LAURA LEE CAHAL BLOG
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The Untold Story of Buyer Representation in Arizona: A Personal Account
The Untold Story of Buyer Representation in Arizona: A Personal Account. Many Meetings, Forums, Zoom calls and Panels of Experts later, the path is always the same. Trust your Brokers, your partners, your instinct and apply common sense. Early Arizona Residential Real Estate did not acknowledge Buyer representation. If you had a license, you worked for the seller, period.
A Contract IS a Contract. In my market we all work with a 9 page contract that many wise people have spent hours drafting and perfecting. It deserves respect. It is legally binding. It has moving parts and time lines to manage .
Know Your Inventory. Another open house weekend full of very informed lookers. They all come armed with knowledge of the Town, neighborhood and subdivision. Many times it is inaccurate or dated . As agents we have up to the minute access to information and it is our trump card. Play it!
Off The Record. Small communities or subdivisions are a pitre' dish for gossip. Everybody talks and talks . The community park has been incorporated into the newer developments which encourages neighbors to meet and talk. Conversation about property values is a big topic.
Everybody is an Expert. When Real Estate was sexy, cocktail party conversation was all about the deal. Everyone wanted to brag about the property they stole. The one they just sold to multiple offers at 50% over asking price was not uncommon. As my husband was getting his hair cut, the stylist is lecturing him on his real estate holdings.
Just Say No. As facilitators , negotiators and mediators it is difficult to just say no. We as advisers are always searching for a solution. Rarely giving up, throwing in the towel, admitting defeat or quitting we just power through looking for a compromise. On occasion a client is so off on the listing price you just have to say "no thank you" and move on.
Window Shopping. You really should have a solid contract on your home before you write a contract for the next one.The mortgage broker will give you options to obtain another home without selling . Short term financing is costly. If you can qualify for both mortgages please make sure you can afford it. Have other options available such as renting one of the homes to cover the monthly "nut" just in case.
Leg Work. How much energy, time and research should a buyer put into a home that they have not even written on? If you focus on the value of property based on comps and what you can see plus a peek at the seller disclosure form that should be enough. Start offering. All the other questions, concerns , bids and inspections come after you win the bid.
Phantom Inventory. Pocket listings, Quiet listings and Phantom Inventory are always a part of the market. This is not a practice that the National Association of Realtor's approve of however. When dealing with high profile clients, many do not wish to advertise their movements, these properties are sold by word of mouth . The attempt is made to get the seller to move out and then allow the home to hit the open market making it fair for all.
The PERFECT House. It is not a home until you move in and make it yours...that is when the perfection happens. I interview Sellers and many times they spend time telling me the homes imperfections . They apologize for them and offer to correct the "flaws" if possible. I wonder how they have lived in this imperfect home. Buyers come into a home and hope for the same airbrushed experience they had from the photo gallery.
Make Your Offer. With all the information and pretty pictures plus virtual tours available, buyers get lost on the Internet. There is a false sense of unlimited inventory and time. Many of the larger sites take days to show changes. Some never show status changes until sold and recorded.
Updated, Remodeled or New. Previewing property for a buyer is a priority. If I just went by the MLS description I would be embarrassed frequently. A "remodeled" home I saw yesterday still has gold tone shower doors and bath fixtures from the 80's. The " Gourmet" kitchen had white laminate counter tops, no fridge and almond appliances.
Walk Through. Your home is a mess. The family is over this move. Piles for Goodwill have not been picked up. For the first time ever, the dog has done his business in the dining room.
Inspection Complete. Now what? At this time most sellers will ask if we are "done" now. They have been put thru the ringer. Vacating your home at a moments notice and returning to find your stuff moved.
It's Like a Physical. Inspection day. With great organization and care the Agents try to have all inspections on the same day. Yes, you as the seller must leave. This is the buyers time to bond with your home.
TWO SIDES OF THE COIN. The perfect buyer, whew! They LOVE your home. Their family is similar to yours as is their lifestyle. They are pre-qualified with a large down payment or have verifiable cash.
45 DAYS AND COUNTING. Every listing has a days on market count. One of the first questions a buyer asks is "How long has this home been on the market?". Next question is always " How much did the seller pay and when did they buy it? .
OPEN,OPEN,OPEN. With all the photos and tours and print ads, why do an open house? Simple, it is another tool in the box to use. " I don't want my neighbors going through my home" is the most common objection. Just think, your neighbors may want to pick their new neighbor. Buyers need to see your home, some stress free.
Buyer Pool. Yea! The phone is ringing and there are 2-3 showings a day for the first week before the Open House. This is known as the" buyer pool" waiting on the sidelines for the perfect home. Weeding through this group takes time.
Show to SELL. Being a seller means you want to sell , we'll assume. You have hired a professional, worked together to make your home perfect and now it is time to go live.With the stroke on a keyboard your listing should become active and sent to many websites.Within 24 hours actively searching buyers will have looked, driven by and requested to view. Make your home available that first week as there is always a buyer pool waiting for inventory. Decide with your Agent how much notice you will need to vacate for the showing.
Say Cheese! We have one shot to get a buyer's attention online. The search for a new home starts with a photo, so it needs to be the best. Some companies only allow a front shot of the home as the priority picture. Each property is different and each shot must be planned and previewed.
Crystal Ball. If only I had a crystal ball I could answer with certainty " How much is my house going to sell for?" . We can rely on the area comps to give us a baseline for value.We can then factor in improvements and location. I advise a pre-market appraisal for each listing. An appraisal is only good for the day it is written however it gives us two important items.
After The Purge. So, you have been ruthless in your purging .The closets are half full. The linen closets are neatly stacked . Fresh linens on all beds smell yummy. Bathrooms have nothing on the counters, buy a basket and place it under the sink for showings.
Bedroom Count. Ten years ago the number of bedrooms was important but not a deal killer. If we could find room in the laundry room or a nook for an office , that would take the place of that extra bedroom. Technically, a bedroom must have a closet and a window. Lately I have noticed a trend towards bigger families.The listings that have 5 plus bedrooms get the most play.
The MONEY room. Every residence has a room where people land. Some properties have that OMG room as soon as you open the front door. Whether it is a sparkling Hollywood pool with lush greenery, an amazing view with twinkles or a lite show below the floor...it is riveting . Now, imagine being drawn in towards that view but a baby grand piano blocks your path.
Exclusions. Breathtaking! That is a good comment, right? Of course, if it is said about the view out the dining room french doors. Sadly, it was said about the sellers Waterford Ice Blue chandelier they received as a wedding gift.
Opening Presentation. Walking up to the front door is an anxious time for the buyer. It is like unwrapping a holiday present, hoping the inside is as good as the outside. As a seller you only get one 5 second shot to capture the buyer. Make it count.
Setting the Stage. Setting the "stage" to sell your home is a critical step in the marketing process. An Interior designer will show you how to live in each room. A Real Estate advisor will help you edit your space. The process begins at the curb.
