The first thing you'll notice is that it's a buyer’s agency agreement. It's not a contract in the traditional sense. More than anything else it's simply an agreement to work together as a team to help you close on your next home. Real Estate agents want a signed agreement because it solidifies that promise to work together. Agents spend a lot of time and money helping their customers and they just want assurances that their time is being well spent. Seems fair no?
Bet you didn't know that if you don't sign a buyer’s agency agreement your agent is working, by law for the seller! It's complicated in terms of how the laws of agency are written but that is indeed the case. In fact the agreement is the document that tells the seller that you have your own representation that is working in your best interest not theirs. Many new home buyers don't realize that the builders, for instance have already set aside a commission for buyers agents and they just love to hang on to that money and leave you with no-one on your side. The builder represents the builder’s interests not yours.
The buyer’s agency agreement is a smart idea and not something to be feared. It's really a great insurance policy in case litigation rears its ugly head. Please drop me an e-mail if you have any questions.
ABetterHomeBroker
Thursday, December 6, 2007
Tuesday, December 4, 2007
Why would you need a Realtor to buy New Construction?
Have you noticed that my posts are starting to start with a question? Probably because I'm having to answer questions for the public that the Realtors Association hasn't manage to convey. Yes I do have a bit of apathy for my industry’s representatives as you can tell. I mean think about it, I know exactly what a plumber does and understand their value. So why doesn’t the general public understand mine?
So anyway, I was on a bulletin board the other day and a person was asking advice as a first time home buyer. One response to her query was that it was best just to go buy new construction because that way she could deal directly with the builder and not have to worry about having a real estate agent and paying them a fee. This is why I thought the gentlemen’s advice was somewhat uninformed.
When you visit a new development then you will be greeted by the onsite agent. This agent may or may not be a direct employee of the builder. In most cases (at least in NC and SC) the onsite agent is in fact a team member of a mega agent or some such. So the builder has entered into a seller’s agreement with a broker to handle the sales side of the builders business. After all, the builder is in the business of building homes and not marketing and selling them.
If the onsite agent sells the home and there is no agent representing the buyer, then that agent gets a bigger commission than he/she otherwise would. If there is a buyers agent involved then the commission is split (may or may not be an even split and commissions vary). The point is that the buyer is not saving money by going it alone. Some builders may tell you they are throwing in the buyer’s agent commission to get you to sign but rest assured the builder has already accounted for the realtor fees. Realtors are the builder’s bread and butter!
So if you go to a builder without a realtor then just keep in mind that you are probably paying the same commission as you would otherwise. So you are basically paying to have NO representation. The builder’s agent represents the builder’s best interest, NOT yours.
Also sometimes not published is the fact that builders will often pay Realtor bonuses on the sale of their homes. I’ve seen them as high as $20,000. The Realtors that give us a bad name will sometimes neglect to tell their buyers that they are receiving a bonus from the builder which really is a bonus that the buyer is paying. The really good Realtors will negotiate that bonus back into the sales price and just ask to receive their agreed upon commission thus potentially saving the buyer thousands!
On more thing to keep in mind when deciding if you want a Realtor representing you in a new construction transaction, what if something goes wrong and you need to go to court to rectify the situation? Wouldn’t it be nice to have the resources of a Real Estate brokerage behind you? Maybe if the builder knew he could potentially get some bad word of mouth from local Realtors he might be more willing to make amends on any outstanding issues.
In closing, you’re probably paying the commission anyway so why not get someone knowledgeable on your team?
So anyway, I was on a bulletin board the other day and a person was asking advice as a first time home buyer. One response to her query was that it was best just to go buy new construction because that way she could deal directly with the builder and not have to worry about having a real estate agent and paying them a fee. This is why I thought the gentlemen’s advice was somewhat uninformed.
When you visit a new development then you will be greeted by the onsite agent. This agent may or may not be a direct employee of the builder. In most cases (at least in NC and SC) the onsite agent is in fact a team member of a mega agent or some such. So the builder has entered into a seller’s agreement with a broker to handle the sales side of the builders business. After all, the builder is in the business of building homes and not marketing and selling them.
If the onsite agent sells the home and there is no agent representing the buyer, then that agent gets a bigger commission than he/she otherwise would. If there is a buyers agent involved then the commission is split (may or may not be an even split and commissions vary). The point is that the buyer is not saving money by going it alone. Some builders may tell you they are throwing in the buyer’s agent commission to get you to sign but rest assured the builder has already accounted for the realtor fees. Realtors are the builder’s bread and butter!
So if you go to a builder without a realtor then just keep in mind that you are probably paying the same commission as you would otherwise. So you are basically paying to have NO representation. The builder’s agent represents the builder’s best interest, NOT yours.
