Discount Real Estate Santa Maria Brokers
Fact is, there are Santa Maria realtors who would not hit you with a really huge commission rate. These are the discount realtors, brokers or agents. In truth, there is really no standard fee rate or brokerage fee. You can negotiate commissions and there are realtors who are open to negotiations. In fact, they advertise the fact that their service comes cheap.
Many of these brokerage firms are capitalizing on the fact that people know that commissions can be negotiated. They are creating a market niche for themselves by offering discounted services outright. They promise to save Santa Maria home owners money. They also promise rebate commissions to potential homebuyers-clients.
Understanding How These Santa Maria Brokers Work
Traditional brokerage fees can go as high as 6-7% of Santa Maria homes selling price. A certain percentage of this is given to other agents as co-brokering fee. Basically, the listing agent earns more than other agents involved in the transaction.
Discount brokerage firms adopt different kinds of policies. Examples of these policies include:
a. Flat fee listing policies. Santa Maria realtors who adopt this policy basically take all their listings at a flat rate. A cooperating fee will be paid to selling brokers however. This fee will be taken on top of the flat rate and this will be paid by the seller as well. Usually, their advertising policy will not disclose this fact. Of course, this can be very misleading.
b. Buyer commission rebates. There are Santa Maria realty companies who offer buyers a flat fee from their commission. This money is paid by the seller. This is all dependent upon the condition that the buyer will hire an agent from the company.
c. Small percentage-fee listing policy. There are brokerage firms that advertise an incredibly small commission rate. They could go as low as 1% of the selling price. Of course, they rarely divulge the fact that the selling broker will have to be paid as well and they will charge an amount on top of their commission for this.
d. Reduction of brokerage fees in exchange for a transaction. There are times when the brokerage firm accedes to reducing their brokerage fees in return for another transaction. For instance, you can be asked to purchase a home from their listing. In return, they will reduce their commission fee.
e. Graduated fee policy. A graduated schedule of payment will be presented to you. The amount will be dependent on the services that will be required from the brokerage firm.
These are a few of the policy examples adopted by these kinds of Santa Maria realtors. If you are thinking of buying a house, do not just expend energy on looking for homes for sale in Santa Maria. You should also take the time to consider the best agent or realtor that you can hire.
How to Choose a Santa Maria Listing Agent
If you are looking at Santa Maria homes and thinking of buying a house for your family, there are things that you need to avoid doing. These mistakes can cost you a lot of money. This is also true for home sellers. Many homeowners select their listing agent based on:
- Who offers the highest listing price for the property
- Who charges the smallest commission fee
As a home seller, it is easy to base your decision on these things. Who doesn’t want to get the most out of the sale? Who doesn’t want to pay the smallest commission fee? These things translate to “more money for the seller”. Naturally, it is easy to base your decision solely on these things.
Unfortunately, these are not really the best criteria for judging the competency of a listing agent. If you really want to make money out of the sale, you need to hire a really good Santa Maria realtor, a listing agent who is competent, experienced and honest.
Should You Base Your Decision on the Suggested List Price?
Unless, you do not want really want to sell your house for any reason, the suggested list price can be a basis for your decision; otherwise, you will be committing real estate market suicide with this as your basis. Here is one secret that you need to know: Santa Maria realtors cannot tell you with absolute certainty how much your property will sell for.
They do not really know. However, they can show you comparative sale studies. This is where you and your listing agent will ultimately base the list price for your home. You make the choice and it is the buyer who will tell you if the price is right on the spot. Do not be lured in by promises of big money.
Unfortunately, there are many realtors or agents who will bend the truth a little just so they can get the listing. Be on the lookout for these types of realtors. You need to look for someone who will offer you a range instead of an exact bloated price. Pricing a property correctly is not an exact science. Some would say that it is an art even because there are a lot of things that you have to consider.
Should You Choose Your Agent Based on Commission Fees?
Definitely not! This is another huge mistake and this is something that you should avoid doing. Santa Maria realtors are not all the same. Their skills, expertise, experience and connections are different. Naturally, commission fees may vary as well. Therefore, you cannot base your decision on the commission fee charged. You need someone who can do the job best and not someone who can charge the lowest fee.
