Best of Google+ Real Estate June 2015

The Very Best Of Real Estate on Google Plus

Google Plus is an excellent place to research the latest trends in real estate. You’ll find top Real Estate pros are sharing the latest info for sellers, buyers or homeowners who just want to keep an eye on the market. With so many great articles available online, it’s easy to miss some of them. Bill Gassett helps solve this by publishing the best real estate articles found on Google+ each month.

This month, he asked if I would pick the top articles. There were a lot of great choices. Topics range from the details involved in selling a home to a
comprehensive guide for first time home buyers. As Raleigh Realty advises, grab some popcorn and enjoy the read.

How to Buy Your First Home

First time home buyers are coming back into the housing market. Ryan Fitzgerald of Raleigh Realty has given us a guide to buying your first house. This may be the most comprehensive first time home buyer guide we’ve seen. From “finding the money” to “getting the keys”, you’ll find useful tips.

It includes an info-graphic that lays out the steps involved in buying your first home. From educating yourself to getting the keys, the first time buyer is given top notch advice. Fitzgerald focuses on the Raleigh market but his First Time Home Buyer suggestions work in any market. There is only one exception. Step 9 to “Hire a Great Attorney”. Western States use Escrow Officers and Title companies rather than the banks and attorneys used back East.

21 Important Real Estate Terms

Paul Sian shares 21 important real estate terms you should be familiar with.Unless you buy and sell homes everyday, you may not be familiar with some of the common real estate terms. Don’t worry. Paul not only defines the terms but adds in observations about how they apply in today’s market. This is a great reference for buyers and sellers. Many of these terms come second nature to Realtors and often time we forget that the general public does not always know our lingo. This is a great refresher for buyers and sellers alike!

Protect Your Earnest Money Deposit

Protecting an earnest money deposit when buying a home by Debbie Drummond looks at why the EMD is necessary. This deposit will count as part
of your down payment. It’s deposited in an escrow account until closing and seldom released to sellers before closing. In the event that you cancel, you mayor may not lose your Earnest Money Deposit. Since the Earnest Money Deposit may be at risk, buyers will often try to make them as small as possible.

In a seller’s market, a more generous EMD can give the seller’s confidence that you’re a serious buyer. It can give you an advantage over other bidders. In this article, we explore some of the situations where you may be able to cancel without losing the EMD.

Game Changing Real Estate Regulations

Game Changing New CFPB Regulations – Part I: Who chooses the title company now by Andrew Fortune. This is an absolute MUST READ for Realtors, Lenders and anyone involved in real estate. We expected the new Consumer Finance Protection Bureau Regulations to go into effect on August 1.

They’ve now been delayed until October 1st. In the first part of this series, Andrew reviews the question of who chooses the Title Company. Sellers pay for the buyer’s Title Insurance. It might seem logical that they should choose the Title Company since they’re paying. Not true. Sellers may be paying but buyers are the ones who will have to work with the Title Insurance if a problem does occur.

For that reason, buyers should choose the Title company. This hasn’t been enforced in recent years. It isn’t unusual for a listing agent to suggest using their preferred Title Officer. Experienced agents prefer an Escrow officer who responds to phone calls and emails promptly. Now that buyers can choose, it is important that you work with an experienced buyer’s agent. They will refer you to an Escrow Officer who is on top of their game.

Enforcement of the new regulations has been delayed until October 1. And they are likely to be a game changer. We look forward to more articles in this
series.

Understand Your Local Real Estate Market

How to move with the heartbeat of your local real estate market is from Lynn Pineda. As she points out, “There are international real estate markets, national real estate markets and local real estate markets.” The local markets can be “drilled down” even further to your specific neighborhood.

Whether you are buying or selling a home, it is important to understand the current real estate market in your area. Is it a seller’s market? Does it favor buyers? Are homes selling fast? Or maybe it’s a balanced market? The answer to these questions will affect how you negotiate whether you are buying or selling. “The ways in which you move with the local real estate market can make all the difference in the world with whether or not you accomplish your real estate goals”.

Does The Real Estate Commission Matter

Why a Real Estate commission split matters is one of my personal favorites. Bill Gassett looks at the oldest argument between sellers and agents. As he points out, in the “real world”, buyer’s agents don’t have to discount their fees. They may have a “buyer’s broker agreement” with their buyer. The buyer will have to pay any difference between the commission you offer and the commission stated in the agreement. Usually when this happens they will just deduct this difference off the offer for your home.

