Hillsborough, New Jersey
Real estate market information and occasionally spirited opinions about residential real estate in Somerset, Hunterdon, Mercer and Middlesex Counties by a REALTOR® with over a quarter century of experience.
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Jul. 13, 2009
Those who follow this blog regularly know that occasionally I engage in a self-indulgent rant about service and its decline. Today is one of those days, so be forewarned.
This last weekend my wife and I had the opportunity to spend a couple of days at one of America's premier classical music festivals (which shall remain nameless). Friday night, before one of the concerts we went to The Grille to get a couple of Reuben melts (this is not health food, folks!) and a bottle of spring water. When we sat down, we realized we hadn't gotten cups for the water, but since were very close to the wine/beer concession, I thought to step over there and beg a couple of cups, which I did.
Imagine my surprise when the woman behind the bar told me that it was "against the rules" to give cups away, but if I gave her a tip, she would do it. So I gave her a tip: "Buy low, sell high." She was not amused. She said "Not that kind of tip, money! They didn't sell a lot of tickets for tonight's concert, so I need the money." I was stunned. I had never before encountered such an attitude in nearly ten years of attending this festival. Almost all the other waiters, waitresses, bartenders, clerks, etc., here are young people, mostly teenagers, who almost without exception are pleasant, smiling and helpful, whether bartending or directing car parking. This old bat was clearly out her element, which I won't speculate on, but some things do come to my mind, how about yours?
I put a tip in the tip cup, and took my two cups. Aside from her pretty much rude and crude attitude, I was intrigued by her reluctance to break "the rules," but willingness to sell her employer's goods for her own gain. I believe that constitutes employee theft. Don't break the rules, but the law is different.
Rant concluded.
May. 17, 2009
This is one of my occasional rants, so if you're not in the mood, don't read it. Other Realtors® will, however, so listen up.
This month I celebrated 30 years as a licensed Realtor®. Since 1979 I have had the good fortune to work full-time at real estate. I have sold and marketed a lot of homes for a lot of wonderful people. For the past few years I've noticed that some prospective seller clients have chosen as their listing agent someone other than yours truly. In virtually every case it was because the other agent commanded a commission less than I required. After all, the sellers reasoned, if I can get someone with 20+ years of experience for thousands of dollars less, why not go that way? Naturally, my marketing is superior (so I think) and I am a very skilled negotiator (a skill many sellers don't realize is important), so I believe I am worth every penny. (By the way, as everyone knows, all commissions are negotiable.)
Lately, however, it has become apparent to me that I bring to the table something no agents in my market area have - a unmatched breadth of experience. Yes, I have thirty years of experience, but so do many superannuated agents these days. More important, I am beginning to think, is my practical experience on the local board level, where I have served in a number of offices, including president, as well as on the state level and even national level. That level of service has contributed more to my skill and knowledge than an extra couple of listings or sales per year, or all the titles of "office top agent"(which I have also held for a few years).
To a prospective seller my role as a state committee member or trainer, or national roundtable leader, seems unimportant, but those experiences have taught me a lot in the realm of negotiation as well as understanding how different agents approach real estate and/or negotiation. I have been fortunate in being selected for those roles, and I value my experience dealing with legal affairs, professional standards, and political action on the local and state levels.
It is arrogant to compare myself to a brain surgeon, but would you expect to pay the same for a surgeon who opens and closes his own procedures as one who steps in after the cut is made to do his magic and then retreats to have someone with less skill suture you up? Would you expect to pay the same amount for a surgeon who speaks to her peers on the latest techniques as one who sits in the audience under duress? How about for the surgeon who has studied with the best national "knives," vs. the one who keeps up with literature only as required by state requirements?
Yes, there are many out there with decades of experience like me. There are many who have mastered the techniques of virtual tours and website optimization. And there are many who, with a "team" of less-experienced agents conduct a quadrillion dollars a year in volume. But if someone wants to hire an agent with 30 years of experience, shouldn't they get that person at all levels of the transaction? Moreover, shouldn't that experienced person bring to the table something other than "just" listing and selling real homes for n-number of years? I think so.
Apr. 17, 2008
WARNING: I rarely blow my own horn in this space, but today is different, so if you can't stand bloviation, read no further.
One of the advantages of the real estate profession is that it allows for many different kinds of business models. Most are based upon marketing methods - print advertising, Internet sites, virtual tours, promotion to every licensee in America, all that kind of stuff. Although that is important (and I do all, except spamming licensees across the country), it is a very small part of a successful transaction for a seller. As far as I am concerned, the real effort can begin when the sales contract is signed, especially in today's market of mortgage madness.
Today I did something I do for all my seller clients who have signed a contract with a buyer: I met the buyer's appraiser at the property. The house is vacant, the sellers far away, and there is a lockbox on the house. Why should I bother? Perhaps the answer to that question is less obvious than you think. I didn't just let the appraiser into the house. And for good reason.
This particular appraiser came from an hour away. He was doing at least three appraisals this morning, each in a very different market area of New Jersey. He need help to find this property. I don't mean this as a criticism of the appraiser, by the way, but simply a statement of facts. That is the life of an appraiser these days.
What I did was I provided him with objective data that would make his job a bit easier, and make him feel a bit more confident of his final product. From me he got not only the MLS printout of the subject property and several closed comps, but a pending comp with contract price as well. But that's not all (because he could get that with a few phone calls). I also gave him the builder's floorplan of the subject property, a copy of the survey, a list of special features, the glossy brochure, and, perhaps most importantly, my market data spreadsheet for this town for the 2006, 2007 and 2008.
Not only will he know the property and where it fits into the comparables, but he will also know whether this market is declining, stable, or rising. He can see the dynamic of a decreasing absorption rate over the past three months.
I do this with every property I list that sells. The last appraisal problem I had was five years ago. This appraiser today, like virtually all the ones I've met over the past five years, was grateful for the data. I expect every appraiser to "trust but verify" my proferred information. They may measure every room, but they don't have to do a sketch. Issues arise when an out-of-area appraiser is expected to seem knowledgeable about a local market. All I want is for the appraiser to know at least as much about the market as I do. Then I am confident I have provided a unique, high-value service to my client, the seller.
I know of no other Realtor® in my area who performs this service. Do you think this service has value?
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