Tag Archive for: Phoenix Association of Realtors

These Simple items will SELL your Property Faster

Yesterday, I went to a property inspection on a listing that I have.  I was the first person onsight and the Buyer (whom I did not represent) walked up and his first words were “So I finally get to meet the Queen of Fourplexes!” His second was “What a great website!”.

I have worked hard to gain the reputation of the “Queen of Fourplexes”. In 2006 I was with RE/MAX Commercial. I was number two in the ENTIRE world for RE/MAX that year and all I sold was fourplexes.  I missed being named number one by $30,000.  Of course they do not tell you this until you have received the award.  I would have bought a condo myself.  The next year I was again awarded the very highest honors from RE/MAX.

In the 23 years as a Broker, I have learned what works and what does not work in selling properties.  Of course, it goes without saying that answering my phone makes the biggest difference.  So many agents never answer their calls.  I see in the private remarks of listings-don’t call just text! I wonder if the Sellers knew that their agents put this in or even worse NEVER return calls or even emails-would they even hire the agent or FIRE them and they should be fired for this attitude.

When I work with a Seller to list their property, I do so many items in preparation.  First, I actually drive by the Property. There is nothing in Real Estate as “putting your feet on the dirt”.  I want to see improvements in the area and what is going on. I want to see the condition of the exterior of the property.  My recommendations to the owner for work that needs to be done is the difference between a sale and the price that the property sells for. This is the easy part.

I also want to walk the interiors of all units.  The worst thing that can happen is that you get a contract and when the inspections happen, the deal falls apart because we were not prepared for whatever is behind the closed doors.

I absolutely hire my photographer to shoot professional photos. I am paid to do a good job and professional photos make all of the difference. This means that the property needs to be made ready for the photoshoot.  Landscaping, moving tenant items and any repairs completed.

On the back side of the listing, I am known for supplying all due diligence up front to potential buyers.  NONE of us needs practice in writing contracts.  Let’s get the information in the hands of the Buyers or Agents.

I have agents look for my listings as they know that they can get all of the information upon front and make educated decisions about the property.

The list of items that I request from the Seller can be frustrating for the Seller.  However, without it I cannot do my job.  Having the information I need is critical to selling the property.  The faster I get the items, the faster that the property will sell.

I list properties on approximately 30 different websites.  All of these take a great deal of time to maintain.

An important fact is that I also update current rent rolls and year to dates on a monthly basis.  Again, the difference in Brokers.  Again, I need this information from the Seller or their Property Manager monthly.

When I list a property and IF I get all of the information that I need from the Seller, it takes me approximately 4 hours to completely “bring” up a listing.

There are many other factors that go into selling but the preparation done properly will hasten the days of market for the Seller!

Remember that I answer my cell phone 602-688-9299

Please call me if you have any questions!

Linda

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Why You’re Not Getting the Contract or “Deals” (And What To Do About It)

So I just had a phone call from a person that wanted to offer on a proerty that I had listed. Guess what? I am not kidding, the Seller about 30 seconds before signed the Purchase ad Sale agreement.  This means that it is an accepted offer and the property is considered “in contract”.

In the Phoenix Market and frankly in any other market it is important to get the contract accepted.  It is not that you have all of the information, it simply means that you have the property under contract.  I can assure you that by the time I request all of the due diligence, in this market the property will have gone to contract with someone else.

I am pretty good at being able to estimate the cost of running the building-stablized.  I also work with Property Management to know what the rents can or should be.

As far as the condtion of the interior (as we rarely get to see interiors) this is often a negotiated factor after inspections.

Remember that you also have an apprasial condition in the contract as well.

The way that I write a contract, we make sure that you have a due diligence period so that you can do your analysis of the proformance of the property.  Remember until we get past the due diligence phase of a contract, it really is all paper.

I never want someone to CLOSE on a property that is not right for their needs but without an accepted contract, we will never figure this out.

Do not think that low ball offers work in a good market.  They DO NOT!  Remember you still have the apprasial contengency.

Real Estate is location and pick you price range and location.

Here is something else that is non-negotiable. You must have a proof of funds for either the purchase amount (if cash) or for the down payment.  In addition, if you are going to finance part of the purchase ABSOLUTELY need to be prequalified.  Contracts are not worth much if there is not one or maore of these items in place.  Today alone I received two offers on properties and niether one had a proof of funds (both cash).  I immedaily sent an email to the agents for the POF and in both cases received it back in minutes.  Agents and Investors know that they need this piece.

Off Market Is not a deal as many think. Who cares if it is an advertised listing or an “Off Market”. If it is on the MLS for expample you are actually more protected legally as Realtors have rules that govern.  I have bought off market and while we did the best due dilligence possible, once we closed there always seem to be more hair on the dog so to speak.

I promise my clients that if we write on a proerty and it is not the right one that they will have the ability to cancel during the Due Dilligence period.  Please read my past blog on Critical Dates Letters as you will agian see how important that these are.

Stay tuned for more Broker’s Advantage Blogs next week.

And remember that I answer my phone.  Cal me 602-688-9279

Linda

 

 

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Commercial and Residential real estate transactions-WIRE FRAUD!!!!

Commercial and Residential real estate transactions have become a focal point for hackers to access emails and steal information, which leads to stealing money.

 

These thieves hack into escrow participant’s email accounts to obtain information about upcoming real estate transactions. Once in they see information from brokers, attorneys, lenders and title companies. They will monitor the email account to determine about when the closing is scheduled and then alter original documents from the participants to change the closing and/or where the closing funds are to be wired.

 

The Buyer will get altered documents telling them there has been some kind of bank problem and they are now asking them to wire their closing funds to a new account. The Buyer is the only one that sees this email, even though this altered document originally could come from their attorney, broker, lender or title company. Unless the Buyer calls their title company to verify the wiring instructions there is no way to protect them or recover their money once it has been send to the thieves.

 

INQUIRE BEFORE YOU WIRE for any real estate transaction YOU are involved with. You could make the difference between a successful closing or a terrible loss.

 

Please let me know if you have any questions.

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