Why is it that some real estate agents inflate values when they are doing BPOs? Are they trying to steal the listing?
I have some clients right now who are trying to buy a short sale house. We looked at the sold and listed comps and made a very reasonable offer. The bank countered back with a higher square foot price than any house sold in the neighborhood for an entire year. Why you might ask? And I did. The listing agent told me that the bank ordered a BPO from some random real estate agent and it came in high. How, I asked? Did they not see the same comps as me? To top it off, the listing agent even told me that he gave them a BPO that was more down to earth. But the bank decided to go with the higher value.
It's been on the market as a short sale for 75+ days and will eventually foreclose. What is the point! Why even pretend to attempt to sell it short if it's never going to happen. Even if it did it would have to be a cash deal because it would never appraise. As you can tell, this is extremely frustrating for me. I will find my clients another house, but they really liked this one.
Oh well, thanks for allowing me to vent. The moral of the story: if you do BPOs, please don't inflate the value, it doesn't help anyone. And if you're doing it to steal the listing, SHAME ON YOU!
Friday, October 22, 2010
Thursday, September 9, 2010
more open house saga.....
I've held two more open houses since my last blog with great success. Of course, it all depends upon how you define success. No my open house efforts have not yielded a contract, yet. Nor have they led to a listing, yet. I have however added 3 potential buyer couples to my met database. One of them might even turn into a listing and a purchase. Only time will tell.
During both open houses I took some good advice and did about an hour or so of prospecting. I also spent some quality time reading both real estate and non-real estate during the lull. But most importantly I sharpened my people skills. I had the perfect test group. The folks that visited were a relatively captive audience; they came to my open house and genuinely wanted to see the house. So I faced my fears and just jumped in the water. Last Sunday I was greatly rewarded by the last couple of the day. I felt like I was on my A game. We connected. We talked about houses, kids, jobs, beer, bbq and many other common interests. Turns out they are going to sell a 200K property and buy a 300K property, if the expected job promotion goes through. And to top it off, they didn't have a realtor and seem likely to use me. Woo hoo! Maybe.
But the best part is that I now feel completely comfortable holding open houses. I have no trouble greeting people at the door, introducing myself and asking them to sign the register; all within the first minute of their arrival. I've learned the process that works best for me. I let them wander and discover things on their own, but follow just close enough behind so that I can answer any questions that might arise. I've learned to ask questions about them, their family and their situation, and to listen closely. I basically learned to build a rapport before I ask them if I can be of assistance. Finally I've learned to follow up the next day with something of value such as an offer to do a home evaluation, email them some listings that match their criteria or just offer to answer any questions they might have.
I now look forward to my Sunday open houses and get excited when people walk through the door. I have conquered my open house phobia. No, I haven't closed any deals yet that originated from holding a house open. But I will. I believe this.
During both open houses I took some good advice and did about an hour or so of prospecting. I also spent some quality time reading both real estate and non-real estate during the lull. But most importantly I sharpened my people skills. I had the perfect test group. The folks that visited were a relatively captive audience; they came to my open house and genuinely wanted to see the house. So I faced my fears and just jumped in the water. Last Sunday I was greatly rewarded by the last couple of the day. I felt like I was on my A game. We connected. We talked about houses, kids, jobs, beer, bbq and many other common interests. Turns out they are going to sell a 200K property and buy a 300K property, if the expected job promotion goes through. And to top it off, they didn't have a realtor and seem likely to use me. Woo hoo! Maybe.
But the best part is that I now feel completely comfortable holding open houses. I have no trouble greeting people at the door, introducing myself and asking them to sign the register; all within the first minute of their arrival. I've learned the process that works best for me. I let them wander and discover things on their own, but follow just close enough behind so that I can answer any questions that might arise. I've learned to ask questions about them, their family and their situation, and to listen closely. I basically learned to build a rapport before I ask them if I can be of assistance. Finally I've learned to follow up the next day with something of value such as an offer to do a home evaluation, email them some listings that match their criteria or just offer to answer any questions they might have.
