Central Ohio Real Estate Market News

Entries categorized as ‘Realtors®’

Help the Mid-Ohio Food Bank

December 3, 2008 · No Comments

Real Living HER is partnering with the Mid-Ohio Food Bank with a food drive to help feed central and eastern Ohio’s hungry families during the holiday season. The Food Bank serves over 500 food pantries, shelters, and other sites around Ohio.

The goal is to “make food accessible to hungry people in their greatest times of need”. Real Living HER supports these ideals.

My office in Worthington at 6902 N High St (just south of I-270) will have a box in the lobby where you may drop off canned or dry goods. If you live in another part of town, you can drop it off at any of our other offices. (map of Real Living HER offices).

The food drive officially ends on Friday, Dec 19 when the food will be collected and taken to the Food Bank.

I’m sure that this year when money is much tighter for folks, anything extra donations you can provide will be greatly appreciated.

Categories: Central Ohio · Franklin County · Real Living HER · Realtors® · Worthington Ohio
Tagged:

FSBO’s on REALTOR.com … in your dreams!

November 18, 2008 · No Comments

The real estate industry blogs were all abuzz this week reacting to a press release from ForSaleByOwner.com. The press release was later challenged as false and misleading and a retraction has been requested.

In the press release, FSBO.com said they were going to be adding their listings to the powerhouse search site REALTOR.com which is the search site exclusive to REALTORS® … the members of the National Association of Realtors®.

Needless to say, REALTORS® were very upset because we must pay huge fees to belong to the NAR, plus hundreds to thousands of dollars to upgrade our listings on REALTOR.com. The thought that a FSBO seller could have their listings there was just inconceivable. It was the principle … the FSBO seller has already indicated that they don’t want to pay for a REALTOR’s® services … but they want to derive a benefit from our national listing service … without paying for it.

It would be the same as someone being able to join the American Bar Association without having gone to law school, but buying the do-it-yourself Will papers at Staples or Office Max to avoid paying legal fees.

Fortunately, NAR and REALTOR.com have challenged FSBO.com and issued these clarifications:

  • FSBO.com does not in any way enable home sellers to advertise their home on REALTOR.com without broker representation. Every property on REALTOR.com must be listed by a licensed real estate broker.
  • REALTOR.com has not authorized FSBO.com to resell REALTOR.com’s Showcase Listings Enhancement package.
  • There is no relationship between FSBO.com and REALTOR.com.
  • There are no unrepresented homes on REALTOR.com - every property on REALTOR.com must be listed by a licensed real estate broker, and unrepresented properties would not qualify to be submitted to a Realtor® owned and operated MLS.

REALTOR.com has asked FSBO.com to issue a retraction. FSBO.com also did not request or receive permission to use REALTOR.com name in their press release. Tsk … Tsk!

Maybe FSBO.com should be more careful in making their unsubstantiated claims! Ya’ think!

Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Advertising · FSBO · Homes · Homes for sale · Internet · Realtors® · Realtor® selection · Sellers
Tagged: ,

Who holds the keys to your castle?

November 15, 2008 · 4 Comments

This is for those sellers who have moved to their new location - in another city or state - and left behind a vacant home that is for sale. Of course, the home will have some type of lockbox on the front door so real estate agents can show it.

What sellers may not consider are the key(s) they’ve given to others, perhaps a trusted neighbor or friend. When deciding who to give a key to, please consider this story of what happened to one of my sellers a few years ago.

My client was to leave on Saturday, over Memorial Day weekend, to drive to his new state. He asked me to stop by on Friday to give my stamp of approval that his home was cleaned, ready for the closing that was to occur on Tuesday after the holiday. I gave it my blessing and he was so proud of the great job he had done. We were all set to close … or so we thought.

The buyers, who were moving in from another city, had scheduled to do their walk-thru at 9:00am Tuesday morning, then they would go to the title company to close.

Around 9:15, I received a call from the buyer’s agent, screaming at me about what a mess the hometeens was. It took several minutes for me to get a word in, but I managed to tell her I would come right over. Here’s what I saw:

  • Plastic cups in EVERY room. Some were still filled with Orange Crush soda. Some had been used as ash trays, using the soda to extinguish the cigarettes. (thank goodness they didn’t set fire to the home!) Some cups were tipped over, spilling the orange soda on the white carpet. Several rooms had large orange spots on the carpet, including the stairs.
  • The whirlpool tub had soap scum lining the sides.
  • A window screen had been removed from a bedroom window and was laying, bent, on the floor.
  • The kitchen counters had multiple microwave entree trays, with crumbs all around.

