It aways amazes me of this "love/hate" relationship we as Realtors we have (at least I have), with the buying public. In today's complicated real estate climate, loan issues, short-sales, foreclosures etc; Our expertise is needed more than ever.
As an independent contractor I run my business like any professional that owns their own business/company. I do my part to represent my clients best interest, not only because it is my duty but moreover because it makes good business since. Having said this, I only work with buyers that are willing to sign the "buyers representation" agreement. I don't now and do not foresee that I ever will ask for my buyer clients to pay my commissions or put up some type of "retainer fee", however I do require a simple commitment from them.
I recently had a customer contact me that was coming to Texas from out of state. Because I work with lots of out of state customers, most of the initial correspondence is via e-mail. This particular customer was no different. After getting all the preliminary information, etc from them, I sent them a buyers representation to sign (which the clause; Should the seller refuse to pay the commission, the buyer will be responsible, crossed out). Days went by as did several e-mails from me following up. After no response I called the numbers I had and got the wife, whom proceeded to tell me that she was really busy and needed to call me back.
A few days went by at which point she did call me back. She proceeded to tell me that the reason she/they had not responded was because they had "decided to use another agent to represent them" on this first transaction, but "may consider using me when they move again. She said this first move was to "get into something that just gave them an address for now". She also told me that she/they were "put off" at my sending the buyers representation as they "generally did things on a "hand shake" basis. When I explained that the Buyers Rep was for two reasons, one so I could ensure I would get compensated for my time and two so that I could represent "their best interest", and not the seller default as designed by Texas Real Estate Law.
After explaining my position on this, she said that "She really understood about getting compensated" because as a recruiter, she had been taken advantage of herself, however at this point she was going to use another agent for this first deal.
After getting off of the phone and really digesting the conversation (as I was preparing for my recently deceased father-in-laws memorial); I found the contradictions in her "explanation both irritating and amazing. I fully respect hers or anyones right to use whomever they choose to represent them, as I give her credit to at least call me with the attempt to at least give a reason (no matter how contradictory it was).
After all of this I received what I can only discribe as the "Hale Mary" of all insults. I was ask if I was on "Linkedin", which of course I replied, yes. Then she told me that because she would be trying to retain her position once here in Texas that if I knew of anyone that needed help with their resume; That she would be glad to help them.... Was I just ask for a referral????
After gathering my thoughts I sent the following. I would love to hear your thoughts:
"Thank you for the call the other day regarding your move to Texas.
I was not really thinking clearly, due to all that was going on with the death of my father-in-law, however after digesting our conversations I have come to some conclusions.
While I fully respect your right and decision to "go with someone else" to represent your family in your move to Texas. It does however baffle me regarding your reasoning that you you were "put off" by my simple request to committing to me as your Realtor as this is a "Business Move" not a friend/personal issue. Business transactions/relationships rarely work out well for anyone on a "hand shake" (your words), and I have learned to keep business, business and friendship, friendship.
You mentioned that you understood what it was like as a recruiter, to be "used", therefor of all people you should understand my reasoning in conducting myself in a professional, business manner.
You also mentioned that you "may" use my services when you make your "final move" here in Texas as this initial move was just to "give you an address". I think this would not be fair or ethical to the agent/Realtor, that you are going to use to find your initial address. I personally would not like for anyone to undermine my relationship with one of my clients in such a fashion.
Us "Texas Realtors" are all independent contractors and all have our own moral compass. My compass is to first be honest, second be a professional and third, follow the golden rule (do unto others, as you would have them do unto you). It may be a "simplistic" approach, but it is not only how I conduct my business and life, but also the way I was raised by my parents. I am known by my peers to be tough but fair - professional but compassionate, but moreover honest and forthright.
It would have been nice if you had contacted me to express your concerns, however it is what it is. I hope you find a Realtor that you can give your loyalty to and that they will in turn return the favor, but regardless I welcome you to Texas and hope you and your family much happiness here.
Warm Regards,"
Just read an article about North Texas Real Estate.
