New Blogger Website

I am happy to announce we have now streamlined the blog, website, and chat feature !

All New Blogs Will Be Written On: 

The Real Estate Matchmaker !  

All previously written blogs will remain here until they are all completely transferred, 

please be sure bookmark the new website ! 

How Does A Seller Decide Which Offer To Accept ?

The market has definitely perked up this spring already and we are seeing more multiples offer than before.  With multiple offers on homes it has changed the dynamic of how buyers are and should be submitting offers.  Not every home with multiple offers will result in a bidding war, so I want to take the time and explain give you a quick overview on what factors of your offer will be taken into consideration by the seller.

Financing:

• Cash Deal: This has more than one benefit to the Seller, but normally the offer will be significantly lower than what the list price is because of the simplicity of the deal.  First it can close right after the title has cleared because there is no bank involved.  Second, it is usually in "Sold As Is" which means no work will be done to it.  The buyer is still permitted to do the home inspection but you will be much less likely to have anything repaired or replaced. 

• Conventional Loan: This refers to the terms, there will be a larger down payment with this loan and the appraisal might be a bit easier. Since there will be no PMI included in the mortgage payment it will increase what the buyer can afford by monthly payment.  From a sellers point of view the term itself is better because the buyer is putting down a large amount down of 20%.  

• FHA Loan: This again refers to the terms, with a smaller down payment this is often where we see buyers asking for a "Sellers Concession".  For a buyer with this loan there will be PMI that will need to be accounted for, and the appraisal must be handled carefully so that the loan to value comes in where it is needed to.  

• VA Loan: This is a tough sell for a Seller because the buyer does not have to put any money down.  When I have a buyer who is using a VA Loan I suggest still putting down the same amount as what would be due for an FHA Loan to show the Seller your commitment, and you can receive that money back after closing.  

Additional Financing Terms:

• Sellers Concessions: The easiest way to explain this term is it just like taking a cash advance from the mortgage to have your closing costs included.  There is 2 points of view for a seller with this.  First is if the home is going to appraise for $10,000 - $12,000 more why shouldn't they find a buyer willing to pay that.  Second is that what if the home does not appraise will their buyer still be able to purchase the home, or will the deal go bust! 

• Using Gifted Funds: This is something very common with first time buyers, they will count on "gifted funds" from friends or family.  Buyers must check the guidelines of the bank in which they are using about what amount of money can be gifted, and what information they will want and need from the "gifter".  Many times buyers think it can simply be written as "gifted" and that be it, but each bank works differently you should let your agent speak with your Mortgage Representative to be clear on those terms.  

Conditions: 

• Buyers With Homes To Sell: When a buyer has something they need to sell, it puts the seller at risk.  First the funds from the buyers are more than likely coming from proceeds of their sale.  This means that not only does the seller need  things go smoothly with their home, but they are dependent on an agent who is not working for them to push the other deal through quickly and smoothly.  Secondly, timing with this kind of sale is very important because the buyers will only have about a week window after one home closes to get into the other which puts the sellers in a position where the buyers timeline is much more important than theirs.  

• Buyers With Nothing To Sell: Obviously it is better because the sale is not dependent on any major factors aside from their homes appraisal going smoothly.  It also means that the timeline will have less in the way of deadlines aside from the normal mortgage commitment time which is usually between 30-45 days from contract.  

• Home Inspections: First let me say no matter what the case is, spend the time and money to get a home inspection no matter how many offers are on a property.  It is your way of knowing exactly what your getting yourself into, if you want to move quickly and don't want to spend the money ($500 - $750) at least have a licensed contractor check it out.  Depending on what repairs or replacement you want done, can change the mind of a seller on which offer to take.  If another offer comes in $5000 less they may go with it simply because of what conditions the offer is based on.  

The most important piece of advice I can give anyone who is starting their search is to make sure you have an agent who is working for you.  If the home is aggressively priced they should know it and be able to point you in a direction that will get you an accepted offer the quickest so that you don't lose out.  To see more about how to decide on what to offer, and what the process is look here. 

Tips For Showing Your Home

So I often get asked by my homeowners what should or shouldn't they do while their home is being shown when I am not able to be present for the showing.  There are some general rules that you should always follow because their will be 2 kinds of agents that will be showing your home and that is a Brokers Agent or Buyers Agent, keep in mind a Brokers Agent is working for you - a Buyers Agent is working for the buyers.  The rules for where and what you should be doing when your home is being shown is generally the same for both, but I will also touch on some rules for your general safety as well.

• All Buyers Must Be Accompanied By An Agent - Never allow a buyer into your home without an agent present, you will from time to time have someone see the home and decide they are going to "pop in".  You can speak with them but don't let them into your home, this is not about your agent trying to "control" a possible sale but about your safety ! 

• Put Away Your Valuables - This doesn't mean to bolt down your flat screen TV, but simply put things away.  Don't leave jewelry, or money laying out.  Agents will always accompany their buyers and it is rare that anyone is left in a room unattended but sometimes children will pick up what they see and parents may not notice.  

• Let The Agents Do Their Job - If your going to be home during a showing stay out of the way, their agent will review the listing with the clients.  Often times buyers will feel rushed if they are being followed around by the homeowner, if your concerned about them getting all of the information about your home take the agent aside and let them relay the information that you feel they should know.  Also stay in the front of the house, you will always want to be aware of who is coming in or out of the home during a showing.  

• Check Your Doors - Sometimes homeowners will opt to have a lock-box put onto the home, and leave for showings.  When your coming back home you will want to just check that all your doors sometimes a agent can leave a back door unlocked by mistake.  For my listings even if the home is vacant I take the keys out of the lock-box after a showing is complete, this is a good option for those homeowners who are hesitant to have a lock-box on their home.

• Clear The Way - Although we will be getting a bit more sunshine now it is still important that you make sure that your pathways and the number on your home is well lit and visible from the street.  Clearing the walkway does not end at the front door, if you have small tables or an abundance of small items (shoes,jackets,laundry baskets) in your halls take the time and tuck them away this way the buyers can walk thru without obstacles. 

• Be Inviting To The Buyers - While you don't want to follow the buyer and the agent around the home, you can still make them feel comfortable.  If you have a fireplace, have it lit it is a great time to show off that kind of feature ! Put out some bottles of water, or candies sometimes that is enough to get them to stay a bit longer in your house and notice something they really like about it. 

These are just some of the things you should be doing when your home is shown, personally I like to be at my listings during the showings but it is not always possible for your agent to make it to every showing.  If you want to make sure the buyers are receiving all the information that you think they need, talk to your agent about creating a buyers packet to give to buyers that come to your home.  That is a great way for you to know they received all the information without making the buyers feel pressured ! 

