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Edmond, OK

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I'm Interested in Foreclosures - Translation:

02-13-12
Zach Sikes
Zach Sikes: Real Estate Agent in Edmond, OK
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  • Office: (405) 359-8700
  • Mobile: (405) 509-0541

"I want to look at foreclosures"
I often get asked by current clients and prospective clients about foreclosures, short sales, REO's, Fannie Mae's, Freddie Macs, HUD's, and every other type of distress sale. It seems in the mind of the general public that buying a foreclosure automatically makes it a good deal. However, this is not always the case. In fact, there are lots of ways to find good deals.

"What I really mean is I want to find a good deal"
Whenever I hear someone say they want to look at foreclosures, I ask them are they looking for a foreclosure specifically or a good deal in general? Almost every single time they say they are looking for a good deal. The truth is, there are tons of good deals out there, we just need to go make one. In our local Edmond and Oklahoma City market, if listing is listed below market, it will be gone very quickly and often above asking price. So, if we want a good deal, we need to go make one.

Good deals are NOT advertised
Most people are not going to find a home that is priced below market, wait a couple days deciding if they want to make an offer, negotiate for a couple of days, and then end up buying it. There are plenty of buyers and investors looking to pounce on deals like that, at least here in the Edmond and Oklahoma City markets. So that leaves us with going to make a good deal.

So now I get that good deals are not advertised, but how do I make one?
So now everyone is on the same page. In order to make that good deal, we need to find a motivated seller. Once we find a home that fits your needs, then we go negotiate the good deal.

What are the signs of a motivated seller?
There are several key signs of a motivated seller. Keep in mind, though, that motivated sellers do not want you to know they are motivated. The following are some signs or keys that the seller could be motivated.

  • The house has been on the market for a long time
  • There have been regular price drops
  • The house is vacant
  • The seller has already bought another house or put one under contingency contract

Of course there are all kinds of ways to make and find good deals, but hopefully this post puts sheds some light on the subject for people who don't deal with real estate every day.

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"I Don't Take Referrals!" - Good or Bad?

02-09-12
Ryan Hukill - Edmond Realtor®
Ryan Hukill - Edmond Realtor®: Real Estate Agent in Edmond, OK
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  • Office: (405) 259-6565
  • Secondary: (405) 348-4422

I just read Peggy Chirico's post "I Don't Take Referrals!" and I must say, I'm amazed at how quickly many of the commenters there have jumped on an agent who chose not to accept a referral, calling him names without knowing his circumstances, all while claiming "I never turn down a referral!"

Is it possible that the agent in question has a business plan that he's committed to, that works for him, that doesn't include paying out referral fees?

Maybe he's got enough business that he's happy, and he's not interested in growing anymore?

I can tell you that personally I do take referrals, but I'm choosy. I only take the ones that actually stand to compensate me for my time and experience. I will not take referrals that end up draining my resources (time & money). I've had agents call me to refer an $80,000 listing, expecting a 40% referral fee. If I were to take such a referral, I'd spend more money to market that property than I would gross after the referral, broker split, and taxes. That's not even taking into account the time I'd have invested in getting it sold.

In the time I would've spent on that resource-drainer, I would instead work my client base and generat 2-3 other full-commission transactions.

I also recently had a local agent try to refer me a referral, if that makes any sense. By the time all was said and done, I would've ended up paying 2 referral fees, totaling 50% of the commission. Again, not worth my time.

Many facctors have to be considered when deciding whether or not to accept a referral; referral fee, sales price, how needy the client is, current market conditions, your hourly rate, etc.

When I was a new agent, without much already going on, I was much more willing to take on referrals, and when the market slows, I become more open to them as well. But when the market's cruising along well, and I have a pipeline full of full-commission clients, why would I take time away from them to make less working with someone else?

Any agent who's not taking these things into account, but instead just jumping up and yelling "YES" when they're asked if they'd like a referral, may need to re-think their business plan. Not ALL business is profitable business.

Many times, the referring agent may be well-intentioned, but actually harm the client by restricting the receiving agent with hefty referral fees. Personally, if it comes down to it, I'd rather not receive a fee and know that my client is getting a top-notch experience, than to take a referral fee and know that the receiving agent may not put forth as much effort, due to a minimized commission.

So, what say you? Are all referrals to be taken?

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Edmond Economic Preview is positive, as commercial building permits break records

02-02-12
Darren Webb
Darren Webb: Real Estate Agent in Edmond, OK
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  • Office: (405) 348-9322

Puxatony Phil may be forecasting 6 more weeks of winter, but there’s Sunshine forecast for Edmond’s Economy in 2012!!!

Edmond’s economic situation for 2012 is positive, city leaders learned Tuesday during the annual Edmond Economic Preview. New commercial building permits broke records in 2011.

