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REALTOR Ethics Workshop

November 9, 2007 by

This has been a busy week training wise for me. I was hired to conduct the Vermont Association of REALTORS Ethics workshop held this past Tuesday.

It was a 6 hour training session geared to those REALTORS who serve on the Grievance and the Professional Standards committee and board of directors. It is required training so most of the attendees “had” to be there. A forced group of participants is always a challenge. My goal was to make them want to be there and do it quickly. I think I succeed!

The morning included an interactive cycle two Quadrennial Ethics class and the afternoon focused on the enforcement process. The time flew by and the verbal feedback was all excellent. I had people tell me that they didn’t expect to enjoy the class…thought it would the same ole same ole and how surprised they were that it was so good and that they learned so much.

When they take the time to wait in line simply to say thank you at the end of the program…you know you reached them.

It ended up being a great day and to top it off they asked me to come back in February to do it again.

Serving Southern New Hampshire and Rockingham County

Monika McGillicuddy Real Estate Training

http://monikamcgillicuddy.com/wordpress/

Prudential Verani Realty

Hampstead NH Real Estate

603-548-7728

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FEMA Maps On-Line

October 29, 2007 by

This is pretty neat.

Check out the FEMA Maps online. You can zoom in and check out an area all for free.

FEMA Maps On-Line and  Maps Service Center 

 

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What is Designated Agency?

October 10, 2007 by

On Wednesday Oct 17, the board of Directors of the New Hampshire Association of REALTORS will meet to vote on recommended proposed legislation which would allow NH REALTORS to act as Designated Agents or Facilitators.

Read my previous post for complete details Designated Agency and facilitation in NH.

Read also a draft copy of the legislation here draft-agency-legislation-9-12-07.pdf

NHAR’s Legal committee chair Mary Beth Rudolph describes what the NH version of Designated Agency would actually look like in the field.

[Read more…]

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NHAR New Agent Training Program

October 5, 2007 by

The New Hampshire Association of REALTORS QuickStart Program is geared towards newer agents but would be a great refresher for even the most seasoned agents. Interested in learning some of the latest web 2.0 marketing techniques as well as those tried and true methods. Real Estate 2007 is a real estate year like many have never seen before and you’ll need to take advantage of all the tips available to thrive or simply survive in this market. Besides…guess who is teaching it??? Me…img_7069.JPG

QuickStart: Last Chance for 2007

The final 2007 session of QuickStart is scheduled for Oct. 23-24 and Nov. 1-2 at the New Hampshire Association of REALTORS® office in Concord. Sign up now to reserve your space, as the program will not be offered again until March 2008.

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Offer in hand…why wait?

October 2, 2007 by

This is a cautionary tale for all Real Estate agents and home sellers. Sadly, this is a true story one that I think we can all learn from. This took place this past August. After every thing that happened the seller in this story never ended up selling his house and now it is off the market.
I’ve reprinted that article below as written in August of 2007.

Is a Bird in the Hand better than Two in the Bush? The answer is yes!

Times have changed, the market is no longer a Sellers market. I know you all know that, have heard it on the news, read the articles in the papers…all the doom and gloom but even so many sellers are acting as if it is still a sellers market. As if willing it will make it so! So are many real estate agents! I’m all for being optimistic and positive but I’m also realistic.

And REALISTIC is where you need to be and you need me to be… if I were your agent.

I know it hurts, you bought your home, cherished it and now it’s time to sell and the American Dream of making big bucks quickly by selling your home is NOT going to happen for you.

What that means for you as a home owner is simply that it will be harder to sell your home and you’ll realize less of a profit. But… you still can sell it!!!
You need to adjust your mind set. You need to act fast when an offer is received. Dragging out a presentation or a decision on an a valid offer in hopes another offer will materialize creates anxiety and stress not only for you but for the buyers. Two years ago the buyers would have waited it out…hoping that you would decide in their favor. They had no choice but to wait.

Today Buyers do have choices and that is the BIG difference! They don’t have to wait for you.

Sellers run a big risk by delaying…the longer a seller puts off making a decision the further away the buyer becomes emotionally from the home.

