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Maya Thomas' Blog

By Maya Thomas LLC, Broker | Agent in Key West, FL
  • Now is the Perfect Time to Your Florida Keys Home

    Posted Under: Market Conditions in Key West, Home Selling in Key West, In My Neighborhood in Key West  |  September 4, 2013 1:25 PM  |  839 views  |  No comments

    It's the Perfect Time to Sell Your Home in Key West FL 

     

    Now is the perfect time to sell your Florida Keys Home.  If you've been on the fence waiting for the right time when the market was looking up that day has come.
     

    You have a 48.72% chance of selling your property in the next 90 days
     i
    f you own a home in Key West FL.



    You have a 37.65% chance of selling your home within the next 90 days if you own a single family home in Key West FL in the Florida Keys 



    You have a 56.65% chance of selling a home in Mid Town Key West FL in the Florida Keys if you have a home listed for sale that is 1,300 square feet to 1,850 square feet with a pool.

    More information about the current real estate market in Key West and detailed information about the Absorption Rate in Key West FL can be found here.


    For help selling your most precious asset call or text me, Maya Thomas, at (305) 522-1398 or email me at MyRealPro@gmail.com and tell me how I can help you reach your goals!


    Maya Thomas LLC








  • "Pocket Listing" Pros and Cons

    Posted Under: Home Buying in Key West, Home Selling in Key West, Property Q&A in Key West  |  June 28, 2013 6:47 PM  |  1,332 views  |  No comments

    Pros and Cons of Off-MLS Listings:

    What Consumers and Real Estate Agents Should Know

     

    By Maya Thomas, Realtor, Sellstate Island Properties

    While not a new concept for veteran real estate agents, the terms “off-MLS” or “pocket” listings may be an unfamiliar phrase to many consumers and some newer agents.  Home sellers and agents should nevertheless be aware that the practice can adversely affect their goal of getting the best price reasonably possible for their homes.  As many as 10-15 percent of homes offered for sale today are “off-MLS” listings, according to one Multiple Listing Service (MLS).

     

    If you’re considering selling your home, think about the advantages and disadvantages of pocket listings.

     

    What is an “off-MLS” listing?

    Simply stated, an off-MLS or pocket listing is a property that is marketed without the benefit of being listed for sale on the MLS (i.e., “hidden” in an agent’s pocket). A property that is listed on the MLS has the advantage of being actively marketed to every real estate agent who belongs to that MLS and, through those agents, to their vast network of potential buyers looking to make an offer to purchase the property. Active marketing on the MLS usually includes open houses, broker tours and inclusion of seller’s property in the MLS’s download to various real estate Internet sites commonly used to search for properties.

     

    On the other hand, as the term implies, an off-MLS listing generally is marketed by a single agent to one or a select few potential buyers. The marketing pool can be so small that in some cases, other agents within the same brokerage or brokerage office may not even be aware that a fellow agent has an off-MLS listing.

     

    Are off-MLS listings illegal?

    It depends. They are not illegal if the listing agent fully discloses the pros and cons to the home seller and follows rules that are designed to protect consumers. Nevertheless, many real estate professionals believe that off-MLS listings may not be in the best interest of the property owner – particularly if a client does not know about the benefits of marketing his or her property through the MLS. To keep a listing off the MLS, a listing agent who is a participant of an MLS is required, under the rules of some MLSs, to obtain a signed certification from the seller that he or she does not wish to sell the property via the MLS.

     

    Why would a home seller agree to an off-MLS listing?

    Off-MLS listings sometimes are requested by celebrities, judges, prosecutors, or others who wish to maintain their privacy and/or limit viewing of their property to a select individual or individuals with the financial wherewithal to purchase.

    Are there reasons a home seller should avoid an off-MLS listing?

    Yes. Most importantly, an off-MLS listing generally does not get the broad market exposure that a property listed on the MLS gains. That can significantly reduce the number of potential offers to purchase that a property seller may receive – an important consideration at a time when multiple offers above the asking price are commonplace in many neighborhoods. A recent survey of San Francisco Bay Area real estate agents conducted by MLS Listings, Inc. revealed that 74 percent of respondents believe an off-MLS listing decreases the chance a seller will obtain the highest and best price for his or her property.