We need to let people know that just because the $8k tax credit is gone.... There is still the MCC (Mortgage credit certificate), which could give a buyer up to $59k in tax savings over a thirty year note. Is anyone else talking about this except me?
| July 22, 2010 | Advertisement | |
TREC Broker-Lawyer Committee keeps ratification-of-fee paragraph in contracts The TREC Broker-Lawyer Committee was considering removing the ratification-of-fee paragraph from most TREC contracts. The committee has since abandoned the idea and will instead propose smaller changes to that portion of the contract. Learn more about this paragraph, including some misconceptions about its purpose, from the July Legal column in Texas REALTOR® magazine. Though the column was written when the committee was still entertaining ideas about removing that paragraph, the article thoroughly discusses how the paragraph should be used ... and how it is sometimes misused. You also can listen to a discussion regarding the ratification-of-fee paragraph on Texas REALTOR® Update Episode 79. Be the first to know about issues, regulations, and politics that affect real estate Want stay up-to-date on the latest issues affecting you and your clients? Sign up for text-message updates from the Texas Association of REALTORS® and TREPAC. All you have to do is text TREPAC to 21824 to receive periodic updates on real estate issues, regulations, and elections. A strong TREPAC protects your pocketbook and the real estate industry in Texas. Stay informed. Text TREPAC to 21824. Hear how to reply to questions from census workers about listings and managed properties Listen to Texas REALTOR® Update for information about whether you're obligated to answer questions from U.S. Census workers regarding your listings or properties you manage. Also on the podcast:
Two Texas REALTORS® selected for national leadership academy Jason Wright of Tyler and Leigh York of Weatherford have been chosen to attend NAR's 2011 Leadership Academy. Wright and York will join 25 other REALTORS® from across the U.S. to participate in a nine-month program that develops institutional knowledge and leadership skills. Four Texas REALTORS® have been among the 80 graduates of the Leadership Academy since its inception in 2008: Alvin Collins of Midland, Dwight Hale of San Antonio, Brooke Hunt of Flower Mound, and Hanne Sagalowsky of Dallas.
New guidance on HVCC Fannie Mae has issued guidance regarding the Home Valuation Code of Conduct. The guidance includes a reminder to lenders that appraisers must have the appropriate knowledge and experience for a specific geographical location and particular type of property. Other items in the guidance document:
Benefits: When you go from listing agent to property manager ... SmartMove Your clients move, and the listing doesn't sell. Suddenly, they want it rented out. Fast. Should this happen to you, there's a new Texas Association of REALTORS® benefits partner that can help. TransUnion's SmartMove is an online system that provides a quick leasing recommendation on prospective tenants. During July, the normally $25 criminal background check and credit report is only $15 when you visit TexasRealtors.MySmartMove.com and use the promotional code "TARNY814." The cost of this service, whether $15 or $25, can always be paid by the prospective tenant. And that's smart for you. Download the interactive brochure for more information or visit TexasRealtors.MySmartMove.com now. Links: Real estate-related news from the Web
Legal Q&A: Flat-fee listings and minimum services Where can I find the minimum-services requirements concerning presenting and negotiating offers? I represent sellers and buyers and want to be sure that I am complying with the law. The Real Estate License Act contains provisions that impose requirements on buyer's agents as well as seller's agents concerning the presentation of offers and negotiating transactions. For example, in most cases the buyer's agent must send a copy of any offer to the listing broker, even if the listing broker consents to the delivery of an offer directly to the seller. In turn, the listing broker must answer a seller's questions regarding any offer made to the seller and present any counteroffer from the seller to the buyer. Note: These minimum-services rules apply regardless of the agreed-upon compensation payable to the broker. View the applicable provisions of The Real Estate License Act Browse the Legal FAQs on TexasRealtors.com. Fannie Mae seeks to curb strategic defaults Homeowners who have the ability to pay their mortgages but think it makes financial sense not to may want to think again. Fannie Mae announced a new policy directed at borrowers who choose a "strategic default." Those who walk away from their mortgages without making a good-faith effort to resolve the situation will be barred from getting a new Fannie Mae-backed mortgage loan for seven years. If that doesn't get people's attention, perhaps the policy's other main provision will: Fannie Mae plans to take legal action against borrowers who strategically default. The secondary-mortgage giant will seek deficiency judgments to recover the outstanding balance of those loans. Discuss policy with Commissioner Todd Staples Texas Agriculture Commissioner Todd Staples, a longtime Texas REALTOR®, invites you to join him for a Tele-Town Hall meeting. Via toll-free conference call, Commissioner Staples will discuss ideas to strengthen private-property rights, such as enhancing Texans' eminent-domain protections, during next year's legislative session. The second of three Tele-Town Halls is July 26 at 2 p.m. Call 866/951-1151 and use conference room 5426358. Get details on the third call, Aug. 2 at 1 p.m., as well as instructions on how to use the conference-call system at TexasRealtors.com. Technology: How to get off a text-message distribution list Ever participate in a contest by texting a keyword to a specific number ... only to find out you're now on a text-message distribution list? If you're getting regular, unwanted commercial texts from a sender, here's how to get off the list:
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Curious on what the housing market is doing in your homes area or the area you are considering moving to? Find out the current trends as well as local school information at:
Texas Housing Market Maintains Strength (by Shonda Novak)
Single-family home sales in Texas posted a double-digit increase in the fourth quarter of 2009, and the median price rose to $143,400, according to a new report from the Real Estate Center at Texas A&M University.