If you’re discounting the commission, there could be negative consequences. Bill explains very well why a low real estate commission makes a home more difficult to sell. Many owners think they are putting more money in their pocket when the exact opposite is happening. The more you discount the buyer’s agent, the less likely they are to show your home. If the house down the street is offering a better fee, which home do you think the buyer’s agent will show first? Which home do you think they’ll build up as having a better location, upgrades, etc.?

Hiring a Discount Brokerage is often a double mistake. The top physicians do not discount their fees. They know they have a steady clientele who will pay a bit more because they’re worth it. The same is true of the top Realtors. The Realtor who will discount their fees, may not return phone calls as promptly. They’re also the kind of agent who may agree to over-price your home.

In most cases, you get what you pay for. Hire a “discount” agent and you may find out why they’re “discounted”.

Why For Sale By Owners Lack Success

Maybe you’re considering skipping the selling agent’s commission altogether. Kyle Hiscock takes a close look at the top ten reasons why for sale by owners fail. Did you know that less than 10% of the folks who attempt to sell their own home succeed?

This article looks at many of the difficulties involved in selling your own home.You need to be everywhere. Answer all the calls from potential buyers. Show the home. Negotiate with the buyers and their agent. And what happens when problems arise? What if it doesn’t appraise and the buyer wants you to drop the price? Maybe the buyer’s financing falls apart. There are just so many moving parts in selling a home. Before you try doing it without a Realtor, this is an article you should consider.

How to Handle Multiple Offers

How to handle multiple offers in the Frederick Real Estate Market. This article by Karen Highland is useful in any market. The National Association of
Realtors is reporting a lack of homes for sale throughout the Country. This is leading to multiple offers for homes that are in the best shape at the best price.

Buyers should be prepared to act when they find the home of their dreams. In a competitive situation, they should focus more on getting the home they want than getting a “steal”. Multiple offers aren’t easy on sellers either. Sellers have to carefully weigh the offers. Their Realtor needs to evaluate the buyer’s mortgage approval.

Is it a full approval or just a pre-qualification letter? Just because one offer looks better doesn’t mean it is if the buyer is less qualified. Is the down payment large enough to show commitment to the home? In an appreciating market, the appraisal can be another issue. Whether you are buying or selling, being prepared for multiple offers is a good move in today’s real estate market.

Real Estate Agents VS Clients

Sizzling situations between real estate agents and clients by Joe Samson. When buying or selling a home, a Real Estate agent can be your best assets.
Sometimes issues arise where you and your agent may not see things from the same perspective. Joe takes a look at some of the most common situations where Realtors and clients disagree. He explores them from both an agent’s view and the client’s view. After looking at both sides, he suggests a reasonable compromise.

Exploring how the other side feels is an important exercise for both agents and our clients. Next time your buyer is late or they ask to see homes they can’t afford, maybe you’ll try some of these compromise suggestions. One thing is certain, you aren’t the first agent to find yourself in one of these “sizzling situations”.

Realtors That Rock!

Good Real Estate Agents – R.O.C.K.I.N.G. by Greg Hancock takes a look at how to hire a Realtor. He admits it’s a subject that has been written about over and over. Still he brings a straightforward approach to identifying a good Realtor. Starting with how responsive they are. He continues through the letters of R.O.C.K.I.N.G. This is the first in a series based on the amalgam. At the bottom of his post, you’ll find links to the first four letters. We look forward to reading the entire series from Greg.

How to Be a Successful Realtor

Last but not least, 10 things successful Real Estate agents never do is from Xavier De Buck, a top Realtor in South Africa. This article is perfect for the U.S. Real Estate market. It’s easy to get a Real Estate License and call yourself a “Realtor”. In reality, only 20% of the agents are doing 80% of the business. (This is something they don’t tell you when getting you to sign up for Real Estate School. 🙂

So how do you become one of the successful 20%? In this article, De Buck points out ten of the traits you’ll notice in those successful agents. No, they
don’t let themselves fall behind the curve. They don’t waste anyone’s time. They don’t skimp on advertising. And they “never forget it’s all about doing the basics”.

Newbie Realtors can give themselves an advantage by aligning themselves with a great Brokerage. They should realize that it isn’t the easy job seen on TV. Considering a career in Real Estate? This is a must read and it’s a great reminder for seasoned agents.

We hope you enjoyed the June installment of the top Google Plus Real Estate articles. If you are a real estate agent and are participating regularly in the Google+ real estate groups there is a good chance you could be featured in an upcoming round-up.

Previous Best Google+ Real Estate Article Recaps

Debbie DrummondThis article was written by Debbie Drummond, a top Realtor who is lucky enough to be working in the Las Vegas Real Estate market.