     

    Off-MLS listings also may impact real estate values on a larger scale. Property price evaluations completed on behalf of mortgage lenders – more commonly known as “appraisals” and a vital precursor to a homebuyer obtaining a mortgage loan – may be affected in communities where there are a significant number of homes being offered as off-MLS listings. That’s because not all off-MLS listings are entered into the MLS database once a property is sold. Without this critical information, it is more difficult for real estate agents and their sellers to determine a listing price, for agents and their buyers to decide how much to offer for a property, and for appraisers to determine the current market value of a property.

     

    What should I do if an agent approaches me with an offer to sell my home as an off-MLS listing?

    Ask your agent about the pros and cons of selling your home off-MLS. One advantage is that your listing remains private if you wish to maintain privacy. However, a disadvantage is your home may not be exposed to the full population of available buyers, which means there may be less competition among fewer buyers, resulting in a lower selling price.

     

    If you decide to list your home off-MLS, your agent may ask you to sign a standard seller exclusion form (Seller Instruction to Exclude Listing from the MLS).  Be sure you fully understand what you are signing and the adverse consequences outlined in the form of not listing your property on the MLS.

     

    And you may want to tell your agent that even if your home is not on the MLS, you want your agent to show and present all offers from both inside and outside his or her network.

     

    # # #

    846 words

     

    Maya Thomas is a REALTOR® with Sellstate Island Properties, 1101 Simonton St., Key West, FL  33040.  www.ListingsKeyWest.com  www.ShowcasePortfolioProperties.com  MyRealPro@gmail.com  (305) 522-1398

  • Big Pine Key Real Estate Sales

    Posted Under: Market Conditions in Big Pine Key, Home Selling in Big Pine Key, In My Neighborhood in Big Pine Key  |  May 10, 2013 4:35 PM  |  1,489 views  |  No comments

    Big Pine Key Real Estate Sales


    Waterfront Homes on Big Pine Key


    There are 70 waterfront homes for sale on Big Pine Key in FL now.  


    69 waterfront homes sold in the last 12 months.  5.75 homes sold, on average, each month.  There was a 12.17 month supply of waterfront homes on Big Pine Key.  


    37 waterfront homes sold in the last 6 months.  6.16 homes per month sold, on average.  There was an 11.36 month supply of homes on the market.  


    25 waterfront homes have sold in the last 3 months.  An average of 8.33 waterfront homes sold each month.  We currently have an 8.4 month supply of homes available for sale.  



    Homes on Big Pine Key


    90 homes have sold on Big Pine Key during the last 12 months.  7.5 homes, on average, sell each month.  There was a 12 month supply of homes during the last 12 months.  


    52 homes have sold on Big Pine Key during the last 6 months.  8.6 homes sell, on average, each month.  There is a 10.46 months supply of homes on the market.  


    37 homes have sold on Big Pine Key during the last 3 months.  12.33 homes have been selling each month.  We have a 7.29 months supply of homes on the market.  


    The market is improving!  A 6 month supply of homes is balanced.  More than 6 months is a buyer's market.  Less than 6 months is a seller's market.

  • Key West FL Short Sales

    Posted Under: Home Selling in Key West, In My Neighborhood in Key West, How To... in Key West  |  May 10, 2013 4:16 PM  |  1,357 views  |  No comments

    How to Get a Short Sale Approved by the Seller's Bank in Key West FL

    Don't present more than one contract to the bank.  The bank will over estimate the value of the home if you present more than one contract.

     

     

    Always talk to the agent doing valuing the property for the bank (Broker Price Opinion).  Share your reasoning for your asking price.  Check the similar properties that have sold recently.  If your price the property or accept a low offer you're creating a difficult situation for yourself.  It's not impossible to over come.  Is the buyer flexible?  Is the buyer willing to increase their offer?  

     

     

    Price the home properly.  Price reduce until you get an offer.  

     

     

    Bring a good offer to the bank.  It tell my buyers that it may take 9 months to get the deal done and maybe as long as 1 year.  Don't over promise and under deliver.  

     

    Bring a good offer to the bank.

     
    If the contract is low talk to the buyer's agent.  Will the buyer or seller bring cash to close if the appraisal is higher than your contract price?  Don't accept an offer from a buyer that is inflexible and doesn't have additonal money to increase their offer if the contract is low. Don't accept an offer from  buyer is completely maxed out on their pre approval letter if the contract is below market.

     

    Understand your seller's situation and financial situation.  If you don't have a genuine hardship closing the short sale could be more difficult.   If the seller doesn't have a hardship will the seller bring cash to the closing table?  Will the seller accept a loan from the bank?  Work with motivated and qualified sellers.