Also sometimes not published is the fact that builders will often pay Realtor bonuses on the sale of their homes. I’ve seen them as high as $20,000. The Realtors that give us a bad name will sometimes neglect to tell their buyers that they are receiving a bonus from the builder which really is a bonus that the buyer is paying. The really good Realtors will negotiate that bonus back into the sales price and just ask to receive their agreed upon commission thus potentially saving the buyer thousands!
On more thing to keep in mind when deciding if you want a Realtor representing you in a new construction transaction, what if something goes wrong and you need to go to court to rectify the situation? Wouldn’t it be nice to have the resources of a Real Estate brokerage behind you? Maybe if the builder knew he could potentially get some bad word of mouth from local Realtors he might be more willing to make amends on any outstanding issues.
In closing, you’re probably paying the commission anyway so why not get someone knowledgeable on your team?
What do Realtors really do with all that free time?
Well I have been asked the question many times so I thought I'd just post the list here. I blame the Realtors Association for not adequately educating the public on why a Realtor is your best friend in any transaction.
A day in the life of a Realtor
Make appointment with seller for listing presentation
Send seller a written or e-mail confirmation of listing appointment and call to confirm
Review pre-appointment questions
Research all comparable currently listed properties
Research sales activity for past 18 months from MLS and public records databases
Research "Average Days on Market" for this property of this type, price range and location
Download and review property tax roll information
Prepare "Comparable Market Analysis" (CMA) to establish fair market value
Obtain copy of subdivision plat/complex lay-out
Research property's ownership & deed type
Research property's public record information for lot size & dimensions
Research and verify legal description
Research property's land use coding and deed restrictions
Research property's current use and zoning
Verify legal names of owner(s) in county's public property records
Prepare listing presentation package with above materials
Perform exterior "Curb Appeal Assessment" of subject property
Compile and assemble formal file on property
Confirm current public schools and explain impact of schools on market value
Review listing appointment checklist to ensure all steps and actions have been completed
Give seller an overview of current market conditions and projections
Review agent's and company's credentials and accomplishments in the market
Present company's profile and position or "niche" in the marketplace
Present CMA Results To Seller, including Comparables, Solds, Current Listings & Expireds
Offer pricing strategy based on professional judgment and interpretation of current market conditions
Discuss Goals With Seller To Market Effectively
Explain market power and benefits of Multiple Listing Service
Explain market power of web marketing, IDX and REALTOR.com
Explain the work the brokerage and agent do "behind the scenes" and agent's availability on weekends (Legal dot the I’s)
Explain agent's role in taking calls to screen for qualified buyers and protect seller from curiosity seekers (Very important! Prescreen Buyer Agents too!)
Present and discuss strategic master marketing plan
Explain different agency relationships and determine seller's preference
Review and explain all clauses in Listing Contract & Addendum and obtain seller's signature
Review current title information
Measure overall and heated square footage (I pay professionals for this)
Measure interior room sizes (I pay professionals for all measuring)
Confirm lot size via owner's copy of certified survey, if available
Note any and all unrecorded property lines, agreements, easements
Obtain house plans, if applicable and available (Professional Measure will provide this)
Review house plans and provide copies
Order plat map if available for retention in property's listing file
Prepare showing instructions for buyers' agents and agree on showing time window with seller (Scheduling is done via Centralized Showing and all showing activity is logged)
Obtain current mortgage loan(s) information: companies and & loan account numbers
Verify current loan information with lender(s)
Check assumability of loan(s) and any special requirements
Discuss possible buyer financing alternatives and options with seller
Review current appraisal if available
Identify Home Owner Association manager if applicable
Verify Home Owner Association Fees with manager - mandatory or optional and current annual fee
Order copy of Homeowner Association bylaws, if applicable
Research electricity availability and supplier's name and phone number
Calculate average utility usage from last 12 months of bills
Research and verify city sewer/septic tank system
Water System: Calculate average water fees or rates from last 12 months of bills )
Well Water: Confirm well status, depth and output from Well Report (If available)
Natural Gas: Research/verify availability and supplier's name and phone number
Verify security system, current term of service and whether owned or leased
Verify if seller has transferable Termite Bond
Ascertain need for lead-based paint disclosure
Prepare detailed list of property amenities and assess market impact
Prepare detailed list of property's "Inclusions & Conveyances with Sale"
Compile list of completed repairs and maintenance items
Send "Vacancy Checklist" to seller if property is vacant
Explain benefits of Home Owner Warranty to seller
Assist sellers with completion and submission of Home Owner Warranty Application
When received, place Home Owner Warranty in property file for conveyance at time of sale
Have extra key made for lockbox
Verify if property has rental units involved. And if so:
?? Make copies of all leases for retention in listing file
?? Verify all rents & deposits
?? Inform tenants of listing and discuss how showings will be handled
Arrange for installation of yard sign
Assist seller with completion of Seller's Disclosure form
"New Listing Checklist" Completed
Review results of Curb Appeal Assessment with seller and provide suggestions to improve salability
Review results of Interior Décor Assessment and suggest changes to shorten time on market
Load listing into transaction management software program
Prepare MLS Profile Sheet -- Agents is responsible for "quality control" and accuracy of listing data and can be liable for mistakes
Enter property data from Profile Sheet into MLS Listing Database
Proofread MLS database listing for accuracy - including proper placement in mapping function
Repeat for NC or SC MLS
Add property to company's Active Listings list
Provide seller with signed copies of Listing Agreement and MLS Profile Sheet Data Form within 48 hours
Take additional photos for upload into MLS and use in flyers. Discuss efficacy of panoramic photography (I use panoramic and wide angle photos only)
Create print and Internet ads with seller's input
Coordinate showings with owners, tenants, and other Realtors®. Return all calls – weekends included (I have no days off)
Install electronic lock box if authorized by owner. Program with agreed-upon showing time .
