Martin Kalisker, WEICHERT, REALTORS®- Synergy: Metrowest's Preferred Realtor

Is it just me or is society running amok? A few days ago, I made a listing presentation to a gentleman who wanted some suggestions on whether to fix up and sell or hold on to his parent's condominium. The parents had lived there for about 20 years and were recently moved to an assisted living home.

We went over his options - make renovations and fix up the condo for resale; clean and freshen up the condo for resale (i.e. painting and airing out); renting it out; or holding on to it until the market picked up. This particular unit has what many other competing properties don't - LOCATION. Our local market doesn't have that many condominium complexes and the last activity at this particular complex was the sale of a similar unit in May 2007 for $620,000 per the MLS. All units are owner/occupied and there is evidence of pride of ownership.

Well, being the ever diligent agent, I put together a pricing matrix from a limited number of comparable properties, using MLS data. We looked at what recently sold, what was expired or cancelled and what the current inventory was priced at. Although we didn't focus on pricing, I did give him some guidance as to where I thought the market was and mentioned that the idea was to price his condominium to be competitive with what was currently on the market, to ensure a quick sale (which is what he and his two brothers want, I think).

I was told that he would also be meeting with two other Brand X brokers to get their opinions.

That was two days ago. Today, I called to see if he had any further questions for me and asked when he would be making his decision.

He informed me that I was probably out of the running, because I hadn't done my homework. Obviously perplexed - he seemed very happy with my presentation and consultation - he mentioned that the two other brokers in the running both indicated that the comparable property in his complex (sold in 5/2007) was sold for $525,000. I had used a sales price of $620,000 in my pricing matrix (the sales price per the MLS). I told him that I would check the public record and would get back to him immediately.

What do you know? The public record shows a deed recorded for $525,000 on the comparable property! I called the seller back and told him that yes, indeed, the property had been sold for $525,000. I explained that even with that information, I was still comfortable with the pricing matrix that I had presented and suggested that he still follow my guidance to price the home to be competitive with the current market. I told him that I did not understand the discrepency between the MLS and the public record, and that it would be improper for me to query the listing and selling agents of the other property. He told me that it wouldn't have been necessary, because the listing and selling agents of the other property were actually the ones he was speaking to about listing his unit for sale.

So, now he's going to reward one of the firms that manipulated MLS data? I don't get it. My franchise auditors compare my in-house records with the MLS to ensure completeness. I had heard about certain firms that inflate their MLS information to improve their statistics, but I never thought I would see it in action!

I can only stand with my head held high. I have integrity and believe my advise to the potential client was sound - focus on the current market, don't spend too much time looking at what sold over a year ago. Am I supposed to validate my market comps with actual research at the registry of deeds? I wouldn't have thought so. But I guarantee you, I will only be burned once. I'm going to recommend to all my agents that they double check the registry records before putting out comparable market statistics.

As for the "winner" of the listing - shame on you and your firm. I could "understand" a clerical error of putting in the sales price of $625 (instead of $525), but to input the sales price at $620 was probably not a mistake.

Dear Active Rain Bloggers:

Are any of you familiar with Buyer Verification Services offered by the listing broker? Our affiliate, Weichert Financial, was recently written up in Realtor® Magazine as being one of the leaders in this new service to sellers. Essentially, the listing agent tells the seller that in addition to all the other great things that they will do to market the property, any buyer that is presented who is paying a) cash or b) using a lender or has a pre-approval letter from an unknown or "questionable" financial institution, will be required to be pre-approved by the broker's mortgage affiliate (in this case Weichert Financial). Thus, the seller is assured that the buyer is a serious buyer and will be able to close on the transaction because in the event that the original lender fails to wire the funds at closing, the mortgage affiliate (Weichert Financial) will step in and will close the deal with very short notice.

Before I offer this service to my sellers, I wanted to get the opinion of the Active Rain community. Is this a growing trend amongst real estate offices in your area? If you were representing the buyer, what would your reaction be? If you were the listing agent, presenting the Buyer Verification Service as an added benefit of listing with you, what are your feelings? What would the reaction of the seller be?

