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5 things to never tell a buyer

By Bernice Ross, Thursday, November 5, 2009.

A buyer is looking at your home and asks a question. Be careful what you say, as it can cost you much more than you realize.

As a seller, you may find yourself at home when a buyer is looking at your home. In most cases, it's smart to leave during the showing. If you are at home and the buyer or his/her agent asks a question, tread carefully. Here are five things to never tell a buyer.

1. Where is the property line?
It's easy to point to the fence and say that's where the property line is. The correct answer to this question is, "I don't know where the exact property line is. If you want the exact location, you will need a survey."  more...

Commission shoppers beware

By Bernice Ross, Wednesday, November 4, 2009.

How will you decide who is the best person to market your property? If you're shopping exclusively based upon commission, you could be making a very costly mistake.

Recently I was speaking with the CEO of a well-known real estate firm. He shared his frustration about what he was hearing from many of his broker-owners. Apparently, a large percentage of buyers are calling various real estate offices and asking, "How much is your commission?" If the person answering the call says, "Six percent," the caller hangs up. Another version of the same scenario sounds like this, "We just talked to Joe Agent who works for the same firm you do, but he was willing to take our listing for 5 percent. We really like you, but unless you cut your commission to 5 percent, we're going to list with Joe."  more...

Real estate celebrity is dead

By Bernice Ross, Monday, November 2, 2009.

If you're still marketing your services with the "I'm the best agent in today's market" (even if you are), it's time to stop being the celebrity and to start asking, "How can I be of service?"

For years we trained agents to promote themselves and their companies: "You should hire me because I sell more houses than anyone else in this area," or "You should hire us because we are the No. 1 company with the No. 1 market share in this area." These types of marketing messages worked back in the 1980s and '90s. Most sellers wanted the best because they believed they would sell their home more quickly and at a higher price. In many cases, celebrity brokers were held in awe.  more...

Beating out multiple bids

By Bernice Ross, Friday, October 30, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/soschilds/790808573/" target=blank>A. www.viajar24h.com</a>.

DEAR BERNICE: I can't speak for anywhere else in the country, but there are just no decent houses for sale in our area. We wrote a good offer on one house and discovered there were four other offers on the property. The owner wrote a counteroffer that was higher than the original asking price. We didn't think we would have to pay more than the asking price to get the property. I've heard of people bidding up properties, but I didn't think it was happening in today's market. If we end up in another multiple-offer competition what can we do to make sure we get the property without overpaying? --Jeanette H.

DEAR JEANETTE: Many places in the country are reporting one to three months of inventory in the first-time-buyer price ranges.  more...

House of horrors

By Bernice Ross, Wednesday, October 28, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/barelyfitz/28626934/">BarelyFitz</a>.

When you're in the real estate business, sooner or later there will be a house that someone says is haunted. The story below is true. Were these events just coincidence or were they something else?

When I was working on my doctorate, my closest friend and study partner was living in a new house in Orange County, Calif. She was in the antique business. Her home was like a showcase, every last inch of it beautifully decorated. When I met her, she was in the process of getting a divorce.  more...

Real estate top performers' tips

By Bernice Ross, Monday, October 26, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/london/44070187" target=blank>jonrawlinson</a>.

In real estate, there is no single recipe for success. Nevertheless, if you examine the characteristics of top-producing agents, there is a consistent pattern linked to their success.

Do you know the secret recipes that are associated with success in virtually every type of sale? If not, here's what most top performers know that can help you in your business.

1. Write down your goals
Do you have a written business plan with specific goals? If so, you are part of a select group of about 3 percent of all salespeople.  more...

Sellers, don't fret over repairs

By Bernice Ross, Thursday, October 22, 2009.

DEAR BERNICE: My husband used to work in the construction industry before he earned his college degree. He's pretty handy and can fix most things around the house. We recently listed our house and received an offer. When the buyers did their physical inspection they came back with a laundry list of things for us to fix. My husband can handle most of the work, but our Realtor was really against it. She recommended giving the buyers a credit and letting them do the work. She also recommended that we pay for a home warranty for the buyers. My husband isn't thrilled about her ideas. What do you recommend? --Cathy Y.