Setting The Price Of Your Home To Sell

I think it is that time again to write about the topic of what you should be using to determine the price of  your home, and what kind of pricing options you have !! This is extremely important because the more homes that go onto the market, the more competition you will have, you want to make sure your listing stands out and gets sold before we have another sudden rush of new inventory ! 

How Real Estate Agents Determine The Value Of Your Home 

All real estate agents should be bringing a Comparative Market Analysis of your home when they come to meet with you to list your home.  Real Estate Agents use a similar system to what the banks will be using to determine your value these are the main characteristics in importance order that you will want to be using.  

• Homes within 1-2 miles of your home that recently sold within the past 90-120 days.
• Homes of the same style (EX: Ranch, Hi Ranch, Cape, Expanded Cape) or similar square footage if there is a lack of comparable style homes.  You can not compare your home to one of an opposite style just because you think your home is just as good, the bank won't allow it.  
• Rarely will you see homes with the exact same amount of bedrooms, baths, or even property size this is where you need to adjust the comps accordingly.
• Take a look at what homes are currently on the market, and compare how your home stacks up to theirs, these homes are your competition.  

In my opinion, if you meet with an agent and they do not bring with them a Comparative Market Analysis than they are not putting in very much effort to help you sell your home since determining the price of your home is really the very first step before listing it.  I always say my job is not to list your home, but to get your home sold ! 

The 3 Styles Of Pricing Your Home 

• Overpriced Home - This type of pricing is not only a waste of your agents time but yours as well.  You are putting yourself behind and unnecessary roadblock, and guaranteeing you will be having the dreaded price adjustment talk sooner than later.  Many homeowners will say "But I am flexible, just bring me an offer!" - There is only one problem with that, and it is that we can not relay that to all of those buyers who aren't a- looking at homes $20,000 above their budget or b- tell those buyers who are in that range that you are flexible.  Remember most buyers find their home online, so presentation including price is a very important factor and we can not write on your listings that you are willing to hear all offers ! 

• Market Priced Home - This is an educated homeowner who has taken the time, and hopefully the advice of their real estate agent and is priced in the same area of those comparable of the recently sold homes.  This kind of pricing will get you showings, and hopefully an offer within 6 months of being listed.  As other homes sell their might be a need to adjust the price of your home to stay in line with what homes went from contract to sold once you were listed.

• Action Priced Home -  Before I explain, let me say this action price does NOT mean pricing the home as if you were giving it away.  When you use this style of pricing you first base it on the comparable homes in the area that sold, but your focus is shifted to those homes that are currently on the market (those that are priced at market value, not of those that are overpriced).  You look at your direct competition and price it anywhere from $8000 - $10,000 below that of your best competition.   Normally on a market priced home once you have received an offer that $8000 - $10,000 is the wiggle room of where you would accept an offer.  What you do by pricing it that bit lower is your drive much more traffic and increase your chance of multiple offers, almost every home that is "action priced" will sell for either the listed price of the home, or possibly more because you have increased the buyers perception of value !   

There are a few things you will also want to keep in mind when you are thinking about where you want to price your home.  The most important questions you should be thinking of when determining the list price of your home are 

1. How much will you need to be able to walk away from your home after the mortgage payoff, brokerage fees, attorneys fees, title transfer fees. If after you total these things up if what you would need to list it for is significantly higher than what your home is worth it is always better to leave it off the market until your in a position to sell rather than have it listed and sit on the market making buyers wonder once wrong with it.  The exception to this is when you are avoiding foreclosure by doing a short sale.  
2. How quickly do you need or want to move ? If you want to move quickly than your best option is to really have your home priced at the "action priced" point so that you can move things along without any delay and a guaranteed end in sight ! 
3. How many times has your home been listed, if your home did not sell chances are it was overpriced which means at the very least you must get in-line with the current market value of your home.  Re-listing it at the inflated price again is working against yourself and buyers will begin to disregard your home because "there must be something wrong with it", and not even the best agent can overcome that ! 

If you are interested in having a Comparative Market Analysis done on your home, please contact me directly.  I will be writing another blog that goes into the specifics between things that will add value to your home verse things that are more features of your home, which can affect the overall listing price of your home in an upcoming blog ! 

                                                                                      

Home Sweet Home Improvement

If your thinking about putting your home on the market, and you want to get top dollar from your home the saying you need to spend money to make money is often the last thing you want to hear.  There are plenty of inexpensive ways to help improve your homes chance of selling, you don't necessarily need to spend thousands of dollars by doing a complete overhaul but certain key changes can really change the overall appearance of a room ! 

• Kitchen makeover. The kitchen is the most popular room in the house to remodel. Most in the industry will tell you money spent upgrading a kitchen produces the highest return on investment. One of the best things you can do in a kitchen is replace the countertops, sink, and appliances.  Depending on the size of your kitchen you can get remnant pieces of granite, or another great option is butcher block counters they always give a kitchen a great clean look ! 

• Bathroom fixer-upper. Upgrading a bathroom is another sound choice and will often provide a significant return on investment, as large bathrooms typically top the list for those seeking a new home. A quick change of a vanity, toilet, lighting, and fresh paint can cost under $500 and give your bathroom a great facelift ! These are simple things that can really give a buyer a fresh look at your space ! 

• Flooring updates. Many homes on Long Island have hardwood floors if they were built in the 60's or 70's whats amazing is the builders than covered them with carpeting ! If you have hardwood floors pull up that carpeting and show them off ! If you have bright colored carpet trade it out for more neutral colors this can help the buyer visually picture their furniture instead of thinking about what exactly would match your carpet ! 

• Create Outdoor Living Space. This is another great trick, and the best part is normally you will get to take your upgrades with you.  If you have a nice patio you can buy some new furniture, solar lighting, and a few potted plants can show the buyer the potential in even the smallest yard plus that new patio set will come with you to your next home ! Solar lighting and bright colored plants are also a great option for your front yard to help your curb appeal ! 

Whether or not you choose to update your home there are some things you should do and I can not stress this enough but de-clutter your home.  Pack up what your not going to be using (seasonal clothes, holiday decorations ect.) and put them into your attic or storage facility ! I can't tell you how many times homeowners de-clutter the home but put it all into their closets and than we have an avalanche when the buyers open them up ! You want the buyers to have the space in your home to see what it will look like with their furniture and their family living there ! Almost every buyer whom I have had buy a home, always took the time to figure out where there things would fit before making the final decision ! 

What Your Should Ask Before You List Your Home

Many of my listings happen to come from expired listings, because of that I meet a lot of homeowners that are hoping a new Realtor will get their home sold.  Let me first off by pointing out that I am going to list the questions you should be asking in order and the most important !