     

    If you price properly and bring a solid contract to the ban, have a qualified buyer and seller you'll get the job done.  Don't give up!  

    You can close every short sale listing that you take if you research and work effectively!

  • Property Valuation

    Posted Under: Home Buying in Key West, Home Selling in Key West, How To... in Key West  |  November 13, 2012 4:47 PM  |  1,462 views  |  No comments
    Property Valuation

     
    Pricing an unusual property is a challenge.  A property on a 150,000 square foot lot on wet lands in a neighborhood of homes that sit on lots that are 5,000 to 10,000 square feet can present a challenge.  Extra big or extra small or just plain extra odd homes can be difficult to value.  Vacant lot valuations when there are multiple categories of land designations when very few lots have similar lots have sold can be challenging.



    An appraisal has a definite value.  A Broker Price Opinion gives a price based upon a multiple factors.  A Broker Price Opinion provides a 15-day Investor Price, a 30 day 'Market Value' sold price and a value projection if the property is not sold and sits on the market based upon the market rate of decline, appreciation or stability.  A Broker Price Opinion gives an 'As Is' price and a 'Repaired' price.  A Broker Price Opinion is more suitable for pricing a property for sale than an appraisal.





    Appraisals are based on past prices so they lag the market.  Broker Price Opinions are based on selling the property at current market rate based upon whether the market is declining, inclining or stable.  




    I realize that appraising is an art and science and none of us have the definitive answer, but when it comes to unique properties I would prefer to trust the time, research and attention to detail that I would put in pricing a property rather than rely on an appraiser.




    One solution to pricing a unique or unusual property is to get an appraisal.  The pressure would be on the appraiser to come up with the correct price.  If the price is wrong the Realtor won't be blamed.  A Realtor recommending an appraisal may give the impression that the Realtor is flexible, professional and open minded.  




    When I'm pricing unique properties I would not want to rely entirely on an appraiser to come up with a value.  Appraisers, in the past, have come up with prices that caused a property to sit on the market for years.  When I'm working with an Asset Manager who is pricing a bank owned property, even if I call and or email the appraiser with the information, comps and methodology for my pricing the appraisers I've talked to refuse to change the value.  




    Unique properties are time consuming to appraise.    Appraisers have told me that THEY ALREADY SPENT TOO MUCH TIME VALUING THE UNIQUE PROPERTY.  The appraisers I've talked to want the bank to get a new appraisal in a few months instead of re-doing an incorrect appraisal.  Then the bank and I are stuck with a property price that may be a multiple of actual value that causes the property to sit on the market for months or years.  


    Recently I had a couple of appraisers value a few properties.  The appraisers gave the seller ridiculous valuations.  And this appraiser has a family member that an appraiser and a family member that is a Realtor.  


    This life long resident and appraiser has lived in this community her entire life.  This appraiser was born here.  This appraiser has been witness to every land management issue that has faced the state of Florida and Monroe County.  The Monroe County Comprehensive Land Use Plan is on the Monroe County web site.  


    Simply being an appraiser does not mean that a property, particularly a unique property or a vacant land parcel, will be priced at market value.  R
    ecently I had a couple of appraisers value a few properties.   



     

    When it comes to unique properties I prefer to trust the time, research and attention to detail that I would put in pricing a property before I would depend upon an appraiser.  I talk with an instructor that provides training for Broker Price Opinions and handles a large volume of bank owned properties.  The instructor will ask me question after question until I have a price derived from 3 or 4 methods that are all almost identical.  The one I use will only provide his expertise if you have taken his BPO course.  



    Robert Gress with the National Association of Realtors teaches a BPO class and he teaches the new BPO class with a designation from NAR.  Robert may have every designation offered by NAR.  He is a brilliant man.  I turn to Robert for input when pricing unique and unusual properties.  




    Robert keeps asking me questions until I am able to isolate the important criteria for pricing the property.  By the time I'm done talking to him I have 3 or more ways to value the property and all 3 valuations come out to an almost identical price.  It is very reassuring for me and for sellers.