Prepare mailing and contact list
Generate mail-merge letters to contact list
Order “Just Listed” labels & reports
Prepare flyers & feedback faxes
Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability
Prepare property marketing brochure for seller's review
Arrange for printing or copying of supply of marketing brochures or fliers
Place marketing brochures in all company agent mail boxes
Upload listing to company and agent Internet site, if applicable
Mail Out "Just Listed" notice to all neighborhood residents
Advise Network Referral Program of listing
Provide marketing data to buyers coming through international relocation networks
Provide marketing data to buyers coming from referral network
Provide "Special Feature" cards for marketing, if applicable
Submit ads to company's participating Internet real estate sites
Price changes conveyed promptly to all Internet groups
Reprint/supply brochures promptly as needed
Loan information reviewed and updated in MLS as required
Feedback e-mails/faxes sent to buyers' agents after showings
Review weekly Market Study
Discuss weekly feedback from showing agents with seller to determine if changes will acceleratethesale
Place regular weekly update calls to seller to discuss marketing & pricing
Promptly enter price changes in MLS listing database
Receive and review all Offer to Purchase contracts submitted by buyers or buyers' agents.
Evaluate offer(s) and prepare a "net sheet" on each for the owner for comparison purposes
Counsel Seller on offers. Explain merits and weakness of each component of each offer (Theyvary widely)
Contact buyers' agents to review buyer's qualifications and discuss offer
Fax/deliver Seller's Disclosure to buyer's agent or buyer upon request and prior to offerifpossible
Confirm buyer is pre-qualified by calling Loan Officer
Obtain pre-qualification letter on buyer from Loan Officer
Negotiate all offers on seller's behalf, setting time limit for loan approval and closingdate
Prepare and convey any counteroffers, acceptance or amendments to buyer's agent
Fax copies of contract and all addendums to closing attorney or title company
When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer's agent
Record and promptly deposit buyer's earnest money in escrow account.
Disseminate "Under-Contract Showing Restrictions" as seller requests
Deliver copies of fully signed Offer to Purchase contract to seller
Fax/deliver copies of Offer to Purchase contract to Selling Agent
Fax copies of Offer to Purchase contract to lender
Provide copies of signed Offer to Purchase contract for office file
Advise seller in handling additional offers to purchase submitted between contract and closing
Change status in MLS to "Sale Pending"
Update transaction management program to show "Sale Pending"
Review buyer's credit report results -- Advise seller of worst and best case scenarios
Provide credit report information to seller if property will be seller-financed
Assist buyer with obtaining financing, if applicable and follow-up as necessary
Coordinate with lender on Discount Points being locked in with dates
Deliver unrecorded property information to buyer
Order septic system inspection, if applicable
Receive and review septic system report and assess any possible impact on sale
Deliver copy of septic system inspection report lender & buyer
Deliver Well Flow Test Report copies to lender & buyer and property listing file
Verify termite inspection ordered
Verify mold inspection ordered, if required
Confirm Verifications Of Deposit & Buyer's Employment Have Been Returned
Follow Loan Processing Through To The Underwriter
Add lender and other vendors to transaction management program so agents, buyer and seller can
ck progress of sale
Contact lender weekly to ensure processing is on track
Relay final approval of buyer's loan application to seller
Coordinate buyer's professional home inspection with seller
Review home inspector's report
Enter completion into transaction management tracking software program
Explain seller's responsibilities with respect to loan limits and interpret any clauses in the contract
Ensure seller's compliance with Home Inspection Clause requirements
Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform work
required repairs
Negotiate payment and oversee completion of all required repairs on seller's behalf, if needed
Schedule Appraisal (Lender may take care of this)
Provide comparable sales used in market pricing to Appraiser if requested
Follow-Up On Appraisal
Enter completion into transaction management program
Assist seller in questioning appraisal report if it seems too low
Contract Is Signed By All Parties
Coordinate closing process with buyer's agent and lender
Update closing forms & files
Ensure all parties have all forms and information needed to close the sale
Select location where closing will be held
Confirm closing date and time and notify all parties
Assist in solving any title problems (boundary disputes, easements, etc) or in obtainingDeath
tificates
Work with buyer's agent in scheduling and conducting buyer's Final Walk-Thru prior to closing
Research all tax, HOA, utility and other applicable prorations
Request final closing figures from closing agent (attorney or title company)
Receive & carefully review closing figures to ensure accuracy of preparation
Forward verified closing figures to buyer's agent
Request copy of closing documents from closing agent
Confirm buyer and buyer's agent have received title insurance commitment
Provide "Home Owners Warranty" for availability at closing
Review all closing documents carefully for errors
Forward closing documents to absentee seller as requested
Review documents with closing agent (attorney)
Provide earnest money deposit check from escrow account to closing agent
Coordinate this closing with seller's next purchase and resolve any timing problems
Have a "no surprises" closing so that seller receives a net proceeds check at closing
Refer sellers to one of the best agents at their destination, if applicable
Change MLS status to Sold. Enter sale date, price, selling broker and agent's ID numbers,etc.