1.  What Kind Of Company Do They Work For ? 
The very first question I hear from a homeowner is "What Is Your Commission" ? This should actually be your LAST question, it does not matter what a Realtors commission rate is if they don't do what needs to be done to sell your home.

• Is the company individually owned, or is it owned by a company ? In most cases bigger is always better because they are affiliated with other companies that can help get your home sold.  You can't just assume that because they have the named Century 21, Coldwell Banker, or Prudential does not mean owned by a company because these are franchises.   Coldwell Banker Residential Brokerage is company owned, that is why and how we are able to offer so many options like in-house mortgages, home warranties, insurance, and a title agency. 

2. What Is Their Internet Presence, and How Do They Create Your Listing ? 

• What do they do for online advertising ? Everyone puts their listings onto MLS, what you want to know is how many other sites will your home be on, and who will be the point of contact on each of those websites ! Many homeowners don't realize but the ad space around all listings need to be purchased by your agent otherwise the point of contact is not your agent, but rather the agent who did purchase it.  Another important part of Internet presence is do you know if your listing is actually coming up in a search and being viewed, you should find a company that can track at least the number of views your getting or how many times your home came up in someones search.  

• What do they do to create your listing ? The first impression your house gives is by it's listing does the agent stage your home or professional photos, buyers are very visual so you want to be sure that you catch their attention right away ! Another often overlooked aspect is what your listing will actually have written on it ? You want to make sure that it has a detailed description and directions many buyers look to the directions to figure out the area that it is in.  The best way to gauge all of these things is to ask to see the agents other listings and see how they present ! 

3. How Available Would Your Agent Be ? 

• How available are they to you ? This is another question that homeowners often forget to ask, you want to know how often your realtor will be following up with you to give you updates on your home, feedback from Realtors, and most importantly what is going on with other homes that are selling and coming onto the market while your on the market ! You want a realtor who has a system to keep you up to date on all of those things going on in the market around you, this way you know how and when you will hear from them.  

• How available are they to buyers ? This is a very important question to ask because how quickly they respond to inquiries will decide how many buyers stay interested in your home.  Statistics show that 60 minutes after an inquiry is sent, the chance of reaching that potential buyer decreases to less than 50% !  The best way to find this out is after your appointment place an inquiry with them about one of their listings and see how long it takes for them to get in touch with you !  You will also want to see if they will attend showings that are being done by other brokers.  Granted the other brokers will be the ones talking to the buyers you want any questions they have, or any pertinent information about your home to be answered accurately and the only way they can be sure that happens is if your agent is there.  Now, this is my disclaimer, even the best agent will not be able to attend all showings but you should make sure they have a follow up plan in place for the ones they won't be able to attend.  

4. What Technology Do They Use To Help Their Listings ? 

• This question is more of a general question, you want an agent who uses all the tools that are available out there to help get your home sold.  You also want someone who understands the basic technology that is being used in today's market such as the social marketing, virtual presentations, online newspapers and forums ! These are the tools that bring buyers to your home, the more places your home and your agent are the more chance the right buyer for your home will come across it.  I happen to offer some additional tools for buyers who look at my listings like that ability to chat with me online, or giving them the ability to actually schedule an appointment anytime at their convenience! 

5. What Is Your Home Worth ? 

• I am sure your wondering why this at the bottom of the list, the reason why is because as long as the agent has provided you with a Comparative Market Analysis than the price of your home should not vary by very much.  If the agent has not performed an actual CMA and presented it to you, than that should make your decision for you ! The one part of this you do want to make note of is what kind of pricing style they would suggest for your home and area Market Priced or Action Priced !

These are the most important questions you should be getting the answers too, and the very last question should be that of "What Is Your Commission", don't discount a company or agent because of this answer decide who you think will do the best job and get your home sold ! If you hire an agent that your not sure can actually sell your home to save 1% on commission you will only end up spending more time and money living and maintaining it rather than moving onto your next home ! 

Pets Etiquette 101

This blog is to educate both homeowners and buyers with a little bit of "pet etiquette" when it comes to their homes and homes that you may be viewing.  Now as a disclaimer let me say this before I go any further, I am a pet owner I have 5 dogs and 2 cats so I understand that the dogs shed, and the cats litter will never smell like a bouquet of roses!  As a buyer you will want to be courteous because these animals are very much part of the homeowners family - as a homeowner you will want to be courteous that not everyone is a animal person! 

Let's begin with some etiquette for the buyers and some tips to keep potential problems at bay!

• If you are severely allergic to any specific animal, you should really share this information with your Realtor.  More than likely we still going to take you to those homes unless it is severe, your agent will explain the special circumstances to the listing agent. The homeowners can do a bit more of cleaning, and we will know in advance what we may be walking into.  

• Hopefully the homeowner has cleaned up but if you happen to walk into a home, and there is let's say the smell of a cat or dog do not say anything about it to the homeowner it is rude, mention it to your agent, let them communicate to their agent.  If it is an ongoing issue their agent will be aware of it, and will be able to approach it in their own way to their client. 

• Recently I have been coming across people with extreme fears of dogs, but this goes for any animal.   Although the animal will not be coming with the house their is nothing worse than not being comfortable while your viewing potential homes.  You don't ever want to have to rush through a home, your agent will make a specific call to make sure you will be able to view the home animal free!

Now before I go any further I would like to give you an example of why "pet etiquette" is so important for not only the people who are viewing your home, but for your pet as well! 

I recently went to a rental listing where the owners had a very large pit bull, he was quite surprised to see me in what was clearly his part of the yard! My client is petrified of dogs, so although he was only protecting his turf this gave her quite a scare.  If she had mentioned this fear I would have never shown her a listing where she would have to live along side not only a dog but an extremely large dog.  The listing Realtor should have also written clear showing instructions on where access to the apartment, the dog would not have been to blame if he attempted to protect his turf.  

Now let's talk about some tips for homeowners and their pets ! 

• If you have pets sometimes it is best to ask for advance notice before your home is to be shown, nothing extreme but if you need 3 or 4 hours to make arrangements that is reasonable.  If your animal is small enough to be crated it is a good option, especially if you have a small animal who could easily get past a buyer who may hold a door open for too long or not notice an escapee! 

• Vacuum and invest in some air fresheners ! Vacuum a bit more to prevent any accumulation of dander or hair in case of buyers with sensitive allergies.  Put in some of the automatic air fresheners discreetly around your home, although you may not smell your animal potential buyers can be turned off by animal smells.  

• Clean up after your pet! You will want to clean up any toys, or "presents" your pet has left you in a timely manner.  If you have a cat try and clean the litter box up daily, same thing with a dog buyers don't want to dodge landmines when they are walking around your backyard! If you have  any puppy pads you will also want to pick them up before your buyers come to look! 

