before signing.

http://www.berkeleyside.com/2017/09/26/sell-east-bay-home-off-market-probably-not-exceptions/

When Barbara Hendrickson’s 90-year-old neighbor needed to sell her Berkeley home, crammed with 40 years’ worth of belongings, Hendrickson, a real estate agent, sold the house for her without putting it on the market.

“She was not up to the task of cleaning out all that stuff,” said Hendrickson, an agent with Red Oak Realty. The off-market sale enabled the neighbor to quickly dispose of the house and move to Baton Rouge to be closer to relatives. The buyers took on the onerous job of clearing out the accumulated furniture and possessions.

In general, selling a house off-market isn’t the best approach, experts say. The California Association of Realtors recommends against it, as do East Bay agents including Hendrickson. But sometimes, as in the case of Hendrickson’s neighbor, there are exceptions.

To be clear, “selling off-market” means not listing the house on the local Multiple Listing Service, and is also described as off-market sales or pocket sales.

Read More

Posted by on Sep 27, 2017 in Jim's Take on the Market, Listing Agent Practices, Realtor, Realtor Training, Realtors Talking Shop | 6 comments

More on Realtor Portal

The realtor industry has given a huge head start to Zillow and the others, so it would take a herculean effort to build a new/better portal to squash them.

Here is what Greg has said about the features to expect on his realtor portal:

* A “secret sauce” differentiator that attracts homebuyers away from Zillow and other websites.

* Only listing agents will appear next to their listings.

*No online valuations – you can’t value a home without seeing it.

* No FSBOs – only listed homes by licensed agents.

* No days-on-market disclosure – it hurts value perception.

* No price reduction disclosure – it hurts value perception.

* Managed by an elected committee of agents/brokers.

* Optimized to maximize lead flow for listing agents.

* Designed as the perfect website to sell homes faster.

To build a better portal than Zillow would require more transparency, not less.  He wants to hide the days-on-market and price histories?  Buyers would be slow to give up that information, and instead, click back over to Zillow.

I doubt his secret sauce will make up for the lack of transparency, and if the new portal doesn’t have active and sold comps readily available, he might as well pack it up right now.

They are supposed to send out an email today regarding the pre-launch:

Tomorrow we begin the pre-launch phase of our crowdfunding campaign. This will provide the seed money we need to build an industry unification website designed to sell our listings instead of using our listings to take advantage of us. It will be the first ever nationally marketed home search portal owned and managed by America’s real estate agents, a refreshing alternative to websites like Zillow that don’t care about our industry or our clients (beyond how they can profit from us).

This crowdfunding prelaunch is only being shared with a select few. It is being provided to you because you have volunteered to help as part of our leadership team. The main launch to the public will not take place until September 19th.

Only five more days to the main launch!

Posted by on Sep 14, 2017 in Jim's Take on the Market, Realtor, Realtors Talking Shop | 3 comments

CA Realtor Survey

On Your Last Transaction……

The percentage of properties selling below asking price remained flat from last year at 36%. The percentage of properties selling above asking price increased from 34% last year to 35%. The percentage of properties selling at asking price increased to 29%.

This is incredible:  For the 35% of properties selling above asking price, the average premium paid over the asking price increased to 9.3% from 6.8% last month and 7.8% last year:

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The share of properties that received multiple offers was 64%, down from 74% last month and 66% last year.  Also, the proportion of properties with three or more offers decreased to 40%. The average number of offers per property remain at 2.8 offers from a year ago:

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Throughout California, the majority of homes sold are being purchased by people who intend to live in them:

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Owners like being owners – and the rich get richer:

Posted by on Sep 1, 2017 in Jim's Take on the Market, Market Conditions, Realtor, Realtors Talking Shop, Survey | 3 comments

The Future of Realtors

Notorious Rob has a series of posts about the new CEO for the National Association of Realtors, and the future of the realtor industry.  The interesting part is that the current president of the N.A.R. responded, which only brought up more questions.

Rob’s blog with his three posts is linked here.

