Really Real Estate Blog

It's Nice to Get a Letter From Your Client

  To: Ms. Alfie Rechichi, Managing Broker, Coldwell Banker

     I am writing to you regarding Barry Malawer, the agent who recently sold my aunt, Bea Wallenstein's home, at 1626 Wenonah Trail, Mohegan Lake, NY.  I have had dealings with Barry for almost two years and want to commend his knowledge of the real estate market and his skill and fortitude in getting the home sold to our satisfaction.  This was an estate sale on a somewhat neglected property with no one in the family living in the vicinity.

     Barry was always professional and courteous with great advice during the ongoing negotiations regarding marketing, price and concessions. There were many times over the 20 or so months where Barry unquestioningly went above and beyond his role as an agent. On one occasion, upon showing the house to potential buyers, he noticed a leak emanating from the hot water tank and called the company we were using to immediately turn  off the unit.  On another occasion, when the original deed to the house could not be procured, Barry personally went the Town Of Yorktown and took care of the issue. He also checked on the house if there was a particularly bad storm in the area and reported on its condition.

      Since myself and other  family  remembers  were not  familiar  with  handymen and different services in the area, Barry was extremely helpful in recommending plumbers, carpenters and other workers when the need arose. He was always available for questions and because of his knowledge of real estate and take charge manner; my family trusted his advice and expertise.

     In closing, I just wanted to say that your office is fortunate to have him as an agent. Barry clearly demonstrated skill and determination surpassing what we would expect in selling a house. You can certainly use my name as a reference if the need should arise.

Susan Rieff  404 Woodbridge Road  Rockville Center, New York 11570

September 13, 2012

Show Your House

One of the hardest jobs an agent has is getting the buyer to make an appointment to look at houses. It can takes days even weeks of phone calls and emails to get a buyer to finally agree to free up time from their ongoing lives to actually come up and spend a morning or afternoon or sometimes an evening to look at houses. This is especially true early in the process when they are still discovering what they want. When you finally make that connection and set a date and time you can barely contain your excitement to show them houses that will get then engaged in the process and make them want to actually buy a house. You get the okay and spend the rest of the day looking for houses to show them that will wet their appetites. You make that phone call and…and…

…the seller asks if they can make the appointment for the next day instead, or maybe that afternoon instead of that morning or how about next week like it didn’t just take three weeks to get them to agree to come up Saturday morning because their kids soccer game was cancelled and they can finally make the trip up from the Bronx.

And often what is the seller’s excuse (other than medical)…the house is too messy, or they have company, or they’re going to be out anyway and they would prefer not to have to leave twice. Whatever the reason they have no idea how hard it was to get the buyer to come up at that time. Contrary to popular opinion we are at the mercy of the buyer and not the other way around.

And what is the seller’s main job…show your house. If we don’t get buyers in no matter how well priced or how pretty or wonderful the kitchen is you will not sell your house. It is an inconvenience to sell your house, embrace it. Your selling agent did their job by getting someone to want to make an appointment to see it. Your job is to show your house. It is not magic it is numbers – the more buyers who see come into your house the better chance you have of getting it SOLD.

The Certificate of Occupancy

“I bought the house this way” or “I didn’t want my taxes to go up” or the ever popular “I didn’t think I needed one just for a bathroom downstairs” are all valid reasons not to get the Certificate of Occupancy but no longer applicable once you decide to sell your house. One of the single greatest impediments to successfully closing on the sale of your house is the absence of a proper Certificate of Occupancy.

Scrambling at the last minute to obtain the CO’s necessary can be a major headache for all: the buyer, the seller, the lawyers and the agents.  The misery is equally spread around. Despite the due diligence of the listing agent, the lack of aproper CO might not be discoverable until the Title search comes in. 

Case in point, I represented a house that for all appearances had no CO issues until we learned through the title search that the date the house was built was not accurately recorded in the town. We thought the house was eligible to a prior to zoning letter when in fact it was not and now needed a whole house CO. This involved getting a Variance for road frontage, getting certifications for the plumbing, heating, electrical systems. In other words, a nightmare. It took us eleven months to get the CO. Unfortunately, we lost the original buyer in the process. In the end we had to sell the house for 15% less a year later.

 That was a worst case. Another case in point: I’ve had a listing where the seller had to tear down his deck (which didn’t have a CO) and give the buyer a credit for building a new deck because we would not be able to get the CO in time for the buyer to close on the purchase of the house.

 Most of the time these issues are preventable if the homeowner is willing to get the proper CO’s at the time they list the house for sale. 

Needless to say I have learned my lesson. The answer is get your Certificate of Occupancy and get it now rather than waiting until you’re in contract and scrambling to close. It is a lot less wear and tear on all involved.

homes for sale in Yorktown Heights, NY 10598 Westchester, NY

The Art of Talking to Yourself

If you are in the real estate business long enough, you will talk to yourself. When I was a green agent (new not energy efficient) and first walked into my real estate office I noticed a lot of the agents exhibiting this very strange behavior. I was having conversation with some agents who, it turns out, weren’t talking to me. They were talking to themselves. They were actually having a discussion with themselves. I checked their ear for the cell phone Bluetooth but it wasn’t that. They were really talking to themselves. Like mental patients. But it wasn’t the new agents or the part time agents, it was the senior agents, the busy ones. So responding to idea of mimicking the habits of successful people, I started talking to myself. It was only then that I started to get busy. You get so busy that you now actually have to talk to yourself just to sort through all the random stuff floating around your brain. It works. It is fun to watch too.  