• Crate any smaller animals that you may have, place a post it on them asking buyers not to touch the cages.  This prevents your pet from getting locked in any small spaces they may wander into, and any incidents can be avoided.  I once had a Realtor tell me about her own cat cornering buyers in an upstairs bedroom and growling needless to say they stayed in that corner until the agent came to their rescue! 

• The best thing you can do when you have pets is to find yourself a pet friendly realtor! We can help you with the process of making sure your pets are not only well taken care of but protected when your home is being shown! 

An example of where your animal would need to be protected is something I came across just the other day and I give credit to not only the homeowner but to the agent! I arrived at a listing where the homeowner was not present for the showing, and on the door there was a note from the Realtor it said "Please be careful there is a small kitten in the home, when you open any closets please be aware of where she is so she does not get locked in closets or boiler room, if you are not able to get her out of any area please call me immediately do not try and grab her!"  The kitten did indeed great us immediately at the door, and would have scooted right out if we hadn't been aware prior to going in that she would be there! 

Here is another example, my homeowners who will more than likely see this blog (hi guys!) happen to have a average sized dog.  Any showings that I do during the day I go a bit earlier than the buyers are expected and I take Bella outside into the backyard.  When they are ready to view the backyard I simply walk her onto the sidewalk, and than back into the house!  The homeowners leave me her leash out on their kitchen table for showings during the week, and during open houses Bella visits families members for a bit! 

Never assume that a Realtor will do these things for you, not everyone is comfortable with other peoples pets! You will want to talk with whomever your choose to list your home about what arrangements you should make for your pets and what they are comfortable doing to help! 

The Truth About What Your Home Is Worth !

Now almost every homeowner that has seen one the "Online Home Values" that are now being offered by Trulia, or Zillow call and express to me that their home is not only worth more than what it is/was listed for but it is even higher than that! 

Let me just say this in the most simplest terms, they are WRONG! Yes I said it, and I am sure in some parts of the country perhaps their pricing is correct, but not here on the South Shore of Long Island.  Experts have done research and their values are actually off by around 20% and in some cases up to 50%! Now most people will than ask how can they do that, it is simple they put a disclaimer on their page and that's it.  

If you really want to know what your home is worth you need to make sure the information that the value it is being based on is accurate, and up to date! On many of these sites the value of your home is based upon the closed sales, under contract sales but they don't often reflect current sales.  Now here are the biggest problem with these sites.   Problem #1 if your neighbor or someone across town from you decides to over price their home that doesn't raise your value obviously, but according to these sites it does.  Problem #2, just because a house has the same number of bedrooms or baths it does not mean they are worth the same. This is where style of home does come into play, a Colonial style home is going to have much more square footage, than a Cape style home even if it does have the same amount of bedrooms.  Problem #3, we have no idea which of these formulas they are using when they calculated the value of YOUR home! Problem #4, they could never receive information as quickly as a Realtor can, computers are a wonderful tool in today's market but that will never replace hard work, and research by an actual person! 

So how do you figure out what the value of your home actually is, well that is simple.  Call a Realtor! 

They should be able to provide you with at least 3 comps for homes that sold within the last 180 days - with similar characteristics to your home (ex-square footage, rooms, bedrooms, baths, taxes).   This will be crucial information, prior sales are what the bank will be looking for.  When you are looking at these comps your should be sure to see how many days this home was on the market as well.  

They will also show your homes that went under contract with all the same characteristics that I previously mentioned.  This will show you about what price bracket you should be in when you price your home to get an offer.  This will be a great way to see how long homes in your area are for sale before they get an accepted offer!I personally believeit it is better to be at the top of a buyers price range, than at the lower end.  

Lastly they will show you homes that are on the market, again all the same characteristics and this is where you have the chance to judge your home from a buyers prospective.  From their prospective you want to make sure that your home shows value for that price range.  I do not mean price it below market value, just simply look from a buyers prospective and if your home is all original, and other homes on the market are updated you should make sure you adjust your price accordingly.  

This is the ONLY information that will give you the real value of your home, so take the time and speak with your Realtor regularly about your neighborhoods current market!

What You Should Look At Before Extending Your Listing !

If your home has been on the market throughout the spring and summer the listing is likely to expire soon, but it may not be in your best interest to pull it off the market just yet.  Now I am not saying to stick with the broker that your using in order to keep it on the market if your not happy with your broker or you want to interview others than by all means do so.  

Anytime I take a listing that will be on the market during the fall/winter season I always let my clients know that business does not stop during these months but you will see less activity.  This is actually better for homeowners, you may not have the quantity of buyers but you will have a better quality of buyers.  If someone is out in snow and cold weather you can bet that they are serious buyers, they aren't just out in the cold for no reason.

Now if you listed during the "busy" season, take into consideration how hard did your broker work for you while he/she had your listing?

• Did you recieve feedback after your home was shown ? It is not always easy to get feedback from other Realtors or Buyers but it is our job to get it for you, a week is more than enough time for your Realtor to inform you of what they thought of the home.   

• How often did you review your market position ? The spring and summer months provide alot of inventory for buyers to choose from so keeping on top of your market is very important.  How often did you and your Realtor discuss your homes position compared to others that were on the market, and those that had come off ? 

• How many open houses did they do, and what was the status of those buyers ? Each Realtor has a different opinion on open houses, I personally think they are important because it gives your buyers an immediate way to see your home.  You should have discussed this with your Realtor before you listed, if you didn't I suggest you do so before extending your contract with them.  You can not be angry if there are none or not enough if you did not discuss what your expectations are.  

• Did you recieve any offers ? Not all offers are good offers, just because your home received an offer does not necessarily mean it was worth you taking.  Did your broker try to work that offer ? Just because someone offers is very low does not mean that this is all they are willing to give.  Sometimes you have to work an offer for quite sometime to make it worhtwhile, but you will never know unless you have someone who is willing to put in the time. 

Before you extend your contract with your Realtor you should take the time to review in detail all of these things regardless.  Pulling your home off the market isn't necessarily a good idea, even 2 or 3 months off the market doesn't change the fact you were trying to sell it. Thanks to technology it takes about a half a minute to find out how long someone has been trying to sell for and buyers do quite a bit of research on their own.  

There are a few things you will need to do if you plan on extending that you may not have thought of, it is not just about signing the report of change form, you will want to update your listing.

• Perhaps re-word the description sometimes less is more, if you have a lengthy description it may be too much or visa versa.  
• Update your pictures, the change of seasons will be upon us sooner than we would like to think so be ready to take updated pictures of your home so your listing doesn't look dated. 
• Update your show instructions with your Realtor, if you think you will need your agent to attend more showings discuss it so when those quality buyers want to see your home they can !