Santa Maria Realtors: Asking the Right Questions
Of course, you need to know what questions to ask Santa Maria realtors when you interview them. These questions will help you figure out whom to hire. It is also important that you know the right answers to these questions. Their answers to your questions will help you figure out which one to hire.
1. How long have you been in the real estate business?
Experience matters when it comes to real estate. You need someone who knows the ropes in and out. Your agent should know how to handle every tricky situation that comes his way. He should know how to recognize signs of potential problems or crisis. Make sure that your agent has been in the business for at least five years before you hire him.
2. What is your average list-to-sales price ratio?
The average list-to-sales price ration would depend on whether you are hiring a listing agent or a buyer’s agent. This would also depend on whether the market is a buyer’s market or a seller’s market.
In a buyer’s market, a listing agent should be able to show a ratio of 97%. If it’s a seller’s market, his ratio should be 100% or more.
In a buyer’s market, a buyer’s agent should be able to show a ratio of at least 90%. If it’s the seller’s market, he should be able to show a success ratio of 100% or more.
3. What is your marketing strategy?
The marketing strategy of a particular agent would depend on whether you are trying to sell or buy homes in Santa Maria. If you are buyer, your agent should be able to show you at least five homes a day for as long as you need to find a good property. Your agent should have previewed this home before you, so he must have already assessed whether these properties meet your expectations, parameters and standards.
If you are trying to sell a house, your listing agent should be able to have an organized and strategic advertising plan for you. This should include weekly advertisements which include direct mails, e-flyers and brochures as well.
4. Who are you affiliated with?
Over the years, Santa Maria realtors and real estate agents build connections. These may include title companies, mortgage lenders, Santa Maria home appraisers, home inspectors and other professionals. You will be dealing with each and every one of these individuals and it is easier to work with someone who has connections and who knows people who can give you competitive, if not considerably cheap, fees. You should also check if your agent receives a certain compensation for his referrals. If so, you should reconsider hiring him or her. Not only is this unethical, it is also against the law.
5. How much do you charge? What does your fee include?
Here’s one thing that you have to remember, all fees are negotiable. If you are trying to buy a property, you can basically expect your agent to ask you to sign a buyer’s agreement. However, the fees agreed upon on the contract may still be negotiated or adjusted especially if the offer seller’s payment is considerably lowered.
If you are a seller, you should familiarize yourself with discount agents. You should inquire from your Santa Maria realtor or agent about discounted fees. Perhaps, you will be able to get him to match whatever fees other agents offer.
6. What can you personally guarantee me?
There are some things that you need to establish before you hire an agent. An agent must be willing to release you from an agreement before the expiration of such agreement. You do not want to be stuck with an agent with whom you are not happy with. He or she must be willing to release you from your agreement upon request. Of course, if you have entered into a buyer’s agreement, it may be hard for you to get out of the contract. After all, that is the essence of this contract. It is meant to make it hard for buyers to easily get rid of an agent.
Does He Understand You?
You need to be honest with your Santa Maria realtor or real estate agent. You need to let them know your expectations and objectives. Your agent needs to understand these things and he or she must share the same goals. If you feel that you cannot work with a particular agent then try to look for someone else who can really get the job done.
You need an agent who listens to you. Unfortunately, there are those who do not listen really well. Get the agent to reiterate your expectations and goals, so you know if you are on the same wavelength. Take your time to look for the best realtor in Santa Maria.
Santa Maria Realtors – How Many Do You Need?
If you are thinking of selling your house in Santa Maria and buying another one, you do not really need two different realtors to represent you. You do not need a listing agent and a separate buying agent. You only need a single Santa Maria realtor to help you out.
Very few home owners, buyers and sellers really understand how the whole home buying or home selling process works. Not surprisingly, they do not know whether or not they need to hire a buyer agent on top of hiring a listing agent as well.
In order to understand the full scenario, you need to know the difference between these things. What do their job descriptions entail? There are many Santa agents who excel at selling Santa Maria homes and there is a considerable number of agents who are also great at assisting home buyers find the best homes in Santa Maria. There are those that can easily handle selling and buying homes at the same time.
Why Should Your Hire Separate Agents?
