Tip Jar: Tips for Prepping a Tenant Occupied Property for Showings
Our tips are always tailored to our client's needs and the property we are selling. The basics when preparing a home for showings:
1) Open up the space!
2) De-clutter.
The layout in this home is great. It is open and contemporary. But the furniture is arranged in a way that blocks the flow from the entry door to the rear of the property and there are many personal items out in plain view. Since this home is occupied by three people it is important to be sensitive to their needs in the process of selling. Therefore we have come up with a Plan A and Plan B for preparing this home for showings.
Plan A is to keep the property in the same condition it and monitor the feedback. If the feedback mentions anything negative about the way in which the home shows, we will go to Plan B.
Plan B is to open up the floor plan by moving the couch that divides the living area and decluttering the surfaces. No more than three items on a surface is the rule of thumb. Since this property is such a fantastic price and is in a great location in Northern Liberties, there is a good chance we will not have to make any alterations at all.
Tip Jar: To Sell or To Rent Your Property in 2012? Ask Stephanie!
To Sell or Rent Your Property in 2012. That is the Question asked by Stephanie Somers.
Stephanie lets us take a peek of how she goes about determining the best strategy for her client. Stephanie is hands on and actually visits a home in Brewerytown.
This property is currently rented. The exterior 3 story home has a lot of original charm but has been greatly neglected as evidenced by the peeling paint and overall facade. After viewing the interior Stephanie explains that this 4 bedroom one bath home with tons of original details needs a lot of work. After going back to the office and crunching the numbers Stephanie comes to a conclusion. Market Value says it may be best for her client to rent the property for another year and reevaluate the market stats next year. Selling the home for a profit may not be possible in this market for this property.
What will you do with your home in 2012? Our tip? Ask Stephanie!
Tip Jar: Map It!
Map your Lifestyle.
Map your Lifestyle and let it Lead the way to your New Home!
We'd like to introduce to you a NEW WAY of Searching for Homes. Map it. Map out the nearest Cafe, Restaurant, Park, Nature Trail, School etc. and find the homes for sale located closest to your Lifestyle trends.
Customize your own search, change your criteria, and save your search as a link and mail it to your friends and family!
Log onto our blog or website to use this Free Interactive Lifestyle Map. Try it. We'd love to know what you think!
Agent Bonus – Bait, Bite, or Bull?
Agent bonuses are bait, they bite and they are full of bull! They are unnecessary, make a deal more complicated and muddy the waters of negations. Instead, it makes more sense to keep it simple, transparent and clearly state what compensation is going to be with no bait and switch. My suggestion is to lower the price and pass the concession to the consumer. It is not rocket science. Consumers drive the market, not buyers agents.
Here are the serious flaws of agent bonuses
The majority of agent bonuses state the following wording: $5,000 bonus paid to buyers agent with acceptable offer.
Here is the bait!!! The key word is "acceptable", the squirmy worm at the end of the hook. What exactly does that mean? 
Basically, nothing. Is bull! When the deal is submitted, the buyer agent will of course ask for the bonus, but in reality is only assured of receiving it on a full price offer. Other than that, you can pretty much guarantee that any type of counter-offer will slash or gut the "bonus" like a flopping fish on the dock of a bay. Here is where it really bites... "The get you and guilt you" ... It plays out like this: The listing agent will use the strategy "Well, you do not want the bonus to get in the way of closing the deal with your client, do you?"
The second time it might be worded like this: $5,000 bonus paid to buyers agent with full-price offer. New bait! If the acceptable bait is not bitten, you may hear something like this. Full price offer??? This is pretty much a joke insult. How often does a full price offer get written on a property in this market? If a property is priced right from the beginning to get a full price offer, the listing agent and seller will not need to entertain the ridiculous idea of offering a bull-crap agent bonus.
Sometimes this happens: $1,000 bonus with accepted offer
And there is the brainless bait bonus! They forgot they put the bait out there...Here is how this one plays out. An agent forgot they advertised the BS bonus in the MLS and the buyer agent demands it at settlement and the listing agent and seller are scurrying around as the seller reminds the listing agent "oh, don't you remember, I took that back." And then everyone looks like a smacked ass at settlement. Lovely predicaments those are...,
When Agent Bonuses Don't Bite
In my experience, agent bonuses have only worked well with large publicly traded companies doing new construction projects that are a part of their marketing and branding budget. It brands their name and makes people want to work with them deal after deal as it builds confidence. In my local Philadelphiamarket, two companies that did extremely well were Hovanian with The National building in Old City andToll Brothers with Naval Square.