If your new to selling a home than you should refer to my blog which explains the common terms and paperwork that you will need to understand Click Here For Blog.

I will be writing another blog this week reviewing exactly what the difference is between a full service real estate agent, and what other brokerages will offer, I will link it to this blog once it is completed.

Why Should I Use A Real Estate Attorney ?

It is time for another blog directed for both the buyers and sellers at there whose home is either on the market, or are thinking about doing so.  The one thing everyone must be prepared to do is find an attorney that they like, and trust.  Don't just pull someone out of the phonebook, either ask your real estate agent for a referral to one that they have worked with before.  If you are a buyer, than you should be working with a buyers broker so your agent will be able to refer you to one as well.

Not all states require the use of attorneys during the purchase of a home, but even if you are buying a home out of state I always  recommend you use a attorney to protect yourself from entering into a contract that is not in your best interest.  That being said, it is time to get to the point of this blog which is why you should be using a REAL ESTATE ATTORNEY, notice those 2 words in the beginning says real estate.  There is a saying, you can only do one job well.  Attorneys can do many different things divorce, elder law, criminal law, family, ect.  and each one of these areas have its own set of rules and quirks.  Do not use an attorney who does not specifically work on real estate transactions, and I don't mean someone who does them whenever they are requested to.  You should be using someone who does it every single day, because you want this attorney to know absolutely everything they may need to to help you during this transaction.

I happen to be very lucky and we have quite a few attorneys who are on our preferred attorney list, and they have only earned a place there because 1.  They are real estate attorneys and 2. Our clients have told us what a wonderful experience they had working with them.  We do not add attorneys to our list and let them stay there just because, if we get complaints they are removed.  A common mistake is that people choose their attorney based on price, and I understand the concern over the money when your making such a large purchase but take into consideration that a good real estate attorney can cost anywhere from $800 - $1200 for the entire transaction, it is well worth it.  Plus many general practice attorneys will charge a higher rate, or even an hourly rate for your file so you will end up spending quite a bit more if there is even the smallest hiccup.

I have worked on some very hard deals, and the only reason they closed was because of the  options that the Real Estate Attorney offered to them, at the same time I have had attorneys almost kill a transaction over something completely avoidable just because they weren't aware of a simple resolution.  Sometimes after the bidding is done, and the attorneys are involved your agent will need to step back in and play the middle man, you should never feel pressured by your agent but understand they are trying to be the glue that keeps you on track to either buying or selling your home and that is what you hired us to do!

Let me give you an example of the difference in what COULD happen during a transaction where a Real Estate Attorney was not involved.

A deal is made and signed by both buyers and sellers. 
Seller agrees to close within 30 days on a cash deal, but the house will be sold as is.
Buyer agrees to close within that time frame, and agrees to the contingencies which go along with a cash transaction.

Attorneys are contacted and asked to send out the contracts to both parties.

Contracts come back and buyer is "requesting" home inspection with repairs to be made, and/or credits and adjustments.
 
You are always entitled to a home inspection but homes that are being sold as is, mean exactly that AS IS.  Non real estate attorneys will often overlook this and send out a standard contract, and it will start a un-needed disagreement.  This is something we commonly see with estate sales, short sales, and foreclosures.

The sellers opt to not sign into this contract because it does not meet the terms of the original agreement that was made, and the agent is not due to check in with the attorneys for another day or 2 and is not contacted regarding this hiccup.

Now if a real estate attorney a few things more than likely would have gone differently because

• The attorney would have taken specific notice to the terms/closing time and checked with his/her clients regarding what was being represented in the home and what was not. 
• The attorney would have been in direct communication with the agent which would have allowed the 3rd party mediator AKA The Realtor to review original terms of the transaction with his/her buyer eliminating the problem in a timely manner before it escalated.
• If the issue was something simply fixed this can sometimes be done via a verbal agreement that does not require money held in escrow.  

Please keep in mind this is just an example, sometimes transactions where non-real estate attorneys were used have gone thru with no issues at all BUT this is a big decision you are making.  Would you go to your general practitioner if you were having a heart attack ? No you would go to a emergency room, sure the GP might be able to help but what if it doesn't ? This may seem extreme, but you have no idea what it is like to see someone lose their dream home! 


There are 3 circumstances that you absolutely, positively must use a real estate attorney.

• Cash Deals: These deals can be tricky because they have very specific terms as far as what is being represented and your closing date.  

• Short Sale/Foreclosure: Banks are hard to deal with, and in this case it is who you are not only buying your house from, but it is also whose financing your loan.  There must be a direct line of communication to the banks, your lawyer needs to be educated on what these processes are.  

• Estate Sales:  This is where it gets tricky because there is usually more than one seller, it usually involves family members who are not familiar with the what is legal on the home and what is not, plus the condition is not always all that great.  It also comes down to how the home is titled and who needs to be present for the closing, and what paperwork is required.  

Now for those of you non-believers lets also look at another reason why you need to use a Real Estate Attorney, and it has nothing to do with the Attorney or his knowledge.  An attorneys staff is also important, they are usually the ones drawing up the contracts and who is contacting all the parties involved.  Keeping with the Dr analogy if you were having a heart attack, and the nurses assistant told you to just go home you would end up in quite the pickle but she may assume it was just a bit of heart-burn, even though she meant no harm it can cause a big problem for you! 

What A Buyers Market Really Means

The spring selling season is coming upon us and it is coming sooner than most homeowners may think, we have already had a rush of new buyers begin their search!  There are some very important things you should know as a homeowner to sell your home in this market, and buyers should be aware of the realities of what it means to purchase a home in today's market! 

Let's start of by explaining exactly what causes a buyers market. 

• Large Inventory Of Homes On The Market
• Homes Taking Longer To Sell 
• Smaller Pool Of Buyers  

Important Information For Buyers 

You can get a “steal” on every home on the market

Let’s me just take a minute and clarify what I mean by “steal”.

If a home is listed for $250,000, is in move in condition with no liens, offering the homeowner $180,000 will do nothing but insult them.   Always be realistic when you put in your offer, pick your Realtors brain find out what the value of the home actually is, and put in an offer based on that information.   

Now if the home is a short sale, than a low offer may still get you the home, but remember the current homeowner has the “right of first refusal”, they will be trusting their agent to guide them that the offer reasonable.    

There are times where you can get a home for a “steal”, and that is with a foreclosure. Many of these homes have been sitting, and require work before they can even be moved into, in some cases they might be missing heating and plumbing. The banks have to recognize they can’t expect full market value.