I was shocked because I hadn’t a clue as to what had happened between Friday to Tuesday. My client was a very nice, soon-to-be-retired gentleman, and definitely not the type to purposely do something like this. I tried to call him, but was unable to reach his cell phone.

Fortunately, a neighbor saw the flurry of activity at the home, and came to tell me that he had seen the neighbor’s teen daughter going in and out of the home over the holiday. He also saw some boys sneaking in as well. AHAH!!!! It seems my client had told that neighbor what the garage door code was so she could put his trash out on Tuesday. The post-it note with the code, was stuck on their fridge. The daughter saw an opportunity to have a holiday party!

I called the police to report the break-in and vandalism so my client could make a claim on his homeowner’s insurance. He was able to get reimbursement for the new carpet that was required when the carpet cleaners couldn’t remove the orange stains. The police took the girl, and later her friends, to juvy and they were charged with the crimes. I heard they had to spend some time in juvy-jail.

So, sellers think about this story when you decide you can trust your neighbor to “watch” your home. You may be able to trust the parents … but perhaps not their kids … especially when hormones are involved.

Oh, yes … we DID close later that afternnon … just had to hold back some funds in escrow for the new carpet.

Read these related posts:

Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Home selling process · Homes · Homes for sale · Realtors® · Safety · Sellers · Sellers

How do you decide which real estate agent to use?

November 7, 2008 · 1 Comment

Let’s try another poll. This time you can register your opinion on what you think are the THREE MOST IMPORTANT traits/skills for an agent to possess. Think about the questions you would ask an agent, and which skills you would use to make your selection. There’s a box for you to add your own key trait at the bottom, if it’s not already listed.

This will be very informative for me as well as the other agents who read my blog. Be sure to click on “View Results” to see how your answer compares to others.

Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Buyers · Realtors® · Sellers · Surveys
Tagged:

How do you feel about hiring a part-time agent?

November 5, 2008 · 2 Comments

When you hire a real estate agent, are you sure they don’t have another job? Would you mind if they did?

The past two years have been challenging for agents to make ends meet. When times were good, a lot of people entered the business. If those agents didn’t develop the skills to manage their business, they may be having trouble now. Many have had to leave the business or take part-time jobs to help pay their bills. A few are even losing their own homes to foreclosure.

I recently heard that so far this year there was a 7% reduction to membership in the Columbus Board of Realtors®. The source of this information told me that they expect even more to get out of the business by the end of the year since our first invoice for 2009 dues was just received and half is payable the end of December. Our annual dues are just under $800.

Our job is a little like OB Dr’s … but without the big bucks. We’re “on call” 7 days a week, usually at least 12 hours a day. We work when clients do and when they don’t. We might get a phone call at 8:00 in the evening from another agent saying they’re faxing an offer. Then we must contact our client to review the offer with them. One year I even spent the better part of New Year’s Eve with my sellers going over an offer and writing up a counter offer.

When an agent has another job, they simply can’t be responsive to critical phone calls or managing the details of a home that’s in contract. When they’re at their other job they can’t receive or respond to faxes and may not be able to accept personal phone calls. If they do try to cram in a contract or counter offer in between jobs, they may be prone to making mistakes in the wording of the legal document. I’ve been on the receiving end of those, and they always require a counter offer from the seller to “clean up” the contract. The most frustrating aspect of being in-contract with such an agent is that it forces everyone else involved in the transaction to work around the schedule of the agent’s other job.

There ARE some agents who are supported by a spouse’s income, so they may “dabble” in real estate primarily working for family and friends. That’s a different scenario than having another job as they don’t have the time constraints.

If it’s important to you to have a full-time agent working for you, then be sure to ask if they have another job or think they may need to get one during the time they’re working for you. This is an issue that probably won’t go away anytime soon, as there are simply too many agents vying for the lower overall business that is available. Weeding out the less skilled, lower performing agents is viewed as positive for the industry. As with any industry, it’s Survival of the Fittest.

Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Central Ohio · Realtors®
Tagged:

Out … out … darn spot!

