Why Your Realtor® Holds a 'Brokers Open' After Listing Your House

One of the advantages to having a blog as a Realtor® is to hopefully share some insights into the marketing tools we tend to use. One of those is the broker's open. Real estate is local, and here in NE Ohio Tuesday is tour day. Most brokerages participate in one form or another. Holding your listing open for other real estate professionals to see is, in my humble opinion, a necessary event. It allows agents to see your home and to get to know it's features first hand. They may already have a client in mind (I've had agents call from my open houses to set up an appointment for their buyers to see the home) (And I have done the same!). Or, they may just want to be prepared in case they get a call from someone looking for a home with those features.

It's important to know the inventory of homes on the market. I make appointments to see a home to preview for clients so I know whether I should take them to see it as well. I also use the brokers opens to learn about the inventory of homes. One thing I am seeing is a smaller number of agents touring homes on Tuesdays. I think this is a big mistake. Homes are usually held open between 11:30 and 2 PM and in that short period of time, with practice, I can see ten homes. This is much easier than calling to schedule a preview of these ten homes. And even less of an inconvenience on a seller's time.

There seem to be four styles of touring:

1. Agents who see homes listed by their office colleagues
2. Agents who tour homes listed by their company
3. Agents who tour homes with certain clients in mind
4. Agents who tour certain neighborhoods

I may have missed some styles but you get the point. My theory? Combine all four styles.
It has bugged me lately to hear rumors that certain brokerages want their agents touring only their own company listings. I keep hoping this is just a rumor. Isn't this like saying to your seller client : I'm only going to allow agents from my company to see your home? It may be a bit different but to me it's the same philosophy. If I have a buyer, I need to know what is listed by my office mates, my company, and every other broker out there. Otherwise, how do I know my client is able to see all the homes that fit his/her needs? For whatever reason, fewer agents/Realtors® are touring homes. Again, I think this is a mistake. Hint: if you are a buyer working with a Realtor®, ask them every week 'what homes did you see on tour and should I see any of them?'

Depending on the week, I may run around and see a lot of homes on tour, or I may do what I did this week; I focused on a Realtor® who has been in the business for years and years and knows his business. He had two listings on tour, near each other. I was able to sit down and talk with him about our profession, the neighborhood markets, etc. I never had the opportunity to do that before and I always wanted to meet him. I see him as a colleague more than I see him as a competitor. Seriously! I want to get to know everyone in my profession who has a good reputation, knows their business and their markets. That makes me better at my job, I think. Every now and then, who knows, maybe something I say can be of value to another agent as well.

Let me ask you this question: does it do you, as a seller or buyer, any good if your agent is only operating within the parameters of their own company listings or their own listings? I think I know what your answer would be, and it's the same as mine; NO!

If your agent hasn't held a brokers open in your owner occupied or vacant home, you just might want to suggest they do so! Peace Out - 3C

Happy Fourth of July

Thinking of Selling Your Home? You May Need a Point of Sale Inspection

Maybe a new job or a need for a bigger (or smaller) home has you thinking about putting your home up for sale. For some of our communities, a Point of Sale inspection is required. This means, before the Title to your home can transfer to that new buyer, you will need a city inspector to okay the sale and sign off that no repairs are needed. Shaker Heights, Cleveland Heights and Euclid are all areas requiring a Point of Sale. (The Cleveland Heights link is for their general contact numbers; they did not have 'point of sale' info' readily available on the web. But the Euclid and Shaker links take you to some detailed info about point of sales in those communities).

Lakewood has a point of sale inspection on non-owner occupied (rental) properties. One reason to do a point of sale inspection before you list your home? Buyers can feel as comfortable as you can that there won't be any surprises in store for them, or additional expenses, if they exist, will all be described in the inspection report. You can't avoid it so instead of possible unpleasant surprises, an inspection can give you, as a seller, peace of mind. Lakewood also has a fantastic First Time Home Buyer program but the City inspection will be detailed so again, why not get it done ahead of time so you won't have surprises at contract time.

With a lot of homes on the market you can give yourself a competitive advantage by having the inspections completed before the first potential buyer walks in your door. Most of our communities have wonderful old housing stock and these inspections are ways to keep each home in tip top shape, adding value to living in these communities (although there are those who disagree...there was a very thoughtful post by my friend, a Realtor ® in Minneapolis). Regardless of how you feel about them, they exist so we may as well be prepared. What's that phrase: forewarned is forearmed? Hmm, I hope that is correct lol.

The other thing an inspection can do is help you decide when to put your home up for sale. You might decide to get a few things repaired this year and then sell next year, as long as you have the luxury to do so. Peace Out - 3C

Do's And Don'ts: Are Granite Counter Tops So 'Yesterday?'

So I discovered msn.com's real estate section today for the first time. Maybe I'm a tad late to the party on this one. Anyway, they had an article about trends that work and don't work if you are planning on putting your house on the market. I'm re - printing them here verbatim and of course adding my comments in red because I can't help myself lol:

1. Avoid installing bowl-shape, above-the-counter bathroom sinks. They look pretty but have proved to be harder to maintain and keep clean. This is a no-brainer. I could tell by looking at them this would happen! I agree with this one.

