What happens if your house does not sale during the listing agreement? Your listing then becomes "expired". Unless the listing is renewed, the consumer is then free to 1) re list with the same agent 2) pull the house off the market 3) Try to sell "by owner" or 4) list with another agent. Before re listing with the same agent, take a few moments and consider the following questions. 1) What is your agent's Internet presence--Nationwide over 90% of all buyers use the Internet at some point in the purchase process. If your agent is not online, or his web page hasn't been updated since 2002 it might be time for a change. 2) How well does your agent communicate with you? People have different expectations when it comes to feedback. Some people want to know every little mov... 06/09/2010

                             Don't let this pretty face fool you. Make one move for his chew toy (see background) and he becomes claws and teeth. Yes, my cat does play with dog chew toys. Believe it or not we can learn many real estate lessons from Joey the Evil cat. 1) Never Let Work get the best of you-- Joey was not born evil. But being a cat in a home of four girls means you are going to be the guest of honor at MANY tea parties. Slowly but surely this wore on his nerves. To survive in Kitty land or real estate one must be able to release the stress of daily life. 2) Don't be Afraid to Meet New People-- When a new human enters the home, Joey retreats beneath the girls' bed. We once paid a lady to house sit for a week. SHE NEVER SAW JOEY. As Realtors we need to prospect daily to expa... 06/09/2010

                                            I almost bought a shirt this weekend. Went to the department store and trolled the Polo section looking for sales. Sure enough, the 79 dollar shirts were marked down, all the way to 68 bucks. Not enough to get the wallet dancing out of my jeans!  Surely some of the other stores will have a better sale? After dragging the wife across the mall, no dice. If I wanted a Polo shirt, it was going to set me back a princely sum. So, after two hours and multiple stores, the mission ended in failure (and an unhappy spouse).  Yet just as clearly as the "don't blame me I voted for Dole bumper sticker" reads on my jeep, I still needed a new shirt. So why not a neat Century 21 garment? If memory serves, I did view a discount email from one of our vendors the... 06/08/2010

                                          One would think that an animal that sleeps 21 hours a day would be of little value. In addition to Lording over the house, real estate lessons can be gleamed from this spoiled member of the family. 1) Don't be afraid to kiss a little butt-- Human, cat, dog, or turtle makes no difference. If your butt comes within 10 yards of his nose it will be sniffed. As a result, every creature in the neighborhood loves Rocket (including our evil cat). 2) Get your Rest-- That's his living room pillow. There is a bedroom pillow, crate pillow, and outside comfy chair. Rocket makes sleep a priority and you should as well. Ever tried negotiating a deal on too little sleep?? 3) When Opportunity knocks pounce on it--Rocket was taking a nap on Easter weekend. The cu... 06/07/2010

"I can't see paying full price for a house in this economy". I hear this line from first time buyers pretty often. And on some levels this is correct, the odds of having to pay full price on a clean contract are pretty slim. But Mr. Buyer, do you have an extra six thousand dollars in the bank? If not, we will need to ask the seller for this much (or more) in closing costs. There are two piles of money that must be collected before you get the keys. The big pile is the cost of the house. The smaller pile next to it includes all of the costs associated with purchasing the property (appraisal, title fees, loan origination fees, etc...). Believe me, lawyers do not enjoy working for free! So all these fees must be paid at closing. Which brings us back to our offer...Even though we are giving... 06/03/2010

A blog by Barbara Todaro (one of the best contributors on AR) got me wondering about how many Realtors came from the teaching industry. To me it seems the skill set is almost exactly the same.  Think closing attorney's have an inflated ego? Try a college dean! If you came to real estate from education, check in here. What caused you to consider the leap from teaching to real estate? What obstacles did you encounter along the way? Should be a pretty interesting discussion! 06/02/2010

In Louisiana no deposit is required for a real estate transaction. Folks can agree to terms on a million dollar home and head to closing without one penny due until settlement. For most sellers though, no deposit sends up red flags. In this blog I will address some common concerns/misconceptions people have regarding deposits. Keep in mind real estate is a local game so the rules may be very different in your area. 1) If I can't get the loan I will lose this money-- Not true (in Louisiana at least). As long as you take the steps to get approval in a timely manner, a rejection letter from the lender is usually enough to release escrow. 2)Will they not cash the check till closing-- The check will be entered into the listing broker's escrow account WHEN THE BUY SELL IS ACCEPTED. When you w... 06/02/2010