September 24, 2008 · No Comments

Busy Realtors® work long hours and sometimes it feels like our office is in our car with all the files, signs, tools, equipment that we store there. We may grab a bite to eat at a fast food drive-thru on the way from one appointment to another. Years ago, I remember seeing a special Realtor® bib with a big deep pocket to catch dribbles.

I think I need a bib.

I had three appointments tonight and in between the second and third one, I grabbed a fish sandwich at Mickie D’s to eat on the way to the last task - which fortunately didn’t involve actually seeing a client. I only needed to place a new sign strip on a yard sign which is why I thought it safe to “eat on the fly”. 

Have you ever noticed how squishy that tartar sauce is in those fish sandwiches???

Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Humor · Real Living HER · Realtors®

Home buyers … prepare for more scrutiny.

September 23, 2008 · No Comments

In this month’s REALTOR® Magazine, there was an article alerting us to a new direction some of the large brokerages are taking regarding the buyer’s financial approvals. Buyers, you need to be aware of this new direction prior to submitting a purchase offer on a home.

Our central Ohio Purchase Offer Contracts contain a paragraph regarding the date the buyer will provide the seller with a preapproval letter. The language in the paragraph is very specific as to what is to be included in the lender’s preapproval letter. Often times the preapproval letter that the lender provides is merely a form letter and upon close examination, doesn’t provide the exact info required in the contract.

Many times that preapproval letter isn’t sent along with the Purchase Offer. So the seller is being asked to enter into a contract with no knowledge of the lender or the type of loan the buyer will be using.

Sellers have the right to know who the buyer’s lender will be, what type of loan (Conv, FHA, VA), and whether the buyer is preapproved for the amount of the price of the home. In today’s financial market, this is extremely important as too often issues later arise with the buyer’s financing that cause the Contract to be terminated. That impacts the seller as they have taken their home off the market thinking they are in a bona fide Contract.

“We’re seeing a much higher incidence of buyers thinking they have financing and finding out either at the closing table or days before that the lender doesn’t have the money or has gone out of business,” says Jacelyn Botti, head of residential sales at Weichert Realtors® in Morris Plains, NJ.

Per the REALTOR® Magazine more and more brokers are working to “bulletproof” financing for buyers. One such brokerage’s program offers their sellers a “buyer’s verification”, which lets the seller request that buyers get a mortgage approval (at no cost) from the broker’s funding affiliate BEFORE making an offer on the seller’s property. If the buyers are approved, they are not required to use the broker’s funding affiliate, but it gives the sellers the added assurance that the buyer qualifies for a mortgage prior to entering into a Contract with the buyer.

From the seller’s perspective, this extra approval process gives the seller some assurances that a questionable lender won’t be doing some hocus-pocus financing. For buyers, while they may not care to go through the extra paperwork, it will offer a better chance that they will actually be able to go to closing OR it will alert them that they were originally planning to use a disreputable lender. This would be a good thing for both parties if the ultimate result is a completed transaction.

Buyers, if you want a better chance that the sellers will consider your offer, then …

  • Select a reputable, well-know lender. A local one is better (no online aggregators).
  • Don’t just get pre-qualified, get PREAPPROVED.
  • Send the preapproval letter with your offer.
  • Be prepared for the seller to ask for an alternative approval.

Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Buyers · Central Ohio · Home buying process · Home selling process · Realtors® · Sellers

Category 1 Hurricane hits Central Ohio

September 17, 2008 · 4 Comments

DAY ONE - Sunday

Well, now central Ohio doesn’t usually get hit with hurricanes. Whenever hurricanes hit Texas, we often get the remnants as heavy rain and some strong winds. Sunday was different. In addition to Ike’s winds, there was a cold front overhead with 110 mph winds. When the two mixed together, we ended up with 75 mph winds that lasted from around 3:00 in the afternoon until around 8:30 in the evening. Nearly 6 hours of that wind force is bound to do quite a bit of damage.

Lots of downed or split trees as the wind often pulled different sides of the trees in opposite directions. My neighbor’s street tree split off a large limb and it is laying in both our yards. Lots of damaged roofs. Cars smashed when trees fell on them. And nearly 500,000 AEP users out of electricity here in central Ohio. Over two million without power in all of Ohio. The governor declared a state of emergency since 84 of the 88 counties were impacted by the storm.

