About Collin County, TX

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Courtesy Halo Group Realty, LLC

A Seller’s Sad Story

Several months ago we listed a home for sale. At the time, I asked the sellers if they had looked into the possibility of any repairs needed that I might not be aware of. The sellers assured me that their home was “fine” and that they would be happy to cross that bridge when/if we came to it (meaning they would let a buyer find any issues during their home inspection, and then address them at that time). So, we listed the home for sale.

Fast forward 8 weeks – after a ton of showings on their home, we get an offer from a buyer. The sellers are so excited. We go through the inspection process, and guess what…there is a foundation issue. In fact the buyers didn’t even ask to have it repaired; they simply terminated their offer and bought a different home.

Of course the sellers are now aware of an issue so they have the foundation company out to do the repairs. At the conclusion of the repairs, the plumbing test is done…but there’s still a leak. So we run more tests – and make more repairs – and test again…but there’s still a leak. So we run more tests – and make more repairs – and test again…but there’s still a leak. So we run more tests – and make more repairs – and test again…but there’s still a leak. FINALLY, we get the last leak fixed and we are ready to go. However, it took approximately 3 months to get all of the repairs done.

AT THIS POINT WE HAVE SPENT MORE TIME OFF THE MARKET THAN WE SPENT HAVING SHOWINGS…BECAUSE THE SELLER DIDN’T WANT TO CHECK INTO THE POTENTIAL PROBLEM BEFORE LISTING THE HOME.

I do understand that in today’s economy people don’t want to spend a ton of money making repairs to a home they are going to sell. However, in today’s real estate market you have to be competitive and your home has to be in tip-top shape if you want to sell for top dollar. In this case, the sellers not only had to spend the money anyway…but they lost a buyer and delayed their entire moving process by several months. The sellers have been on an emotional roller coaster for months.

The good news is that we did the repairs, and that we did sell the home. The new owners are excited to get a warranty on the work that was done, and they love their new home. The home sellers found their dream home and have relocated. In the end, it all worked out.

The morale of the story is:
Take the time to really evaluate your home prior to putting it up for sale. Consider having a home inspection done and making repairs before anyone even knows you are selling. Listen to the advice of your real estate professional, they are not emotionally attached and they understand the reality of the current real estate market in your area. If you address the problems up front it will save you so much time and trouble in the long-run.

I was out finalizing a lease for one of my clients yesterday. The listing agent was not available so I met with the owner of the property. My clients got stuck in traffic so we had some time to chat. The conversation turned to investment homes.

Many investors confuse rental rates with cash flow assuming that getting the maximum amount of rent equals maximum cash flow. I'll argue the opposite is usually true.

There are at least two hidden costs that need to be factored into the cash flow equation. The first is vacancy rate and the second is the cost to lease. Both subtract from long-term cash flow.

Any time a property is vacant it's not producing revenue. Limiting vacancies should be a factor in rental pricing. Let's assume I have a property rented for $1500 a month on a single year lease. If the tenant vacates the property after the lease ends, I incur the loss of revenue while the property is vacant and I have the cost to lease it. The other "cost" is realizing that most damage to a home happens during turnover. If I can get a good tenant to renew, I avoid all three losses.

While you may need to raise the rent on a renewal to cover increased expenses, this increase may cause our tenant not to renew. If I raise the rent on my $1500 property to $1600, I hope to generate another $1200 a year in cash flow. If the tenant moves out and the property takes 30 days to lease, I've lost $1500 plus I have the cost of leasing the property. The best time to consider raising rental rates is in between tenants.

The other place to consider this concept is when a tenant is asking for a reduced rental rate on a multi-year lease. On my $1500 rental, I will often reduce the rent to $1450 for a two-year lease. Why? Long-term cash flow. I know I will not have any downtime after a year and I will not have the cost to lease it again. The $50 a month reduction is $1200 over the two-year lease. If I have 30 days of vacancy and I have to lease it, my loss of revenue and expense to lease it can reach $2400 in my market. Additionally, I have to pay for utilities and lawn maintenance while I'm leasing it.

Maximum rent does not alway equal maximum cash flow.

Want to work with an experienced team of agents on your next investment property? Contact us at 214-227-6626.

Photo licensed from iStockPhoto

Originally posted at http://www.thebranchteam.com/wordpress/2012/03/12/does-maximum-rent-equal-maximum-cash-flow/

Spring Break in McKinney, TX

It's officially Spring Break in Texas! Now that McKinney ISD has released the children to their parents for one whole week...you may be wondering what to do with them!!

Have no fear....here are my Top 7 things to do in and around McKinney for the week of March 12-18!

1. Enjoy Towne Lake Park - rumor has it that there are still quite a few fish left over from February's Trout Derby - see if you can snag one! If not, enjoy paddle boats, volleyball courts, playground, 1.2 mile jogging path or horseshoes.

2. See a movie at iPic Theaters in Fairview - this isn't your normal stadium seating popcorn and candy slinging theater. At iPic you can reserve recliners complete with chairs, your own waiter and a selection of gourmet food, beer and wine. And of course you can still enjoy some popcorn and sweets!

3. Go Golfing! Are you kidding? There are literally 5,000 golf courses in McKinney. OK, that's a slight exaggeration...but even if there's more people playing this week, it won't matter...there's plenty of green space to go around. OR - just stick to Top Golf in Allen! Either way, you can get your golfing fix without having to travel too far.

4. Hit up Main Street McKinney! Go shopping at a boutique you've been promising yourself and your teenage daughters you'd check out, binge on some old fashioned candy or popcorn at Mom & Pops, or unwind after the kids have been put to bed at Landon's winery or Grotto.

5. Bike, run, skateboard, Segway or just WALK around the many jogging and hike/bike trails around Stonebridge Ranch and Adriatica. The Crepe Myrtles are beginning to bloom and it's just BEAUTIFUL outside! Perfect time to renew that New Years resolution you made to "exercise more"...and now you can do it with the kids by your side!

6. Want to swim, but don't enjoy freezing pool temps? Head over to the Allen Natatorium! It's closer than Hurricane Harbor, 10% of the price, INDOORS and still offers up water slides, a lazy river and jungle gym thing for kids to go nuts on!

7....and on the 7th day....REST!!! Do absolutely NOTHING. Staying in PJ's just might be in order!

So there you have it....have fun and RELAX this week! Re-connect with your kids and then share with me YOUR favorite things to do!

Former Queens Gate Frisco TX residents talked about their home selling experience:

“Paul and I are happy we chose you to represent us in the sale of our home in Frisco TX. We want you to know we appreciate your service and how dedicated you are to your clients needs. In the economic down turn, we expected it to take much longer than it did. It was a surprise to us that you sold and closed on our home in two months instead of six. We also appreciated your business attitude all through the process. Thanks a million.”
Paul & Fran Cooksey – Former Queens Gate Frisco TX residents

Listed by 3:16 team REALTY for SALE: 7478 St. Stephens Square in Queens Gate Frisco TX

Read about their story and how we got to the closing table. It didn't not come without a challenge but we got to the closing table!

Paul and Fran Cooksey were former real estate agents prior to retirement. They especially selected the 3:16 team REALTY Home Selling Marketing plan because they understood the important and differentiation factors that make a sale in selling their home in Frisco TX.

If you like to see how we can help you, contact:

Loreena & Michael Yeo
(214) 783-2210

Or fill out our Home Value Requst form.

More information including photos and videos of Queens Gate in Frisco TX.

Content & Photography Copyright © 2012 by Loreena Yeo (3:16 team REALTY)
Original Post can be viewed at:
Home selling in Queens Gate Frisco TX