What Does Courage Look Like In Our Business?

Often, when we think of courage, we think of the men and women serving our country, a true testament to courage. But, more often, courage is equated to the imaginary or heroic characters that spring out at us from a TV or movie theatre screen. However, courage is so much more than Superman, or any muscle bound characters portrayed by Arnold Schwarzenegger, such as the Terminator, or Sylvester Stallone in Rambo.

Courage is all around us, in those individuals who help fend off intruders, or step forward to assist someone in need. It is not a quality possessed only by strong, muscle budging individuals, but is found in every day people, from all walks of life.

So, why do I talk about courage on a real estate page. Because I believe that courage moves among us subtly, in the ordinary men and women touched by our industry. It takes courage for someone to make the decision to purchase a home, to work two jobs or save for years towards a down payment; many investing all that they have and all that they will ever have into homeownership.

This is in fact for most, the greatest financial investment they will ever make in their lifetime; a commitment that could span the next 30 years.

Everyone does not have the courage to take on the risk of homeownership, and as we have seen for many Americans across the nation, it was a risk that has in many ways backfired with the economic ruin that is resulting in so many foreclosures and defaults. It took courage for many of these individuals to step forward in an attempt to acquire their share of the American dream, a piece of the apple pie that is dangled in front of each of us every single day.

It took hope, desire, and a vision of what they wanted the future to be for themselves and their families... and yes, it took courage.

I commend all of these individuals that sought to make a better way and better life for themselves, and having the courage to try; and for all those losing their homes to foreclosure, let us not point a finger at any of them.

It is an economy that is in financial warfare that is to blame, and a combination of many things. Jobs are being outsourced, layoffs are soaring, food and gas prices are on the rise, the dollar is swiftly being devalued. No one thing, or one person is to blame... and I do not believe that these families should beat themselves up.

It is easy for many to pass blame and point fingers... and, it will require still more courage for the families and individuals to move through their crisis; to remain optimistic and hopeful through disparaging comments, hostile collection calls, and the damaging impact to their credit... and it will indeed take even more courage for them to try it again one day in the future.

Giving up and quitting is easy... but it takes fortitude in the face of hardship to triumph through pain and disappointment. To self-affirm ones dreams and goals, to keep families in tack, and find the way back once again is valiant, and a true demonstration and test of courage.
-Jacalyn Evone, Broker

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Increasing Sellers Net Profits

In today's tough market, many sellers are leaning away from the full priced commission. Depending upon the sellers personal circumstance, the properties declining sales price simply may not warrant the agent insisting upon top dollar commissions that could range from 5-6% of the actual purchase price.

Some markets are overwhelmed with distress sales such as short sales, where the sales price is lower than the encumbrance on the property. In these cases, the seller will likely not receive any proceeds from the sale, and the commission amount payable to the agents on both sides of the transaction must be approved by the homeowners lender.

Because of the wave of flat fee and limited service brokerages, it is important for brokers and agents alike to move with the tide. Changes are on the horizon, and the set-in-stone commission pricing mentality is becoming a thing of the past. Providing options for sellers will become a critical aspect of successfully servicing your client base.

Other things that you can do to increase sellers net profits include:

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  Educating your clients about all aspects of the market, and getting them to understand the true value of their property in a declining market. Pricing the home appropriately up front enhances the profit to the seller by eliminating wasted days on market times at the wrong pricing, and loss of potential prospective buyers.
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  Understand your clients needs up front and their circumstances. This is achieved by asking pertinent questions at the listing appointment.
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  Obtaining the Preliminary Title report as early on in the process is also important, to determine whether or not there are any liens or encumbrances that the seller has forgotten or was unaware of.
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  Obtain a copy of the deed to review how the title is held can also avoid potential delays to the escrow by catching any problems in advance.
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  Prepare a detailed sellers net sheet in order to provide both you and the seller a clear picture of profits and fees paid, including commissions.
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  Obtain pre-listing inspections. Your sellers want to list a property as-is, but what does as-is really mean?

If you have pre-inspections in place, when you present the property for sale, you can say to the buyer... "The sale price is... the repair work is... the issues with this property are... and it is being sold as-is." Contract renegotiations often occur after an offer has been accepted and the inspections result in issues that neither buyer or seller were aware of. When problems and repair issues are identified up front, pricing adjustments can be discussed and made prior to posting the listing to the public.

The main objective is to increase your sellers net, while being fairly compensated for your professional services, however, determining how realistic your client is upfront is also vital.

How much time do you want to spend or waste with a client that you know is unrealistic? If they are insisting upon selling their home for 20% higher than comparable listings, in an oversaturated market; sometimes, it makes more sense to walk away, then accept a listing at a price that you know will not sell. - Jacalyn Evone, Broker