It is especially advisable to hire separate agents when the house you are trying to sell and the property that you are trying to buy are located in different neighborhoods or areas. You might want to look into hiring an agent who specializes in that area. Agents who specialize in particular neighborhoods have collected a backlog of clients who are interested in either selling or buying homes in Santa Maria as well. These agents will be able to respond more to your requirements or needs.
You might also think of hiring a separate buyer or listing agent if your present agent specializes only in one thing. This is particularly true with listing agents. They usually head up a team of agents and they will not likely be able to devote their time to helping you out on your purchase. You will likely be hand off to another agent in his or her team. This is why it is better for you to hire someone experienced and preferably specializing in buying properties.
Why Should You Choose Sole Representation?
Convenience – that is the most obvious reason. You do not have to transact or communicate with different agents at the same time. You only have to deal with one. Your agent can easily coordinate closings simultaneously. You will also likely get a discount as well if your buyer agent is the same as your listing agent. There are those who would charge a bigger commission fee. They would argue that working two jobs would require harder work from them, so they would likely refuse to reduce your rates. Still, it is a good idea to ask. After all, there is nothing wrong with asking.
There are many Santa Maria realtors and real estate agents. Ultimately, it is up to you to decide whether or not you would like to hire a single person to work as your listing and buyer agent at the same time or if you would prefer to hire different individuals.
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Duration : 0:3:34
Four Simple Things Real Estate Agents Should Consider Before Recommending a Home Inspector
You’ve heard the saying “There are no stupid questions.” Well, that’s as true for real estate agents as it is for anyone else. Agents should consider asking the simple but important questions listed below before referring inspectors (either home inspectors or home inspection companies) to their clients.
Referrals reflect the agent’s own professional judgment and may affect the most important pipeline of potential future business. Moreover, agents are fiduciaries: they must put the client’s interests above everything else, make the best possible recommendations, and avoid making an expedient or convenient choice when a better alternative may exist and should be evaluated for their clients. Referring your client to an inspector just because an office mate or friend says, “Oh, I’ve used them for years” is not necessarily the best strategy.
Consider the following simple questions each and every time you refer an inspector:
1. Know Your Inspector’s Background, Experience, and Credentials
All agents should take into account an inspector’s experience, including how many inspections they have performed, how long they have been in the business, and what certifications, licenses, and memberships they hold. Why? Because all inspectors are not created equal. Most inspectors are contractors, but many of the best are not. I’ve found that extensive training in the art of inspection or other code knowledge by far outweighs a contractor’s license. A well-rounded inspector will be properly trained and well versed in all aspects of residential construction.
Although some states now require licensing for home inspectors, California doesn’t. See California Business & Professions Code 7195 et seq. There are, however, professional organizations which require experience and training for membership. The two primary associations in California are the California Real Estate Inspection Association and the American Society of Home Inspectors. Consider referring an inspector who is affiliated with one of these organizations.
Don’t overlook the inspector’s relationship to his or her company. Is the inspector the owner or an employee? In my experience, owners of home-inspection businesses care deeply about their work and the reports they produce because they are concerned about potential liability and ongoing business. In some cases, an employee may not perform as well as an owner-operator because employees have less at stake.
2. Does Your Inspector Have Errors & Omissions (E&O) Insurance?
E&O insurance is an important consideration, as it may help resolve claims against the inspector for items they may have missed during the inspection after close of escrow. Inspectors are not required to carry E&O insurance, so there is currently no reliable data on the percentage of inspectors who actually are insured. I have heard that it is in the 50% range; i.e., one out of two inspectors is insured. Consider asking prospective inspectors for a current declarations page of their E&O policy. The declarations page will reveal whether the inspector has a “claims made” or per-occurrence policy and what the coverage limits and policy periods are.
Some agents even ask that the inspector include the agent’s and broker’s names as “additional insureds” on the policy. This added layer of protection for the agent and/or broker will also sometimes help resolve and settle potential claims which arise out of the referral. For instance, an agent may not have to pay his or her own carrier’s deductible if a claim arises and both the inspector and agent are asked to participate in resolution of the claim.
An inspector without E&O may have a broad range of reasons for not carrying insurance. Whatever the reason, consider referring an inspector who has E&O to provide greater protection and value for your client.