Thanks for your input everyone!

Martin

Valuable information to share with buyers and sellers.

According to the National Association of Realtors' (NAR) annual "Cost vs. Value Report," the bathroom is one of the most important features potential buyers look for in a home. What's more, NAR's 2007 report shows that a bathroom remodel recouped 93.2 percent of the initial cost upon selling the home.

Will Smith, celebrity interior designer, suggests that homeowners pay close attention to the bathroom mirror, paint, hardware and lighting. Each can easily and inexpensively be updated to provide a current look for a bathroom.

Making over a bathroom on a budget can be easily accomplished -- without sacrificing style. According to Smith, high-end looks for less include:

• Mirror: The mirror is the focal point in the bathroom and can make a real statement with the right frame. A frame around the mirror gives a bathroom a finished, updated look.
• Paint: A painted bathroom is a tried and true way to make a big impact with little cost. Create a spa-like setting with paints in beige and pale tones or use popular colors such as brown, aqua, olive and gold to make the bathroom stand out.
• Hardware: Match the lighting, fixtures, bath bars, knobs and switches to create a cohesive look. Brushed nickel, pewter, antique or oil rubbed bronze finishes are all good options.
• Lighting: Soft lighting makes more of a statement than harsh lighting, so select a fixture with shades or sconces. You can also contribute to the greatest focal point in the room by placing the fixture above or alongside the mirror.

Are there any members of out there that want to come home, where not only is the baseball better, but SO IS THE LOCAL REAL ESTATE MARKET!!!

in Wellesley Hills, MA is HIRING NEW AND EXPERIENCED AGENTS.

We are an exciting, new affiliate of Weichert, Realtors that just started up on May 1, 2008 and are looking for agents who believe in designated agency and who have what it takes for a successful career in real estate.  Due to the ENORMOUS SIZE of our internet generated leads from http://synergy-metrowest.com and http://weichert.com, we rely on agents who can take, work and close leads throughout the day and on weekends. 

Per the MLS, OUR AVERAGE HOME SALES PRICE IS $960,000 IN WELLESLEY, MA.  We offer top commission splits based on DOLLAR VOLUME, NOT COMMISSIONS GENERATED.

INTERESTED? INTRIGUED?  Call me to learn more or set up an appointment to meet with me in person.

Our Founder, Jim Weichert says "now is the time to buy" and you'd better believe it. Experienced members of the Synergy team are also eligible to participate in referral business from Weichert Relocation Resources, Inc. the WORLD'S 2nd largest mobility company. 

I can't offer you a relocation package, but I can offer you HOPE and OPPORTUNITY.  Do you have that right now where you are at?

Call me anytime - 781-694-3513 or e-mail me at martin@synergy-metrowest.com.  I'd love to speak with you.

Martin E. Kalisker, Broker/Owner

WEICHERT, REALTORS®-Synergy

According to a recent story in Forbes magazine, second-home buyers can pick some real deals all accross the nation. Interest rates are low, prices are affordable and there are plenty of available homes to choose from (this isn't a surprise - look at the inventory in your local market).

According to the National Association of Realtors (NAR), many consumers are taking advantage of the current buyer's market. In 2007, the combined total of vacation- and investment-home sales accounted for almost 33 percent of all existing- and new-homes sales. The most commonly cited reason for purchasing a second home was to use the home for vacation or as a family retreat.

Tips from Forbes to maximize your second-home investment include:

• Consider the surroundings: Bike trails and hiking paths are a big draw for second-home buyers.
• Be sure to look at the tax consequences: Income and property tax policies differ from state to state and within local communities.
• Look at the commuting distance: Second-homes that are within an easy drive can save money spent on gas.
• Look at homes near resorts, not in the resort: Locations that are close to popular resort areas often have similar amenities at a much lower price than homes located directly in the resort.
• Open your horizons: Areas of your state or neighboring states that are local rather than national vacation spots can prove to be a bargain.