On Being a Real Estate Agent Archives - Page 9 of 9

On Bad Real Estate Agents

August 13, 2005 By Jay Thompson

I am a real estate agent, and so is my lovely bride. I happen to think we are pretty good at it. Helping people buy and sell real estate is our job. It’s how we pay the mortgage and feed the children. Given that, it’s important that we do it well. So we always “give it 110%”.

There are a lot of real estate agents. Something like 9,000 in the Phoeinx area. That’s a lot of competition. Competition is good–it encourages everyone in the profession to do better.

Why then are there so many lousy, horrible, lazy, no good agents out there?

Part of the problem, in my opinion, is that it’s far too easy to get a real estate sales license. Ididn’t know diddly squat about real estate when I went to real estate school. 90 classroom hours later (I did it in three weeks. 2 classes a day, 3 days a week. It sucked, and I don’t recommend it. Francy took her course over a more reasonable 6 week period). Anyway, after three weeks of class, I sat for the real estate licensing exam. Passed both parts the first time. (you don’t have to be a genius, you just have to listen in class). Found myself a broker, signed a form, went to the local MLS and REALTOR associations, filled out a couple more forms, wrote more checks and BANG! I was a licensed real estate agent–I could call myself a “real estate professional”.

[Read more…]

In Search of The Perfect Close

July 24, 2005 By Jay Thompson

==========

“Closing” — the mere thought of the word in regards to a real estate transaction can make even the most seasoned agent or investor cringe. There are a lot of things that can create a glitch in the closing process. These glitches can range from simple annoyances to something serious enough to cancel the transaction.

Successfully closing a real estate transaction requires the effort of many people, such as:
A Buyer
A Seller
A Buyer’s Agent
A Seller’s Agent
A Loan Officer
A Loan Underwriter
A Title Company
An Appraiser
A Home Inspector
A County Recorder’s Office

And probably a few more I can’t think of right now.

That’s a lot of people. And all it takes is one of them to foul something up.
[Read more…]

A True FSBO Story

July 17, 2005 By Jay Thompson

For those that haven’t read the previous post, or who don’t know what “FSBO” stands for… it’s For Sale By Owner. You know, when someone decides to sell their home themself, rather than utilize the services of a real estate agent.

In a market like us Phoenicians are currently in, it seems like it’d be easy to sell a home yourself. Heck, you could probably sell a cardboard box or a tin shed if you just plant a sign in front of it.

Well…. maybe not. I do see quite a few FSBOs moving fairly quickly, but I also see some sitting forever. And selling your home yourself may not mean squat, regardless of how much money you “save”.

Here’s a recent true story:

I was in my real estate office a couple of weeks ago, and this really nice young couple walks in. Turns out they are thinking about selling their condo in northwest Mesa. We chatted for awhile, and I told them I’d be happy to do a “CMA” (Comparative Market Analysis) for them that would tell them what they could list their condo for. I also told them I’d be glad to do a cost estimate so they could see exactly what they would net from the sale of there condo after paying all those fees and that horrible real estate commission.

So I prepared the CMA and went to visit their lovely abode.

I told them they could probably sell it for $127,000 and after paying off their existing mortgage, the escrow fees and that horrible commission, they’d net about $47,000. They were stunned. Seems they had looked into selling it themselves and were going to list it at $94,000. I said $127,000. That’s a $33,000 difference. Sure, they could have “saved” about six grand on commissions if they sold it themselves, but they would have sold it for $33,000 less!!!

They listed the condo with me and it was sold within the week. They’re taking that extra 33 thousand bucks they made and are putting into more home–enabling them to get the home they really want and they thought they couldn’t afford.

There is a lot more to going FSBO than saving real estate commission. Just ask my recent clients what they think about going FSBO….

What’s the deal with loan officers???

May 8, 2005 By Jay Thompson

OK, as a real estate agent, I have to say that loan officers are a pain in the rear.

Now don’t get me wrong, I know a lot of loan officers and some of them are great people. (and some of them are idiots–just like with any other group of people. Don’t EVEN get me started on real estate agents!)

But I can tell you one thing, FOR SURE. The loan officer involved in a real estate transaction is the SINGLE MOST IMPORTANT PERSON required to close a transaction on time. They are also the person in the best postion to screw everything up and delay closing–perhaps even blow the deal.

I know one guy (Kirk Howard – Bell Mortgage) that has docs in on-time, and correct–EVERY TIME.

I know one company (WELLS FARGO) that has failed to get docs in on-time, ANYTIME. And they’ve personally BLOWN two deals for me–and more importantly, they’ve caused two great clients of mine to lose out on the homes they wanted. I freakin’ hate Wells Fargo.

On Bad Real Estate Agents

In Search of The Perfect Close

A True FSBO Story

What’s the deal with loan officers???

Who is The Phoenix Real Estate Guy?

Recent Posts

Search TPREG