A foreclosure sale is not for everyone, I usually find that it is easier to get my buyers into the ones that were already bought, renovated, and re-listed by investors. 

The buyer looking at the home decides what the value of the home is. 

A homes value is actually decided by the home buyers that have purchased in the previous 6 months.  You as the prospective buyer will actually be deciding the value of the neighboring homes for the next 6 months worth of buyers that buy a home AFTER you!

Another common misconception is that the house is worth the same as the neighbors!  This again is about the value of your home.  If your neighbors house is comparable to your home, than it might, but even than it will only be usable if it is sold in the time table that works to your advantage. 


I can find a better home, and it will be cheaper prices are still dropping! 


I always tell my buyers, if you find a house and you fall in love with it don't miss out on it! I will tell you if the home is overpriced or not, but if the home is really a great value it will not last! Don't lose a home that you love, for a house that you aren't sure it exists!

Important Information For Buyers 

You can sell your house quicker without a Realtor or I can use a discount brokerage to sell my home.  

The most common answer I hear when I ask someone why they chose to sell their home without the assistance of a Realtor, is they think the buyers will see it as a "value" that they don't have to pay "extra" for a home.  Now I am not saying that it is never happened, but it is not very often that a home sells without the help of Realtors, especially here in Suffolk County.  

The very first thing a homeowner should take into consideration is that most buyers have a "Buyer Broker" which means they have a Realtor that they will need to pay, because they will still be doing their job if they buy your home.  Now what you thought would make your home seem like a value will now mean extra money they will need to pay to buy your home.  

Now I have written countless blogs on staging, photography, virtual tours, home warranty, and really using technology to get your home sold. The reason I constantly reiterate this information is because it really is what will get your home sold.  

With the cost of not only doing these things, but spending the time to do them properly is usually a much harder undertaking than most homeowners expect it to be.  When you hire a Realtor, it is important to remember you are the boss! The other common reason I hear is they had a bad experience during a previous time they listed their house.  I reference this in another blog, about what you should be asking the potential Realtors who want to list your home.  

Always remember you want to list your home aggressively the first time it is on the market, that is what will set your house apart.  You need to be sure your home is priced right, it is advertised everywhere, it is easy to show, and you have a reputable company representing you! That is the way to sell your house in a buyers market! 

I am only going to list my home for 3 months, this way my Realtor works harder! 

Unfortunately this is the one misconception that is completely off base, the market does not allow for a home to be sold within 3 months when the average time to sell a home is 6 months to a year! The best analogy I can use is this: If I told you to go to Florida on 1 tank of gas, and you knew it would take 2 tanks, would you go? Market conditions is what you should be basing your decision on, again I wrote a blog specifically on how long you should list your home for.

I understand that as a homeowner you don't want to be "stuck" with a Realtor or a company that is not doing what you may want them to, but again remember YOUR ARE THE BOSS! My company has a sellers services guarantee that if we are not doing our job 110% you have the right to withdraw your listing from our company.

My home isn't getting offers, because banks just aren't lending! 


Banks are absolutely lending money! They didn't lower their interest rates because they wanted to prevent buyers from getting a mortgage! Coldwell Banker Mortgage Company can work with a credit score as low as 615, and I work with other mortgage companies that only require a 625 credit score! Down payment requirements are as low as 3.5%, compared to what many people may think is still 20%.  The key to knowing if someone is a qualified buyer is to make sure their pre-approval are thru a mortgage company who puts their pre-approvals thru underwriting!

If you are interested in seeing exactly how many homes were sold be sure to take a look at some wonderful charts provided by my managing broker on his website The Real Estate Guru.


I hope this helps clears up some of the myths & questions that go along with a "Buyers Market", if you have any questions feel free to email me! 

Make Sure Your Agent Is Working For You!

I have written quite a few blogs for my sellers outlining and explaining the difference between discount brokerages, and full service brokerages but I would like to take a moment to talk about something that is important no matter what kind of brokerage you choose to hire to sell your home. 


I frequently speak with homeowners whose listings expired without selling, I do not call these homewoners because I want their listing I call them to get feedback from them.  In today's market there is nothing worse than an unhappy homeowner that needs or wants to sell their home, and I like to make sure that I don't do anything to make the process harder or more stressful on my homeowners. 


The most common complaint I have heard is that the homeowner believes that their realtor did not do enough for them.  Now in some cases this is true, and in other cases it is not but in an effort to make sure this does not happen to any of my readers these are a list of key questions you should be asking potential Realtors who are interested in listing your home!

1. What Is Their Price
Now I do not mean the price of their commission I mean their suggested price of your home. Take the time and look at the comps that they should have brought with them their price and their time on the market.  This is something most people overlook but because the house next door sold for the price you want keep in mind it may have taken them 2 years to get that price, and are you ok with having to wait that long?

2. What Is Their Opinion On Open Houses, And What Will They Be Doing For Yours! 
I hear countless times from homeowners that they wanted to do open houses, but the Realtor "did not beleive in them".  When you meet with these potential Realtors you should be asking them! If they say they don't do them, you know not to list with them, but if you don't ask the question chances are they will not volunteer this information that they don't plan on doing any.  If you don't agree with their plan, move onto the next!

On the other hand, I have had homeowners who absolutely hate having open houses, and being a homeowner I can understand their opinion, but for your home to sell your home needs to be seen! I schedule my first open house the same day I take the listing back to my office, Why? Because you want buyers to immediately be able to have a date and time to see your home! 

Now their is such a thing as too many open houses, remember the saying, "Quality not Quantity", my general rule is that each of my listings have an advertised open house monthly.

3. How Is Your Home Shown?
You should discuss how the agent shows their listings, and who will be scheduling the appointments.  Is it a call center who handles scheduling their appointments, or is their an in office staff ? Do they attend all appointments when your home is shown, do you need to be home for the appointments? Would they be willing to have specific day and times when you are available to show, or are they open to requiring a minimum amount of notice? If you are not okay with how they do things move onto the next agent, just make sure your requests are reasonable.

When I say be reasonable I mean that there are of course circumstances where your realtor will be unavailable to make it to an appointment for another broker to show your home.   You also should not make it difficult to show your home, this means if you can only show it once a week, and that day isn't on the weekend your home will be difficult to show.  I recommend asking for  a certain amount of notice usually 24 hours for scheduling a showing if the homeowner prefers sometime to prepare for their showing.
 
4. Where Did All The Buyers Go?
When I ask these homeowners what happened with the potential buyers that did view their home I am shocked to hear that they don't know.  You should have a clear line of communication planned with your Realtor for everytime your house is shown, and you should know how they go about getting feedback about your home from other Realtors.