I now look forward to my Sunday open houses and get excited when people walk through the door. I have conquered my open house phobia. No, I haven't closed any deals yet that originated from holding a house open. But I will. I believe this.
Monday, August 16, 2010
the open house saga continues......
I held another open house Sunday. This time it went well, although I made several mistakes that I won't make again.
I held open a great house, almost 3800 square feet, out in the hills North West of Austin, although it still has an Austin address. The house was built in 1993 but was recently updated with new flooring, granite counters and fresh paint throughout. It sits in the perfect cul-du-sac, almost 1/2 acre lot in a beautiful hillside community. The back yard is xeriscaped to perfection with a sport court installed directly behind the house. The schools are also highly rated. It is priced at least $10-15 per square foot below the market and has the best lot, landscaping and location at this price point, in this zip code.
It went well. 4 couples and one lone individual visited. 2 of the couples were interested for themselves and the other 2 were looking for friends who wanted to move into this neighborhood. The individual was also looking for himself and had relatives that at one point had lived in the house next door, so he was familiar with the house, at least from the outside. One of the couples looking for friends, coincidentally, currently lived in the same house next door.
I sold myself to them as a buyer's agent, not affiliated with the owner and explained to them just how I could help them. None of them were currently represented so I have a decent shot at getting buyer clients out of the experience.
So, what were my mistakes you ask? First off, my printer chose Sunday morning, of all times, to die. I had no flyers of my own, with my contact info on them. I was forced to use the listing agent's flyers. Secondly, I had not ordered my new Keller Williams cards yet, so I was forced to give them my card from my old company, which is not very impressive. It does however have my correct contact info. Thirdly, according to the listing agent, I did not put out enough directional signs. I had four signs with balloons covering the entire entryway to the neighborhood. So that mistake is debatable. And lastly, the most egregious mistake I made was that I did not convince all of them to sign the registry and give me good contact information. One of the four couples signed in, one declined and wanted my card instead, and the other two couples and one individual left abruptly. My registry was in the kitchen, not by the front door. I neglected to ask them to sign in upon entering the house. I did give them all one of my old cards.
Overall it was a great experience and I have hope. I got along well with them all and my pitch for myself and my representation is getting better with each open house. Maybe some of them will call, and I will definitely contact the one couple who signed in. If nothing else it was a learning experience. I am getting better at my craft. As always please feel free to add your comments and criticisms.
Phillip
I held open a great house, almost 3800 square feet, out in the hills North West of Austin, although it still has an Austin address. The house was built in 1993 but was recently updated with new flooring, granite counters and fresh paint throughout. It sits in the perfect cul-du-sac, almost 1/2 acre lot in a beautiful hillside community. The back yard is xeriscaped to perfection with a sport court installed directly behind the house. The schools are also highly rated. It is priced at least $10-15 per square foot below the market and has the best lot, landscaping and location at this price point, in this zip code.
It went well. 4 couples and one lone individual visited. 2 of the couples were interested for themselves and the other 2 were looking for friends who wanted to move into this neighborhood. The individual was also looking for himself and had relatives that at one point had lived in the house next door, so he was familiar with the house, at least from the outside. One of the couples looking for friends, coincidentally, currently lived in the same house next door.
I sold myself to them as a buyer's agent, not affiliated with the owner and explained to them just how I could help them. None of them were currently represented so I have a decent shot at getting buyer clients out of the experience.
So, what were my mistakes you ask? First off, my printer chose Sunday morning, of all times, to die. I had no flyers of my own, with my contact info on them. I was forced to use the listing agent's flyers. Secondly, I had not ordered my new Keller Williams cards yet, so I was forced to give them my card from my old company, which is not very impressive. It does however have my correct contact info. Thirdly, according to the listing agent, I did not put out enough directional signs. I had four signs with balloons covering the entire entryway to the neighborhood. So that mistake is debatable. And lastly, the most egregious mistake I made was that I did not convince all of them to sign the registry and give me good contact information. One of the four couples signed in, one declined and wanted my card instead, and the other two couples and one individual left abruptly. My registry was in the kitchen, not by the front door. I neglected to ask them to sign in upon entering the house. I did give them all one of my old cards.