Our Resort was located on the beach. From our balcony marine life could be seen swimming in the emerald green waters of paradise. Having stayed here multiple times in the past, one of the most interesting aspects is the real estate sales office located in the building. This trip I resolved to visit the office and see how the other half live. Decked out in an Old Navy swimsuit and goggles in hand I strolled into the office. Realtor Woody Rossbach was kind enough to chat with me for a few minutes. Decked out in sandals and a Hawaiian shirt, he certainly looked the part of a Paradise Realtor! I was a little disappointed to discover that his workday was pretty similar to mine. In the office early for prospect calls and paper work later in the day. They even have lookie Loos! Business had be... 06/01/2010

This is the second in a series of lessons from the beach that I picked up while on vacation in Destin, Florida. Today's installment covers the value of watching close your nickles and dimes. On the third day of our trip the herd was looking for a cheap dinner. We had two WONDERFUL seafood meals already and I now was interested in feeding the family on the cheap. I had noticed a little Burger joint on the main strip and it looked like a pretty clean place to eat. So off to Fudpuckers we go! Even on a Tuesday night we were staring down a 1.5 hour wait. So...Why not feed the live alligators? twenty dollars later those gators were enjoying a dinner courtesy of the Rogers family. And what self respecting Cajun would feed a gator without a beer in hand? Add two beers for mom and dad! When we ... 05/31/2010

The minivan pulled back into the drive late Saturday night. Sunburned, broke, and totally relaxed the Rogers family returned safely from a week in Destin, Florida. Along with some really tacky souvenirs, I brought home a few relevant real estate lessons from paradise. Over the next few days I will share some of my observations from the past week. Lesson One--Angry Customers Can Demonstrate their frustration in creative ways. During my time in paradise, I set aside one full day for offshore fishing. The modern boat had an awesome crew and a wonderful captain. On the trip out I made friends with a young man from Missouri. This was his first trip in the Gulf and could barely contain his excitement. About an hour into the fishing, the young man's reel began to scream. After a ten minute fig... 05/30/2010

The bulk of my blogs this week deal with taking time off. Why?? Because In 72 hrs the family will be on the way to Destin, Fl.  So how could Realtor ethics come into play during family time?  I know (and have been advised) by other Realtors to look up a local Realtor when I get to Destin. Exchange business cards, and discuss the local market. A good way to build your referral network? Of course! Will I engage in this? Probably.   But some agents get "creative" at this junction. Since business was discussed, the ENTIRE TRIP can be written off as business related! I am all for cutting my taxes, but I would prefer not to pull a Willie Nelson and piss off the IRS.  What do you think? Is what I outlined over the line? Have/ do you engage in this? I promise I won't tell the IRS! 05/20/2010

    T-Minus three days till the beach. After a long spring the family needs some quality time on the powder white sands of Destin, Florida. In their excitement, the kids packed their bags last Sunday. Nothing like wearing dirty clothes to school because all the nice stuff is packed.      And the adults are ready as well. I have been reading up on the latest fishing tips so those gulf grouper beware! They just thought the oil was their biggest threat! To her credit, my wife is ready to do her part to bail out the local shopping centers. Destin Commons this means you!     So what's wrong? Even though vacations are important I always feel guilty leaving work for a week. Those three closing next week? The broker will have to go in my place. Oh well, she has plenty of experience covering my ... 05/19/2010

    I am still on the fence regarding the agent bonus. There are some ethical issues that come to mind,mainly that as buyer's agents we should be looking out for our CLIENT'S best interest, not our pocketbook.  That being said, I have never felt strongly enough to turn down a bonus at closing.      Outside of my commission, I disclose every cent earned from the transaction. Want a home warranty Mr. seller?? Great, I get 60 bucks off this transaction. I do the same with the agent bonus. When narrowing the list, I tell my buyers about the agent bonus.      My fear is the bonus would cause me to give less than objective advice. And there is the rub. The bonus is designed to get the house to stand out from the herd. Want 1,500 bucks? Convince your buyer to sign on the dotted line.  Things g... 05/18/2010