The feedback that agents, and buyers give will help you get your home sold faster!  Our company has a automatic feedback form sent to all agents who show our listings, it is a quick simple application that they are able to use on their phones, laptops, and PDA's.  If I don't recieve feedback from an agent, I am provided with all of their information to contact them from the appointment confirmation.   I call my homeowner after each time the home is shown.

5. Pictures & Video & Staging
Talk to the realtor about what kind of pictures they take, do they take professional photo's or do they have the applications to help enhance your pictures? Do they have Virtual Tours on their listings? Most importantly once you have those pictures and videos, where are they all advertised?

I am very particular about my pictures, because not only do I represent your home, but the effort I put into selling your home represents me!  I put your homes pictures in my newsletter, on my website, and on my YouTube Channel, I want to make sure that your home stands out!

Another aspect of the pictures of your home is the fact that not all homes are picture ready, your home only needs to be picture ready once.  Ask these Realtor what they plan on doing to help you get it "picture ready".  Do they require you to do staging? Do they have other options rather than full staging? Or if your home is going to be vacant, what kind of affordable staging options are there?

All homes can benefit from some staging, even if it is as simple as de-cluttering or removing some larger pieces of furniture for the pictures.  Keep an open mind when a Realtor approaches this subject, do not take it as an insult, take it as they know their business!

6. Technology
How are they using technology to help their business, and your home?  Now this is a personal opinion of mine and something that I find buyers are usually more in tune with than sellers.  This is because the buyers are the ones who are using technology to help them find their new home.

Social networking is a great tool for your home, why? Because you don't know who is looking for a house until they tell you! The use of  social networking for Realtors has changed with the times. Many of us now choose to network and promote our business with other realtors & potential buyers thru sites like Facebook, & Twitter.  Highlighting our new listings and open houses on these sites are quickly becoming the way the new generation of Realtors are advertising their businesses.

If your realtor is not utilizing the internet, the technology, and the tremendous exposure that it offers your home, you are missing out.  I once had a client call me on a home not from MLS, not from an open house, but from a On Location Video Tour that was posted on my YouTube channel that one of my friends had shared.  

Technology isn't just about what your listing looks like, or where it is listed, it is also about what the buyers options are for connecting with your agent?   Today's technology allows potential buyers to immediately inquire about your listing, so what is your agents plan of action for those buyers who may not be inquiring during "normal" business hours.

I allow my buyers to schedule appointments online anytime of the day or night, I also have a chat feature that is linked on my page that goes directly to my phone as well as my laptop.  All inquiries made on my listings come thru within 5 minutes of being sent, this allows no delay in my response, and many times they are still looking at your home when they get the first call from me.

These are just a few of the key questions that homeowners should be asking the agents that they are interviewing! 


The best way to get your home sold the first time it is listed is to be an educated homeowner, and pick an agent that is right for you! 

The Important Questions To Ask The Realtor BEFORE You List Your Home!

I would like to take a minute to talk about some of the key things homeowners who are selling their home should be asking the Realtors that they are interviewing.  If you have had the opportunity to meet with me, you will know I prefer homeowners that ask questions, and expect results.  It is a part of my job that I truly enjoy, because of that I do frequently looks at homes that have expired and see if there is anything more that could have been done.  After meeting with quite a few of these homeowners I have come up with a list of questions that may have gotten overlooked, and unfortunately caused someone's home to be mis-managed during its first time on the market. 

Pictures
Ask about the pictures, how many and what quality? If your home doesn't have any pictures, or you can't actually see the size of the room than chances are it is not going to be giving that great first impression that you want it to.  Over 90% of homebuyers find their home online. 

Internet Presence
What kind of advertising accounts do they have with those internet sites such as zillow, trulia, realtor.com.  By having those listings branded with your realtors information, he/she will directly be getting those leads to follow up with them.  I personally have this for all of my listings I want all of my potential buyers coming directly to me with no middle man!

We also have a system call LeadRouter, which allows leads to come directly to us within seconds of the information being requested.  It is something I frequently show my sellers, and they are able to see it immediately.


Viewings and Open Houses
This is one of the most important things to ask, is who and how are they going to be showing your home.  Is your Realtor going to be there when it is shown? Who will be holding your open houses, how often, and in the event another agent from the office will be what do you do to prepare them for the open house?

I can't tell you how many times I have heard these kinds of complaints from expired listings, these are the important questions you should be asking because these are the things that will get your home to sell!  Having buyers agents hold your open house is not a bad thing, I personally have done this myself but I am sure to go over the home with the agent who is covering it first.  If I am unable to attend a showing of your home, rather than not allow another agent in, I prefer to be sure to call them right after the appointment to answer questions and get the feedback.

You should be asking how often they plan on having open houses, many times a will find upset homeowners because during a period of 6 months they only had 1 open house, this should be part of the market plan you saw before you signed a contract listing the home.

Agent Promotion
What information is available on their personal websites, many times Realtors family members will be our best advertising, but they will almost never remember what our website url is, so they give the friend our name, and the friend than googles us.  What comes up when you google your Realtor, and what does their website offer to the consumers?

You always want an agent who is promoting him/herself, if they are promoting themself than they are also promoting their listings, and your home!

What If You Don't Want To Sell It ?
Life happens and sometimes circumstances forces us to change our path or direction fairly quickly.  Someone who may have been selling their house might have a change in heart, or life could have happened and it needs to be put on the back burner.  Their are also circumstances where a homeowner has an horrible experience with a Realtor but was forced by the contract to continue the listing, even if the Realtor was not doing their job. 

Our company has the "Sellers Services Gurantee" this allows a homeowner to retract their listing they have with our company if we are not living up to our end of the deal. 

If it is a case of life happens, we are not the kind of company that wants the listing to just say we have it, we understand and will withdrawn your listing if something comes up where you no longer want to sell your home. 

What Kind Of Company Is It?
Most brokerages that are owned have a managing broker, this is the one who really oversee's and takes responsibility for all of the agents that work with his company. 

In some agencies there are competing brokers, which means this person takes his own listings and clients, and than on top of it helps everyone else.  This is alot for any one person to handle, and I chose to work for a company who has a non-competing broker.  Our brokers only job is to be their for us, and for our buyers and sellers.  He will meet with our sellers to go over market trends, and makes a point of going and looking at every home our company lists. 

Commission
Many companies now are keeping with the National Average, as far as commission is concerned with the 5%, but their are many discount brokerages "pretending" to be full service brokerages but are not offering the Full Service Guarantee, but still charging the full service fee.  Please refer to my blog outlining exactly what a Full Service Agency offers.


