Listing Properties – “What the heck do you guys do anyways?”

I hear over and over again, “Agents are so lazy! You just list on MLS and stick a sign on the lawn!”  It is very frustrating for me to keep hearing this over and over.  I am not saying most agents don’t do the minimum, but there are some that want to do more. How do you find them? You have to interview!

My background is with online selling. I loved it.  EBAY was my playground. Plus in real estate, 90% of buyers are searching online before even contacting an agent. So, combine the two and I am in my dream job.

Some of the marketing parts of what I do: (other than just MLS and sticking a sign on your lawn!)

1. I take professional photos. I have invested in a high end professional camera with professional wide angle lens.
2. I post the property on MLS.
3. I have an account with e-listings and do an amazing virtual tour on the property. This also gives me a website JUST for your property.
4. I post the property on Facebook
5. I post the v.tour on youtube.
6. I enter the listing on sandraeaston.com which syndicates out to over 40 different websites trough point2agent.
7. I twitter the listing.
8. I enter the listing on Homes and Land website and also in the magazine monthly.
9. I submit the property to the local TV station to play on the Real Estate channel.

So before you make a generalizations on how lazy Real Estate Agents are…, make sure you interview to find the ones that will do the work your property deserves. I, for one, love my job and enjoy putting out some great marketing to attract other agents and buyers!

Does Dower Act apply to recreational properties?

YES! The Dower act applies to recreational properties if:

1. The registered owner is legally married

2. There is only one name on title

3. Either spouce has resided on the property  at some point in their marriage.

However, after the dealth of the owner, dower rights only apply to the one property and  the surviving spouse must choose one property as their homestead.

NOTE: IF the property is titled with another family member ( such as a sibling) the Dower Act does not apply. Again… there is a however… If the ownership is “joint tenancy” and one of the owners died, the ownership would only be transferred to the survivor. If they then decide to sell, dower would apply.  IF it is “tenancy in comman” ownership would go to the estate of the deceased and dower would not apply.

Questions?

Should I insert a term in the purchase contract allowing a walkthrough 24 hours before possession?

Yes, you could. However, title is most often transferred in advance of the keys being handed over at noon on Completion Day. So, unless the condition of the property has been altered significantly from the time the offer was accepted, the contract is binding. If appliances are switched or a carpet stained is discovered, litigation is the normal recourse (talk to your REALTOR first, they may be able to mediate) The condition of the property could also change within 24 hours, rendering the “walkthrough” meaningless anyway.

Note: One of my past clients had a beautiful home. She received an offer VERY close to list price. Upon moving out, they moved the armoire in the living room that housed their TV. The stain from the wood had transferred over to the carpet. The owners had no knowledge of this stain before and it wasn’t apparent until move out it was there. The buyers wanted new carpet. Cost: $900 to replace the carpet on the main floor.

Phantom Rent/Mortgages – New Condos

In the course of our due diligence, this particular client had some concerns about occupancy fees or ‘phantom rent’ as it is also known. Whenever you purchase a new condo, there is a period of time between when you take occupancy of your unit and when you take ownership of your unit. This is known as the ‘occupancy period’ or ‘interim occupancy’.

You can’t own something that doesn’t exist, and in real estate in (Albert), a property does not exist until it is entered into the Land Registry system (until it is ‘registered’). This process takes some time in a new condo because there are often hundreds of units to register at the same time.

Once your unit is ready and liveable, you take possession of it, but not ownership. You must pay the developer for the right to live in the unit (no free lunch). The amount of the occupancy fees is roughly equivalent to the interest on the amount outstanding on the purchase price. For example, a $300,000 condo with 25% down means you must pay monthly occupancy fees roughly equal to interest payments on $225,000.

The occupancy period ends when the building is registered, your mortgage kicks in, and you get the deed to your property.

So should you let the occupancy fees deter you from purchasing a new condo? Absolutely not! Here are 5 things to know about occupancy fees:

• 1. Occupancy fees will have to be paid to the developer every time you purchase a new condo. It is normal and there is no way around it.
• 2. The occupancy period is normally 3-6 months, but the higher up you are in the building, the shorter the occupancy period will be. So if you buy a unit on the ground floor, you can expect a long occupancy period. If you buy the penthouse, you will likely have a very short occupancy period.
• 3. There is no way to say absolutely how long the occupancy period will be.
• 4. There is often a relationship between the length of the occupancy period and the experience level of the developer. The more experienced the developer, the shorter the occupancy period. Experienced developers who are familiar with process and who have diligent lawyers working behind the scenes for them know how to build and how to register a building as quickly as possible.
• 5. It is in the developer’s best interest to register the building as quickly as possible and to have the occupancy period as short as possible. This is because they don’t get their money from the banks until the building is registered and all the unit owners have their mortgages commence.

This article was taken from http://truecondos.com/5-things-to-know-about-occupancy-fees . Great read!

Pre-Listing Home Inspections …. GOOD or Baaaaaaaaaad?

I think they are a great idea. Not many vendors want to know about the problems in their home, but this could be a great thing to help SELL your property.

I will usually recommend a pre-inspection on homes older than 30 years. If a problem is found you can talk about it, figure out a plan… I see 98% of my buyers doing one anyway. It is also great, the potential buyer may be able to talk to the home inspector, and alleviate any concerns.

Adding more costs to sell? BAH!! It allows the seller to

1/ Know whats wrong before they list it. There are no surprises, shocks or hurts when the buyers finds it.

2/ Give them Op to fix some minor things. And this can be huge. I have seen little things in an inspection and the seller went and did all of them. He highlighted on the inspection the item and wrote in the date completed. The Buyers LOVED that they cared enough to do that.

3/ It gives them an op to fix the major things or at least get quotes. The less a buyer has to worry about the better. Knowing the cost of the major things allows the home owner to price correctly!

4/ It also shows due- diligence on the home owners part and speeds up the process for a quicker sale.

Usually ppl will ask up to 3 times the amount it costs to fix. They want the discount. This isn’t a calculation but it reflects the fear and ignorance in the buyers. Taking care of this before listing goes a long way.

I think it should be recommended practice. It results in a faster sale and higher price for the sellers. For the buyer they have full disclosure and have confidence about the property.

Quick Home Improvment ideas for Sellers

Most Favored Improvements for not a huge cost….

Appliances
Hardware (inc doors)
Light Fixtures
Staging
Curtains
Paint

People are very fickle! They are usually all about looks and appearance. LOL. That is no different when clients are looking for a house. Most don’t look for structural and quality…. they are look for that feel good, I wanna make this baby home sensation. Take a few dollars and a cleaning rag and make the place shine. It will result in a quicker sale and higher price!