  • 7 Easy Steps to Hire a Real Estate Agent in Key West FL and the Florida Keys

    Posted Under: Home Buying in Key West, Home Selling in Key West, How To... in Key West  |  October 11, 2012 5:50 PM  |  977 views  |  No comments

    7 Easy Steps to Hire a Real Estate Agent in Key West FL and the Florida Keys

    A Guide to Hiring a Great Real Estate Agent in Key West FL and the FL Keys. Professional and ethical real estate agents will help you reach your goals, help you learn, help to avoid drama and law suits and may be come a resource and friend that you may have for the rest of your life.


    If you hire a bad real estate agent in Key West FL your relationship and the transaction will be one filled with drama, turmoil and unhappiness. A bad real estate agent may cause you to be sued years after the sale. Or, you may feel the need to sue your bad real estate agent. There is nothing good about a law suit. A law suit will consume years of your life, your energy, your money and your joy.



    If you are a buyer working with a real estate agent in Key West FL who has homes listed for sale that are not properly marketed, marketed for bottom feeders, dirty, cluttered, have deferred maintenance and a dirty yard you are working with a lazy selfish real estate agent who will put as much effort into helping you buy a home at a great price as the effort the bad real estate agent puts into marketing and selling their client's homes. A buyer deserves more and should demand more service, energy, effort, attention, concern and competence.

    If you are a seller or buyer hire for a real estate agent in Key West FL that cares about you, tells you what they will do for YOU not how great they are, provides accurate information and provides accurate marketing materials. Hire a real estate agent that advises you to disclose defects with a Sellers Disclosure form. Hire a real estate agent that attends the Monthly Membership meeting and monthly educational opportunities. Hire a real estate agent that markets your home effectively. Hire a real estate agent that answers their phone and returns other real estate agents phone calls promptly.



    RUN from a Key West FL real estate agent that advises a seller to lie to a buyer or advises a seller to not provide a Sellers Disclosure. If you are a buyer be cautions about buying a home if the seller's real estate agent has a policy of telling their sellers not to provide a Sellers Disclosure (Johnson v Davis).


    RUN from a real estate agent in Key West FL who has a voice mail greeting that says, "I return calls between 2 pm and 3 pm". I have met sellers who have hired me to sell their home after this mega busy Top Producer, or is it mega lazy Realtor, failed to sell their home. RUN from a real esate agent that does not answer the phone when a Buyers Agent calls them.

    Run from a real estate agent who has a wall in their office, or a Facebook Fan Page full of pictures of the 'awards' that their company has created and given to them showing how much money the agent makes. These awards, and the value and attention placed on those awards, demonstrates the company philosophy and the real estate agent's philosphy about what being a good real estate agent means to then.


    A wall of company awards are there to compensate for the gut instinct you would normally have to not work with this person. Your logical mind may think, "Wow, they are a Top Producer!" All that glitters is not gold. You would be surprised how few buyers or sellers will question a real estate agent's competence, work ethic and customer service who has these self-awarded trophies on their wall. This is the same way that Bernie Madoff was able to rip off so many people. Bernie was 'special' on paper, in the media and created a mystique. Beware of the mega important real estate agent.

    Have you seen the PBS special Power Money and Wall Street? If you have you'll remember hearing a Trader talk about 'ripping someone's face off.' 'Ripping someone's face off' means selling them worthless stock to make the Trader and the Trader's firm money. The top producing Traders were the biggest dirt bags in the firm. Don't work with this kind of real estate agent or real estate company.



    7 EASY STEPS

    TO HIRE A GREAT REALTOR



    Step 1

    A Realtor that cares about you



    Don't let the fancy titles that a Key West FL real estate agent (or the owner of the real estate company) has created and given to themselves fool you into working with a greedy and self serving real estate agent who cares more about themselves than they will care about you.
    The first priority of the real estate agent should not be money. You should not be a big $$$ sign in your real estate agent's eyes.



    A clear sign that you are a dollar sign to your real estate agent is when the Key West FL real estate agent advertises how special the REAL ESTATE AGENT is. The real estate agent who advertises that they are a Multi Million Dollar Producer is bragging about how much money the real estate agent makes. By the way, EVERY real estate agent in Key West FL and the Florida Keys is a Multi Million Dollar Producer unless they are brand new because the average sales price is close to a half million dollars.



    A great Key West FL real estate agent's marketing message should be about YOU, the buyer or seller, and what the real estate agent is going to do for YOU, the buyer or the seller. If the marketing and advertising message is about how much YOU, the buyer and seller, DO FOR THE real estate agent something is wrong or how much money all of their seller's and buyer's make for the real estate agent this is probably not a real estate agent that is going to care about you.