My brand new roof with shingles guaranteed up to 80 mph made it through in good shape. Not so, for many of my neighbors. In addition to losing large sections of shingles, some lost siding and one home behind me had a 20 ft section of gutter banging against the side of the home.

Many were unprepared for the storm as only strong winds were forecast. The Murph and I spent Sunday evening sitting in candlelight while I worked on my laptop for the hour or so that the battery lasted. I plugged my cell into my car to charge it up, but didn’t have any such accessory for the laptop. After checking in with my kids to make sure they were all OK, Murphy and I went to bed since there wasn’t anything else to do.

DAY TWO - Monday

The first thing I needed to do was to check on my listings to make sure they were OK. A couple had trees down but no damage to the homes. None have electricity. Thank goodness it’s not raining so we don’t have to worry about the sump pumps not working and flooding finished basements.

I was most concerned with my Worthington listing since Worthington with all its big old trees was hit pretty hard. On the way to my Worthington listing, I happened to  pass my office manager’s home. A very large neighbor’s tree is now resting on the back of their home. It was awful. Thankfully, they’re OK. My listing was OK … just a lot of debris that will need to be cleaned up.

Getting gas was a challenge. Many stations didn’t have electricity so those that did had lines of cars at the pump. I got into line and was about 3rd from the pump when they ran out of gas. Batteries were in short supply and ice was not to be found. Since we really didn’t have a warning that the winds would be this bad, people simply weren’t prepared.

I purchased an adaptor to recharge my laptop using the power supply in my car. I bought the last battery powered AAA weather alert radio/TV at Radio Shack. Now at least I can listen to something in the dark evenings. I also bought more candles and had to buy another flashlight in order to get DD batteries. At the grocery, I bought food that doesn’t need cooking. Did you realize that a lot of unhealty, but really good food doesn’t need cooking. ;-) Oh, well, I’ll worry about that diet later!

My Worthington office doesn’t have phones or electricity, so I spent a few hours at the Powell office gathering email, and doing necessary computer work for the homes I have in-contract.

AEP has reportedly called back most of the crews they sent to Texas to help out, plus, they’ve requested help from nearby states.

During the early evening hours, instead of listening to the sounds of birds, I heard the humming of generators and the razzey sound of chain saws. Other neighbors were cooking food on the grill to use it up rather than having to throw it out. Still other neighbors were walking their dogs and checking to see how fellow neighbors were coping.

At night, The Murph and I sat by candlelight again, but at least this time I had a radio to listen to. When it came time to go to bed, I noticed that my waterbed was no longer toasty warm. Yes, it’s one of the original kind - don’t laugh - bought back in the mid 80’s. I love my warm, comfortable waterbed but it’s not too comfy when the heater doesn’t HEAT! 

DAY THREE - Tuesday

News reports are saying that my area won’t get electricity restored until Sunday night. We’re hoping that they’re just saying that to prepare us for the worst. The accessory cord I bought for the laptop works fine but still the battery only lasts for a little over an hour. I may end up sitting on a chair in my garage with a cord plugged into the car. Could be a new kind of office.

I don’t have wash ‘n’ wear hair, so yesterday I bought some foam curlers in all sort of pastel colors. When I checked out at the grocery, the cashier looked at the travel pack and asked me what “those things” were. She was young with long straight hair so she wouldn’t understand. ;-) So, today I have a hair-do that LOOKS LIKE it was curled with sponge rollers. Oh well, better than flat hair!

The Worthington office is still without phones or electricity, so I went into the Powell office to handle the work. One thing I noticed was that traffic moved better through the stoplights that DON’T work than through the stoplights that DO work. Some of the agents said they are now staying with relatives who’ve had their electricity restored. There was the usual discussions of how we’re handling inspections without electricty in the home and some were dealing with insurance repair estimates to be held in escrow until after closing.

No matter what our own homes are like, we still need to meet the due dates of contracts.

When I got home in the evening, I had a nice surprise … my neighborhood’s electricty was on. There are now 16,000 homes in Delaware County without power. On the way home, I saw a crew from another state working on a transformer at Home Rd and Liberty Rd. Thank you to whatever state they were from.