Taken directly from NewsOK.com

BY DIANA BALDWIN
Published: February 1, 2012

EDMOND — The dollar amount of new commercial building permits in 2011 was higher than any other year in the history of Edmond, city leaders learned Tuesday at the 2012 Edmond Economic Preview.

Article Gallery: Edmond Economic Preview is positive, as commercial building permits break records

The record set in 2010 was beat last year by $36 million, said Janet Yowell, Edmond Economic Development Authority executive director.

New commercial building permits grew by 55.98 percent in 2011 compared to the previous year.

The 26 permits totaled more than $102 million. The city also issued another 13 permits for more than $2.2 million in additions and alterations to existing businesses.

“That is incredible,” Yowell said. “2011 was very positive for Edmond.”

Eleven new restaurants opened last year — not counting yogurt places, Yowell said. Ten of the restaurants opened in existing buildings.

Private investors spent $1.7 million in downtown to renovate buildings for new businesses.

The center of new construction in Edmond is along Interstate 35, where medical facilities, offices and commercial business are planned.

Edmond issued $55.5 million in permits for 212,000 square feet of new medical facilities. In additions and renovations, there was another $5.6 million.

OU Medical Center Edmond at Second Street and Bryant Avenue was issued a $3.6 million permit during the construction of its birthing center. Integris Health Edmond, north of 15th Street and I-35, had just less than $2 million in additions to its medical office building.

Mercy Health System is building an $88 million medical complex and wellness center at 15th Street and I-35. The building is on a 27-acre site on the southwest corner of the intersection.

I-35 and 15th Street will be the home of the Fox Lake Plaza retail and office project, and more retail, office building and hotel plans are under way for I-35 and Covell Road.

A March groundbreaking is expected at I-35 and Covell for a Francis Tuttle Technology Center site. The training and business development center will be built in the Cross Timbers Office Park on the northeast corner of the intersection.

The first building at Fox Lake Plaza is a 30,000-square-foot mixed-use building, with about 200,000 square feet available for future projects.

“The exciting thing that is happening is the city is working with the developer to build a trailhead that would go under Interstate 35 and all the way out to Arcadia Lake,” Yowell said. “So, for bicycle enthusiasts and joggers, that is a great amenity. The developer thinks it is also.”

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Derby Kansas is a lot Like Edmond Oklahoma

01-07-12
Kristyn Grewell Edmond, OK Homes Oklahoma Relocation Services
Kristyn Grewell Edmond, OK Homes Oklahoma Relocation Services: Real Estate Agent in Edmond, OK
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  • Office: (405) 359-7400
  • Mobile: (405) 615-2796

Earlier this week I wrote a post about the many similarities between Wichita, Kansas and Oklahoma City (Edmond). As you have probably heard by now Boeing will be relocating many of their engineers to Oklahoma City from their Wichita plant in a year or so. Since then I've had the chance to visit with a friend of mine who is from Derby, Kansas. I wanted to know more than just the demographics and census data I found. She explained to me that Derby is just outside of Wichita and was actually pretty similar to Edmond in a lot of ways. Like Edmond, Derby has had explosive growth during the last 10-15 years. She told me it's hard to tell where Wichita ends and Derby begins. Sounds a lot like Edmond and Oklahoma City. I had to check it out

Here's what I learned

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Five Minutes of Fame

01-01-12
Kristyn Grewell Edmond, OK Homes Oklahoma Relocation Services
Kristyn Grewell Edmond, OK Homes Oklahoma Relocation Services: Real Estate Agent in Edmond, OK
  • view my blog
  • Office: (405) 359-7400
  • Mobile: (405) 615-2796

You'll have to excuse me as I enjoy my five minutes of fame! Okay, it might not be Lady Gaga fame but it's a sliver of notoriety in my world.

We were thrilled when Dena Edwards with Edmond Outlook recently interviewed us about the Estate Sale Services we provide. We were even more excited to see that her article is in the January issue which hit mailboxes last week. When we visited with Dena, we shared information about the estate sale process and our goal of becoming a single source for folks needing to liquidate both personal property and real estate in Edmond and the Oklahoma City metro. Here's an excerpt from the article;

An antique armoire. A half-empty bottle of glass cleaner. A worn pair of blue jeans. Cans of green beans. An old collection of dolls. Oriental rugs. Rolls of toilet paper. This hodge-podge assortment and more is what can be found and purchased at estate sales.
"The craziest thing we have sold yet were military flight suits and other military paraphernalia from one of the wars," said Ginny Hawkins, an Edmond real estate agent who has recently started a business conducting estate sales with fellow agent Kristyn Grewell. "But most of the stuff (we sell) is the same stuff we all have." full article

Thank you Dena and Edmond Outlook for our five minutes in the sun!
Talk to you soon!


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