This is his most-recent post that addresses the president’s response, and Rob’s call to action (I left a comment):

http://www.notorious-rob.com/2017/06/a-response-to-bill-brown-2017-nar-president/

The first two posts get into how Bob Goldberg became C.E.O.  But the post linked above could be a catalyst for change.  Hopefully the N.A.R. folks are listening, and are serious about doing something to help agents!

Posted by on Jun 29, 2017 in Jim's Take on the Market, Realtor, Realtor Training, Realtors Talking Shop, The Future | 1 comment

Lockbox Security

With the big cyber-attack today, let’s touch on a local security issue that is hard to believe.  It didn’t happen to me, but to a listing agent I know.

It involves the new mobile app for our MLS, which is touted as a more convenient way for agents to access the lockbox when showing the home at their scheduled time.

The mobile app allows a realtor to obtain an entry-code for any lockbox on the system – whether the agent owns the lockbox or not, which is a big change.

The breach of security happened when a buyer’s-agent obtained an entry-code to a lockbox on an active listing – but she wasn’t at the house, and didn’t have an appointment.

She gave the code to her buyers, who let themselves in when the sellers weren’t home – and the house was owner-occupied!

Then she did the same thing a second time, giving the potential buyers the code to enter the home on their own – when she is not physically on site and has not made an appointment.

The sellers came home while the buyers were in the house – it wasn’t pretty!

Posted by on Jun 27, 2017 in Jim's Take on the Market, Listing Agent Practices, Realtor, Realtor Training, Realtors Talking Shop | 13 comments

Statewide MLS

I am a proponent of San Diego realtors joining the CRMLS (with 80,000+ members) because their system is vastly superior to the crappy MLS version supplied by our Sandicor. But here’s an alternative reason why we should adopt a statewide MLS – because consumers know more than realtors:

It’s My Business, the campaign for statewide MLS listing access in California, traveled to the C.A.R. Meetings in Sacramento in May 2017.

Industry leaders were asked “What is the Future of the MLS?” Hear their answers, plus what they think about 3rd party listing websites and how they’ve changed the business of real estate.

Including testimonials from:

Bryan Forrest – Director of C.A.R.
Monet Love – Director of Pacific Southwest AOR
Max Zaker – Board Member of Pacific Southwest AOR
Claudia Zaker – REALTOR w/ Keller Williams
Brenda Meyer – Past President of East Valley AOR
Joe Prian – President of Scenic Coast AOR
Mike Carunchio – President of North San Diego County AOR
Kevin Williamson – Director of North San Diego County AOR
Rich D’Ascoli – CEO of Pacific Southwest and N. San Diego AOR
Kesha Toler – Broker Associate, Scenic Coast AOR
Jan Farley – 2017 President Elect of Pacific Southwest AOR
Mike DeLeon – Past President of Orange County AOR

Posted by on Jun 11, 2017 in Jim's Take on the Market, Realtor, Realtors Talking Shop, The Future | 1 comment

C.A.R. and Instant Offers

He says C.A.R. would “oppose any such development that eliminates many consumer protections”. Well, are you opposing the Zillow Instant Offers? It doesn’t sound like it. As usual, the leaders of the realtor business are comatose while outsiders strip us down for spare parts.

There is an easy solution. Everyone provide ‘instant offers’.

I have regular buyers for North San Diego’s coastal region that will happily pay 10% under value, and investors that will pay 20% to 30% under value. Both will close in 5-10 days. Contact me today!

June 7, 2017

Fellow REALTOR®,

C.A.R. President Geoff McIntosh

No doubt you’ve heard about Zillow Group’s “Instant Offers” pilot program for home sellers where, with or without an agent, homeowners can entertain instant offers and sell their home quickly. This program – which is essentially a new take on another “I’ll buy your house for all cash, below market value” business – is a small segment of the marketplace. The reactions we have received so far falls into either the camp of strong opposition or strong support. For those who are opposed, the pilot has been the subject of much consternation by REALTORS® since its announcement because it creates a path that eliminates the critical role an agent plays in the transaction – another step toward disintermediation.

