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Category Archives: buyers

Welcome to The Tuscany…

Picture this…

You work in town… maybe even Midtown.  You enjoy the cool and eclectic variety of restaurants in that area.

Gas is $4/gallon, and you are tired of spending 30-45 minutes each morning and evening driving out to your house in “the ‘burbs.”

Maybe it is time for a change…

After all, there is all of this talk about change…  Some changes can be very good.  Imagine saving $50/week on commuting expenses… and 6 hours a week in saved time.  Not to mention all of the gas and time to turn around and drive right back to where you just left… to eat dinner.

Try this on for size…

My newest listing is a great condo in The Tuscany in Midtown.  Near 10th and Peachtree on Juniper, it is only a couple of blocks from Piedont Park, not to mention a plethora of varied eateries.

And you really can…

Again, for this 1 bedroom condo with a den, we have posted a SpaceDesigner and StyleDesigner.  These tools allow you to put furniture into a virtual floor plan and move it around, as well as paint the walls and play around with flooring and counters.  When you go to the link, click on the Obeo Virtual Tour…  Have fun!

955 Juniper #2324

Building a property site…

There is a new wave in property marketing.  Luckily, I am riding the front of it.

For quite a while now, agents have been putting properties for sale on their own websites.  In fact, single property web sites and house address URLs have been used now for a couple of years.  But, the downfall of most of those efforts have been that there just wasn’t enough info about the property.

But that IS changing.  MLSs have been increasing the number of pictures that they allow.  Locally, FMLS has gone from 8 pictures to 12.  But, buyers want to see more.  And buyers are on the internet.  NAR (National Association of REALTORS®) studies show that 85% or so of buyers start on the internet.  And they want more.

So, instead of tossing up a website with a dozen pictures and not much more of a description than the MLS, a few of us have been stretching.  In the last couple of months, a few agents around the country have started building “Single Property Blog” sites.  Instead of a few pictures, there are scores.  Maps.  Links to ALL sorts of area information; schools, restaurants, parks, local governments, shopping.

Of course, I have posted up about the site I did for 9010 Brixham Court in Laurel Springs.  But, now i am working on a site for a condo in midtown Atlanta.  The listing will be going live on Friday.  I’m building the website now.

And you can get a sneak peak.  I started it last night… and it will be mostly finished by Friday.  There will be a few other things added after that.  I have to keep some surprises.

Add on or get out?

A lot of (would-be)sellers are asking that question right now.  Should they sell their homes to buy another that better suits their needs… or hang tight and make changes to their current home.

I understand. I really understand.  As the father of a four year old and a 4 month old… I understand.  As the husband of a wonderful wife that goes back and forth between those ideas, I REALLY understand.

Read more ...

Real Estate and beer…

I’m not actually a beer drinker, but my best friend has a passion for micro-brews.  Being a good friend, as I traveled around the country, I often picked up brews for him.  He liked them more than a trinket, and there was always a cold Coke at his house for me whenever we were wrenching on Jeeps or whatever.

Back to the beer.

Obviously, I was not buying enough micro-brews for him to ALWAYS have a stash, and the ones that were good he kept around as a treat, so he also drank more “normal” beers.

Beer is divided into several types…Pat smoking some ribs

Cheap Beers – You know the brands.  They’re cheap.  That is how they sell their service beer.  It isn’t about performance quality.  It’s just about the price.

Average Beers – Again… you know which ones they are.  Massive marketing.  I can’t tell you that they are better or worse than other services beers… but they are quite effectively marketed… everywhere.  You know their logos mascots and spokespeople.

Premium Beers – They actually deliver pretty good service quality.  They don’t market as much because they are advertised by their clients fans.

Micro-Brews – Many have almost NO marketing budget.  But, the ones that are good have a dedicated fanbase.  They will go out of their way to work with their favorite agent pick up their favorite brew.

And you know… real estate companies are a lot like beer.  There are discount brands, average brands, premium brands and local brokerages.  But there is a major difference.