The 53,050 sales in the last three months of 2009 were up 16 percent from the same quarter of 2008. The median price was up about 2.4 percent, from $140,100 in late 2008, according to the first Texas Quarterly Housing Report.
"While figures throughout the last quarter of 2009 were positive compared to 2008, they were particularly positive in October and November, which makes it clear that the first-time home buyer tax credit is having an impact in Texas," said Jim Gaines, an economist with the Real Estate Center, referring to a tax credit for first-time buyers that has been extended an expanded to other buyers into this year. "The increase in median price also stands out, particularly compared to national figures, which are down substantially."
Texas also had a decrease in the supply of homes on the market over the quarter, down to 6.5 months from 6.6 months. The months of inventory is an indicator of the supply of homes for sale in a market relative to the demand for homes. The Real Estate Center typically uses 6.5 months as the benchmark for a balanced market, meaning a reasonable supply of houses is being offered for sale relative to demand on a monthly basis.
"This was the lowest inventory we had all last year," Gaines said. ""There could be two reasons for that. First, Texas did not have major problems with foreclosures compared to other parts of the country, so our market wasn't flooded with inventory of foreclosed properties. Second, sellers may have been discouraged at local market conditions and chose to either not list their property or take if off the market."
But foreclosures could cloud the picture in the future, Gaines said.
"Foreclosures in 2008 and 2009 were driven by subprime mortgages, which did not affect Texas as much as other parts of the country," Gaines said. "However, a new wave of foreclosures is expected starting in 2010 driven by unemployment among those with prime mortgages. A larger number of these foreclosures will impact Texas."
The report, compiled by the Real Estate Center using 47 multiple listing service markets across the state, is scheduled for future releases by the Texas Association of Realtors on May 1, Aug. 1 and Nov. 1.
Never "Selling", just "Servicing", All of Tarrant County Texas, Fort Worth, Keller, Southlake, Colleyville, North Richland Hills, Grapevine, Haslet, Weatherford, Arlington, Mansfield, Burleson
There are Realtors, agents and sales people. The StarStateHomes team are professional Realtors. We are members of the National Assocation of Realtors, The Texas Association of Realtors, Arlington Board of Realtors and licenced by the Texas Real Estate Commission.
Our team prides ourselves in always doing the right thing, honesty and integitry and professionalisum. Our goal is to get you the most amount of money (for sellers), the best price (for buyers), in the quickest amount of time and with the least amount of hassel.
The "StarStateHomes Team" of RE/MAX Heritage, is prepared to take on any challenge necessary to help our clients "Turn dreams to reality".
From "First Time Home Buyers/Sellers", to "Move Up Buyers/Sellers" to those "Down Sizing Buyers/Sellers"; we are committed to taking the time to listen to your needs, wants and desires. From the smallest home to the luxury estate, we treat all our clients with the same care and attention.
Serving: Tarrant County, Parker County, Some of Denton County. Including but not limited to (Fort Worth, Keller, Southlake, Colleyville, North Richland Hills, Arlington, Mansfield, Weatherford & Haslet.
Licensed in the state of Texas. Serving locally, nationally and around the globe.
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