DAY FOUR - Wednesday

I’ve been on the phone a lot so far today. People are starting to regain electricity, but still others will have to wait for the weekend. I’ve spoken with a couple agents I’m co-oping with and they either can’t retrieve their email via their broker’s system or they don’t have an office with electricity to get faxes and no fax in their home. We’re trying to work through it though and to stay in communication via our cell phones. One agent I spoke with “forgot” she had a landline she could use when her cell battery died. I did the same thing. We get so accustomed to carrying on our business the “new” way that we forget how to use the “old” way!

Delaware County is now down to 11,000 without power. The treed areas of Worthington are still not projected to have all power restored until Sunday. I spoke with another person in my office who said that in addition to the tree on our manager’s home (which will require a crane), one of the agents has a tree on parts of her home as well.

So far, people are trying to be cooperative and maintain good spirits, but you can tell by their voices that the situation is wearing their nerves a little thin. We are all SO thankful that the weather is cooperating. The mild temps allow us to be comfortable without AC or heat.

Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Central Ohio · Delaware County · Delaware Ohio · Fix-ups · Franklin County · Home selling process · Homes · Powell Ohio · Realtors® · Sellers · Worthington Ohio
Tagged: ,

A decade of selling homes in central Ohio

September 7, 2008 · 3 Comments

This month is a fairly important month for me. First of all, it marks a milestone birthday for me, but I’m not going to talk about that … it’s too depressing.

Secondarily, it means that I’ve now been in the real estate business for ten years. When I took the 120 hours of coursework in August 1998, the instructors told us that for every three of us in the room, only one would still be in the business after three years. So I guess I’m a survivor.

During the past ten years, the business of real estate has changed quite a bit. Few brokers even had a web site. I started my own web site in 1999. The MLS system was DOS-based and we could only load one photo which took 24 hours to show up on the listing. Many of us used 35mm cameras and had to have the film developed first before we could scan it to load it into the MLS. Within a year we had digital cameras that used the big floppy disks. We thought we were in heaven.

DOS-based MLS - oh, my!

We searched for homes, sometimes via the MLS DOS system, but big thick books were easier to use, however, they were quite expensive and out-of-date by the time they were printed. Because we couldn’t see photos of the interior of homes, we would often show 20-30 homes to find one that was acceptable. Now we may show only 5-10, because the unacceptable ones are eliminated online.

The paperwork required to complete a transaction was far simpler. Now it seems we have disclosures for the disclosures. The Purchase Offer is now up to 10 pages. We can thank lawyers for that.

9-5 … what’s that?

Ten years ago, agents went to the office daily and unless showing homes, the agent was there all day. Now when I go into the office (only a couple times a week), it’s like a ghost town. Most agents work from home because technology allows us to do that. Of course, it means we must buy all the equipment for our home.

Newspapers and pretty home magazines were the primary source of advertising our homes. Now per NAR surveys, only 7% of buyers found their home using this source. That survey was done a couple years ago, so it’s probably even fewer than that now. Now the Internet is the only game in town!

Aren’t computers supposed to SAVE time?

When we took a new listing, it used to take only an hour or two to enter the data into the MLS and prepare in-home brochures. Now it can take nearly 24 hours just to upload the info and all the photos to ALL the many Internet sites. It’s much more time consuming.

We had pagers not cell phones. People called during regular business hours. Now with our cells, we’re on call all waking hours. I’ve had people call as late as 11:30 pm to ask about a home because they were sitting in front of their computer.

I’m not a pop-tart!

It’s become a less safe business. Now few agents will pop-up to go show a home without first having the caller come into the office. Anymore it’s just too risky to meet a complete stranger in an empty home. Plus, with the complex mortgage programs of recent years, we need to have the buyer pre-qualified first before showing them homes.

The cost of being in the business has increased. Our fees to CBR, OAR, NAR and to our brokers has increased. Realtor.com charges us quite a bit more to have our listings be a Showcase listing. Newspaper ads have gone through the roof - too high for the lack of results. The fees for our web sites has increased. If an agent hasn’t bothered to learn basic web master knowledge, then they must pay a techie to do the work for them. And then there’s the price of gas …….

Clients are still the BEST!

The one thing that hasn’t changed are our clients. They’re still a great bunch of people to work with, to get to know, and to become an important part of their life for a few months.

Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Advertising · Commentary · Internet · Real Living HER · Realtors® · Realtors® · Safety · Technology

A day in the life of a Realtor®

September 4, 2008 · No Comments

I’m sure people sometimes wonder what a Realtor® does all day long. Many just think all we do is open doors for buyers and then make a whole bunch of money. Yeah, right!