Overall it was a great experience and I have hope. I got along well with them all and my pitch for myself and my representation is getting better with each open house. Maybe some of them will call, and I will definitely contact the one couple who signed in. If nothing else it was a learning experience. I am getting better at my craft. As always please feel free to add your comments and criticisms.
Phillip
Friday, July 2, 2010
4th of July Concert and Fireworks at Auditorium Shores at The Long Center in Austin
Over 100,000 people will gather at Auditorium Shores at The Long Center Saturday evening for Austin's annual 4th of July Concert and Fireworks display. It is the largest Independence Day celebration in the Austin area. The Austin Symphony Orchestra will perform patriotic music beginning at 8:30 p.m. including 1812 Overture, which is punctuated by 75-millimeter Howitzer cannons provided by the Texas National Guard. The fireworks begin exploding over Lady Bird Lake at 9:30 p.m. and last until 10 p.m. Be sure to get there early and claim a good spot. Bring a blanket and a picnic or partake in the concessions that are available at the park. Don't forget the bug spray! Hope to see you there....
Friday, June 25, 2010
Saturday June 26th is the 8th Annual Keep Austin Weird Fest and 5K
Once again it's that time of year. Summer is here and it is time for the annual Keep Austin Weird Fest and 5K run. The festival is a celebration of everything that makes Austin unique. The bands include The Bright Light Social Hour, White Ghost Shivers, Bruce James Soultet, Dustin Welch and for the kids The Paul Green School of Rock. Local vendors will be on hand. There will be lots of food, plenty of beer and of course all the crazies that make Austin weird. It is definitely the people watching event of the year. It begins at 2pm and the race is at 7pm. The 5K is dubbed "the slowest 5K you'll ever run". The Keep Austin Weird Fest is one of the many reasons I love Austin Texas. Do yourself a favor and come be a part of the scene. See you there.....
Check out the website for more information: http://www.keepaustinweirdfest.com/
Check out the website for more information: http://www.keepaustinweirdfest.com/
Thursday, June 17, 2010
Is there a solution for those who love Apple products but are stuck using a PC due to Windows exclusive software?
For those in the Real Estate profession, or any other profession for that matter, who love Apple products, but are forced to use a PC because of applications that run exclusively on Windows, there is a possible a solution. The particular solution for you depends upon whether you use a traditional Apple Macintosh computer such as an imac or a Macbook Pro running OSX, or you use an ipad.
If you have a standard Mac with OS X you can purchase a program called "Parallels Desktop".
http://www.parallels.com/products/desktop/
It allows you to install a “virtual machine” running Windows, directly on your Mac. The great benefit of this program is that you can run both Windows OS and Mac OS side by side without having to reboot and choose between the two. You can drag and drop files and also share folders. You can even run it in "coherence" mode which runs Windows applications like they were native. When you switch to “coherence” mode the Windows desktop disappears, leaving Windows applications running on the Mac desktop and appearing on the dock. However I have tried it and it can get confusing, and I personally just didn’t like it.
If you have an ipad, there is a different solution. You can purchase an ipad app called Citrix Receiver.
http://www.citrix.com/English/ps2/products/subfeature.asp?contentID=2300386
It allows you to run windows 7 on your ipad. Granted you don't install Windows 7 locally. You install Receiver on your ipad and it runs Windows 7 as a "thin client" connected to a server.
Unfortunately the ipad is probably not yet going to be a viable tool for most people that need Windows exclusive software. To use it your company must be running the Citrix Xendesktop software on the server side. And Xendesktop can be a bit pricey. Hopefully in the near future someone will offer a commercial server you can log into individually for a reasonable price.