Close out listing in transaction management program
Answer questions about filing claims with Home Owner Warranty company if requested
Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
Respond to any follow-on calls and provide any additional information required from office files.
If you got this far then I salute you!!!!!
and please visit http://www.abetterhomebroker.com there's a great lakefront listing on Lake wylie South Carolina as well some fun games.
A day in the life of a Realtor
Make appointment with seller for listing presentation
Send seller a written or e-mail confirmation of listing appointment and call to confirm
Review pre-appointment questions
Research all comparable currently listed properties
Research sales activity for past 18 months from MLS and public records databases
Research "Average Days on Market" for this property of this type, price range and location
Download and review property tax roll information
Prepare "Comparable Market Analysis" (CMA) to establish fair market value
Obtain copy of subdivision plat/complex lay-out
Research property's ownership & deed type
Research property's public record information for lot size & dimensions
Research and verify legal description
Research property's land use coding and deed restrictions
Research property's current use and zoning
Verify legal names of owner(s) in county's public property records
Prepare listing presentation package with above materials
Perform exterior "Curb Appeal Assessment" of subject property
Compile and assemble formal file on property
Confirm current public schools and explain impact of schools on market value
Review listing appointment checklist to ensure all steps and actions have been completed
Give seller an overview of current market conditions and projections
Review agent's and company's credentials and accomplishments in the market
Present company's profile and position or "niche" in the marketplace
Present CMA Results To Seller, including Comparables, Solds, Current Listings & Expireds
Offer pricing strategy based on professional judgment and interpretation of current market conditions
Discuss Goals With Seller To Market Effectively
Explain market power and benefits of Multiple Listing Service
Explain market power of web marketing, IDX and REALTOR.com
Explain the work the brokerage and agent do "behind the scenes" and agent's availability on weekends (Legal dot the I’s)
Explain agent's role in taking calls to screen for qualified buyers and protect seller from curiosity seekers (Very important! Prescreen Buyer Agents too!)
Present and discuss strategic master marketing plan
Explain different agency relationships and determine seller's preference
Review and explain all clauses in Listing Contract & Addendum and obtain seller's signature
Review current title information
Measure overall and heated square footage (I pay professionals for this)
Measure interior room sizes (I pay professionals for all measuring)
Confirm lot size via owner's copy of certified survey, if available
Note any and all unrecorded property lines, agreements, easements
Obtain house plans, if applicable and available (Professional Measure will provide this)
Review house plans and provide copies
Order plat map if available for retention in property's listing file
Prepare showing instructions for buyers' agents and agree on showing time window with seller (Scheduling is done via Centralized Showing and all showing activity is logged)
Obtain current mortgage loan(s) information: companies and & loan account numbers
Verify current loan information with lender(s)
Check assumability of loan(s) and any special requirements
Discuss possible buyer financing alternatives and options with seller
Review current appraisal if available
Identify Home Owner Association manager if applicable
Verify Home Owner Association Fees with manager - mandatory or optional and current annual fee
Order copy of Homeowner Association bylaws, if applicable
Research electricity availability and supplier's name and phone number
Calculate average utility usage from last 12 months of bills
Research and verify city sewer/septic tank system
Water System: Calculate average water fees or rates from last 12 months of bills )
Well Water: Confirm well status, depth and output from Well Report (If available)
Natural Gas: Research/verify availability and supplier's name and phone number
Verify security system, current term of service and whether owned or leased
Verify if seller has transferable Termite Bond
Ascertain need for lead-based paint disclosure
Prepare detailed list of property amenities and assess market impact
Prepare detailed list of property's "Inclusions & Conveyances with Sale"
Compile list of completed repairs and maintenance items
Send "Vacancy Checklist" to seller if property is vacant
Explain benefits of Home Owner Warranty to seller
Assist sellers with completion and submission of Home Owner Warranty Application
When received, place Home Owner Warranty in property file for conveyance at time of sale
Have extra key made for lockbox
Verify if property has rental units involved. And if so:
?? Make copies of all leases for retention in listing file
?? Verify all rents & deposits
?? Inform tenants of listing and discuss how showings will be handled
Arrange for installation of yard sign
Assist seller with completion of Seller's Disclosure form
"New Listing Checklist" Completed
Review results of Curb Appeal Assessment with seller and provide suggestions to improve salability
Review results of Interior Décor Assessment and suggest changes to shorten time on market
Load listing into transaction management software program
Prepare MLS Profile Sheet -- Agents is responsible for "quality control" and accuracy of listing data and can be liable for mistakes
Enter property data from Profile Sheet into MLS Listing Database
Proofread MLS database listing for accuracy - including proper placement in mapping function
Repeat for NC or SC MLS
Add property to company's Active Listings list
Provide seller with signed copies of Listing Agreement and MLS Profile Sheet Data Form within 48 hours
Take additional photos for upload into MLS and use in flyers. Discuss efficacy of panoramic photography (I use panoramic and wide angle photos only)
Create print and Internet ads with seller's input
Coordinate showings with owners, tenants, and other Realtors®. Return all calls – weekends included (I have no days off)
Install electronic lock box if authorized by owner. Program with agreed-upon showing time .