Well, one of the nice things about the job is that everyday is different. There are NO typical days. We may plan a “to do” list in the evening for the next day, only to have the day completely changed due to an early morning email or phone call. Getting a contract in on a listing can change everything, since contracts take priority.

Carole Cohen, Cleveland, wrote about one of her days recently.

Paula Henry, Indianapolis, ask a question about how far Realtors® drive when working with buyers or taking listings. Based on the comments, it seems that agents who work in downtown urban areas seem to drive very little distance from their home. Agents who work in more rural areas must drive far more miles.

Yesterday happened to be the type of day that I refer to as “errand travel” days. Those are the days that I plan to complete several real estate tasks and of course, with the price of gas, I plan my route accordingly. I often refer to driving from one side of southern Delaware County to the other. Well, yesterday I did that PLUS I had to go down the east side of Franklin County as well.


View Larger Map

My day began with a visit to the Verizon store in Lewis Center because a piece broke on my bluetooth headset. Then over to a new development off Maxtown Rd (Westerville) to check the lot location of a spec home. Then to a listing in Galena to put an Open House sign strip on the yard sign. I took the scenic route south to Gahanna (through New Albany) where I had more investigations to do for a buyer client. Then further south to Blacklick to discuss the results of the investigations with the builder’s rep. I’m trying to get a price reduction on a new-build now that the builder has reduced prices on current inventory so I need FACTS.

Received a call that a security system was malfunctioning on a listing - so north to Worthington to look into that problem. The alarm was blaring while the poor showing agent was talking to me. I felt her pain as I did that ONCE. Problem solved, so next stop is to my office in Worthington to make copies of some paperwork for the office files.

Last on the ‘to-do’ list were some personal stops, the most important was to get The Murph more HeartGard medicine at his vet in Powell before they closed at 7:00. Gotta keep the little guy healthy!

Now wasn’t that day about as exciting as watching paint dry! :-) Oh, BTW, I put about 75 miles on the WEENR-mobile and didn’t make $1.

Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Buyers · Central Ohio · Delaware County · Franklin County · Galena Ohio · Home selling process · Lewis Center Ohio · New home builders · Powell Ohio · Real Living HER · Realtors® · Sellers · Transportation · Worthington Ohio
Tagged: ,

Is that housing statistic really correct?

July 31, 2008 · 2 Comments

I received a call from a student doing a research project on “homes for sale around golf courses” in Ohio. She was using Real Living HER’s site to search by subdivision and she had some questions, which I tried to answer.

She had some questions regarding Wedgewood (Powell) and Tartan Fields (Dublin). As I was telling her how to search by subdivision on Real Living’s site, I also explained that she would have to sort through the data because there were other subdivisions starting with the Wedgewood name that weren’t located around the Wedgewood golf course, such as Wedgewood Park and Wedgewood Place. There is Tartan Fields which IS  around the golf course but Tartan West isn’t. Then in New Albany, the main country club has homes in the MLS system coded as New Albany CC or simply NACC. She probably doesn’t know this and thus, will miss all those homes in her statistics, because the computer will only search for whatever name she puts in the search box.

I’m not sure where she lives, or if she even lives in Ohio, but without knowing all the nuances of the area, her data could be pretty flawed. No doubt she’ll face those same issues with other golf course homes when she does this research for the whole state.

Later after our conversation ended, I couldn’t help but think about what she’ll do with this report. I’m sure she’ll think it’s a pretty accurate report and will probably present it as such. I hope she gets an “A”.

However, what she will be doing with her “findings” is similar to what news reporters or real estate ”experts” do with their research. To quote an NAR ad, “they don’t know what they don’t know“. They gather the data, extrapolate from it, make their analysis, then present the material as FACT.

Something similar is occurring with some dot.com search engines that are trying to compete for $$$$ by capitalizing on the real estate market. The main one is, of course, Realtor.com - the granddaddy formed by the NAR, where buyers can search for homes. Two new upstarts are attempting to take over the prime spot. They are Trulia and Zillow. All three are offering ”estimates” of a home’s value. Zillow was the first to come out with their “Zestimate” which was/is so flawed they were sued. Trulia and Realtor.com have followed suit with their own estimates.