    A real estate agent who advertises that they are a Top Producer or a Multi Milllion Dollar Producer sees you as a tool, like a shoe, that helps the Top Producer get rich. The Top Producer gets rich at YOUR, the buyer or seller's, expense. You are not a partner. You are a dollar sign. You are money to selfish, desperate and greedy real estate agent. Look for a real estate agent that you feel wants to put their client's interests before their own.



    The greedy, self serving and selfish real estate agent sees you as a dollar sign and money. The real estate agent who cares about money and sees you as money in the real estate agent's pocket will show you their priorities. Pay attention. The money hungry real estate agent has dozens of faux awards for being the Top Producer, the Top Listing Agent, the Top Selling Agent and maybe some other fancy sounding AWARDS or TROPHIES.

    If the real estate agent gives you the impression that they are so special that you should be honored that they have time to work with you there is a good chance you will come to regret working with them. You may have the impression that they are self centered and easily annoyed. When they show a home you can see that the other real estate agent has little or no respect for them and sometimes clearly does not like them. Maybe they are rude to the other real estate agent. You can be certain that if they are so unprofessional that they feel comfortable treating someone in their industry so rudely that as soon as they are comfortable with you they will treat you the same way.



    EVERY real estate company can CREATE fancy awards for the real estate agents that work at the company. Don't fall for this trick. The money hungry real estate agent has awards from THE COMPANY that they work for that indicate how much money the Realtor makes and how many buyers and sellers they are able to INFLUENCE to work with the real estate agent. Examples of company awards: Elite 'Fancy Name' Award, the 'Exclusive Word' Circle of 'Amazing Word' Realtors Award, the Platinum, Gold, Silver, Bronze 'Spectacular Word' Award for production.


    Step 2

    A real estate agent that is not a con artist and not a liar



    A real estate agent who leaves out information to mislead a buyer or seller is lying. Making a buyer or seller believe something that is not true is lying. Not providing information about material defects is lying. The simplicity of this may seem condescending, but dealing with real estate agents has made me feel that being this simplistic is necessary.



    Some real estate agents like to pretend that they don't know what lying is. Some real estate agents are con artists that care more about money than they care about honesty, integrity and truth. If a real estate agent is willing to lie to the buyer when you are the seller they are going to lie to you if it helps them get something that they want. BEWARE! If you are the seller and your real estate agent is willing to lie to a buyer you can be sure that they have no problem lying to you. Don't work with liars.



    Some real estate agents care more about money than their client. Some real estate agents are willing to do anything to be a Top Producer. A real estate agent that advises a seller not to provide a Seller's Disclosure will cause a seller harm and possibly harm themselves.



    When I look at the history of a home in the MLS I find 'terminated member' listed as the selling agent far more than any buyer or seller would imagine. The unethical and incompetent real estate agent's advice provides an opening for an opportunistic buyer to sue a seller or a real estate agent years after the closing for failure to disclose as required by Johnson v Davis.



    It's a small world and Key West FL and the Florida Keys is a very small community. There are not many contractors, handymen and termite companies. If a contractor, handyman or termite company visits your home years after the closing and meets a nice friendly home owner the information you failed to disclose will quickly come out. Expect to be served with a law suit if you have not provided a Sellers Disclosure to a buyer. Expect to be served with a law suit if you have been dishonest in your dealings. Expect to be served with a law suit if your real estate agent has been dishonest in their dealings.



    Buyers buy homes in Key West FL with every imaginable defect. Over disclose! There will be a buyer for your home. There is a buyer for every home! Withholding information won't put money in your pocket in the long term. Buyers sue when a seller covers up defects and misleads a buyer.



    If a Key West FL real estate agent advises you not to provide a Sellers Disclosure to a buyer stop and think for a moment. A Sellers Disclosure FORM is not required, but disclosure is ABSOLUTELY required. For more information read about Johnson v Davis. Keep in mind that if a real estate agent will lie to someone else they will probably lie to you too. BEWARE!


    Step 3

    Hire a real estate agent that provides accurate information to a seller



    With accurate information a seller in Key West FL will, almost always, price their home properly. If the seller will not price their home properly the real estate agent best serves the seller by not accepting the listing.



    Be wary of a real estate agent in Key West FL who tells you that your home is worth $XYZ and is willing to accept your listing at 30% to 50% above the market value listing price. The experienced unscrupulous real estate agent knows that they will be able to grind a seller down over time.