3. Does Your Inspector Use An Inspection Agreement?
Today, most inspectors have their customers (your clients) sign inspection agreements prior to the inspection. These agreements detail the ground rules, the inspector’s scope of work, and items outside that scope. I myself have reviewed hundreds of these agreements, and most of them are fair. However, some have clauses that attempt to circumvent statutory and current case law. Consider getting your clients a copy of the agreement well in advance of the inspection so that they have a chance to read, consider, and digest the terms before signing. If you or your client have questions about the terms, don’t sign until you get the answers you need.
It’s common for some inspectors to try and limit their monetary risk by stating that their total liability for negligence, errors, or omissions is limited to the cost of the inspection report. This maneuver is expressly prohibited by statute, but inspectors sometimes cleverly navigate around that fact by limiting their liability to two or three times the cost of the inspection. See California Business & Professions Code § 7196. Although there are as yet no appellate court decisions testing these type of clauses which tiptoe around the statutory limitation, it is imperative that agents know what the inspection agreements say so they can allow their clients plenty of time to digest this information and make a well-informed decision.
Another common tactic inspectors use to reduce their liability is a reduction in the statute of limitations to bring an action against an inspector. California Business & Professions Code § 7197 states that an action may not be brought against a home inspector four years after the date of the inspection; however, some inspectors’ agreements attempt to reduce this time period to one or two years. This tactic was addressed in the California appellate court case of Moreno v. Sanchez (2000) 140 Cal.App.4th 1315, which held that notwithstanding a contractual device to reduce the time period allowed in 7197, the delayed-discovery rule prevents an inspector from contractually reducing the four-year statute of limitations if the defect, error, or omission by the inspector was found or identified and the claim brought within four years of the date of the inspection.
4. How Does Your Inspector Handle Callbacks?
Callbacks are a fact of life. The first call or email you receive from your client stating that the inspector you referred “missed something” will probably be a frightening moment in your career. It can be a lot less disconcerning if you know the inspector is a stand-up business person, has a procedure to deal with these situations, and has E&O insurance. Make sure you know the procedure that your inspector has in place to deal with this situation. A smooth and simple callback procedure can calm nerves and get any necessary repairs underway before tempers rise and attorneys are called in.
Conclusion
In an ideal world, your clients would never have any difficulties with the inspector you refer them to, but, as an agent, you know that a trouble-free transaction is a rarity. If you want to demonstrate and improve your professionalism, add significant value to the services you already provide your clients, and significantly reduce potential risks for your clients, yourself, and your broker, keep these issues in mind and get answers to these key questions before you recommend an inspector. Doing your homework in this regard will give you a certain peace of mind, as you can be confident that you are recommending a high-quality inspector based on due diligence and professionalism.
David S. Roberson, Esq. is an associate at the law firm of Rossi, Hamerslough, Reischl & Chuck, 1960 The Alameda, Suite 200, San Jose, CA 95126, http://www.rhrc.net, daver@rhrc.net, 408-261-4252.
For Answers to Any and All Construction Questions Go To http://www.ConstructionQandA.com.
Article Source: http://EzineArticles.com/?expert=David_Roberson
Real Estate Tips for Buying & Selling : How to Become a Real Estate Agent
The easiest way to become a real estate agent is to go to a local real estate school. Learn how to become a real estate agent with tips from a real estate agent in this free video.
Expert: Richard Blake
Bio: Richard Blake is a licensed real estate agent that has closed more than 20 times the number of transactions per year than that of the average realtor for the last three years.
Filmmaker: Christopher Rokosz
Duration : 0:1:30
Don’t Buy Real Estate in January 2010, buy at the end of 2011
A Second wave of Adjustable loans will push Real Estate lower the middle of 2010 through the middle of 2011.
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Buying Real Estate Property : How to Buy a Foreclosed Property
Buying a foreclosed property is a very good deal. Discover how to buy foreclosed property with expert tips from a licensed real estate agent in this free video.
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Bio: Richard Blake is a licensed real estate agent that has closed more than 20 times the number of transactions per year than that of the average realtor for the last three years.
Filmmaker: Christopher Rokosz
Duration : 0:1:40