Many see this as an antagonistic step against the very industry that fuels the site with listing content and premier advertising money, only to promote the prospect of excluding REALTORS® from the transaction. For those who see it that way, they have the option of rethinking their participation with the site. Those holding the other opinion have reported that they see business opportunities to enhance their work through this program. No matter how you look at it, we can all agree it’s bad for consumers who need to get sage advice, excellent customer experience, and top dollar when they’re selling their home, especially when consumers have to pay an exorbitant cost to participate in the program.

C.A.R. has been asked for its take. First of all, there is no substitute for the tremendous value REALTORS® bring to what is usually the largest, and often the most complicated, transaction a consumer will ever make. The program seems to be geared toward investors or investment groups who are willing to make more speculative investments. Any move which promotes eliminating REALTORS® from their role as a trusted navigator in this complex undertaking would ultimately harm most consumers, leaving them without a duty-bound advisor just when they need one most. C.A.R would oppose any such development that eliminates many consumer protections and will ALWAYS advocate for the unparalled value of using a REALTOR®.

This is the perfect opportunity for you to discuss with your clients the value proposition that a REALTOR® brings to the table and look at expanding the services you are uniquely able to offer investors and investment groups.

Sincerely,

Geoff McIntosh
Geoff McIntosh
2017 President
CALIFORNIA ASSOCIATION OF REALTORS®

Posted by on Jun 7, 2017 in Jim's Take on the Market, Realtor, Realtors Talking Shop, Zillow | 0 comments

Real Estate Made for TV

People want to see cut-throat realtors! Video here:

http://www.ocregister.com/2017/05/18/orange-county-real-estate-wars-to-debut-on-bravo-tv-july-6/

“Real Estate Wars,” a Bravo-TV reality show pitting Orange County agents against one another as they try to woo wealthy clients and settle bitter scores against a backdrop of luxury homes, will debut on Thursday, July 6 at 10 p.m.

The show “brings the cut-throat world of real estate in Orange County to life,” Bravo said in its announcement on Thursday, May 18. “With 10 agents, eccentric clients, multi-million dollar deals, old vendettas, and one common goal of winning, all is fair in real estate and war.”

Posted by on May 18, 2017 in Jim's Take on the Market, Listing Agent Practices, Realtor, Realtors Talking Shop | 1 comment

Real Estate Speed Dating

Real estate hysteria is reaching new levels:

LINK

It sounds like an unorthodox concept: Meeting complete strangers to see if you’re compatible to buy a house together. But as bizarre as it might sound, that’s exactly what happened on the third floor of the Toronto bar the Pilot in Yorkville on Thursday night.

Lesli Gaynor, the organizer of C-Harmony: Creating Co-operative Connections said the idea came to her when she watched her sons using dating apps.

“I have three young men and I was thinking about their reality and thinking about all of the apps they engage with on a daily basis and one of them has … used a dating site,” Gaynor said.

“It literally occurred to me that why can’t we take that kind of app or that style of meeting people and apply it to different things. It works for romance, so I think it could work for a mortgage.”

Gaynor said prospective buyers would combine financial resources to purchase real estate in Toronto.

“I combine my revenue with your revenue and your income with my income, we have more buying power and then we buy a property,” she said.

The former social worker turned real estate agent said while it seems unconventional, the idea of sharing space with strangers happens more often than you might think.

“People share homes all the time but there is a landlord,” she said.

“You might rent the bottom of a house and I might be your upstairs flatmate and it’s just that it’s controlled by a landlord as opposed to being controlled by you.”

Gaynor said she wants to stress that there is no expectation that participants need to exchange information and the evening was meant to open people up to the idea of co-operative purchasing.

“We are hoping people will meet and discuss their needs and they might go ‘hey, I really really like you and I could potentially buy a house with you’ with a solid legal agreement,” she said.

Posted by on May 7, 2017 in Jim's Take on the Market, Realtor, Realtors Talking Shop, The Future | 2 comments