That emotional distance can be a killer…while the seller is deciding or waiting for an other offer the buyers with an offer in hand are starting to look at other homes. Just in case they can’t get the home they put the offer in on…buyers have choices today.

Daily more homes come on the market…more choices for buyers..as inventory increases the chance of competing properties being listed at a lower price than your home increases.

A bird in hand is better than two in the bush. Recently to be fair a seller put off having an offer presented to them, simply to give another set of buyers time to also make an offer.

That seller felt in control…maybe it took longer to get an offer but suddenly they had not only one offer in but an other coming in. So they waited and waited. They felt in control…maybe even had dreams of a bidding war.

By the time they decided to stop waiting for the second offer to materialize they lost the first buyer! Prior to the presentation they withdrew their offer and pursued another home.
Those sellers went from one solid offer in hand and another in the wings to NOTHING. You see the second offer never materialized! The cost of being fair and delaying in making a decision cost the seller. Both buyers??? They found other homes that suit them just fine.

My advice:

Price your home aggressively, there are lots of homes out there. July and August are traditionally great months to sell as many buyers want to be settled in their new home in time for school to start. Look around and see which home in your price range is your stiffest competition and price your home lower. Get a list of competing properties from your agent and drive by them. If you were buying which one would you look at first? Yours or your competition?

Make sure your home shines both inside and out! Curb appeal is crucial.

Check out the photos of your home that are on line and in MLS. Do they represent your home correctly? Does your agent have a virtual tour posted?

Make sure your home SMELLS nice as well as LOOKS nice, walk in your home the same way a buyer will…what do you see when you enter your home? Be honest with yourself. Would you buy your home all over again at the price your asking?

When you do get an offer in…a valid offer in writing and with a deposit check…act on it. Think seriously and consult with your REALTOR before making a counter offer. Re-analyze the market…maybe your CMA is a few months old. The market changes rapidly and you must have current data to make a good decision. And lastly home selling and buying is an emotional business…you need to try and put your emotions aside and think clearly.

Hire a REALTOR, one that you trust and work well with…work together…and the end result will be worth it. TEAM=Together everyone achieves more.

Read also:

Don’t stigmatize your home by over pricing!

I don’t trust you

http://www.monikamcgillicuddytrainer.com

NH Real Estate Blog

We cover all of your NH Real Estate Training needs!

ABR* SRES* Agency* Ethics* New Agent Skill Building* Professional Guidelines* Negotiations* Mediation

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CMA Tips

October 1, 2007 by

flowers copyright monika mcgillicuddyPreparing a proper market analysis is more crucial than ever. Not only do we need to worry about over pricing but under pricing as well. No one wants a home to just sit on the market and become stale or become stigmatized. All the more reason to clearly understand the guidelines behind pricing. Underpricing a home without the sellers informed consent just so it won’t sit on the market is a violation of Article 1 of the REALTOR Code of Ethics. Make sure your client clearly understands where the market is at and where their home should be priced at.

How did you come up with that price…anyway?

When preparing a Comparative Market Analysis, CMA, recently I was trying to determine a good listing price. It’s not an easy job!

I had to put more weight on the “on markets” than the “sold” comps.

Traditionally real estate agents are taught to put more weight on the “solds” when trying to establish a property value.

After all, the “solds” tell us an important story. They tell us what a property actually sold for!

Not the pie in sky hopes that the listed price usually indicates but what a buyer actually paid. Very important data for sure. And in the old days that piece of data was the most important piece.

Not anymore…

When agents prepares a CMA they usually select homes that are comparable to the subject and they rate the homes they selected.

A typical rating system is much like this;

1. Equal (=)

2. Inferior (-)

3. Superior (+)
If there are comparable homes on the market that are priced at 399,900 (-), 389,900 (+) and 384,900 (+) and they have been on the market 129, 95 and 80 days respectively.
Would it make sense to price your home higher or the same as ones that have not sold especially if they are superior or equal to your home? If you were a buyer and looked at nearly identical homes in a similar neighborhood and setting…which would you buy?