     I have had two failed land listing appointments this past week. In each case, the seller had an inflated sense of what their little parcel of heaven is worth. Yes, Mr./MS seller there is land that goes for 30k an acre, but it looks nothing like this. Here are some items that pull down the value of land. 1) The difficulty required to access the lot--For maximum value, gaining access should entail turning into the paved drive. The last piece of land I looked at scared the hell out of my jeep. That's going to cut back on your buyer pool! 2) What's Next Door--- I love dogs, but those free range pit bulls one lot over are going to scare the heck out of most people. 3) Utilities are NOT Overrated-- Some lots have water, septic, and power ready to go. Others do not. Guess which will comma... 05/17/2010

Remember the American dream? Buy a house in September and by April have enough equity for that new sail boat. At some point the party had to end. Unfortunately, as folks are having to move reality is starting to set in. And of course sellers have very different responses when they discover more is owed than their house is worth. Here are a few of the personalities I have recently come across. 1) The Blaming Bertha--George Bush and Obama conspired to steal value from my home. That Lexus in the driveway?? Of course I used a home equity loan to purchase it. Who wouldn't? That's like free money! Now what's this government going to do to solve my problem?? 2) The Honest Abe-- This person realizes the error of their ways. Of course I was stupid to buy that new boat/airplane/four wheeler. Now ... 05/17/2010

My 3bedroom 70k dollar listing went under contract a few weeks back. Based on the inspection report, the buyer asked for approximately 500 bucks worth of repairs. Both sides signed and away to the closing table right??  Not so fast...It seems the buyers were getting a loan to purchase the home. Enter mr appraisor dude. He comes back with a 3k price reduction, and another 1k in repairs. Swallowing hard, my seller sign on the dotted line and we are off to closing right??? Not so fast...Once these repairs were complete the appraiser dude had to return to ensure the above repairs were complete. The phone rings around noon today. It seems the repairs we made were fine, but he has some more items to ADD TO THE LIST!!!  I have NEVER had an appraisor add items after the fact. We were set to clo... 05/14/2010

   One of the downsides of this business is the absence of a salary. As such, it is hard for most people to make the leap directly into full time real estate. Being the father of four children, I had to start out part time. The potential costs of failure would have been devastating to the family's financial peace. And in this job market, who can say that their old job will be there for them if this endeavor fails? Here are some lessons I learned as a part time agent. 1) You Must be able to take calls during the day-- Agents only show homes in the evening and on weekends right? NEVER GO MORE THAN TWO HOURS WITHOUT PHONE ACCESS. 2) Expect many late nights-- As a teacher my day started at 630. After last duty the clock was often at 5pm. Time to start the real estate day! There were nights ... 05/13/2010

Pick up on one and leave the other behind. It's not often easy, not often kind, have you ever had to make up your mind. Seems to me the Lovin Spoonfuls had Realtors in mind when they performed this song. There is a FSBO two houses done from my adobe. Normally, I would go ninety miles an hour to put one of my signs in the front yard. I have a wonderful relationship with the sellers, and our kids are friends. As a financial planner he has fed me money advice pretty freely over the years. In return I have given him market advice. So what's the problem you ask? Their other friend is also a Realtor! And she is no slouch. If I were interviewing Realtors, she would be in my top three. So what's a friend/ neighbor to do? Sadly, he has made a poor compromise. Instead of listing with one of us (a... 05/11/2010

One of my recent listings was an heir property. After a long life the owner left behind three middle aged children to handle the estate. Due to the unique challenges of such properties, I think we need a designation. Based on my robust experience dealing with these clients (two) here are some things I have learned. 1) Has the succession of property taken place-- In other words, can the heirs legally sell the property? Don't assume simply because a kid is calling that they have legal right to the property 2) How is power distributed in the family-- Sure the oldest child is the executor, bit what about that crazy younger sister? Let her cause enough of a stink (and she will) and the picture suddenly changes 3) Are the heirs local-- Often times the heirs aren't even in the same state. Thin... 05/11/2010

Life is all about screwing up. When I worked on the railroad we had a saying "If you ain't breaking something you aren't working hard". While this sounds harsh there is some truth in the statement. We learn from our mistakes. Growing up stickers and pizza parties did reward/ encourage positive growth on my part. But I will NEVER pick my neighbor's prized flowers again. Why? Because of the tanning my backside received when my father found out (and had to pay for those roses)! Real estate is the same way. Checks/sales awards are nice, but it's those screw ups that teach the life lessons. In this spirit, I want to share my first true blunder. My very first deal was naturally a buyer. We toured homes, and within no time found the perfect house! I was on cloud when our offer was accepted. Th... 05/07/2010