    Some unscrupulous real estate agents use a technique called 'the fish hook.' This real estate agent wants to get the listing now and worry about the price later. A home that sits on the market for an extended period of time with multiple price reductions seems less attractive to buyers. A properly priced home will sell for more money quicker because there are always buyers who are anxious to buy a home NOW. When the perfect home comes on the market at the perfect price a buyer is more likely to offer over asking price or full asking price. The longer a home sits on the market the more flexible the buyer thinks the seller is.



    If a real estate agent in Key West FL accepts a properly priced listing the real estate agent's LIST to SALE PRICE RATIO (L/S) will be high. This is an excellent indication of the real estate agent's competence. The closer that the LIST TO SALE RATIO is to 100% the better. UNLESS the LIST TO SALE RATIO is skewed by under priced listings. If one of the listings sold for $50,000 more than asking price beware. A home that sells for $50,000 more than asking price indicates that the home was severely under-priced. Pricing slightly under market will stimulate multiple offers but a sold price of $50,000 more than asking price indicates that the home was greatly under-priced and may have sold for less than market value.



    The DAYS ON MARKET (DOM) will be closer to 30 days than 365 days. There are unscrupulous real estate agents who will accept a listing at any price because they know from experience that having a listing is like having a fish on a hook. Once a seller lists their home the seller's hopes and dreams are triggered and the seller begins to imagine selling their home and moving forward in live and getting closer to their goals.


    A seller will, over time, become more attached to their future than they are to their 'present' and will become more flexible. The real estate agent who accepts over-priced listings will 'grind' a seller down over months or years until the home is priced at Market Value. There is a lot of disappointment and unhappiness for a seller who goes through this process. And the seller gets less money than they would have if they had priced their home at Market Rate.



    Step 4

    Truth in marketing and advertising from a Key West FL real estate company



    There are real estate companies that will advertise and tell a seller or buyer that they are # 1 in Key West FL or the Florida Keys. These real estate companies also say that they have the highest per agent productivity in Key West FL and the Florida Keys, the shortest Days on Market (DOM) and the highest List to Sale Ratio (L/S).



    A high per agent productivity may or may not be an indication of a real estate company's competence. There are times when a buyer wants to get out of a contract and walk away from a home. A skilled and smart real estate knows that there are many loop holes in a contract that can be used to get a buyer or seller out of a contract.



    A real estate agent that helps a buyer get out of a contract will have fewer sales and make less money and will bring down the per agent productivity in a real estate company. A real estate agent who works harder on every listing will have fewer sales. A real estate agent who works with buyers will have fewer sales. Buyer consume vast amounts of time.

    In the past I worked for a real estate company that brought in a lawyer to teach us how to make it almost impossible for a buyer or seller to get out of a contract. Getting out of contracts is NOT good for a real estate company. The real estate company is in business to sell homes and make money. The owner of a real estate company only makes money when homes close. Few real estate company owners and real estate agents are not interested in helping a buyer or seller get out of a contract.



    A high List to Sale Ratio and short Days on Market are great indicators of a real estate agent's competence if the statistics are accurate and if the homes in Key West FL were listed at fair market value. The problem is that the information some real estate companies provide is NOT truthful.



    A owner of a Key West FL real estate company recently contacted a seller I work with on a regular basis. The real estate company gave my seller a newsletter that they distribute on line and by mail. The newsletter gave a bleak impression of the market. The newsletter made the seller worry. I provided accurate information from the Key West Association of Realtors database which created a different impression for my seller.



    The Key West FL real estate company attempted to manipulate the seller that I regularly work with. The ploy, or scam, would have worked if my seller didn't get accurate information from me. Some real estate companies mail false marketing and advertising in Key West FL and the Florida Keys.



    Some real estate companies doctor the real estate statistics or take them out of context. We all know that statistics can be manipulated by unscrupulous people. Some real estate companies do FAR MORE than exaggerate. Some companies CREATE completely false marketing statistics. I have seen information that is completely fabricated.