The No-Bull Conclusion
Lower the listing price! Consumers are extremely price-sensitive. Stop baiting!
Newsflash! Believe me, buyer agents are starving to do deals and will be just as happy to wrap up a deal with or without the bonus. They are happy to work a deal for 3 percent. Furthermore, agent bonuses can complicate negotiations instead of enhancing them if not done correctly. There is no reason to start negotiations off on the wrong foot.
So in essence, do not bait! Once an agent bites, they will realize it is bull! Say no to agent bonuses! Let's all start 2012 on the right foot and close a few more deals together.
What are your thoughts?
Selling Your Philadelphia Home? Think Twice Before Listing With Your Best Friend
Selling your Philadelphia Home is a big decision. Who are you going to list with? Your best friend? A good friend? Someone you know or a premier listing agent that services your area? These are the questions to ask yourself whether it be your primary residence or even an investment property that you own. Too often I hear after the fact, "Well I gave the listing to so and so because I thought he would do a good job." This sale is going to bring in proceeds for you, or perhaps save you from a foreclosure. It is a big decision. You need expert advice from someone that is independent and who is an expert in the marketplace. You need someone that you can trust, but not someone that is going to "yes" you to death and not someone that is going to tell you what you want to hear.
Or perhaps your friend is only in the business part-time and not up to all the changes in real estate or does not provide maximum exposure for listings (video, blog, enhancing listings) or is just an outright crappy negotiator? Or even if your friend is a great agent, they may be soft with you in terms of where your listing price should be, thus you question why your property is not selling? I have heard one too many times that these friendships can get soured through these real estate trials and errors. So why even bother in markets like these? List with the friend during the seller markets when the friend does not have to do too much and do your research to list with someone who goes the extra mile and stands above the crowd in these tough markets. What sellers need now (more than ever) are the best agents that are honest, that are not afraid to tell the truth, that are the best negotiators for their clients and who excel in giving them the maximum exposure for their listing - to get it SOLD.
Not for nothing, we are easy to find. You already know where to find us.
Real Estate Negotiation – What We Can Learn from the “Super” Committee and Occupy Philly
I love to negotiate. I love to sell real estate. Day or night. Weekday or weekend. It is what I do. And I am one of the best in Philadelphia. It is a skill. Part of that skill is to know when to stop and to know when to recommend a deal to your buyer or seller client and NOT TO OVER-NEGOTIATE. That is when it becomes an art. And that is when you become a true deal-maker. Over-negotiation can be a deal-killer.
Two recent examples outside of real estate that come to light where it puts things into perspective are:
- The "Super" Committee
- Occupy Philly
The "Super" Committee
Here is a case where twelve politicians clearly tried to over-negotiate from Day 1 refusing to back down on anything or compromise on points that could have brought a deal together. Clearly, there were a lot of options that both sides could have compromised on that a deal could have been crafted, but beliefs, politics and plain old being stubborn got in the way. When this happens, it is a detriment to both sides (and to the country as a whole). We already can see the after-effects in the stock market in the last week since the debacle and there will be more ripples to come. In my view, all twelve of these "politicians" are on my "wall of shame" but that is another story. The point here of the blog is that over-negotiation gets you nowhere!
Same with Occupy Philly. They held firm with the City of Philadelphia with their stance "We will not leave Dilworth Plaza." That stance and over-negotiation lost them leverage to work out a deal over the last several weeks to have both a better plan of an alternative site as well as logistics of overnight privileges. Now they are left with very little options besides going across the street but with no tents and no overnight options. At the most recent General Assembly (November 25th), it was utter chaos with Occupy Philly split in several different groups, in complete disarray, no direction, and being completely lost with their direction. It all gets back to over negotiation several weeks ago. And what gets me is that they have been so obsessed about this negotiation with the city that their movement has lost its original foundation and message, but again I digress... And I am still pissed from being censored on their Facebook page, which does not allow civil discussion.
Real Estate
I am sure everyone can relate to this story. I can guarantee this happens all over the country every week. It happened to one of our sellers about two months ago. An offer came in on their property. Instead of being happy like most sellers, they were agitated by the sales price and held firm on their listing price. We were able to negotiate the offer where it was only $5K from their listing price. Here was their chance to get it sold! Nope...they just did a reduction. Holding firm!!!!! I strongly recommended to take the deal and said that they were "over-negotiating and reminded them it was a buyers market. My recommendation was not heard. We did not hear from the buyers agent for a few days. Sellers call a few days later, "Okay, Chris, we will take it." We follow up with the buyers agent "Buyer found another property".
