I sat in the office while my mom was doing floor a couple times. Floor time is a good source to meet people face to face and talk about the real estate market. Sitting floor is difficult at times because you don't know when people will walk in, sometimes you won't get any people, sometimes you will, it all depends. When people do walk in you want to know your inventory in all areas of the island. You should also know how to use the MLS system to find properties and any links or resources on buying and selling on Maui.
My mom taught me how to use the MLS website, how to find properties by different areas on the island and if your looking for certain price ranges in specific locations. This is a very useful site because it helps you to find exactly what the buyer is looking for.
Friday, April 27, 2012
Short Sale
A short sale is when the owner owns more money to the bank because the value of the home has gone down, so the seller agrees to list it with a real estate company at market value. When an offer comes in the bank, the owner must come up with an agreement to an acceptable price usually less then what the owner owes back to the bank. The bank then will decide how much of a loss they will take on the asset (home). The difference is put in the owner on how much they will owe the bank once its sold.
Open House 3476 Akala Drive 3/24/12
A week before you set up an open house you need to let the seller know the date and time that you will be showing their house and also make sure they won't be at the house at that time. We sent out flyer to the neighborhood, and also called family and friends and other realtors to come visit the open house.
While I was sitting at the open house with my mom I listened to the way she talked to people, I noticed that she was very prepared with the questions she would have to answer, and confident in what she new about the property and other properties around the area. This is important because even though the buyer is not interested in the home your showing, they could become potential buyers for other homes that you could help them find.
I learned that you need to be very prepared with information on the property and other properties because the buyer may want to know what other active listings are around in the area because they might be interested in something else.
While I was sitting at the open house with my mom I listened to the way she talked to people, I noticed that she was very prepared with the questions she would have to answer, and confident in what she new about the property and other properties around the area. This is important because even though the buyer is not interested in the home your showing, they could become potential buyers for other homes that you could help them find.
I learned that you need to be very prepared with information on the property and other properties because the buyer may want to know what other active listings are around in the area because they might be interested in something else.
Thursday, April 26, 2012
Representing a Buyer.
The first step in representing a buyer is to preform a Competitive market analysis or CMA, to determine the value of a property. The factors you want to check up on, are the homes current value based on the value of comparable properties, regional housing inventory levels, and the competitive nature of your current marketplace. This will help your clients come up with a reasonable price decision and help you to counsel them as they make a competitive offer.
Once your clients have a competitive price to offer, the representer should properly prepare a contract that will be presented on their behalf to the sellers. For many people a home purchase will be one of their biggest purchases they will make in their lifetime. The purchase agreement you write must protect them by addressing every issue – the price being offered, the items to be included in the purchase price, the amount to be deposited, the closing date, the date the offer becomes null and void, and any condition that accompanies the offer, including contingencies based on the outcome of inspections, approval of financing, and personal property transferring with the sale or other issues.
Once your clients have a competitive price to offer, the representer should properly prepare a contract that will be presented on their behalf to the sellers. For many people a home purchase will be one of their biggest purchases they will make in their lifetime. The purchase agreement you write must protect them by addressing every issue – the price being offered, the items to be included in the purchase price, the amount to be deposited, the closing date, the date the offer becomes null and void, and any condition that accompanies the offer, including contingencies based on the outcome of inspections, approval of financing, and personal property transferring with the sale or other issues.
Caravan 3/3/12
On this day I went on a caravan with my mom to Hana, we looked at about 10 houses in the area. This was pretty much an all day event. Basically a caravan is inviting all brokers and real estate agents from companies, to see the new listings that they may have potential buyers for. After all the realtors have seen these properties, then it will be advertised and open for the public to look at.
I had a good experience going on caravan, I met a lot of people and got the full experience of some of the things realtors have to go through. I learned about the different properties compared to others, different price ranges. The price range depends on how big the property is and the living and lot square footage. Most of the properties that we looked at had lots of land, and were very hidden in areas of Hana that I've never been too.
These are some of the properties we visited.
I had a good experience going on caravan, I met a lot of people and got the full experience of some of the things realtors have to go through. I learned about the different properties compared to others, different price ranges. The price range depends on how big the property is and the living and lot square footage. Most of the properties that we looked at had lots of land, and were very hidden in areas of Hana that I've never been too.
Taking a Listing/ Representing seller
These are the main steps of taking a listing.
- Seller agrees to sign listing agreement.
- Go over with the seller the property to be listed like any special features, up grades, remodels. Also recommend to the seller areas that will improve the property to sell.
- Prepare all documents for the seller to sign and agree to have company represent and pay commission.
- When all the paper work is signed, submit to your company along with Maui Board of Realtors data input to go on public website to be advertised.
- Post for sale sign on property with flyers.
- Make arrangements to have brokers open house with escrow company.
- Arrange open house and advertise in paper and public websites.
- Accommodate if there are tenants on property for showings.
- When an offer comes in help seller advise and negotiate.
Tuesday, April 24, 2012
How to Prepare for a Open House.
These are the main important things you want to be prepared with before you set a date to have an open house.
- Advertise in newspaper.
- Print out/ Prepare fliers.
- Have information on the property.
- Have real estate magazines available.
- Print out active listing and sold listings in neighborhood.
- Guest book.
- Open house signs.
- Send out postcard of your open house to the neighborhood of the open house.
- Advertise on the internet.
- Call friends, family and other realtors to come to open house.
- Have available water or snacks.
- View listing, view house, talk with the seller about special feature about the house.
- Know your inventory in the area.
- Have your business cards available to pass out.
Buyers who walk in usually don't buy the house your showing, but they become potential buyers.
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