Houses in Yorktown Heights, NY 10598

Having Fun with Real Estate

Looking at houses should be fun. I know I still have fun looking at houses. I try to make sure my buyers find the process of looking for a house fun. You have time later in the process to stress out. But for now, in the looking stage, it should still be fun. And why not. I think it is a universal thrill walking into a strange house for the first time. Will I like it? Will it look like the pictures? Is the blue room really that color blue? “Look,  They have the same taste as I do” or “Oh my god, how could they live in that room?” Where should I put the new flat screen I have to buy (or rather, save up for) after I buy the house? You’re not going to like every house you walk into so it’s okay to joke around as long as the sellers aren’t home to hear you. If the Buyer enjoys the experience of looking for a house it 1.) makes your job easier and 2.) it will ease the buyers stress when they actually move forward in the process of buying a house.

Pricing Your House or Marketing Your House to Buyers

I just had an interesting discussion with a seller. He was expecting me to compare his house to others that are active on the market. He didn’t want to price his house below where similar other houses were priced. In looking over the other houses many of them were priced ‘to negotiate” and not to sell at the asking price. Most sellers believe that they should pad the asking price of their house so they have “room’ to negotiate. While that was an acceptable position in a strong sellers market I don’t think it is one for our market today. Instead, I suggested we figure out what a buyer is actually going to pay for his house, not just the special one of a kind buyer, but the average joe buyer looking in the market today. If the Buyer is going to only pay $400K for his house then we should list the house for $409K. At least we have a shot a the buyer who can afford to pay $400k for a house to find yours. If we list it for $439K or $449 we might miss that buyer completely. If we list it for $419 or $429k that $400k buyer may be looking at the top of his range and still may miss the house. You can’t take a chance anymore not having the buyer see your house because of the ‘asking price”. This way the seller is still in control. He does not have to accept a $350k offer.

Price your house to sell to a buyer not another seller.  

Vacation

I am sitting poolside at my friends beautiful new house in the Hamptons, right on the bay facing the ocean. I have a drink in hand and its just noon. I realize I haven’t taken a day off like this since the market collapsed two years ago. I don’t remember how to relax like this. I am constantly checking my cell phone and email. I have to make sure that my time off doesn’t impact my clients or associates need to communicate with me. I am impatient and restless. I am forcing myself to sit still. You see what good that did me. It struck me as so bizzare that I had to write about it.

Ahh Lawyers

Why are lawyers getting involved with house values? I know of two deals that have gone south because the lawyer recommended to the buyer that the house they are buying, according to the lawyer, is not worth the price the buyer is paying for it. The appraisal came in at contract value. The buyers agent provided a Market Evaluation confirming the price. The lawyer, who did not have access to current comparables, who is not qualified to make a price determination, who did not show the client 50 houses in the same market area until the buyers found one that suit them, who did not invest time, money and their expertise in helping them make a decision on what to buy, convinces them that they should wait until the prices fall some more, because any house they are going to buy now is too expensive. The other line I heard was “I wouldn’t buy that house for that price, you can get a better deal.” Needless to say, the buyer who has spent all of fifteen minutes with the lawyer, listens to the lawyer and not the agent, with whom they have spent forty hours with over the last three months. I would expect this to happen with the family lawyer, or a friend of the family but both these situations occurred with a lawyer hired just for the transaction. I’m not sure how the lawyer stands to benefit from interjecting their opinion into what should be an easy and well thought out transaction but I do know if the tables were turned we, as agents, would certainly be admonished for attempting to practice law without a license.  (I know that technically, an attorney can practice real estate, but when was the last time you went out with an attorney to look at houses.)

 

Me on TV

I recently taped a 12 minute segment on Bronx Legal TV. I'm the first guest and come on about 2.30 in. For your viewing pleasure:

BRONX LEGAL/JULY 14, 2009

The Snowstorm

I think the next few blogs are just going to be fun Real estate stories to lighten the mood a little.

 

Here goes my snowstorm story.

 

I was taking a Buyer around. I am one of those agents that find themselves with certain buyers who wind up looking at dozens and dozens of houses before buying one. Sometimes, tens of dozens. I don’t know why… it just happens. Maybe because I show a lot of patience. Maybe I don’t like to let go. Whatever it is, it seems to be my fate. Well, Madame X and I were out for the the tenth time. It is February. We’ve seen a few houses and then it starts to snow. And I mean really snow.  We continue our tour but  are late now to every house. It’s getting dark. The snow is piling up. We have one more house. We are an hour and a half late for the appointment. It is almost 8:30 pm.

“Do you want to go to this last house,” I ask in my most pathetic tone.

“Sure, why not,” is her enthusiastic response.

 

I don’t know why but I decided to risk it. I can’t get my car up the hill to where the house sits. It keeps sliding around the invisible road. We finally make it into the driveway. I knock on the door. Needless to say, the family is in their pajamas.

 

“We didn’t think anyone was coming in this weather”

“Since we’re here do you mind if we look at the house?”

 

Now we wait for the seller to take pity on us and let us in to track snow all over his wood floor. In we went, my Buyer being her exceptionally pleasant self (and I mean that literally). As we walk out of the house, I can tell she is excited about the place. She is wearing very high heeled boots. Next thing you know she’s on her ass in the driveway. I thought she really hurt herself. I get her up and she tells me, “Either you get me this house or I’m going to sue them. "

 

I got her the house.