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Margaret Rome-- HomeRome Realty Baltimore, Md.

I have been very lucky!


My friend Toby Davis in Charleston, SC, sent me a story that really hit home - gave me one of those "Ah Ha!" moments. At the same time, it reminded me about what it means to be lucky in real estate or in anything you do in life.

A teacher told his class of pottery students that he would grade half of them on the quantity of pots they produced, and the other half on the quality. In the "Quantity" group, it didn't matter how good or bad their results, only the total weight of pots they created would count. For the "Quality" group, all they had to have at the end of the semester was one perfect pot to get that "A" in the course.

PotterThey set to work. The wheels whirled and the "Quantity" students turned out pot after pot, improving with each creation. On the other side of the room the "Quality" students thought and planned, and agonized every nuance of their creation. The strain of trying for perfection paralyzed many of them so that they ended up with nothing but unused lumps of clay.

The moral? Good work is not perfect work. Babe Ruth struck out 1,330 times, but he kept picking up that bat and standing at the plate. Not everyone you meet will be a client, and you won't sell every house you list. But if you keep meeting people and talking to prospects, you will find clients and even new friends.

MR with potteryThose of you who know my background can understand why this got to me. I was that ceramic artist and I made lots and lots of pots, tried new techniques, and learned a lot. Boy, did I learn and develop my talent! Some pots were not so good and some were really, really good. Some I even tossed before they got to the kiln. But many are in my home, and many more are decorating other homes and being enjoyed by clients who purchased those pots.

Now I use this same talent in my real estate career.

  • The more people I meet, the luckier I get.
  • The more risk I take the luckier I get.
  • The harder I work the luckier I get.
I have been very “lucky” in this wonderful world of real estate!
Baltimore,Md

Who's Afraid of a Ground Rent?

August 08, 2006

Who's Afraid of a Ground Rent?

Maryland is known for many things: steamed blue crabs, the U. S. Naval Academy, interesting politics, the Chesapeake Bay, and that leftover from medieval days...the ground rent. The concept came to America from England with colonists, and took hold in Baltimore in the mid-eighteenth century. We are one of only three states where ground rent has been used extensively: Maryland, Pennsylvania, and Hawaii. While many properties are "fee simple," meaning including the land, there are still thousands in Maryland that have "ground rent."

Ground rent is such a strange concept that many people - including some Realtors® - are confused and even frightened away from good properties. Out of state lenders who have never seen a ground rent often need help to understand what it does and doesn't mean.

Ground rent is an annual fee paid to the owner of the land. If you buy a house with a ground rent, you will pay a small amount each year - $100 to $400 or so - to the owner of the ground rent. Ground rents can be redeemed, and if you offer the owner full value, the owner must sell it to you. Annual ground rents are generally 6% of their value, so a $150 ground rent could be purchased for $2,500.

If ground rents are easy to redeem, why are there still so many of them around? Because in many cases it does not make financial sense to buy the ground rent when you buy the property. The monthly cost is usually a few dollars. And later you can offer less than full value which the owner might accept. There are a couple of traps to avoid if you decide to buy a ground rent: all owners have to sign off on the sale of a ground rent, and the sale has to be recorded. This means a title inspection, and the process could simply be more costly than it's worth.

The part that scares people is the idea that the ground rent owner could claim the property - and whatever sits on it - if the ground rent is not paid for 6 months or more. But if you have a mortgage, the ground rent will be included your payment so there's no chance you'll overlook it.

You have many things to think about when deciding to buy a home. If you love the house, don't be put off by a little ground rent. It's an old tradition from the days of royal land grants, but a knowledgeable 21st century Realtor will make sure you're protected.

Do You Have A Unique Number?

Thursday, August 03, 2006

What's In a Number?

When I first got into the business, I learned that you need to do something to make yourself stand out. If you notice, almost ALL listings end in 000, 500, or 900. I chose to make my listings more visible by using a unique number in each one.

Back then I was driving my little dream car, a Porsche 944, and I began using this number on my first listing. I loved my 944, and I love 944 - now I use it on all my listings. When you look down a column of listings or sales and they end with 944...yep, those are mine.

Porshe 944

I once went on a listing appointment but chose not to work with that seller - he wanted full service for a no-service commission. A short time later, I got a call from an agent asking if I was a partner of agent "X." When I asked why, I was told he was using "my" number. He took my "rejected" listing but used my suggested price ending in 944. When I spoke to that agent, he told me that I could NOT own a number. I just thanked him because I was getting calls from other agents about this property, but they only wanted "my" listings! He changed the sales price in the MLS that same day. And 944 is still "my" number.

I find that the number gets noticed by lenders and title attorneys as well as other agents. If you go to http://www.realtor.com/ and put in my zip code, 21209, pictures of 4 "Featured Homes" will come up; one will always be mine. How can you tell which one? Now you know...because it ends with "944."

Next time you take a listing, try making the price a unique number - one that means something to you - and see what happens!

www.HomeRome.com

Type E personality.. not Type A

Bryant Tutas stated "Over 2000 type A personalities coming together to share opinions and ideas. Jockying for position in the AR universe."

I'll bet among those 2,000 supposed Type A's, there are a lot of Type E's. Instead of running full tilt until they drop like a Type A, the Type E's normal speed is overdrive. It's comfortable for them, and it's only when they are forced to slow down that they run into trouble. Competing, creating, and connecting are all key parts of the Type E personality, and ActiveRain is made for them.


This is the link to my blog entry that talks about being a Type E:

http://sellyourhomewithmargaretrome.blogspot.com/2006/01/thats-me-type-e.html

Take the quiz to see if you have a Type E personality. Maybe you would consider posting your results here.

Baltimore's Art Extravaganza

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Baltimore's Art Extravaganza

Every summer the Baltimore Office of Promotion and the Arts pulls together painters, photographers, crafts people, dancers, singers, sculptors, and artists of every kind for a weekend of total art immersion. And this is the weekend – Friday, July 21 through Sunday, July 23. Artscape is mostly outdoors, and all the events are free!

There will be theater performances from puppets and improve comedy to Shakespeare. Music runs the gamut from blues and jazz to zydeco and classical; with three stages, you’ll find something to like whether you prefer hip-hop or Latin rock.

Visual arts are everywhere from sidewalks and medians to indoor galleries. Fine crafts makers come from all over the country to participate in the Artists Market, while film, opera, dance, and fashion events offer something for everyone. This year, one talented young singer will win the Baltimore’s Billie Holiday Vocal Competition – the finals are on Sunday as part of the Artscape celebration.

There’s plenty for kids to do, too, from the family art park to street performances and a Family Performance Stage for singing, dancing, drumming, and story telling. You can’t have a festival without lots of choices for food and drink, of course, so bring your appetite.

The one thing you probably shouldn’t bring is your car – there are pay-to-park garages in the area but some streets will be closed off, and driving in the area could be tricky. A better bet is to drive to one of the Light Rail or Metro stations and ride from there. Artscape is right on the Light Rail line at the University of Baltimore/Mt. Royal stop, and the State Center Metro station is very close as well.

No matter how you get there, you’ll be amazed and delighted at the Artscape experience.