This is John Peirano of Michael Saunders and Company. Earlier today we held a company wide meeting discussing the ways we can provide the absolute BEST EXPOSURE and SERVICE to our current and potential customers. Being owners of a beach front condo on the Island of Venice, as well as having our office on the Island I feel that your daughter and son in law may have equity in the 1/1 condo they purchased five years ago. As most homeowners are aware of, there has been a correction in the marketplace of 25-35% from the PEAK sales prices of 2005, but with your children purchasing 5 years ago they should still do well upon sale. What I try and explain to ALL SELLERS in the current down cycle of the market is to look at selling as an opportunity to BUY the property they NOW really want. All homes are down, All condos are down, and they will ALL begin to appreciate upon the next growth cycle. As investors, we look at the city as a large monopoly board and all we are doing is EXCHANGING property in one location for a MORE DESIRED property in another area. The motivation could be location, downsizing, increasing the size of the home needed, change in lifestyle now wanting a condo versus a home, etc...but the key to remember is we are getting what WE WANT now while the supply of inventory gives us the best choices to suit our needs. I am not sure where your daughter and son and law live now, but it sounds like the complex of Gulf Point. With Europeans capitalizing on the favorable foreign exchange against the dollar along with SEASON coming now may be the perfect time for them to sell.
In answering the question of how do they choose the right REALTOR to represent them. There are many interview questions to ask but a few MUST ask questions are HOW MANY SALES HAVE YOU DONE IN 2007. If an agent has not sold a minimum of 1 sale a month then they are not necessarily the top producers of 2007 - which has been a year in which agents have had to adapt to get property sold. Using yesterdays techniques simply do not work in today's changing market. You should also ask the question What is the total volume in sales you have completed this year and your average sale price. If an agent has 10,000,000 in sales but only 3 sales then your childrens 1/1 may not get the same attention that it would if it were a 3,000,000 luxury property. Ask the agent WHERE LOCALLY will the property be exposed, and where at on the WEB? Ask them to provide statistics of the web traffic. If they can not do this for you then go to the next agent. As far as commission, this is the 64 million dollar question. Commission is negotiable in EVERY transaction, however, do not just hire the agent that gives them the lowest commission. Hire the agent that is the BEST MATCH for the job of getting them what they want - SOLD. Would they pay 1% more for an agent that had the negotiating skills to net them 3-5% more in the bank when all is said and done? What if the SKILL set of the agent could net them 20,000 more dollars, would that be worth 2000 more commission? Of course it would. The other thing about commission, do not hire an agent that will discount the commission and then offer out 1-2.5% on the buyers side. Why? The job is to get shown, and if an agent offers 1% verus 3% along with the other competition offering 3% then it is natural tendency for the SALES AGENT that has to earn a living to feed their families to gravitate away from the property that will not pay them what they are worth. A second point to make about agents that negotiate commissions...how much advertising can they really do and still make a profit, and how good will they be when they come to negotiate the best selling price for your children? If they are willing to easily throw away half of their own paychecks up front, then will they be willing to negotiate strongly when the time comes to save your daughter and son in laws equity. If we can be of further assistance there is much more to demonstrate, we can be reached at http://www.24-7team.com
or by calling 941-375-6864