2. Use engineered stone compound for kitchen countertops. The material is less expensive than granite and is expected to be the trend this year. Hmm. My buyer clients are still asking for granite - maybe Cleveland is behind the curve on this. I DO however agree, they don't hold up as well as engineered countertops.

3.Don't install too many glass cabinet doors in your kitchen. They look better in magazines than they do in real life, where homeowners must keep their cabinets in perfect order or suffer embarrassment. Yes. One or two for 'accent' but the rest of your cabinets are containers of your life you may not want buyers to see! Or relatives over for dinner, for that matter.

4. Consider replacing a wooden or chain-link fence with a wrought-iron one. Wrought-iron fences portray a look of luxury. Maybe they look luxurious but unless your dog is a mastiff or Burmese mountain dog, they can get through the bars. My experience is that people want fences. And they want them for pets as much as they do kids. Or privacy. Ohio City is a great place for wrought iron. But in general, I don't find it as practical except maybe as a front decorative fence. Just my two cents.

5. When repainting trim for shutters, doors and window frames, go with bold and deep colors. And don't get rid of the trim around interior window openings -- it only looks cheap. People actually take out this trim?

6.If replacing floors, avoid bamboo. This flooring was popular when it debuted, but now users are saying it is easily dented and scratched. It is also more likely to warp due to weather and humidity. I don't think this was ever a big trend in Cleveland.

7.If you're adding new construction, don't employ concrete blocks in exterior walls. They are not attractive and are more likely to leak moisture if not properly installed.

8. If you're redoing a kitchen or bathroom, consider using glass tiles instead of ceramic ones. They're gaining popularity again because of reflective qualities. This is not a bad idea; already popular in places like downtown condominium complexes. But consider your budget and remember that good taste in colors and styles chosen is probably much more important than if they are glass or ceramic.

Personally, I like this list of five projects on Money Magazine's website written by Arianne Cohen. Things like new shower doors, painting kitchen cabinets to freshen them up, these are inexpensive and probably produce as good results as glass tiles instead of ceramic. Just my humble opinion! Peace Out - 3C

Lakewood, Rocky River, Cleveland Heights and Shaker Heights Homes Sold in Cuyahoga County Since 2007 Began

Four communities to update here detailing sold homes in Cuyahoga County in 2007. This is a list of all the homes sold through area brokerages (since January 1st of this year) for these four suburbs.

Lakewood: 17 Single Family Homes sold this year. Sale prices ranged from $62,000 to $1,100,000.00. The average number of days on the market was 79. The average ask price was $227,561 and the average sale price was $215,583. The average room count included 3BRs,2Baths and a 2-car garage.

Rocky River: 9 Single Family Homes sold this year. (Actually ten are listed but one home listed over $500k is showing as 'sold' for $2500.00, seemed unusual so I am not including that sale here). Sale prices ranged from $153,000 to $560,000. The average number of days on the market before going under contract was 76. The average ask price was $279,600 and the average sale price was $264,722. The average room count included 3 BRs, 2 Baths and a 2-car garage.

Cleveland Heights: 23 Single Family Homes sold this year. Sale prices ranged from $30,000 to $367,900. The average number of days the houses were listed was 89. Average ask price was $122,123 and the average sale price was $115,653. The average room count included 4BRs, one bath and a 2-car garage.

Shaker Heights: 10 Single Family Homes sold so far this year. Average days on the market was 71. Sale prices ranged from $45,000 to $425,000. Average ask price was $271,070. The average sale price was $250,300. The average room count included 4BRs, 2 baths, and a 2-car garage.

The one constant in home buyer tastes seems to be at least 3 bedrooms with a 2-car garage. I'll feature more communities later this week.

Remember Big Yellow Taxi by Joni Mitchell, where she sang 'they paved paradise and put up a parking lot?' Here is the Counting Crows version.

Peace Out - 3C

Shovel or Sweep That Pesky Snow if Your Home is For Sale

If you have your home on the market, your Realtor® has probably told you that a clean house is crucial to 'looking good' to a potential buyer. I have a past blogpost on Hints to having your home ready for buyers.

Now that we have some snow on the ground, don't you want to keep that snow outside instead of on your beautiful floors or carpets? Keep your sidewalks and the walkway to your door (or your driveway for that matter) free of snow. Yes we can ask people to park their shoes at the door. But what if they don't listen?

Sweeping the porch and stairs can make a big difference. First it enhances the curb appeal of your home on dreary winter days. Imagine the look of horror on your own face when you hear that someone fell on the snowy stairs on your porch and broke an arm. It keeps all the civil law suits in Judge Judy's courtroom (is her show still on?) on television, and not on the docket of your real life!

I previewed homes today for clients and it amazed me that not one of them had swept away the snow. That's why I am making this plea to you. If you cannot sweep the snow yourself, your Realtor® can advise you of a list of people to call. And let's hope that pesky groundhog Phil was correct and winter is almost over!

