Being a realtor isn’t as glamorous as it looks, because somebody has to handle the little problems too. Here the buyer’s agent couldn’t get the door open, and called me to do something about it. Once the sale is closed, most listing agents get busy with their next deal, and leave the other agent hanging.
Not me – I want the other agent to look good in the eyes of his clients.
Choosing the right realtor to sell your home is critical.
It’s not life-or-death critical. We’re just talking about the extra 5% to 10% that is available when effective marketing creates maximum urgency – and the agent’s skills and salesmanship creates competition between buyers to achieve a top dollar sale.
Here’s what I do:
I conduct a thorough pre-listing inspection to determine the best improvements to make prior to hitting the market. Repairing the visual dings, doing ‘clutter patrol’, and implementing any staging where needed to maximize the appeal to buyers. I focus on bang-for-the buck; spending as little as possible with max results.
I recommend an attractive price – one that is retail-based for the location and condition, and makes the buyers feel like it’s worth checking out.
I have professional photos done and include my own video tour to help sell the buyers on the value of the home, instead of playing elevator music. I won’t include a Matterport 3D tour, which is the worst thing any agent could do for you. The buyers can view every nook and cranny in the house, so they keep looking until they find something they don’t like – and then give up. The goal of marketing is to get the consumer interested enough to jump in the car and check it out in person.
Inquiries – I handle all inquiries myself, and I answer my own phone. My focus is to gauge the interest of the buyer or agent, and help to sell them on the house. Redfin and most big agent teams have showing requests handled by a separate and unrelated third-party called Showing Suite, and they miss out on a critical opportunity to pick up intel about the interested parties that I use later in the negotiations and bidding war.
I conduct the open house extravaganza myself. We effectively advertise and have 25-100 people attend every open house. The crowds help to create the Fear of Loss; where interested parties realize they better step up quickly and pay more than they thought so they don’t lose it. Nobody does open house like I do.
Once offers are pouring in, I qualify both the buyers and agents myself. Other agents can get swept away by sappy love letters, or by all-cash buyers and not give due diligence to every offer, or ignore the buyer’s agent and their critical role in getting to the finish line.
Virtually all agents will ask for highest-and-best offers, and then help the seller to pick their favorite. It feels exciting, and all can say they played the game. But I create an auction-like competition where buyers participate in the final outcome, rather than passively hope their blind bid is enough. It takes aggressive salesmanship to accomplish this, and it’s where I pay for myself with a specific strategy to achieve a top-dollar sale (I am registered as an auctioneer with the State of California).
Donna has been our troubleshooter-in-chief for the last twenty years, and is our secret weapon. She bird-dogs every sale to the finish line and beyond, and as a result, we rarely have an escrow fall out. Our clients feel informed and well-served, with every detail covered in advance.
My last thirty listings have averaged an SP:LP ratio of 99% (selling within 1% of list price), with an average of 20 days on market – and half of them sold in ten days or less. Commissions are described HERE, and you’re only paying a little more than Redfin to get the maximum service available.
I am happy to give you a free consultation in person, or by phone or email!
The total number of pendings dropped again this week, which makes the plunge now -11% over the last 14 days. Hopefully it’s a result of escrows closing, but NSDCC sales between June 1-15 was down 5% compared to last year.
I said in the last video that we should see a surge of activity over the next few weeks as the selling season winds down, but it looks like it will be a long cold winter after that.
For those who detest my incessant ranting about the business, you’re in luck today because George got me going early this morning. Scroll down to the comment section two posts down, or click HERE.
Flipping homes for no profit, just to make money the fees? And VC money jumping at the chance to back him, in hopes of making billions before the market turns? Could they provide enough market support to avoid a downturn?
Eric Wu is a house flipper, but unlike other real estate investors, he says he isn’t trying to land a profit by selling for more than he paid.
The windfall, he said, will come from transaction fees.
Opendoor wants to come out even on its deals. “We try to have the average be exactly zero,” Wu said in an interview last week at Planet Hollywood Resort while attending a National Association of Real Estate Editors conference.
He said the goal isn’t to buy and sell quickly, although Opendoor does just that. And, as he indicated, the price spread on its transactions can be thin.
Opendoor bought a two-story house in North Las Vegas in February for $263,000, property records show, and sold it three months later for just $3,000 more.
The key to making money, he said, is lowering transaction costs.
Opendoor’s fee for sellers is reportedly 1 to 1.5 percent above a typical real estate agent’s. According to Wu, its fee currently mirrors its transaction costs — “We don’t make a profit today on customers,” he said — but he eventually wants to slash his expenses while maintaining the fee.
“That becomes our profit,” he said.
The company is under contract to buy more than 100 homes in Las Vegas and has 60 on the market to sell, according to spokeswoman Cristin Culver. Nationwide each month, it buys around 1,300 to 1,400 homes and sells almost 1,000, Wu said.
