Here's the flip side of the coin. So I'm working as a buyer's agent all over San Diego County for these buyers, some have all cash, some with 20% down AND WE CAN'T LAND A HOUSE. At least not yet...
I'm following my own advice from my post as a listing agent: Short Sale Listing Agents Are (Not) Jerks!!. We're writing offers on day one of the listing, many times over list price giving the seller control of services (even though in California buyers are allowed a say in whose services are chosen. Yeah right, when pigs fly!). We're signing an umpteen page addendum and following the bank's checklist of hostage situation demands. My clients are nearly willing to give up their soul and my commission to close on a house, but to no avail and again I say, at least not yet.
Here's what's happening, or at least what I think I see (feel free to chime in if you see otherwise). Investors are coming out of the woodwork and have been for quite some time. Inventory is tight. Banks and listing agents that have control of the REO and short sale inventory are helping set the pace and the buyers are chasing them rabbits (houses) like greyhounds out of the gate. As in all races there's only one winner of course. I've met buyers that have untouched equity lines on their primary houses looking for deals to flip. I have clients that have saved for 10 of their working years to put down 20%. And then I have buyers with liquid, cold, hard, cash money. Where they got it, I haven't gotten that far with them yet. I just see the "Two Comma" account balances/statements when we submit the offers, an accomplishment we all aspire to attain I'm sure. Note - there are two commas in $1.0M.
To top it all off, we are getting beat to the punch by other buyers. Inconceivable! What is it? Are my buyers not quick enough? Not strong enough? Their agent not schmoozing enough? What? Well whatever it is, I know we will strike gold, find the needle in the haystack, get lucky, whatever you want to call it. I'm just glad my clients are patient and adaptable.
I'd love to hear what you're experiencing out there, tell me I'm not alone. For those of you hitting it big or often please, share your thoughts would you?
Thanks, good luck out there!
Marvin
A tale of a new Property Manager...
So now I'm one month into being a new broker AND property manager. 4 weeks ago I wasn't sure what my expectations were, only pure optimism. Thank goodness my buddy and fellow broker was gracious enough not only to bring me aboard but to endure my endless slew of repetitive questions and stifle his guffaws at some of the dorky conversations I had with prospective clients over the phone. I'm sure if he were drinking milk he would have had a nostril spew for sure...
I started with the easy prospects, all of my past clients and old Navy buddies that weren't tired of my targeted email campaign and quarterly "How ya' doin', who do you know?" phone calls. Then I went to the co-op agents and brokers that I thought didn't want to throw me off a tall building for a less than pleasant transaction. Many of them I knew did not manage residential property so I wagered they'd be happy to pass on a headache.
And then came the tough ones, the cold calls. Now back in the day I was a cold call cowboy looking for listings - no business and fearless on the phone since I knew it was physically impossible for a potential seller to reach through the phone and throttle me. I was pretty damn good if you ask me, a legend in my own mind. It did however, comprise a solid third of my business early in my San Diego sales career. Cold calling is a lost art, especially calling 'For Rent by Owners'. Getting past the first "Hello?" can be a challenge in itself, aside from finding out if: a) the house is still available to rent, b) I'm speaking with the owner/decision maker and c) I'm not speaking to another property manager. "Hi this is Marvin de la Vega, I'm a Broker with Noble Real Estate Services. I'm calling about the house for rent, is this the owner? Good, is it still available?" Then, with quick thinking, a smooth tongue with a mouthful of marbles, I'd have a millisecond to get my schtick out, "When will you interview a professional property manager for the job of managing your property?"
"NEVER!!" Click.
"I can manage on my own thanks."
"I'm a sales agent and I'm doing it as a favor to my client for free..."
Let the jousting begin, or at least a fake conversation with a dial tone. Being in the residential resale market for several years has made me clear on one thing. If anyone is advertising their home for rent (or sale), they need help, and many needed help YESTERDAY!! As professionals we need to rise to that calling. Overcoming objections is part of our job. I'm also finding that the owners needing to rent and owners needing to sell have generally the same objections. I am just back at a point where I need to re-frame those rental objections that used to be resale objections.
"How much do you charge? Will you do it for less?"
"I'll just manage it myself."
"I've got a friend in the business that will do it for me."
"Can you get top dollar for me?"
"Property managers don't do much for what they are paid."