    I worked for a real estate company that distributed fabricated information at their weekly sales meetings. The sales manager would pass out statistics to the real estate agents in our company listing the Top 5 real estate companies in Key West FL and the Florida Keys. I would ask, "Why is XYZ company and PQRST company not on the list? They sold a combined 10 million dollars in real estate last week." The sales manager would ignore the comment and move on as if I didn't make the comment. The company policy was to include the fabricated numbers in our Pre Listing Presentation for sellers. That company would say that we had the highest per agent productivity of all the real estate companies in Key West FL and the Florida Keys. That company would say that they sold more than any other real estate company in the Florida Keys. We also had more real estate agents than any other real estate company in the Florida Keys.


    Step 5

    Employ a real estate agent in Key West FL that attends the monthly membership meeting and educational opportunities offered by the Realtor Association



    Knowledge, information and relationships will help you have a better real estate experience. Stupid unethical real estate agents cause problems. Uninformed and inexperienced real estate agents create problems. Unethical real estate agents create drama. Avoid problems and drama by working with an ethical, experienced and well trained real estate agent.



    A great real estate agent in Key West FL will attend the monthly Realtors Association member meeting. A great real estate agent will attend all of the educational opportunities provided by the Realtor Association. If a real estate agent that you are considering working with does not attend the monthly Realtor Association meetings and educational classes there may be a reason.



    If a real estate agent in Key West FL does not attend the monthly Realtor Association meeting the real estate agent may be lazy or disliked. Maybe the real estate agent doesn't care about learning and doesn't care about learning how to better serve their clients. Maybe the real estate agent has poor relationships with the real estate agents in their Association because they have assaulted another member or have a reputation for being unethical. Always check a real estate agents name on the Monroe County Sherriff's Office web site http://www.keysso.net/dll/webquery.dll. Lack of a criminal history does not guarantee a good real estate agent, but it helps you eliminate a real estate agent from consideration immediately who has a criminal history.



    A seller or buyer should not work with a Key West FL real estate agent who is unwilling or unable, due to poor relationships, bad morals or unethical behavior, to attend the monthly Realtor Association meeting and monthly education meeting. A real estate agent who attends the monthly Realtor Association meeting and the monthly education meeting invests less than 3 hours per month in being informed. This investment of time and effort in their education helps them serve you better. A better informed and smart real estate agent will take better care of you.



    Step 6

    Effective Marketing



    A great Key West FL real estate agent puts the maximum number of pictures on the Realtor Association web site, provides Visual Tours or video, compelling marketing remarks, blogs about the homes they list for sale, has a web site and places your home on the most visited real estate web sites on the internet.



    If a Key West FL real estate agent fails to encourage a seller to make improvements the real estate agent is showing you that they care less about you than they care about themselves. A Spaghetti Pot Realtor wants to list as many homes as quickly as possible with as little effort as possible. Getting a seller an extra $30,000 will result in only a few extra dollars in the unscrupulous real estate agent's pocket.



    It takes time, energy and hard work for a real estate agent in Key West FL to encourage a seller to make improvements. Encouraging the seller to make improvements eats time like a hungry giant. It's not easy to motivate a seller that has a dirty home in disrepair and or a dirty yard to make improvements. It's time consuming to motivate and encouraging a buyer to make repairs, clean a home and clean a yard and will almost always delay the listing of the home.

    A Spaghetti Pot Realtor wants to spend the least amount of time working with you, waiting for you, showing your home, accepting offers and sorting through paper work. The less time the Spaghetti Pot Realtor spends working for you the higher their hourly rate of pay is.



    A great Key West FL real estate agent will recommend that you stage your home. At the very least a great real estate agent will insist that you remove personal items and remove items that indicate your political affiliation or religion. De-personalize and clean your home and you will get a better offer quicker.



    A great real estate agent in Key West FL will recommend that you clean every particle of dirt, fix all of the defects and clean and maintain your yard to get the highest offer fast. De-clutter your home. Clutter will cost you money. If your stuff wont fit in your house the buyer will think that they will have the same problem. You will get a lower offer and it will take longer to get that low offer. Conversely, if you are buyer in Key West FL you can expect to get better deal for a home that is dirty, has deferred maintenance and has an over grown yard.



    A real estate agent who markets homes with terms like, "Bank Owned!", "Seller Motivated!", "Estate Sale!", "Distressed Sale" or other similar remarks will attract 'bottom feeders' who will offer less than Market Value for your home. The buyers that your real estate agent attracts with these marketing terms are typically unpleasant to work with and will nickle and dime you to death. These buyers are difficult to work with, eratic and often unscrupulous, not dependable and typically have an unpleasant disposition.