However, for those Mac users who use traditional laptops and desktops but need Windows exclusive software, a Mac running Parallels is a great solution.
Phillip Baird
Realtor
Austin Real Estate Shop
512-289-5738
phillip@austinrealestateshop.com
www.austinrealestateshop.com
If you have a standard Mac with OS X you can purchase a program called "Parallels Desktop".
http://www.parallels.com/products/desktop/
It allows you to install a “virtual machine” running Windows, directly on your Mac. The great benefit of this program is that you can run both Windows OS and Mac OS side by side without having to reboot and choose between the two. You can drag and drop files and also share folders. You can even run it in "coherence" mode which runs Windows applications like they were native. When you switch to “coherence” mode the Windows desktop disappears, leaving Windows applications running on the Mac desktop and appearing on the dock. However I have tried it and it can get confusing, and I personally just didn’t like it.
If you have an ipad, there is a different solution. You can purchase an ipad app called Citrix Receiver.
http://www.citrix.com/English/ps2/products/subfeature.asp?contentID=2300386
It allows you to run windows 7 on your ipad. Granted you don't install Windows 7 locally. You install Receiver on your ipad and it runs Windows 7 as a "thin client" connected to a server.
Unfortunately the ipad is probably not yet going to be a viable tool for most people that need Windows exclusive software. To use it your company must be running the Citrix Xendesktop software on the server side. And Xendesktop can be a bit pricey. Hopefully in the near future someone will offer a commercial server you can log into individually for a reasonable price.
However, for those Mac users who use traditional laptops and desktops but need Windows exclusive software, a Mac running Parallels is a great solution.
Phillip Baird
Realtor
Austin Real Estate Shop
512-289-5738
phillip@austinrealestateshop.com
www.austinrealestateshop.com
Tuesday, June 8, 2010
The City of Austin's Swimming Pool Schedule
I'm so excited, Shipe Park Pool opens today for the summer season!
For those of you who want to take advantage of our wonderful pools in Austin:
http://www.ci.austin.tx.us/parks/pools_schedule.htm
For those of you who want to take advantage of our wonderful pools in Austin:
http://www.ci.austin.tx.us/parks/pools_schedule.htm
Wednesday, June 2, 2010
Yet another first, my first flat fee listing.
Austin Real Estate Shop had a new experience that culminated last week into our third closing. I took a flat fee listing early last month. It was a flat fee for listing the property in the Multiple Listing System. And then charging an hourly fee anytime the client needed my help. Taking pictures, helping with contract negotiations, dealing with contractors, among other things, were the basic efforts that netted an hourly fee. I have to admit, it was a strange experience. I'm used to going to bat for my clients 100% of the time with no thought to the amount of hours involved. Although it was profitable, I didn't really like it that much. Just being honest! I don't like being a contractor, I like being "Johnny-on-the-spot". Just wasn't as fulfilling. Not saying I wouldn't do it again, but it would have to be a special situation! Thanks to all my friends and supporters.
Phillip
Phillip
Monday, May 17, 2010
My first post on the new blog site!
Hello my friends! This is my first official post on the new blog site, "Austin Real Estate Shop's Blog".
As such, there will be nothing particularly helpful or informational in this post. It is simply to say hello and thank you for your support. My new blog is an open forum so feel free to post anything related to real estate, houses, properties etc. that you think might be helpful or interesting. Thanks again for being a friend of Austin Real Estate Shop.
Phillip Baird
512-289-5738
phillipdbaird@gmail.com
austinrealestateshop.com
As such, there will be nothing particularly helpful or informational in this post. It is simply to say hello and thank you for your support. My new blog is an open forum so feel free to post anything related to real estate, houses, properties etc. that you think might be helpful or interesting. Thanks again for being a friend of Austin Real Estate Shop.
Phillip Baird
512-289-5738
phillipdbaird@gmail.com
austinrealestateshop.com
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