OK. I'm on my way to sweep off the porch for my mailman now :-) Peace Out - 3C

Lease Options - An Alternative to Selling & Personal Savings Declines aka, All the News That's Fit To Print

Several news articles struck me today. They are only somewhat related, but I'm posting them both anyway. The first one is another sledge hammer to personal savings. Reuters and CNN is reporting that personal savings in the United States has fallen to a -1%, the lowest reported since 1933, during the Great Depression. That is a stark figure. They are also talking about Sub Prime Loan defaults increasing in numbers. Sub prime loans are loans given to people who may have credit issues, for example, and do not qualify for prime lending loans; they usually involve higher interest rates. The number of sub-prime loans defaulting has been increasing year by year. The personal savings statistic was very sobering and should be a wake up call to all of us. An article from CNN Money talks about manufacturing coming out of it's slump which would be good news.

The other article is from the National Association of Realtors (NAR) on line magazine. In the Cleveland market there are a lot of homes competing with each other for buyers. This article talks about an option for sellers, and that is to allow your home to become a Lease with an Option to Purchase. One reason this becomes attractive to me is if you are selling your home very soon after you have purchased it. Maybe you are moving out of state for job purposes; an unexpected transfer that makes you think you have to put your home on the market even though you just purchased it. We just 'closed' a lease agreement on a rental for a home in just this situation. It's very hard to recoup your expenses in a short period of time so maybe selling a home is not the best idea, why not put it up for rent or a Lease with an Option to Buy ? Single family home rentals are very marketable and this can be a win-win scenario for both the homeowner (landlord) and the tenant. This allows you to wait a bit longer before putting the home on the market for sale, allowing more time for the home to increase in value. It can also give you time to make some improvements that will increase your homes value, all the while making your mortgage payment through the monthly rental amounts. It's worth considering.
Peace Out - 3C

Preparing Your Home to Sell

Homes are selling, even in Cleveland, don't let anyone else tell you otherwise. What is helping them sell, over the many others buyers have to choose from? I believe it's Price,Condition and Amenities. I am going to focus on a home's condition and how little you may have to spend to make it appeal to a buyer over and above all the others out there.

A professional Realtor® (like myself!) can help you - but this is what I suggest as a first step: walk your house from room to room, look at your yard, your garage, your basement. Use a critical eye. Pretend this is not your home, but a house for sale. Here are a few things you might notice that can be corrected inexpensively:

1. Wash your windows, inside and out. Yes, even in cold weather. OK, you can't do it when the water would freeze to the glass, but get someone lined up to wash them for you on a day when the temps are above freezing. A cloudy window may make a buyer think your windows are in need of repair because they are so dirty. Sparkly windows increase your chances to sell. If you need a good recommendation, try a membership with Angie's List. Consumers recommend the people on Angie's List, that's the only way they get there.
2. Clean and Uncluttered, that is how your house should be when someone walks through it. This is not expensive. Store things in one room of your home, or in a basement room; Start packing things up and put things in the garage, in a POD, or if you really have a lot of things and it's making your rooms look smaller than they are, rent a storage space for a few months. As for cleaning? We need that critical eye of yours again! Do you always have the door to your extra bedroom open because you use it as an office? Has it been years since the door has been closed? Does that maybe also mean the dust bunnies behind the door have multiplied better than real bunnies? In each room, clean things that you don't normally clean. Moldings on doors, baseboards, window sills, closet floors, under beds, inside kitchen cabinets. Wash the curtains; keep your counter tops clean.

**The key is this; if a potential buyer walks through your house and the windows are dirty, the rooms unkempt, they may subconsciously think you have not cared for the home well enough and worry about repairs they might need to make that are unseen to them now. Even if there are no repairs to make, it's a subliminal thing, a comfort level they want.

Amenities. Should you remodel something? Can you recoup the costs? Can it help you sell your home? The National Association of Realtors (NAR) discusses this issue in a video on their website. According to NAR and other experts, a bathroom remodel can give you a very high return. You might want to consider remodeling an average sized bathroom by replacing the flooring, installing a new sink, freshening up the paint with modern colors. Another thing you can add for under 5k in most any house, is a deck or air conditioning. Or a fence. Are your funds limited? How about adding that disposal you always wanted but never got around to in your kitchen. Again, you might get an on line subscription to Angie's List and get an idea what repairs or upgrades might cost you. Find something you can do within your budget. The NAR site also offers you How To Remodel Your Home on A Budget.

I checked homes sales for the past 8 weeks in my Cleveland market areas, and I found the ones that sold while others sat on the market, had A/C, or a fenced in yard, or both - and at least a one car garage. If you have the funds available to add on one of these items, it might be just the thing that tips the scales in your favor while others sit on the market. At the very least, perform some easy steps like washing windows and replacing cracked outlet covers, getting rid of those growing dust bunnies behind the doors, little things that just might make a buyer pick your home over someone else's home.
Peace Out- 3C