He said the company has raised $645 million in equity investments and another $1.5 billion in debt.
This guy popped off at the DOJ hearing a couple of weeks ago, and the story has kept making the rounds:
So you think things don’t get rough in real estate and feathers don’t fly when agents’ commission money is at stake? Ha. Listen to what Joshua Hunt, founder and CEO of discount-fee realty brokerage Trelora recently said here at a meeting of the Federal Trade Commission and Justice Department.
Trelora, which is based in Denver, charges home sellers a flat $2,500 to list their home and allows them to pay agents another $2,500 for bringing in buyers, no matter the price of the house. Hunt told the meeting, which was organized to examine the present state of competition in the real-estate market, that competing brokers and agents loathe his firm’s business model because it reduces the total commissions they receive.
“We’ve had bricks thrown through car windows,” he said, “we’ve had our cars egged, we’ve had hate mail sent to our sellers” — all because Trelora clients don’t pay enough in commission dollars, split between the listing agent and the buyer’s agent.
Many competitors won’t even show Trelora-listed homes, said Hunt. “I’ve got a list here of 719 brokerages in Denver” that will not show Trelora properties unless the seller agrees to pay the buyer’s agent 2.8 percent to 3 percent of the sale price as commission. On a $500,000 house that’s a big difference — $2,500 versus $14,000 or $15,000.
Hunt has also fought pitched battles with local Multiple Listing Services insisting that they allow consumers — not just agents — to see the full commission splits on listings. That means disclosing the buyer’s agent’s cut of the pie — which many buyers don’t know and don’t ask about — as well as the listing agent’s.
I called the Denver Metro Association of Realtors today. They have a little over 500 real estate offices in Denver. So every single brokerage – including those that charge less than Trelora – won’t show his listings, plus another 200 phantom brokerages.
It looks like the low-inventory era will be here for a while….
The statistics about the waves of baby boomers turning 65 each day are old news to anyone who works in a senior-focused industry.
But a new report from Harvard University adds a new twist to measuring the coming wave of American seniors: In 2035, households with members aged 65 and older will account for a full third of the homes in the country.
That’s one of the conclusions from a new report published by the Joint Center for Housing Studies (JCHS) at Harvard, which releases an annual look at the complexion of the U.S. housing market. And this year, the researchers specifically pointed out the ways elders will dominate the market for decades to come.
At present, 65-and-olders represent about one in four U.S. households, up from one in five just 10 years ago — thanks to a gain of 7 million senior households over that span. And in a little over 15 years, that number will grow to one in three.
“The aging of the U.S. population has also boosted the number of older households because the baby-boom generation is so much larger than the preceding generation,” the JCHS observed.
Homes headed by those 65 and older were also the only age group that had a higher rate of homeownership in 2017 than they did in 1987.
That growth is coming at the expense of the younger millennial generation, which despite reaching the age that their predecessors were when they began buying homes and starting families, still lags behind.
“In fact, household headship rates among young adults are still declining, albeit more slowly than after the recession,” the JCHS wrote in its report. “Indeed, 26% of adults aged 25-34 were living with parents or other relatives in 2017, while 9% were doubling up with non-family members — both shares all-time highs.”
In addition, adults of all ages are far less likely to move than in years past. While the greatest declines in household mobility have been concentrated among the young, the 65-and-older set has also become increasingly more entrenched in their existing properties.
“Many of the growing number of older households are staying in their homes longer than previous generations at their ages, rather than downsizing or moving to rentals,” the JCHS observed.
Demographic shifts also play a role: Even though the move rate for Americans aged 65 and older dropped by just a percentage point, the sheer volume of aging baby boomers means that change represents “significantly fewer residential moves.”
“There is no doubt that the number of older adults will reach an unprecedented high over the next two decades,” the Harvard team concluded. “With this growth will come different demands, challenges, and stresses on the housing stock.”
"I cannot believe there are no reviews of Donna yet, ugh!! She is the secret sauce of the Jim Klinge/Donna Klinge combo! I will touch on Jim here, but Donna is why I'm so totally loyal to these two (no offense to Jim :)).
I consider myself a rather savvy buyer/seller. I've bought/sold 7 times in more "
"Jim and Donna Klinge are by far the most professional, personable and responsive realtors I have ever worked with. They provide VIP concierge level service in every area of the process of selling your home. My home was marketed so successfully that we received an offer the day after our first and only open house. Thanks to Jim's pricing and negotiating, our house is now the highest sold in our community... more "
by Ann Romanello
"Jim educated us, helped us find the perfect house, and then negotiated us a great deal. I would hate to be sitting across the negotiating table from ... more "
"Jim is thorough and will be brutally honest about the homes he shows you. He provides great service and follows through until the very end and even ... more "
"I highly recommend Jim as a buyer’s agent. Working with Jim, we closed this week on a San Diego condo. Jim prepared a list of comparable sales to ... more "