    A real estate agent who writes, "3 bedroom fixer upper!" in the Marketing Remarks on the Realtor Association web site is not selling the benefits and features of a home and a neighborhood. A Key West FL seller will not get as many prospects with poor Marketing Remarks. Greater demand than supply increases the price of a product or service. Poor Marketing Remarks will bring fewer buyers and will reduce the price of your home offers. Conversely if you are a buyer in Key West FL you often have less competition and may have the opportunity to buy this home for less than market value.



    If you are a buyer, look at homes with 1 picture or a couple of terrible pictures with little or no Marketing Remarks. You will have less competition and can often offer less money for the home. You are likely to get a better deal for a poorly marketed home in Key West FL. A buyer could get a $50,000 discount if you buy a home with poor marketing that is dirty, cluttered, not staged, has deferred maintenance and a dirty yard.



    If you are a Key West FL buyer working with a real estate agent who has listings that aren't properly marketed, marketed for bottom feeders, dirty, cluttered, have deferred maintenance and dirty yards you are working with a lazy and selfish real estate agent that is probably a Spaghetti Pot Realtor who will put as much effort into helping you get a great home at a great buy as they put into marketing and selling a home for a seller. You deserve more and should demand more service, attention and competence.


    Step 7

    Communication


    A great real estate agent in Key West FL answers the phone or returns calls within a reasonable amount of time. If a real estate agent's voice mail greeting says, "I return calls between 2 pm and 3 pm" RUN! Beware the Top Producer or Multi Million Dollar Producer who doesn't answer the phone calls of other real estate agents.

    After much thought and discussion the only logical explanation is that the real estate agent who won't answer the calls of other real estate agents in Key West FL is hoping to work directly with other real estate agent's buyers. Or is too busy to answer the phone. Or has some other serious problem. If it's an ethical problem, like poaching other real estate agent's buyer, they aren't worth working with. If they have a problem with courtesy, organization, professionalism or ethics the real estate agent isn't worth working with. If someone will cheat someone else they will cheat you when they have the opportunity.


    A Top Producer is often a 'Spaghetti Pot Realtor' that lists as many homes as possible as fast as possible with as little effort as possible. A Spaghetti Pot Realtor may sell 50% of the homes they list. There are Multi Million Dollar Producers in Key West FL that I have to call, email and text up to 10 times to get a response. Sometimes I have to go to their office or home! These Top Producers have infuriated many buyers. These Top Producers have alienated many buyers. If you are a seller in Key West FL the last thing that you want is an infuriated and alienated qualified buyer waiting days to get a return phone call so they can look at your home.


    Search for real estate in Key West FL.

  • Multiple Offers to Purchase Key West FL Real Estate

    Posted Under: Home Buying in Key West, Home Selling in Key West, How To... in Key West  |  August 13, 2012 8:20 AM  |  590 views  |  No comments

    Multiple Offers to Purchase Key West FL Real Estate

    When a seller receives an offer, or multiple offers, to purchase a parcel of real estate I provide a seller with the information that they need to evaluate the offers and determine a response.



    I give the seller a Price Opinion, also known as a Comparative Market Analysis (CMA) and a broker Price Opinion (BPO).  My Price Opinion report lists comparable sales and properties that are on the market competing with the seller's property.  The Price Opinion includes a 12 month, 6 month and 3 month analysis of similar sales and the over all market to determine whether the real estate market in  the neighborhood and Florida Keys area is stable, decreasing or increasing.



    I give the seller the price opinion, the offer or offers, and a report that tells a seller how much cash a seller will take from closing table if they accept the offer or one of the offers presented.



    If both offers and all terms were exactly the same and both offers were cash then I would recommend working with the agent who is the most profession and ethical agent.  



    If one buyer was significantly more qualified that would be a topic of conversation.  



    The condition of the property would be considered if the financing were VA because a VA loan will not a allow a loan if the property is deficient in any way.  The VA will not allow a loan if there is not central air and heat.  If the buyer's agent told me that the buyer had limited resources and was at the very top of their budget and had no cash reserves that would be a topic of conversation with the seller because a repair could make the buyer walk from the deal.



    The seller and I would discuss the financing.  It can take longer to close on a VA loan and an FHA 203 K loan.  A longer closing period might be attractive to some sellers.



    The seller determines whether they would like to reject an offer, counter offer an offer, accept an offer or call for the Highest and Best offer.

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