These are just some of the many things I come across while I am conversing with homeowners that have listed their home only to have the listing expire a few months later.   There are of course some cases where the home that expires is because it was either over-priced for the market, or impossible to show which is not always the fault of the Realtor.  The purpose of this blog is again to educate homeowners on the importance of asking the right questions!

Open House Event Weekend !

This is just one example of what makes Coldwell Banker Residential Homes different from your ordinary brokerage.  We think outside of the box, and reach out to all buyers in new and creative ways!

This is a wondeful opporutnity for homeowners to take advantage of, now is the time to list your home, for the next 2-3 months their will still be serious buyers shopping around.  Someone who is still looking for their dream home, WILL make a purchase before the holidays get into full swing!

Things To Know When Your Buying A Short Sale

Buyers pursue short sales to get a good deal. So when you see a price listed for a home that you think is too low for the neighborhood, before you jump on that price like hot fudge on a sundae, ask your agent to call the listing agent to find out if the home is a short sale.

What is a Short Sale?

A short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it.

Be aware that the seller need not be in default -- to have stopped making mortgage payments -- before a lender will consider a short sale. A lender may consider a short sale if the seller is current but the value has fallen. The seller may have over-encumbered, owe more than the home is worth, so a discounted price might bring the price in line with market value, not below it.



Check the Public Records

This is where if you are working with a buyers agent, their expertise will be vitale. 

Do your research before making an offer to purchase. Your agent can find out who is in title, whether a foreclosure notice has been filed and how much is owed to the lender(s). This is important because it will help you to determine how much to offer.

If there are two loans, you could have a problem. The first mortgage lender's position is protected by the second lender, unless the second lender does not want to foreclose. If a seller owes $160,000 on the first and $40,000 on the second, offering $160,000 leaves nothing for the second. The first will need to give something to the second to gain its cooperation.

Submit Documentation and Purchase Offer to Lender
Once the seller has accepted your offer, send it to the lender for approval. You do not have a deal until the lender accepts. Also, send the lender a copy of your earnest money deposit. Do not be astonished if the lender asks you to increase it.

In addition, the lender will want to see that you have your own loan available and you are preapproved. Send a preapproval letter to the lender. It will help if your agent sends a list of comparable sales that support the price you are offering to pay for the home.

Give the Short Sale Lender Time to Respond
Make your offer contingent upon the lender's acceptance. Give the lender a time frame in which to respond, after which, you will be free to cancel.

Some lenders submit short sales to committee, but most can make a decision within two to three months. Get a name and phone number for the appropriate contact at the lender. Don't send an offer blindly to a department.

Reserve the Right to Conduct Inspections
Generally, the lender will not pay for customary items that a seller would pay. These include home protection plans for the buyer, buyer credits of any kind and pest / termite inspections. A buyer will be asked to purchase the property "as is," which means no repairs.
It is extremely important that a buyer obtain a home inspection.

Are Full Service Real Estate Agents Worth The Money ?

Consumers are always looking for ways to save money, and paying real estate commissions can amount to tens of thousands these days. Not an insignificant sum to most people. Is it worth it to hire a full-service real estate brokerage over a discount service? Reasonable question. It's one I hear often. And the answer is it depends.  

Type of MarketplaceIf you're in a seller's market right now, homes are probably selling the minute they hit the multiple listing service. A one-eyed sheep with two paws tied behind her back could plop a home into MLS and get an offer. Will it be the highest price you could get?
Buyer's markets exist when inventory exceeds the supply of buyers. In these markets, some homes aren't selling at all. This is where expertise and extra work pays off. Listings that sell at top price are typically those exposed to the most buyers, which are priced well, marketed well and show well. 
MLS and the Internet
I cringe when I see new listings hit MLS without a photograph because I know that agents and buyers are passing them over without a second thought. Many multiple listing services accept 8 to 12 photographs nowadays. For that reason, many full-service agents hire professional photographers and shoot double the photos required.                      * The pros spend considerable time sorting through photos to select those with the most light, the best angles, sharpest contrast & color.
                    * Photos are cropped and resized to accentuate positive attributes.
                    * Each photograph is entered into MLS with a full-length enticing description.

When I see a photograph taken by the multiple listing service instead of a pro or the agent, I also see a lazy real estate agent who doesn't care enough or isn't getting paid enough to properly market her client's property.  
Signage
Lots of mom 'n' pop operations and discount brokerages don't spend money on professional signs because they don't believe in it or they can't afford it. Good signage is free advertising. Many full-service firms will advertise:
                    * Main office phone number
                    * Agent's personal cell phone or voice mail number
                    * Web site for more information
                     * Virtual tour links

Marketing Materials
Full-service companies tend to project quality, and that means four-color flyers and four-color direct mail pieces. The days of hiring neighborhood kids to toss photocopies on neighbors' front steps are gone. Full-service marketing is first class.  
Open Houses

Not all homes are right for an open house, but those that are require finesse. This means working the buyers who come through by pointing out impressive features of the home without making the buyer feel oppressed or hounded, and that in itself is an art. It requires the service of an experienced sales person. Many discount brokers refuse to hold homes open.
Full-service agents counsel sellers. They find out what made the seller decide to buy the home and how that moment happened. Then, they employ that knowledge at open houses. For example, suppose a seller said that moment came when she first stood gazing out at the pool. When she turned to her husband and gasped, "I can't believe we can afford to buy this home." Good sales people at an Open would ask buyers to stand in that same spot by the pool. Then, they'd share the seller's first experience verbatim.  

Negotiation
Real estate is an extremely competitive business, and there are many agents fighting for the same listings. A full-service agent who wins the listing is probably a good negotiator, a person you want on your side during offer negotiations. Think about it. Agents who can persuade you to pay what they feel is reasonable, will probably persuade a buyer to pay your price. Ultimately, that means more money for you.
Final Sales Price

Sometimes full-service agents lose listings because the seller was promised a higher price based on hot air and a lower commission. It's these listings that often show up in MLS a month later with reduced prices. The amount of the price reductions, not surprisingly, tend to exceed the difference in commissions between the dualing agencies! In these scenarios, sellers received fewer services and ended up losing money on the sale as well.
If you can't decide between an agent who charges 1 or 2 percent less than another, think about how you would feel if you had to reduce your sales price, say five percent, to get the house sold. Ask the agents to show you their last 24 months of price reductions and compare them.

How Much Do Agents Make?
Agents are paid by brokers. Brokers retain a portion, sometimes 50%, and pay the balance to the agent. From that, the agent pays her overhead and taxes, which can easily amount to 50% of the net. A listing agent's true salary ranges from 20% to 30% of one-half the commission. Full-service agents typically spend more on overhead than their competitors; by refusing to compromise service, they tend to charge more.