They use computers, algorithms, and other geeky stuff, to determine “value”. Unfortunately, just as with the student’s attempt to gather data, computers don’t know the nuances of the local area. For instance, for my own home, Zillow used a recent sale of a home 6 miles away in another town, in another school district, that has 4BR’s up (mine is a 3BR, 1st floor MBR). No real estate agent would EVER use such a home as a comp when advising sellers on how to price their home.

Real estate agents have a saying that ALL REAL ESTATE IS LOCAL. That’s why we keep advising people to really question what the “experts” are quoting as fact, because we’re in the best position to know how WRONG the data really can be.

Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Central Ohio · Delaware County · Dublin Ohio · Franklin County · Golf course communities · Homes · Homes for sale · Internet · Media · Powell Ohio · Realtors® · Wedgewood
Tagged: , , ,

Need help understanding a blog?

July 20, 2008 · 4 Comments

Some of my clients, or the potential clients that I meet, may not quite understand what a blog is or “how they work”. Even my daughters don’t quite understand it, but they DO read some of Mom’s stuff.

A web site is like a library …

A web site, (like mine at elainereese.com), is like a library. The information contained there tends to be more static. It’s always there when a buyer or seller wants to use it as reference material. Like a Library, we know that when we go there, we’ll always find certain books, or certain reference books.

A blog is like a newspaper … with a “Letters to the Editor” section

A blog is like a newspaper, dynamic, ever changing with the most recent news, events or ideas. Additionally, it provides a means for interactive communication between the reader and the writer. To see an example of how this works, visit my page titled Subdivision Sales, where several people have asked for additional information.

To leave a comment on a blog, you’ll need to provide a name and an email. Most bloggers also have put a ‘hold‘ on having a comment display until they have a chance to review the comment for appropriateness. Spammers are as plentiful in dumping their garbage into blog comments as they are to dumping it into our email inboxes! With most real estate bloggers, you don’t have to worry about commenting, in fact most of us LOVE to hear your comments.

What’s a Category Tag Cloud?

When we write a blog post (an article), we assign it to one or more Categories. The Categories with the most articles show up with larger font size in the Tag Cloud, which is on my right sidebar. If you want to read all the articles on a given subject, use the Tag Cloud or the pull-down box. Then select your topic.

What’s a Blog Roll?

Many bloggers will include a list of other bloggers. For some blogs this list is quite long. They do this to try to boost their Google Juice. My list is much shorter because I prefer to only feature high-quality real estate bloggers. All the bloggers in my list are worth reading even though they may not be in your state. Just keep in mind that real estate laws vary by state, so something they write about, may not be appropriate for your state. The agents in my list are those that I trust to write very good articles about their local markets. And some of those in pretty parts of the country, post excellent photos. Kristal (Denver), Jeff (Carlsbad), Cyndee (Clearwater) or the McGillicuddies (NH)  are particularly enjoyable to read for their photos. Carole (Cleveland) has a passion for light rail and local politics.

Why do those little photos of the commenters show up?

Agents, (or anyone really), who has joined MyBlogLog will have those tiny photos show when they visit a blog. A cookie on our computer tells the blog who we are, and adds the photo that we have submitted to MBL. If there’s no cookie, then a “shadow” person or a rotating design will show instead. MBL is one of the tools we use to help drive traffic to our blogs, plus it helps with our Google Juice.

Bloggers are changing the world!

Blogging is a fairly recent phenomenon, one that real estate agents have been slow to adopt. Most lack the computer knowledge that is required. Others simply can’t write, type or spell. Those agents that HAVE kept up with technology and embraced blogging, are finding that it is an extremely powerful tool to sell our listings and to sell ourselves. It gives you - our readers - an opportunity to get to know us personally, assuming the agent hasn’t hired someone to write for them. You can evaluate us in your jammies without ever having to talk to us. Isn’t that wonderful!

Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Advertising · Blogroll · Internet · Realtors® · Technology
Tagged: ,

Should your Realtor® own a home?

June 27, 2008 · 4 Comments

I’m curious as to how sellers or buyers feel about this. I don’t think I’ve ever been ask the question by a potential client as to whether I own a home or have ever owned a home. Of course, given my “age” they probably assume that some where along the line, I’ve been a homeowner.

It does seem to be a good question to ask an agent when you’re interviewing them, doesn’t it?