Conclusion: Be careful of over-negotiation. AND, listen to your Realtor!
What are your thoughts? And by the way, please subscribe to our blog!
Is There Spinach in my Teeth?
There is spinach in your teeth.
All of us have peered in the mirror to find spinach in our teeth and ended up wondering "How long has that been there?" or "I wonder why no one told me?" or worse "I don't even remember eating spinach!"
This simple and seemingly ridiculous fact gets me thinking that there are two types of people in the world. There are those who will tell you that you have spinach in your teeth, or your zipper is down, or there's schmootz on your face, and those who won't.
Those people who won't tell you that you are walking around in this unsightly manner are not bad people. As a matter of fact, often, they are extremely sensitive people who recall having had a similar experience in the past and do not want you to be victim of a similar embarrassment. It is a classic case of "what you don't know won't hurt you".
Then there are those who will boldly but gently pull you aside and tell you, "Hey, dude. Check your teeth" or "XYZ" the code we used to say in elementary school when your zipper was down, or "You have a little something on your nose". These folks are bold enough to inform you that you are the unwitting subject of a hygiene mishap. They have your back. They want to spare you the potential embarrassment of walking around all day with your shirt hanging out of your fly. I admit, I am the one who WILL tell you. It took awhile but I finally convinced Chris after five years of marriage, that it was okay to tell me I have food in my teeth. (Thanks, Chris!)
Okay. So let's turn this around and apply this strange theory to Real Estate. There are only two types of Listing Agents in the world. There are those that will boldly inform you that your home needs to be de-cluttered, or staged or priced lower in order to sell. In essence, those are probably the Realtors that would also tell you that you have spinach in your teeth. And then are the other Listing Agents that will just smile, yes you to death, and avoid the tough conversations that are required to get a client's home to sell. I would be so bold to generalize that these same Realtors would just as soon let you wander around with your zipper down.
Which kind of person are you?
Should I tell you you have spinach in your teeth or should I hold my tongue because using the words of Jack Nicholson "You can't handle the truth"?
Tip Jar: Open House Anarchy. A Top Philadelphia Realtor Manifesto!
Open Houses. I have a love hate relationship with them. Love them when the Real Estate Market is HOT. Not so much when the Real Estate Market is not. Hosting a successful Open House in a slower market takes some creativity and admittedly a touch of anarchy. It has nothing to do with tooling amateur explosives, hacking government computers all whilst listening to the Sex Pistols (I will never admit to that!). Though, in this video I do talk about what I did differently at a recent Open House. Going against what I have been taught. Complete lawlessness! Rejecting the lessons of Brian Buffini. I proclaim Open House Anarchy! Here is my video and here is my Open House Manifesto:
1) No sign in sheet. Don't force "them" to give you a fictitious name and email like: Ronald@McDonalds.com or hahaha@lalala.com. Remember, you are a complete stranger! Would you give your personal email address to someone you did not know?
2) Don't print out the MLS sheet! Have a self branded color brochure with NO PRICE. The visitors will inevitably ask you about the price and other details. Then the ball is in your court. The door is open and they are ready to engage with you. Contrary to popular belief, anarchists are extremely giving. Give information generously.
3) Don't follow them around like a crazed stalker. True Anarchists never do this! Give them space to talk, walk, and linger at their leisure. I think they can figure out where the bathroom is and can identify a walk-in closet wen they see one. They do not need you to point out the obvious.
4) Brush up on the neighborhood and don't act like a clueless stranger. You are the neighborhood specialist, remember? There is nothing worse than your Open House visitor knowing more than you do! Identify local events happening in the neighborhood, know the best restaurants and bars, parks and cool internet cafes they might want to visit. Print out a map of the rockin' things in the area. Oh and brand all of the paperwork you give out.
5) Be ready to lead them to other Open Houses. Anarchist are leaders and are not afraid to share the love. A printed list of a variety of priced homes in the neighborhood shows you know your stuff. You care. You are on top of all Real Estate things! Your branded info and your dazzling knowledge will impress.
6) Lay your cards down on the table (literally and figuratively). Put your cards in plain view. Once you've dazzled visitors with your charming personality, knowledge of the neighborhood, chatted about the Real Estate Market, recommended a nearby brunch spot, and related to them like a HUMAN BEING (not a robot Realtor), they will want your card and they will call you.