The list goes on. One of my personal faves that breaks the ice is, "Can you imagine having to deal with the Caesar's Palace fountain spewing out of your tenant's toilet at 3 AM on a Saturday?". Sometimes the imagery of a toilet fountain, a late night phone call and maybe even plumber's crack are deterrent in nature. For those of you in the resale biz, this might be a good reminder, sharpen your objection handling skills. For those of you in property management, I'd love to hear your experiences. Please chime in.
Next post I'll go over some of the conversations I've had with potential tenants. Till then, have a great week!
Marvin
Here's a quick link to what's happening in San Diego this weekend:
www.signonsandiego.com/feature/fourth-of-july/
From the bay and inland, including the San Diego County Fair, there is so much to see and do, right here in our own back yard. Pick one, and take in the show! My personal favorite is the synchronized fireworks on four barges right in San Diego Bay, a chili dog and a root beer (gotta do it once a year, right?).
Happy 4th of July to all!!
Marvin de la Vega - San Diego / Chula Vista REALTOR®
Just when I noticed myself complaining, this came from a client overseas. He's a Navy service member and successful short sale client. He was also one of my first clients ever, I sold this home to him several years ago, unfortunately he had to sell short. From the time he signed the listing to the time it closed, 15 months had passed. We had almost given up hope.
Yes 15 months. Don't ask. Now it's all done and this came in the mail today from one of the Navy's finest west coast aircraft carriers, from my client Larry. It made my day and validated why I'm in business.
This card is on my desk. Next time I think about whining I'll have my good friend and client Larry to remember.
Have a great weekend.
Marvin de la Vega
My thoughts and prayers go out to my fellow Navy brethren that perished just off the coast of San Diego today. I did not know the crew members myself but one of my squadron mates knew the aircraft commander. Naval aviation is a small community, especially in the helo world so we are bound to be connected somehow. As a Naval Aviator having flown helicopters many hours over these waters I know the dangers of night flying up close and personal. Please think of these military service members this Memorial Day, I know I will.
Marvin de la Vega
LCDR, USNR
Residential real estate sales and property management in San Diego County. Experienced buyer's agent and short sale negotiator. Noble Real Estate Services. Call (619) 721-3321. I'm happy to help!
My job as a real estate salesman has taken such a turn in the past year; still selling to this day in itself is testimony (many agents are gone due to natural attrition - lack of skills/service based approach). Being a trained loan officer operating primarily as a listing and buyer's agent, I understand much more of the entire process than the average agent with no mortgage background. Lately, my business has me busy in pre-foreclosure sales (see my Short Sale blog entry at www.MarvindelaVega.com). I am DETERMINED to find as many people in San Diego as humanly possible and save them from foreclosure. My unique selling point is this - my focus is not my income, IT'S MY CLIENT'S POSITIVE OUTCOME.
Marvin is married and a father of two, living locally in old Chula Vista. "I love old homes, tree lined streets and hardwood floors", he says. "Even better, we know and love all of our neighbors, we really are blessed." We live in a neighborhood that feels like Mayberry or the set of "the Wonder Years" for TV buffs (Google them). Marvin is also an avid surfer and motorcycle rider, where you might see a comment or two about these in his blog. Feel free to call and interview Marvin, even "pre-interview" by reading his blog entries, you'll find a wealth of knowledge.
Marvin de la Vega, a REALTOR® with Noble Real Estate Services, has been actively involved in residential real estate sales since 2003. Although he considers himself a relative newcomer to the industry, Marvin's experience reaches back to 1985 as an executive assistant in a family run real estate office. At the time realizing real estate hadn't been his calling, Marvin joined the US Navy attaining the rank of Lieutenant Commander, recently retired. "Leaving the civilian world behind in the late 80's, I had no clue what service meant", Marvin says. In the Navy, Marvin served as an officer and helicopter pilot logging over 3300 hours in seven different aircraft, both helicopter and fixed wing. "The early years in my Naval career were focused on being a pilot where technical skill, quick decision making and fearlessness played an important role in training and flight mission completion. The military was such a great training ground for my career as a salesman; "Service" took on a whole new meaning since Marvin attests that no real estate company should exist without service as the main focus for being in business. In later tours of duty after many flight hours and promotion in rank, the obvious segue to positions of leadership was necessary in helping our commanding officers run their aviation squadrons." Marvin often likens to his Naval service and flight experience to his real estate career. Clients are his countrymen, for which he still employs the Navy core values of "Honor, Courage and Commitment".