Now understand that the average sold prices indicate a value of 409,000 to 419,000…but nothing has sold in the last 4-6 months. The sold data is very old in terms of market movement.

It is very important to make sure your agent has analyzed the whole market. The Days on Market are very important.

If the average days on market “DOM” is 118 days…should a seller be panicking 60 days out without an offer? Depends on the seller and their needs.

Some questions to consider…How quick do you need to move? What is more important money or time?

Do you really need to sell? If not perhaps it would be better to wait the market out and list your home at another time.

Here in lies the dilemma.

Do you test the waters, list on the high end, play catch up and run the risk of stigmatizing your property?

Do you list below your best competition and hope your home sells first?

Do you list at a fair market price and do everything possible to make your home shine?

Only you can answer those questions. Make sure the agent you are working with understands the market and is realistic…you don’t need an unrealistic overly optimistic agent. You need sound market advice and an honest experienced REALTOR.

Pricing to sell is a must in New Hampshire.

Read everything you can, there are a lot of good New Hampshire real estate blogs full of excellent information available. Education and a good agent is the key to market success.

Read also:

A Fatal Mistake

Pass Me the Money Honey!

Multiple Offers -A Bird in the hand

Don’t stigmatize your home by over pricing!

I don’t trust you

http://www.monikamcgillicuddytrainer.com

New Hamshire Real Estate Blog

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ABR and SRES instructor

October 1, 2007 by

It’s Offical I’m an ABR and SRES Instructor!

As some of you know I’ve been working my way through the instructor certification process required by REBAC to become an ABR and SRES instructor.

It took a while but I have completed both the required one day course in DC and the two day course in St Louis and the dreaded tests.

Thankfully I passed both tests and now I’m finally “certified”…YIPPEE!

ABR and SRES are both National Association of REALTORS designations.  They are multi-day courses and are offered across the country.

I’m very willing to travel and my rates are great…so keep me in mind if you’re looking for a REBAC instructor.

I’m pretty excited about this as I already teach some of the GRI courses for my state as well as their 4 day new agent training program called Quick Start.

I have been involved in real estate training for many years at many levels. In fact earlier this year Jay and I opened our very own small training center in Hampstead NH.

I think walking the walk…working in real estate sales these past 23 years has really helped me in my teaching. I can relate to what my students go through and what they need to do to survive in real estate on a daily basis.

My practical skills bring a real world touch to all my classes, while Pie in the sky is nice and pretty, real world makes the real difference.

Being able to add ABR and SRES to my list of course offerings is really exciting for me. I’m ready to expand beyond the New England States.  How very exciting that is!

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New Hampshire *Updated* Dual Agency Consent Agreement

April 4, 2007 by

*Updated* Dual Agency Consent Agreement.The New Hampshire Association has made some crucial changes to their Dual Agency Consent Agreement  to reflect the required Rule changes that the New Hampshire Real Estate made.

Rule change go into effect on May, 1 2007. Changes to the consent agreement are linked to a PDF form with changes highlighted courtesy of NHAR.

Dual Agency Informed Consent Agreement
Changes Include: 

Addresses of parties and Agency added [per 404.04(k)(3)].

New section 4 listing disclosed dual agent’s duties [per 404.04(k)(4) – excerpted from RSA 331-A:25-d II]

Expiration date of dual agency informed consent agreement added [404.04(k)(6)] and a statement that it shall not be extended beyond the term of the buyer agency or listing agreement [404.04(k)(5)].

All forms will soon be available on True Forms.

www.monikamcgillicuddytrainer.com

Not only NH Real Estate Training but customized training programs available your location or mine.

ABR* Agency* Ethics* New Agent Skill Building* Professional Guidelines* Negotiations* Mediation

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Dual Agency Life in the Fast Lane

December 22, 2006 by

Dual Agency Life in the Fast Lane…whoa…gotta slow down a bit.

Understanding what Disclosed Dual Agency is and is not is crucial in today’s ever changing real estate market.