Prepare mailing and contact list
Generate mail-merge letters to contact list
Order “Just Listed” labels & reports
Prepare flyers & feedback faxes
Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability
Prepare property marketing brochure for seller's review
Arrange for printing or copying of supply of marketing brochures or fliers
Place marketing brochures in all company agent mail boxes
Upload listing to company and agent Internet site, if applicable
Mail Out "Just Listed" notice to all neighborhood residents
Advise Network Referral Program of listing
Provide marketing data to buyers coming through international relocation networks
Provide marketing data to buyers coming from referral network
Provide "Special Feature" cards for marketing, if applicable
Submit ads to company's participating Internet real estate sites
Price changes conveyed promptly to all Internet groups
Reprint/supply brochures promptly as needed
Loan information reviewed and updated in MLS as required
Feedback e-mails/faxes sent to buyers' agents after showings
Review weekly Market Study
Discuss weekly feedback from showing agents with seller to determine if changes will acceleratethesale
Place regular weekly update calls to seller to discuss marketing & pricing
Promptly enter price changes in MLS listing database
Receive and review all Offer to Purchase contracts submitted by buyers or buyers' agents.
Evaluate offer(s) and prepare a "net sheet" on each for the owner for comparison purposes
Counsel Seller on offers. Explain merits and weakness of each component of each offer (Theyvary widely)
Contact buyers' agents to review buyer's qualifications and discuss offer
Fax/deliver Seller's Disclosure to buyer's agent or buyer upon request and prior to offerifpossible
Confirm buyer is pre-qualified by calling Loan Officer
Obtain pre-qualification letter on buyer from Loan Officer
Negotiate all offers on seller's behalf, setting time limit for loan approval and closingdate
Prepare and convey any counteroffers, acceptance or amendments to buyer's agent
Fax copies of contract and all addendums to closing attorney or title company
When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer's agent
Record and promptly deposit buyer's earnest money in escrow account.
Disseminate "Under-Contract Showing Restrictions" as seller requests
Deliver copies of fully signed Offer to Purchase contract to seller
Fax/deliver copies of Offer to Purchase contract to Selling Agent
Fax copies of Offer to Purchase contract to lender
Provide copies of signed Offer to Purchase contract for office file
Advise seller in handling additional offers to purchase submitted between contract and closing
Change status in MLS to "Sale Pending"
Update transaction management program to show "Sale Pending"
Review buyer's credit report results -- Advise seller of worst and best case scenarios
Provide credit report information to seller if property will be seller-financed
Assist buyer with obtaining financing, if applicable and follow-up as necessary
Coordinate with lender on Discount Points being locked in with dates
Deliver unrecorded property information to buyer
Order septic system inspection, if applicable
Receive and review septic system report and assess any possible impact on sale
Deliver copy of septic system inspection report lender & buyer
Deliver Well Flow Test Report copies to lender & buyer and property listing file
Verify termite inspection ordered
Verify mold inspection ordered, if required
Confirm Verifications Of Deposit & Buyer's Employment Have Been Returned
Follow Loan Processing Through To The Underwriter
Add lender and other vendors to transaction management program so agents, buyer and seller can
ck progress of sale
Contact lender weekly to ensure processing is on track
Relay final approval of buyer's loan application to seller
Coordinate buyer's professional home inspection with seller
Review home inspector's report
Enter completion into transaction management tracking software program
Explain seller's responsibilities with respect to loan limits and interpret any clauses in the contract
Ensure seller's compliance with Home Inspection Clause requirements
Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform work
required repairs
Negotiate payment and oversee completion of all required repairs on seller's behalf, if needed
Schedule Appraisal (Lender may take care of this)
Provide comparable sales used in market pricing to Appraiser if requested
Follow-Up On Appraisal
Enter completion into transaction management program
Assist seller in questioning appraisal report if it seems too low
Contract Is Signed By All Parties
Coordinate closing process with buyer's agent and lender
Update closing forms & files
Ensure all parties have all forms and information needed to close the sale
Select location where closing will be held
Confirm closing date and time and notify all parties
Assist in solving any title problems (boundary disputes, easements, etc) or in obtainingDeath
tificates
Work with buyer's agent in scheduling and conducting buyer's Final Walk-Thru prior to closing
Research all tax, HOA, utility and other applicable prorations
Request final closing figures from closing agent (attorney or title company)
Receive & carefully review closing figures to ensure accuracy of preparation
Forward verified closing figures to buyer's agent
Request copy of closing documents from closing agent
Confirm buyer and buyer's agent have received title insurance commitment
Provide "Home Owners Warranty" for availability at closing
Review all closing documents carefully for errors
Forward closing documents to absentee seller as requested
Review documents with closing agent (attorney)
Provide earnest money deposit check from escrow account to closing agent
Coordinate this closing with seller's next purchase and resolve any timing problems
Have a "no surprises" closing so that seller receives a net proceeds check at closing
Refer sellers to one of the best agents at their destination, if applicable
Change MLS status to Sold. Enter sale date, price, selling broker and agent's ID numbers,etc.