Like I mentioned in the video, I expected a call or two after hosting that Open House and I was right! I have appointments set up as a result of the great connections I made at my Open House. Is this how all Top Philadelphia Realtors do it? Well, perhaps not, but this one does!
Call me to sell your home!
Call me to help you buy a home!
Email or call 215-400-2620.
Tip Jar: How to Banish the 4 Letter Curse Word “MOLD”
What do the Mad Hatter and the Salem Witch Trials Have in Common?
Answer: All were created by toxins/molds.
Today's Tip Jar is about an all-too-familiar 4 Letter Curse Word: MOLD.
With Hurricane Irene behind us, coupled with the record high rainfall this year, I though it would be a good time to discuss the dreaded 4 letter curse word MOLD. Many homeowners have it. And if they didn't have it before, they could have it now. Mold counts are higher than ever post-Irene.
I am talking about that stinky, musty, nasty matter that plagues so many basements, bathrooms, and anywhere that water sits. There is growing knowledge about mold, such as its dangerous variety, toxic black mold, and more and more people are finding they have an allergy to mold spores.
So how can you stop mold in its tracks?
1) Trusty Bleach. I occasionally get some reddish color mold in my bathroom shower that I can clean with a bleach type chemical remover and voila, it is gone. That is not the best approach for larger areas that have mold and it is certainly not an environmentally friendly remedy.
2) Go Natural. In my research to destroy mold I have found three natural approaches to bleach. Tea tree oil, grapefruit seed extract, and good old vinegar. These natural remedies do a great job killing the spores.
3) Anti-bacterial Primer. If you have some residual mold on a somewhat porous area I have read that encapsulating the area by painting over it with an anti-bacterial primer such as Kilz helps a lot.
4) Call in the pros. Try a Mold Remediation Specialist for mold that is extra pesky and dangerous. In the Philadelphia area, we like Jason Morris (610-842-0338).
Why it's important. It's not just the potential health risks and general grossness of mold that matters. Buyers and sellers will want to tackle their mold problem quickly! Mold pops up on home inspections all of the time. We have had some appraisers call for the remediation of a moldy baesmement as a condition of the loan. A Mold Certification (when called for by a lender) is what we typically provide and that shows that the mold was permanently dealt with. A professional will come to the property and take samples of the air back to the laboratory for a series of tests to confirm that the area is safe.
For home sellers, I have a special tip for you: In preparing your home for showings, double check your shower curtains and the grout around your bath and shower. Mold on these surfaces make your bathroom smell less than fresh and the ugly appearance really turns prospective buyers off. And if you have a funky basement that has a water leak or has recently been flooded, it behooves you to look into professionally waterproofing the basement. A wet basement is a "deal killer" for many buyers out there!
Tip Jar: Increase Your Home’s Value!
Today's tip comes from an appraiser with 25 years of experience.
Increase your home's value and marketability! But only if it pays.
According to Jim Dougherty from James Dougherty Appraisers, "Everyone understands that if they install a new kitchen or bath, their home value will increase. But will the increased value cover or exceed the cost of the new improvement? Typically, the answer is no. Major renovations should only be completed if the homeowner plans to stay in the house for at least four years, so that they can capture the benefit/enjoyment of the upgrade. If a home has a serious defect or functional inadequacy (very old inadequate kitchen, very old inadequate bath, leaking roof, old, inadequate heater such as a coal conversion or gravity system, etc), the homeowner may want to replace that component as it will significantly increase their home’s marketability and they may even increase the value to the point that the cost to cure was offset."
Some of Dougherty's tips on how to increase the value of the home?
1. Fix the flooring. "Old, worn, soiled, or outdated flooring is a real turn off in the marketplace and a signal to a buyer that the seller may not have taken good care of the property. Often, installing new modest flooring will increase the value above the cost of the new flooring install. There are many flooring outfits, including Home Depot, that will do the install interest-free for six months."
2. Paint it yourself! "Just like beat floors, when a home has dirty walls, ceilings, and millwork, it is a turn off and a signal to a buyer that the seller did not take care of the property. Nothing has a higher cost benefit than fresh paint, assuming it is done well and completed by the homeowner. While a professional painter no doubt will do a better job than most homeowners, they will also eat up the accrued value increase."
3. Listen to us! "Lastly, people, you need to listen and heed the advice of people like Stephanie and Chris. When they ask you to tighten the hinges on some cabinets, re-paint a room, plane a door, remove clutter, etc, etc, etc, do it. In order to maximize your sale price, you need as few defects as possible."
Visit James Dougherty Appraisers for more information.
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