In a previous blog I talked about Reasonable Care one of the Fiduciary Duties a REALTOR® owes to their clients.  I explained that the easiest way for me to memorize the fiduciary duties I owe my clients is this way…OLD CAR.
                                  O…Obedience
                                   L…Loyalty

                                   D…Disclosure,full

                                   C…Confidentiality

                                   A…Accounting

                                 R…Reasonable Care and Diligence

I also learned to memorize what is compromised or limited in a dual agency situation, remember that Dual Agency is legal in many states including New Hampshire, I know it may not be so in your state but up here it is.
In fact in New Hampshire rather than joining the states that have banned or made the practice of disclosed dual agency illegal, N.H., has recently taken on changes that once approved would in fact make dual agency much easier to practice…much more in line with common practice.
Good -Bad or Indifferent…Disclosed Dual Agency, I think… is here to stay at least in New Hampshire.  Which is why a good solid understanding of Dual Agency is a must both for the consumer and the real estate agent.
So lets look at it this way and hopefully this help you understand or be able to better explain it to your clients.
What is compromised or limited in Disclosed Dual Agency is the OLD part of old-car…Obedience, Loyalty and Disclosure.
O…Obedience, Lawful Obedience You can’t be 100% obedient an example would be that The Sellers instruct you to negotiate the highest price possible and the Buyers also instruct you to negotiate the lowest price. This is clearly conflicting instructions of which you can not obey.
L…Loyalty You can’t be 100% loyal as you now have two clients and you can not do anything to or for one that would put the other client at a disadvantage…imagine yourself walking a Razor Sharp Tight Rope as NAR’s legal council Laurie Janik once put it…one wrong move and you fall off. Or better yet imagine having 2 children both who you love equally and must protect equally even if one needs your protection more than the other…you can not advocate for the weakest child more so than the strongest one. Equal Care no matter what…this can be extremely difficult to do.
D…Disclosure,full This One is very hard…the best example I’ve ever heard is…You list a home, your sellers are your friends, you’ve known them a long time. They fall on hard times..job loss, illness and may lose the house and have not a penny to spare.

You have been working with buyers who are clients, you like them very much and they have become good friends.
Suddenly the buyers financial situation changes and they can increase the price limits and now want to look at your listing.
After getting informed consent from all parties you put the transaction together as a dual agent…all is fine till the home inspection.  You attend it and can’t help but hear the inspector point out several items needing repair and you clearly hear the buyers say things like “No problem, I can fix that” or “No problem my brother is a contractor and he can fix that…I can get that done at cost” and “I’m handy that’s a piece of cake for me to fix” all in all a pretty good inspection and later when the sellers ask how it went..you tell them only that it seemed to go well, but until the report comes back and the buyers sign off you really don’t know.

Then the Buyers bring you THE LIST, the demands for repair or price adjustments to the tune of $25,000…your sellers cry when hearing this..they are devastated and need your guidance …and you know that your buyers really don’t need 25k and can do the repairs themselves for a lot less money than they are asking for…  Suddenly the words Obedience, Loyalty, Disclosure and Confidentiality take on a whole new meaning!

Not only for the agent but for the consumer as well.

Remember…The CAR part of Old-car…remains unchanged in a dual agency situation.

C…Confidentiality…You still owe 100% Confidentiality
A…Accounting…You still have to account for all funds and for the property
R…Reasonable Care and Diligence…You still have the obligation of protecting the client and that includes making sure they understand the limitations of the dual agency situation.
Dual Agency is not easy and is not at all pretty. When you really think about it, it is most assuredly the hardest form of agency to practice and one full of hidden traps and with the most liability to the agent…a recent NH case resulted in a judgment in excess of $120,000…OUCH!!!
Dual Agency can be practiced successfully but only with Full Informed Disclosure and Consent in writing given by competent buyers and sellers and most importantly COMPETENT agents.

Jay and Monika McGillicuddy

Monika McGillicuddy

Serving Southern New Hampshire and Rockingham County

Monika McGillicuddy Real Estate Training Website

NH Real Estate Blogs

Prudential Verani Realty

Hampstead NH Real Estate

603-548-7728

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