Every bottle in the six pack is the same…

And no two agents are alike.  Brand R in Kalamzoo (home of Third Coast Beer) will likely deliver a completely different experience than Brand R in Lilburn, GA.  Better or worse, but unlikely to be the same.  Even though there is a similar access to technology and techniques… they just aren’t delivered the same way.

And the other problem is that the local brews agents might be great… or might not be.  And it takes an inside track to know which ones are likely to deliver a great experience.  But, with beer a bad transaction will leave a bad taste in your mouth for a few minutes… with real estate it can be a lifetime.

Look for exciting news next week…  I’m moving from being a fun micro-brew from well known brand to being part of a premium brand…

Buyer’s Agency – Revisited

It has been quite a while since I wrote about Buyer’s Agency… or having a Buyer/Broker Agreement (BBA) with the agent that helps you find a home.  So, it’s time…

What is a Buyer/Broker Agreement?

Simply put, it is a contract between a buyer and their agent to clarify for whom the agent works for.  Don’t let the contract part scare you off immediately.  Truthfully, Seller’s Listing contracts are much scarier.

But, here is what you need to know.  In the absence of a BBA, the agent that has driven you around and bought you lunch and made friends with you… doesn’t work for you or in your best interests.  They want to… but they don’t. They are working for the seller.  Trust me, your agent doesn’t want to work for the seller.  They probably don’t even know the seller.  But, agency law holds that they “owe loyalty” to the seller unless there is a BBA in place.

Now, in GA, like in many other states, the laws have been changing, and aren’t as clear as they used to be.  But, the fact remains that the only way to insure that the agent you have been working with when you buy a house is working FOR you is to have it in writing.  Trust me, your agent WANTS a BBA.  But, many are scared to broach the subject.  That is a whole different post…

Should I be worried about anything?

Frankly, yes.  There are a couple of things that you do want to keep in mind.  Don’t step into it blindly just because they bought you lunch or drove you around in their spiffy car.

  • Is there an exit clause?

That may be the biggest thing.  What if this agent turns out to be a dud?  You need to make sure that there is a way out of the contract.  This isn’t a marriage (for life), it is a business arrangement.  Please note, as an agent, I want to give you service that keeps you as a client for life. but, I want you to come back for your next transaction because you want to.

You should be able to leave the relationship by giving the agent notice.  And you shouldn’t have to pay them anything to do that.  There is one reasonable exception, and that is that if you buy a property that the agent found for you, they should be paid for it… they did their job.

  • Compensation…

I’ll admit, this is what scares most buyers (and agents) looking at a BBA, but it actually isn’t that scary.  Here in GA, the VAST majority of the time, the buyer’s agent is paid by the seller at closing. So, it just shouldn’t be a huge concern.  There is still a danger zone, though.  And that revolves around how much.  As an agent, I have to tread carefully around this for a blog post because of anti-trust laws.  I can’t collude with other agents for a particular rate… so I will not quote rates.  Signing your life away....

When wandering through the MLSs, as agent we can see what the seller is offering for a buyer’s agent.  The vast majority are offering X%.  There are a few that are higher, and a few that are lower.  I know that when I write a BBA, I use the most popular commission rate.  If a particular home offers a lower rate, I have a conversation with my client about that property.  Often, the rate in the BBA can be negotiated into the deal.  If it can’t then we have another conversation to determine what we are going to do.

The bottom line is that I would not want that to get in the way of a buyer getting the property that they want.  And it hasn’t yet.  I think that most agents feel the same way.

The bottom line…

If you are buying property, you NEED a buyers agent, and you need a BBA.  You need to talk with your agent about the language in their BBA to make sure that you aren’t stuck if you get a dud.  And you need to talk with your agent about how and how much they are getting paid.  Laws and customs may vary by area… so talking to your agent is always a good idea.
Creative Commons License photo credit: Ruth L

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