Close out listing in transaction management program
Answer questions about filing claims with Home Owner Warranty company if requested
Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
Respond to any follow-on calls and provide any additional information required from office files.
If you got this far then I salute you!!!!!
and please visit http://www.abetterhomebroker.com there's a great lakefront listing on Lake wylie South Carolina as well some fun games.
Thursday, November 15, 2007
A Word on Internet Search Engine Ranking
I thought I’d shout out my two cents on Internet search engines such as Yahoo, Google, AOL, Etc। and fill you in on some of the quirks of getting your name out there (primarily Google). Now, I’m no expert but I was in the Information Technology business for about 17 years so I can speak with some clarity of thought on a really good day.
There three places your website address can appear on a search engine when someone does a search, Right smack in the middles of the search results, on the right or at the highlighted area at the top. Ideally you want your website to come up in the main body of the search results near the top because everyone seas it and its FREE! The results to the right and at the very top are Pay Per Click results. That is someone is paying Google or yahoo money EVERYTIME someone clicks on one of those links (great way to get back at your local Mega Agent aye! Not really because they can tell when you are just trying to run up someone’s bill and have safeguards in place thank goodness).
So on the subject of Pay Per Click advertising। Seems in Google’s case it was great there for a while. I could almost always guaranty to get my ad placed on the first page on the right every time if not at the top pay spot. Then Google went and changed up the way they select your ad for display when someone searches on one of your predefined search terms called key words. In an attempt (they say) to make the ads they present more meaningful to the searcher, they basically implemented some twisted unfathomable criteria between the words you specify as your key words and the relevancy of your site to those key words.
So for instance under the old way I would specify “Lake Wylie Waterfront” as a keyword term that when someone searches that term my ad appears on the first page to the right or on top. Well that worked just great with a bid of say $1 a click. Now under the new criteria they actually disable that search term for me because they say it isn’t relevant. Ok so why? Good question and they will tell you conflicting answers as to why. One, either shorten the search term (I did “LakeWylie”) or make it more specific “Lake Wylie Real Estate Agent” so that your web page is more relevant. OK number one didn’t work. They still disabled that one in a few moments after I created the new shorter term. As for “Lake Wylie Real Estate Agent” they disabled that one and told be that was better but still not relevant. As for the relevancy of my site, well hell I’m a realtor and there isn’t anything on Lake Wylie BUT homes. So how could my site NOT be relevant? So I tried “Lake Wylie Real Estate Agent who lives at 555 some street and has brown hair and blue eyes and goes by the name of Kevin J. Graham” and again no dice. I called them and got the run around and re-read all the hints and tricks they had posted which make no sense to the average bit head. Now the good news is you CAN get your site right up there at the top with just about any key words you specify as long as you pledge $5 per click. Chump change right!
Yahoo on the other hand works splendidly on a cost per click basis for some reason except that only something like less than 22% of the folks in theUnitedState us it।
So how else do you get your website to come up on search engines like Google right in the meat of the search results on the first page? Beware of the myriad of sites out there that will “List” your site with all of the search engines and make all sorts of promises to get your site at the top of the search engine results। Most are just a scam or just don’t work as advertised. A better use of your time and money is to get there yourself. It will take some time no doubt but what have you got to lose and you may even meet some great people in the process that can help you with leads.