If an agent doesn’t own - or has never owned - how will they know what you’re going through? They won’t have experienced making all those little repairs that are typical of home ownership. They won’t know the pluses and minuses of certain features or “non-features” of homes a buyer is viewing. How many homes should an agent have owned, i.e. how much experience should they have in home ownership?

I wonder if younger agents are asked the question. Whaddaya think?

For the record, I’ve been the owner (or co-owner) of five homes. I tend to stay-put a lot! ;-)

Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Homes · Realtors®
Tagged:

A bicycle built for 2 … or 3 … or 4 …

June 25, 2008 · 4 Comments

With the high gas prices, many people are looking for ways to save gas. Some have switched to public transporation - buses - while others are considering bikes, scooters, and more fuel efficient cars.

As you can imagine, being a Realtor® is - or can be - a high gas usage job. Many of us have switched to using home offices rather than driving to THE office on a daily basis. This can save quite a bit. For me, it saves a 24-mile round trip.
 
Some Realtors® are taking “saving gas” to the next level. My friend, Carole Cohen in Cleveland, writes on her blog Cleveland Real Estate News about switching to using a bus. I’m sure she’ll keep us updated on how this is working. I suggested she get a Segway for her jaunts after she gets off the bus!

Another blogger in Chicago writes about showing downtown condos to buyer clients on bikes. All are cyclists anyway, so apparently this seemed like a natural. Given the difficulty with downtown parking in a city, I would think bikes would make this task much easier.

Short of buying a motorcycle with a side car, I’ll not be able to switch to a bus or a bike. There are no bus routes that criss-cross southern Delaware County. And I’m not about to ride a bike from one side of the county to the other because it’s a 12-mile trek. Nope, won’t be doing that!

Although The Murph might look cute in one of those little leather helmets and goggles.

Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Central Ohio · Delaware County · Realtors® · Transportation
Tagged:

Technology helps us save gas

June 5, 2008 · No Comments

On this morning’s Today Show, they did a segment on companies allowing employees to work four 10-hour days versus five 8-hour days. This was helping people save on their gasoline costs.

It made me think about how much different my schedule is now versus when I began in this business nearly ten years ago. Back then, I went into my office daily. It’s a 24-mile round trip from my home south of Delaware to Worthington. As a new agent, I often would spend half the week driving through southern Delaware County and northwest Franklin County in order to become familiar with neighborhoods and their pricing. If I was working with buyers, it was not uncommon to show them 20-40 homes. I used lots of gas but it cost much less then.

Last year, I changed my status with Real Living to be that of a “mobile agent”. That means that I gave up having a desk in the Worthington office, and instead work out of my home. Many weeks, I drive to the office only 2-3 times. By becoming mobile, I get to keep a greater portion of the commission I earn, and pay less of it to Real Living. When I did my income taxes in April, I realized that I drove 3000 fewer miles in 2007 than I did in 2006. That’s a LOT! It saves not only on gas, but also wear ‘n’ tear on the WEENR-mobile.

With our computers, cell phones, faxes, and pdf files, I can work just as well from home. In fact, I can be MORE productive because I’m able to avoid the chit-chat that wastes time in the office. That aspect isn’t for everyone if they are highly social or aren’t self-starters. Some agents say that they tend to do everything at home BUT work and that actually going to office helps them focus. So it may depend on your personality as to whether working from home is for you.

We’re not having to show as many homes to buyers now thanks to all the photos that are placed on the internet. It’s so-o-o much simpler to sort through the 50-60 homes that might come up in a computer search to then prune the list the buyers actually WANT to see. Instead of physically driving and showing 20-40 homes, we may only show 5-10 before a buyer finds one they like. (If you’re a seller … remember that. That’s why hiring an agent who takes good photos is so important.)

The possible downside to working from home is that you’re always at the office. I turn on my laptop around 7:30 in the morning and may not shut it off until Conan’s on. Sometimes even Carson Daily is on before I shut down. But by then, I’m in my jammies so who cares.

The ONE PERSON who really likes my change to mobile status is THE MURPH. ;-) No more long days alone … and since I’m not going into the office, there’s a chance - just a chance - that he might get to “go for a ride” if I have errands to do like restocking outside flyers. The rest of the time, he’s quite happy just to be laying by my side taking one of his many naps, with an occasional jaunt outside to meet & greet his neighbor’s.

Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Categories: Real Living HER · Realtors® · Technology