Laurie Mindnich

Due to market conditions, some sellers in the Hamptons, New York market are struggling.

For this reason, we find ourselves called upon to perform broker price opinions.

Anyone endeavoring to do this likely sees the value of the mls- in our case, the MLSLI.

Some of the bpo's are for short sale purposes, yet many properties offered by LARGE companies are not in the mlsli (despite the fact that these companies- Prudential, Corcoran, Century 21, et al. are part of the mlsli in other areas). It is a hassle to help sellers get a short sale accomplished.

Among the reasons for NOT putting properties in the mls provided are "seller privacy"- some sellers, the agents say, don't WANT the exposure.

If one is to buy into that notion, why on EARTH, then, are these properties shown in abundance on Zillow?? Not only is the house there (address not disclosed) but a MAP shows the exact location of the house. Yet, somehow, the reasoning for the mlsli is that the sellers DON'T WANT THE EXPOSURE?

Please. If an $18 million dollar home is on Zillow, with a map, but not in the MLSLI, where is the "privacy" for the seller??

Appraisers DETEST operating on the south fork- at least those with whom I've commiserated- because the property values are made so difficult to obtain, unlike areas in close proximity that follow the mlsli guidelines by offering properties to the rest of the real estate community- presumably, for the purpose of exposure, and getting the house shown and hopefully sold. Additionally, there is an ease present in being able to access comps.

Real estate companies in the Hamptons are providing an opportunity for some serious questions, and the answers are, so far, completely unacceptable to many working in the industry, not to mention sellers and buyers. It's one or the other: either the seller wants total privacy, or they don't. Zillow isn't "private."

I think it's time to come up with a better excuse for limiting properties before sellers catch on to an agenda that, without a reasonable explanation, looks pretty self-serving. I could be cynical, and missing some key component here- any insight would help.

Ad nauseum...

Listing a house in New York- how are you presenting agency choices to a potential seller?

"Seller, we want a cooperative effort from our mlsli insertion. For that reason, let's go over the choices of cooperation available to you, so that you UNDERSTAND.

SA: Seller (or sub) agency- under this offering, the agent bringing a buyer will represent YOU with fiduciary. No, we've likely never met this agent, nor do we have a grip on their ethics, but many still seek to represent you, the seller, as opposed to their buyer. Sound good? Except...know that with this offering, if they misrepresent aspects of your property to their buyer, you as the seller may be held vicariously liable for any errors presented to the buyer.

Don't like that?

BrA: Broker agency- under this offering, the selling agent may still come in representing you, the seller, and we, as the listing broker, accept liability for anything construed as an error on the part of this agent. Many real estate agents are jumping to this agency, and why not? Errors become the problem of our listing company- getting you off the hook for vicarious liability, but we REALLY don't feel comfortable with this, in much the same way that you feel discomfort assuming this liability.

Thank you for understanding.

BA: Buyer agency- under this offering, the selling agent will come in looking after the best interest of the buyer. Increased due diligence is required, as their own company is liable for any misrepresetations to the buyer. The agenda is to get the buyer the "best possible price", which is ultimately determined by you, as a seller- and we remain staunchly in "your corner", seeking to get the best price for you.

We like this "gamble", because it's not a gamble at all. Because there is no assurance of quality with a cooperating broker, or assurance that the buyer of your home will be treated with integrity, forcing the issue with clear cut lines of representation by insisting that the selling broker stand behind the transaction for their buyer makes sense- leaving both yourselves and ourselves out of any issues that may arise later due to a selling brokers incompetence.

Will it come down to who represents whom with more strength? Perhaps. Not to worry, though. When we commit to listing your property, there is no question but that seeking an amount for your house that is the best that we can locate is the bottom line- we're quite confident in that endeavor.

It is, after all, why you hired us."

www.optionsrealty.com

WOW!

I was delighted to see another company opening on the North Fork of Long Island that understands the simplistic nature of buyer agency: defined lines of representation, to the benefit of BOTH sellers and buyers.

Could it be that we will soon, as real estate professionals, be waving good-bye to that absurd notion that both real estate participants in a real estate transaction need to "represent" (at the sellers peril- vicarious liability) a home seller?

Dare I think it- do we have a growing contingent of real estate professionals that not only understand the benefit of full disclosure in a method that benefits all consumers (rather than simply broker/owners) but also PRACTICE such an endeavor???

The answer is YES.

A new company with experienced North Fork, Long Island agents has recently opened.

