How Free It Is

I am moving in on my favorite days of the week, finally. I have a closing at noon today, which kick starts my weekend on the right foot. Last week I was on vacation but that didn't stop me from having to work quite a bit. My family had taken a week off down at Emerald Isle, it was nice to relax and play with my nieces & nephew. We also got the good news my Mom & Dad both passed their real estate exams. They have no plans to use them as of now, but I know first hand how hard that darn test is so I was proud.

I had to rush home from the beach Thursday to get back into the office. I was really looking forward to that weekend as my good friends Matt & Andrea would be getting married. We got in a round of golf with the groomsmen Friday, then it was off to the rehearsal dinner. It was held in the Pope Box above Kenan football stadium. The music, food, company and view made it a great event. They tied the knot Saturday, had a grand reception at the Farrington House and are enjoying a honeymoon in the Mayan Riviera as I type.

My clients that have a closing today asked me a funny question a few days ago. We are looking over the closing statement and they asked, "Where does it say what we pay you?" I was working with them as buyers and they fell under the misconception I've dealt with many times before. "You don't owe me a dime" I said. They gave me a funny look like I had screwed something up so bad I was not charging them, luckily that wasn't the case.

In most cases, the seller is paying both sides of the commission. When an agent lists a home for sale, that commission they charge is going to be split in two. The agent selling the home will receive half, the agent who brings the buyers will receive half. Now this isn't the same in all areas, or with For Sale by owners for example, but this is the common practice. It is something the public should be more educated about, how many buyers drive around aimlessly looking for homes when they could be riding with an agent for free?

Although I should always make that clear on day one of working with a buyer, I've yet to have someone complain when they find out at the end. I know the folks today will be happy to write a smaller check. After today's closing I have to return this guy pictured below. Sammy here has been staying with me for the week while his family is off on vacation. I'll miss having her around, I've been wishing I could get my own dog. I'm just out of the house too much that I think it would be unfair.

Even though we have my favorite days coming up, it's mostly work for me this weekend. Going to see the new Batman movie at the iMax theatre tomorrow night which I'm looking forward to. Sunday is looking pretty good as well, get to see the Embers play live while I float around a pool, not bad. Somewhere in the middle of all that I'm putting two new homes on the market as well. Don't forget it's my birthday next Friday, you may send any gifts to 1520 E. Franklin St, Chapel Hill, NC. Have a great weekend.

Good times aren't far away

Howdy, I hope everyone survived their Monday. It has to be my least favorite day of the week, as I'm sure is everyone else's. This is a week of getting organized for me. When I am busy concentrating on my current clients, the rest sits in the shadows a bit. I'm essentially running my own business, so being on my own I can get backed up with all the little things at times. My parents are taking their real estate licensing tests next week, so maybe I'll have two new assistants :) They'll have to pass the test first!



So the new iPhone was released just a few days ago, making my original even more ancient. Luckily the phone loaded the new software when I plugged into itunes, so I've been distracted with it all day. The 100's of applications they make available are amazing. It has to be the best business tool ever invented, I could go camping for a week and still get all my business done with that alone. I'm getting addicted to applications like these, Learning Rocks!

So if you haven't heard the bad news about the economy right now you may as well be living under a rock. There is one factor that is really slowing the housing market, the mortgage crisis. The government is now bailing out Fannie Mae & Freddie Mac, which are private companies but with big government ties. They account for about $5 trillion in loans, many of which should have never been given out. Chances are when you got your loan, Freddie Mac or Fannie Mae bought up this loan. If they were to go under, hardly anyone would be getting a home loan and the economy would sink deeper. Luckily the government is smart enough to prevent this from happening.

A large effect this is having is how it's portrayed in the media. It scares consumers into buying homes, more scared to have to sell their home. What the mortgage fiasco has essentially done is supply loans recklessly for the past several years, and it's all catching up now. There are still great loans available, you are just going to need better credit and more money down. It probably is a good thing the days of 100% financing is over, as we have seen many of these homeowners fall into foreclosure.

I've spoken with many people recently who are looking to buy a home but want to put it off. There is a lot of fear in America's consumers right now. I have read articles recently telling homeowners to take any offer they can get, reduce their prices to what they can afford to lose. The market isn't in shambles around here, so I won't be telling my sellers that anytime soon. The economy and housing market could use a nice boost though, and neither of those historically seem to happen quickly. Let's just hope it's sooner than later.

In better news, I'm excited to be heading up to Portsmouth, VA to see Widespread Panic this Saturday night. The pavilion there has to be one of my favorite venues. It's all general admission so you can easily get right up front, it's right on the water and they even have water taxis over to the show. This makes my 5th time seeing them play there, and at least the 30th+ time I've seen them altogether. It gets better just about everytime, especially because it's not quite as often these days. I'll be sad to miss their 2 night run in Charlotte next weekend, but I imagine I'll be having a better time at friends Matt & Andreas wedding here in Chapel Hill. Until next time...

Breaking Stereotypes

The 4th of July is just but a day away. I'll be heading towards the coast for a few days of vacation. My clients who planned on coming in for the weekend have opted not to come until Tuesday, so I couldn't be happier about that. I'm sure I'll still be busy on my phone & laptop, but at least it will be in the sun. The destination is Topsail Beach, then a day or two of Wilmington to visit a friend.

I've been staying pretty busy for the season. The summer is typically a bit slower for most agents, but then again the past year has been too. With 2 closings already scheduled for July and a full month ahead, I'm feeling great about the second half of this year. During my final stay at our companies kiosk, I actually managed to pick up some good leads. I'm still feeling a bit odd about sitting in the mall though, so I plan on keeping myself off the schedule.

Kelly & my nephew Wyatt stopped by for a visit, then back to shopping

I was never too aware of the stereotypes associated with real estate agents until I got started. Many of them are exaggerated, especially in films like this, but I wanted to touch on just a few that affect me. The median age of a Realtor is 52, exactly double my age. Many folks are out of their corporate jobs taking a chance on real estate. Right away they are labeled with more experience because of their age, when I have sold two or three times as many homes.

I have been told on several occasions, "we really like what you offer but have decided to go with someone a bit older." In some cases they have just chosen someone who works "part time", may follow up on a call from the sign out front, and if you are lucky get an ad in the local paper. I am available 24/7 for my clients, I follow up every lead, and I'm proficient in the internet where 95% of homebuyers are starting their search. The list goes on, but this may give you an idea. It feels like being the best player on the team but starting behind the coaches son.

The only other stereotype I'll have time for is that real estate agents "only care about making a sale". There are agents out there like this, which helps in feeding the stereotype. A new agent just retired from the corporate world, wants more time with the kids and will sell a house from time to time. This is what hurts our image the most; a home will be most folks biggest purchase in a lifetime, and there are some incapable agents out there looking to "sell you a house and get their check."

I have dealt with a few agents who return calls 2 days later, ignore multiple offers at the thought of all that work, and overprice a home just to get the listing. All these things I have picked up on the past few years really irk me, but they help me in improving my business. I get a thrill in negotiating the best deals for my buyers, and getting the most for my sellers. It makes it that much easier when on the other side may be a part time realtor looking to make a quick sale. Now don't get me wrong, there are lots of great agents out there, many of whom I learn a lot from each transaction. However the amount of incompetency in this business can be a little bit scary, something my clients won't ever have to worry about.

I hope everyone has a great 4th of July weekend!