Marvin is a homeowner and investor, not just a real estate salesman. In fact, his second home purchase in 2002 is largely the reason for joining the real estate industry. "Without going into specifics, let's just say the agent that represented me when we bought our house did a lot of things "differently" than I do now. Essentially, at the end of our purchase I bought a great house in a great neighborhood for a great price, but the ENTIRE transaction had me feeling uneasy - that something wasn't always right. A large measure of service was missing. At the end of our purchase and after a lot of thought I declared, 'I can do that and much more, even better at that!'" Marvin became a loan officer in January 2003 prior to becoming a sales agent because he knew most agents start as buyer's agents. So what better way to serve buyers he thought, than as a loan officer first THEN as a sales agent. Marvin's military equivalent was learning to be a pilot first before becoming a Division Officer or Department Head. Call it cross training if you will, Marvin has a solid foundation in mortgage lending.
Recent areas of expertise for Marvin have been in the realm of successfully negotiating and closing short sales. "It comprises a large part of our local inventory. If I can save homeowners from foreclosure and proactively sell their home, I'd feel content and happy knowing I fought for a good cause at the end of the day. Employing an undying attitude of service to all involved in a transaction makes things so much easier. I understand lenders really do not want to foreclose. Further, I know for a fact many homeowners want to deal with their tough situations and still maintain their dignity. Short sales take a lot of extra TLC and extension of the proverbial olive branch in several directions; first to the seller, next the many buyers (and their agents) and last but not least, the seller's lender. Successful short sales alone have bolstered my technical expertise in all facets of residential sales whether I'm a listing agent, buyer's agent, short sale negotiator or loan consultant. An active agent must fully understand the contractual, negotiation, escrow, lending, disclosure, inspection and closing processes very intimately. I feel I've exponentially expanded my real estate knowledge base just by focusing on one facet, helping people in a serious time of need."
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“I've always valued Marvin's experience and opinion when it came to new location possibilites and things to think about, like when I moved to Guam. I heeded his expert advice when figuring out what to do with my house that was put on the market during America's worst real estate market in history. I wholly endorse Marvin de la Vega.”
Christopher Atencio, Teacher, Sakura English School
“Marvin is honest from start to finish. He also knows his business very well. Marvin is particularly good with "short sales" and he does his best to make sure every step of Real Estate transaction goes smoothly. I can't say enough positive things about him.”
Top qualities: Personable, Expert, High Integrity
Corbin Record
“Marvin was my real estate agent for a home that my wife and I purchased in 2004. He is honest, sincere and I felt was looking out for what was best for my family. He is always professional, extremely knowledgeable and he continues to impress me with his new ideas with what is currently going on with the housing market. We still keep in touch even though I have moved to the Tampa Bay area. I still own a home in San Deigo and should I decide to sell, I will utilize Marvin's services again. Marvin and I know some of the same people from our days in the US Navy when we were in the helicopter community. He is an honest man, a man that cares about his friends and a man that truly loves and cherishes his family. This is the type of man you would want as a colleague and a friend.”
Top qualities: Great Results, Expert, High Integrity
Jim Brown, Maintenance/Production Controller, US Navy
“I worked together with Marvin in getting a client's home remodeled and leased. As I am also a Realtor, I was very impressed with the service Marvin provided his clients. After the job was finished, Marvin was more than happy to help me with my own real estate business which has grown by leaps and bounds. In real estate, you need to use someone who is #1 knowledgeable, and #2 a person of high integrity you can trust. Marvin exemplifies both.”
Dan Chapman, Owner/CEO, Prestige Realty Builders
“Marvin, was very professional in his approach to his work. He made me feel that my concerns were his concerns and that they were addressed quickly with great results. He kept me abreast to all movement in the process and any changes that incurred! A+ service from an A+ professional.”
Top qualities: Great Results, Personable, High Integrity
Jefforey Best
“Marvin always goes the extra mile for his clients. He knows the market cold and understands the importance of building relationships. I depend on him for advice and counsel and value his friendship. Honest, hard working, and friendly are words that best describe him.”
Top qualities: Personable, Expert, High Integrity
George Reed, Associate Professor, University of San Diego
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