Buyers Connections Realty, located at 95 Love Lane, Mattituck, NY has opened their doors. At the helm are Mr. Nicholas Planamento, and Mr. Joan H. van Heemskerck, seasoned North Fork Realtors.

Gentlemen, we look very forward to doing business with very forward thinking agents- integrity in real estate is not only an option, but an expectation- thank you for making it possible!

Making it happen for consumers makes it happen for ALL of us- best wishes in your new endeavor, and we look very forward to working with you!

www.optionsrealty.com

Authored by: Laurie Mindnich
September 25th, 2008

Great news for the Hamptons, New York Home Buyer: INTEGRITY HAS ARRIVED!

It was with enthusiasm that I read the recent news offered by Michael Daly, owner of True North Realty Associates in the Hamptons- buyers are now going to be able to navigate the Hamptons and North Fork market with a TRUE ADVOCATE, coming in the form of an exclusive buyers agent.

While Options Realty has been a loud-mouthed proponent of a practice that covers both buyers and sellers on the North Fork, the advent of a long-time (and highly respected)Hamptons broker entering this arena is truly great news.

While this news may be less than exciting for large brokerages focused on scooping up listings (buyer agency is not possible when a buyer purchases a property “in house”- limiting that sought after “double end” for large brokers that choose the buyer agency opportunity), it is, for consumers, a HUGE change in the Hamptons that will likely change the way that business is conducted.

That buyers now have an alternative to sub agency and dual agency in the Hamptons is overdue.

Quite simply, it presents an opportunity for buyers and sellers to proceed in a purchase without that “muddy” who-represents-ME scenario. In the past, it has been as clear as, well, MUD.

To Michael Daly of True North Realty Associates, congratulations on a decision that might (FINALLY) add some consistent clarity and integrity to a transaction on the east end, usurping the often confusing transaction in which a buyer, in hindsight, understands that that “really nice agent” in fact represented the seller all along…leaving the buyer with a sense of unease (and a purchase price dictated by both the listing AND selling agent).

While we may well find ourselves with regret that competition in the form of an exceptional company with experience has nudged into (understatement) a territory in which we’ve found ourselves quite alone in promoting, the end result is a benefit to ALL real estate companies on the east end of Long Island- when consumers are treated with professionalism and honesty, real estate agents benefit. Inherent integrity.

CONGRATULATIONS, MICHAEL, ON YOUR DECISION TO INTRODUCE INTEGRITY TO HAMPTONS AND NORTH FORK REAL ESTATE TRANSACTIONS!

Thank you for recognizing that consumers on the east end have, for too long, encountered too often a “ME, FIRST” attitude from many brokers operating on both the North and South forks of Long Island, when with consumers buying or selling a home.

If you are looking for a home on the North Fork of Long Island, and seeking buyer agency in its least complicated form (no in-house listing issues), call either Options Realty or True North Realty Associates for information:

Options Realty: 631-727-2227 (hey- it’s my blog. I go first) serving the North Fork of Long Island
OR
True North Realty Associates- Michael Daly: 631-725-0554, serving both the Hamptons and North Fork of Long Island

www.beachamptons.com

LATE BREAKING NEWS:

WELCOME, ALSO, BUYERS CONNECTIONS REALTY CORP. of Mattituck, NY. Both Joan H. Bischoff van Heemskerck, and Nicholas J. Planamento are also on board with serving buyers on the North Fork with representation! With much experience in real estate, both gentleman agree that a transaction of integrity includes defined lines of representation. We look forward to working with you on the North Fork of Long Island! Joan and Nicholas can be reached at: www.BuyersConnections.com

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Authored by: Laurie Mindnich
September 5th, 2008

As reluctant as many of us are to let go of summer months on the North fork of Long Island, fall brings activities that offer fun that appeal to any age level.

Not initially believing in the challenge of the corn maze (it’s tough to imagine that our corn season is coming to an end already…), last season, we took it upon ourselves to indulge the kids in the family by visiting the Harbes Family Farm.

I still laugh out loud when the memory is revisited- and going again this year with or without the kids is simply a North fork experience that is as required (by us) as hitting the beach on a gorgeous day.

In addition to the corn maze, which in and of itself provides the hokiest, most charming experience (think: friendly outdoor haunted house), hay rides on a bumpy old trailer with a host encouraging a “sing along” is a riot. Kids love it, and adults may well not get through it without one of those really healthy belly laughs.

The following link provides much in the way of resources for North fork, Long Island fall activities. See you there!

http://www.northfork.org/calendar/index.php

Options Realty: your source for buying and selling condos and homes on the North Fork of Long Island.

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