DEAR CATHY: It's your house and your decision about how you handle this. However, I'm inclined to agree with your agent on both accounts. A number of years ago I had an attorney client who purchased a home. The roof was leaking and needed repair. The seller provided us with receipts stating that the roof had been repaired, and we closed the transaction.  more...

Best sales agent: individual or team?

By Bernice Ross, Tuesday, October 20, 2009.

DEAR BERNICE: We have a rental house we inherited from my Mom in 2007. Our tenants just gave us notice. The market has improved enough that we would like to sell the house. We plan to fix it up and list it after the first of the year. We see a lot of advertising for a "team" in our area that seems to do a lot of business. There is another agent who seems to get her listings sold fairly quickly. Which would be better for us? We like the idea of having a group of agents working to sell our property. Can an individual agent do as good of a job as a team? --Lucille J.

DEAR LUCILLE: There's not a simple "yes" or "no" answer to your question. Most properties sell through other agents using the multiple listing service. Nevertheless, whomever you select as your listing agent must have a strong marketing plan.  more...

Social media: quantity or quality?

By Bernice Ross, Monday, October 19, 2009.

Whether you are a social networking newbie or a social media maven, one of the most important decisions you will make is "quantity vs. quality."

When it comes to Facebook, LinkedIn and Twitter, how you decide to manage your network of contacts can have a profound influence on your business. For real estate professionals, is it best to have a huge network of friends and followers? Or is it better to focus on establishing a smaller, quality database?  more...

The atypical purchase offer

By Bernice Ross, Thursday, October 15, 2009.

DEAR BERNICE: We found a house we really like -- and saw it at an open house. The agent was busy talking to another couple, so she didn't get our name and number. Can we just write an offer without an agent and have the sellers give us a 3 percent credit? --Jill S.

DEAR JILL: There are several answers to your question, depending upon the type of listing agreement the sellers have with their agent. You can certainly write an offer with or without an agent. Whether you can get a 3 percent credit, however, is an entirely different matter.  more...

Mortgage qualification dos and don'ts

By Bernice Ross, Tuesday, October 13, 2009.

DEAR BERNICE: We have been saving up to buy our first home. We have a number of credit cards, some with no balance. My brother thinks it would be smart to get rid of those cards that have no balance. He claims it will make it easier for us to qualify for our loan. Is that a good idea? --Amanda S.

DEAR AMANDA: To protect yourself and to determine how much you can qualify for in terms of a loan, order a copy of your credit report. There are three primary credit reporting bureaus: Equifax, Experian and TransUnion (AnnualCreditReport.com is a service created and sponsored by these three bureaus). The law entitles you to have a free copy of your report once per year from each credit bureau.  more...

Breaking down buy vs. rent

By Bernice Ross, Thursday, October 8, 2009.

Americans believe in the dream of homeownership. With all the foreclosures and bankruptcies taking place, however, is it cheaper for people to rent rather than buy?

When it comes to the decision of renting vs. buying, most people make the decision based upon a comparison of monthly payments. If their rent payment is less than the payment on a home, many decide that it's cheaper to rent than to buy. This approach, however, fails to take into account a number of other factors that influence the total costs of homeownership, rather than just the monthly payments.  more...

5 reasons your home hasn't sold

By Bernice Ross, Tuesday, October 6, 2009.
Flickr image by <a href="http://www.flickr.com/photos/clearlyambiguous/167369474/in/photostream/" target=blank>Clearly Ambiguous</a>.

You listed your house at the price that your Realtor suggested. You have staged the house and it looks like a showcase. There have been no offers and only one or two showings. What could the problem be?

Usually, when a house doesn't sell, it's due to one of five things: price, accessibility, condition, location, and/or marketing.  more...

Climbing the real estate search ladder

By Bernice Ross, Monday, October 5, 2009.

How Google and other search engines determine Web rankings is a mystery. Nevertheless, there are specific steps you can take to help you obtain better search-engine placement.

In a recent article, I suggested that it was smart for agents to obtain URLs for their Web site such as WilshireHighriseCondos90024.com or AustinTexas78757LakesideHomes.com.

One of our readers commented that this couldn't possibly be a good idea since no one could remember those addresses. The point in using this approach is to capitalize on how people actually conduct searches using what is known as the "long tail" of search.  more...

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