How do you do that? You have to understand a little about web crawlers or spiders (not the real life variety but the virtual critters in cyberspace). These are programs the search engines use to scan the Internet for websites and content. They will do this several different ways. When a domain name like http://www.abetterhomebroker.com/ is created the search engine will go to that page and do a scan of it’s content and linked pages। Here they will find all of the neat keywords on your page as well as some that are hidden from your view (known as Meta Tags) and stick that in a huge database. That’s grand and all but unfortunately there is probably a thousand other sites that contain the exact keywords your site does. Think how many sites have the word “Real Estate” on them or in them! Well so you’re in their database but then how does the search engine decide who to pick to come up on a search of Real Estate Professionals in your area? That’s a secret that no search engine company is going to give up because it’s their bread and butter. The best way you can get your site to become more relevant to the various search engines is to be popular on the internet as well as relevent.
Well darn it, how do you become popular (get run over by Britney Spears maybe)? Try this, type in a search term for your area like “Lake Wylie Real Estate” or “Long Island Homes”. Who do you see on the first page? Probably the larger brokerages or the mega-agents in your area. Why did they show up at the top of the search results? For the most part, they are really popular because they have many links from other sites to theirs. So when one of these web spider crawlers hits some site like yellowpages.com or somemortagecompany.com that has a link to mega-agent.com, one of the spider follows the link and counts up the number of times it finds a reference to mega-agent.com on the Internet. Add to that some other mysterious criteria like cross referencing those hidden site words (Meta Tags) of all the related sites with links to mega-agent.com and wha-la mega-agent.com is a relevant website to present to the searcher that searched on “Lake Wylie Real Estate”. So you obviously want to have a link to your site in as many places as possible that are relevant to your business. Having the World Wide Wrestling Federation link to your page might not carry much weight with the search engines though a lot of funny country speaking people may call you wanting a single wide with a view (no offense to anyone that thinks wrestling is real). But when you advertise in the local paper or Homaramma weekly they usually have a web site with a link to yours because that’s the big thing now. On a side note, pretty soon a lot of these hard copy periodicals will probably go by the wayside or jump to being purely virtual advertisers. So since these folks are very relevant to your business the search engine will score that relationship higher.
So then you have to advertise with the hard copy guys to get the Internet to recognize your value. Well yes and no. It’s a good idea to have some local advertising because it does generate leads and occasionally sells one of your listing. The problem is, it’s really really expensive so mega-agent is kinda crowding you out and they have more links just by virtue of having more paid advertising than you do. But that’s ok because this is where you will even up the score a little bit. You have a bit more time on your hands anyway so try a couple of these:
1. Put your site on Craigslist.org in the relevant category or categories. Definitely list your homes for sale there.
2. Create a blog on every free blog site you can find and reference your site http://www.abetterhomebroker.com/ in every article you write.
3. Post comments on relevant sites that list your website address.
4. Get some of your local small businesses to buy into the idea of putting links to your page and vice versa so that a little web ring of cozy goodness is created in your area.
5. Reciprocate with Mortgage Brokers for links to your page.
6. Do what ever you can to get your site address on as many places as possible.
It will take some time but I bet it helps. You can find a few free web ranking sites out there that will search for keywords you specify in order to determine how many spots down on a search page you will appear. I’m currently trying Web Ceo. Some people say using these programs can actually hurt your site ranking but then again what have you got to lose right? Web Ceo says it won’t because the search engine will never know you asked for your site ranking information. Anyway it’s one way to gauge how your website is performing in terms of popularity.
Do try the pay-per-click advertising and see how it works for you because your area may be different and everyone’s web page is different। My guess is that the better your web page performs in a search the better your pay-per-clicks will result in valuable leads and the less you will have to pay per click.
Kevin Graham
http://www.ABetterHomeBroker.com
There three places your website address can appear on a search engine when someone does a search, Right smack in the middles of the search results, on the right or at the highlighted area at the top. Ideally you want your website to come up in the main body of the search results near the top because everyone seas it and its FREE! The results to the right and at the very top are Pay Per Click results. That is someone is paying Google or yahoo money EVERYTIME someone clicks on one of those links (great way to get back at your local Mega Agent aye! Not really because they can tell when you are just trying to run up someone’s bill and have safeguards in place thank goodness).
So on the subject of Pay Per Click advertising। Seems in Google’s case it was great there for a while. I could almost always guaranty to get my ad placed on the first page on the right every time if not at the top pay spot. Then Google went and changed up the way they select your ad for display when someone searches on one of your predefined search terms called key words. In an attempt (they say) to make the ads they present more meaningful to the searcher, they basically implemented some twisted unfathomable criteria between the words you specify as your key words and the relevancy of your site to those key words.
So for instance under the old way I would specify “Lake Wylie Waterfront” as a keyword term that when someone searches that term my ad appears on the first page to the right or on top. Well that worked just great with a bid of say $1 a click. Now under the new criteria they actually disable that search term for me because they say it isn’t relevant. Ok so why? Good question and they will tell you conflicting answers as to why. One, either shorten the search term (I did “LakeWylie”) or make it more specific “Lake Wylie Real Estate Agent” so that your web page is more relevant. OK number one didn’t work. They still disabled that one in a few moments after I created the new shorter term. As for “Lake Wylie Real Estate Agent” they disabled that one and told be that was better but still not relevant. As for the relevancy of my site, well hell I’m a realtor and there isn’t anything on Lake Wylie BUT homes. So how could my site NOT be relevant? So I tried “Lake Wylie Real Estate Agent who lives at 555 some street and has brown hair and blue eyes and goes by the name of Kevin J. Graham” and again no dice. I called them and got the run around and re-read all the hints and tricks they had posted which make no sense to the average bit head. Now the good news is you CAN get your site right up there at the top with just about any key words you specify as long as you pledge $5 per click. Chump change right!
Yahoo on the other hand works splendidly on a cost per click basis for some reason except that only something like less than 22% of the folks in theUnitedState us it।
So how else do you get your website to come up on search engines like Google right in the meat of the search results on the first page? Beware of the myriad of sites out there that will “List” your site with all of the search engines and make all sorts of promises to get your site at the top of the search engine results। Most are just a scam or just don’t work as advertised. A better use of your time and money is to get there yourself. It will take some time no doubt but what have you got to lose and you may even meet some great people in the process that can help you with leads.
How do you do that? You have to understand a little about web crawlers or spiders (not the real life variety but the virtual critters in cyberspace). These are programs the search engines use to scan the Internet for websites and content. They will do this several different ways. When a domain name like http://www.abetterhomebroker.com/ is created the search engine will go to that page and do a scan of it’s content and linked pages। Here they will find all of the neat keywords on your page as well as some that are hidden from your view (known as Meta Tags) and stick that in a huge database. That’s grand and all but unfortunately there is probably a thousand other sites that contain the exact keywords your site does. Think how many sites have the word “Real Estate” on them or in them! Well so you’re in their database but then how does the search engine decide who to pick to come up on a search of Real Estate Professionals in your area? That’s a secret that no search engine company is going to give up because it’s their bread and butter. The best way you can get your site to become more relevant to the various search engines is to be popular on the internet as well as relevent.
Well darn it, how do you become popular (get run over by Britney Spears maybe)? Try this, type in a search term for your area like “Lake Wylie Real Estate” or “Long Island Homes”. Who do you see on the first page? Probably the larger brokerages or the mega-agents in your area. Why did they show up at the top of the search results? For the most part, they are really popular because they have many links from other sites to theirs. So when one of these web spider crawlers hits some site like yellowpages.com or somemortagecompany.com that has a link to mega-agent.com, one of the spider follows the link and counts up the number of times it finds a reference to mega-agent.com on the Internet. Add to that some other mysterious criteria like cross referencing those hidden site words (Meta Tags) of all the related sites with links to mega-agent.com and wha-la mega-agent.com is a relevant website to present to the searcher that searched on “Lake Wylie Real Estate”. So you obviously want to have a link to your site in as many places as possible that are relevant to your business. Having the World Wide Wrestling Federation link to your page might not carry much weight with the search engines though a lot of funny country speaking people may call you wanting a single wide with a view (no offense to anyone that thinks wrestling is real). But when you advertise in the local paper or Homaramma weekly they usually have a web site with a link to yours because that’s the big thing now. On a side note, pretty soon a lot of these hard copy periodicals will probably go by the wayside or jump to being purely virtual advertisers. So since these folks are very relevant to your business the search engine will score that relationship higher.
So then you have to advertise with the hard copy guys to get the Internet to recognize your value. Well yes and no. It’s a good idea to have some local advertising because it does generate leads and occasionally sells one of your listing. The problem is, it’s really really expensive so mega-agent is kinda crowding you out and they have more links just by virtue of having more paid advertising than you do. But that’s ok because this is where you will even up the score a little bit. You have a bit more time on your hands anyway so try a couple of these:
1. Put your site on Craigslist.org in the relevant category or categories. Definitely list your homes for sale there.
2. Create a blog on every free blog site you can find and reference your site http://www.abetterhomebroker.com/ in every article you write.
3. Post comments on relevant sites that list your website address.
4. Get some of your local small businesses to buy into the idea of putting links to your page and vice versa so that a little web ring of cozy goodness is created in your area.
5. Reciprocate with Mortgage Brokers for links to your page.
6. Do what ever you can to get your site address on as many places as possible.
It will take some time but I bet it helps. You can find a few free web ranking sites out there that will search for keywords you specify in order to determine how many spots down on a search page you will appear. I’m currently trying Web Ceo. Some people say using these programs can actually hurt your site ranking but then again what have you got to lose right? Web Ceo says it won’t because the search engine will never know you asked for your site ranking information. Anyway it’s one way to gauge how your website is performing in terms of popularity.
Do try the pay-per-click advertising and see how it works for you because your area may be different and everyone’s web page is different। My guess is that the better your web page performs in a search the better your pay-per-clicks will result in valuable leads and the less you will have to pay per click.
Kevin Graham
http://www.ABetterHomeBroker.com
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