PATTI

Sexual Orientation a New NAR Protected Class

pechapell — Fri, 25 Mar 2011 17:17:38 +0000

Federal Fair Housing laws prohibit discrimination in housing based on race, color, sex, religion, national origin, disability, and familial status. Many states have chosen to add to that list. In addition to all federally protected classes, Virginia prohibits discrimination in housing based on elderliness. Localities can further add to the list of protected classes. The National Association of Realtors® has added an additional protected class to the 2011 Code of Ethics® – sexual orientation. What this means is that in addition to the federal, state, and local protected classes, if you are a Realtor®, you must ensure that you do not participate in any real estate activities where discrimination occurs based on sexual orientation. It can become very cumbersome to remember which jurisdiction prohibits what. The best rule of thumb is, “Treat everyone the same!”

It’s Not Just About the Service

pechapell — Fri, 07 Jan 2011 22:26:38 +0000

The service that we give our clients is important, but letting our clients know what we do for them is just, if not more important. How many times have you heard the complaint that “My agent didn’t do anything?” Even when an agent gives his/her potential client a signed list of all activities that agent will do, the list is usually 10 – 20 items, covering only the most obvious things. This list doesn’t even begin to scratch the surface. Give these potential buyers and sellers a list of EVERYTHING you can think of. You can easily come up with a minimum of 75 things you do for both sellers and buyers. Type each list with 1.5 spaces instead of single spaced and you will have at least 3 pages. Sign and date the list at the bottom. Put this in the package that you send ahead of your initial appointment or at your initial appointment. Be sure to only list things that you will DEFINITELY do. Keep a copy of the list and use it as a checklist. Name the list, “My Commitment to You.” Some examples of things you might list:

Explain buyer agency
Explain dual agency
Discuss open houses
Preview comparables
Provide you with copies of all signed forms
Explain law regarding lead based paint disclosure
Aid you in purchasing fire and hazard insurance
Schedule settlement
Send you a list of utility companies and phone numbers
Review HUD-1

You do all of these things anyway, but if you list each item, you will blow them away!

5 Reasons Why December Was Almost Always My Best Month as a Listing Agent

pechapell — Thu, 02 Dec 2010 21:02:54 +0000

Although buyer traffic was down, serious buyers were out and ready to buy.
Inventory was down. Most sellers decided to either wait until January to put their homes on the market or they took their homes off the market during the holidays.
My listings were tastefully decorated for the holidays. Buyers purchase homes that make them feel good. Mood is everything and a home decorated for the holidays in a tasteful manner helps create mood. (Over decorating is not a good idea. I once had sellers who decorated almost every square inch of the house. It gave me a headache and drove buyers away. I ended up cancelling the listing because the sellers would not remove any of the decorations and I could not sell the house.)
If the owners were around (They stepped outside during the showing), a fire burned in the fireplace. Again, the mood was set.
If the owners were around, a pot of mulled cider was on the stove. Smell is the strongest of our senses. Again, mood.

8 Ways to Get a Better Appraisal

pechapell — Wed, 27 Jan 2010 17:58:15 +0000

On September 30, 2009, Frank and Sharon Alters posted a very good blog on “Active Rain” titled “10 Ways to Get a Better Appraisal”. Here are 8 more ideas:

1. Be sure that the property is in tip top shape with all repairs completed.

2. Tell the sellers that they should not begin tearing the house apart until AFTER the appraiser has been to the house. However, anything that can be removed in the effort to un-clutter is advisable.

3. If the house was staged, it should remain that way until after the appraiser has been to the house.

4. Ensure that any offensive odors are eliminated prior to the appraiser’s appointment.

5. The property needs to be absolutely immaculate.

6. The exterior of the house must be well-maintained. This includes the yard. Anything that can be done to enhance curb appeal will most likely pay off and could potentially add thousands to the appraisal.

7. If you have one, provide a floor plan to the appraiser. This will reduce the work that the appraiser needs to do.

8. During the appraiser’s visit, point out any energy saving features, including energy saving appliances.

You are not interfering with the appraisal process if you do the things listed above. As Frank and Sharon mentioned, if the appraiser is well educated about your listing, you have a much better chance of the house appraising and the sale going through.

Impress Your Listing Prospects with Internet Marketing

pechapell — Wed, 17 Jun 2009 16:51:11 +0000

by Patti Chapell

Internet marketing should compliment your traditional marketing. Incorporate it into your business plan. Technology helps us better meet consumer expectations in this digital age and people are increasingly shopping on the internet for a home.

There are numerous FREE websites on which you can market your listings. Postlets.com allows you to build your ad once and it is automatically put on several top classified sites at no charge. These sites are: Backpage.com, Craigslist, Edgeio, Google Base, Hotpads, LiveDeal, Oodle, Propsmart, and Vast. Post your listings for free on Point2Homes.com; your listings will be automatically advertised on: Google Base, Yahoo Classifieds, LiveDeal, Propsmart, Oodle, and Trulia. In addition, when you modify your listings on Point2Homes, the changes will automatically be made on these other websites. You can post your listings for free on wtop.com, but you will need to renew every 30 days. You can also post your listings for free on zillo.com. Use condex.com to post your condo listings at no cost. Post your luxury properties over one million dollars on UniqueGlobalEstates.com, again, for no charge. Use foreclosure.com to post your foreclosures for free.

Virginia Limited Service Agency Educational Requirements

pechapell — Sun, 15 Feb 2009 16:34:30 +0000

So just what are the educational requirements for limited service agency in Virginia? It seems that almost every day, I hear a different version of the educational requirements. For the record, you don’t have to sit in a class to take limited service agency. You can take it online or by correspondence. For the record, the requirements do not go into effect in 2009; they went into effect in 2007. So here’s the deal:

The requirement is for all licensed agents in Virginia to take one two hour course in limited service agency as approved by the VREB.
The 2 hour limited service agency course does not fall under continuing education or post-licensing. It is in a category all by itself.
This 2 hour requirement is a one-time only requirement; once you take it, you never have to take it again.
New agents need it.
Experienced agents need it.

How to Get Both Sides of the Deal without being a Dual Agent

pechapell — Mon, 05 Jan 2009 16:53:46 +0000

by Patti Chapell

Does dual agency make you feel two-faced? Do you work as a dual agent? I’ve never cared for dual agency. It’s impossible to fully represent either side when you are a dual agent. After all, there’s a good reason why dual agency is also called limited agency (not to be confused with limited service agency). You’re limited as to what you can do. What bothers me is that when I am fully representing a seller, for example, I can point out weak aspects of offers; I can advise the seller to counter with a higher price, shorter contingencies, etc. Once I become a dual agent, I cannot offer this advice if it could potentially harm my other (buyer) client.

The Virginia Real Estate Board, in its publication, “VREB Speaking,” last spring, states that, “We are still seeing numerous cases involving the dangerous practice of dual agency. Remember, if something goes wrong with the transaction, you are probably at fault.”

So why is dual agency dangerous? Dual agency is dangerous because it’s difficult to switch roles with someone after you have been fully representing them. The seller or buyer (whoever you’ve been representing) will want you to continue to work with him as you have. He will want advice and representation. If the seller or buyer didn’t understand dual agency up front (and most don’t), you risk destroying your relationship with him at this point.

So, are you thinking that if you choose to not practice dual agency that you cannot get both sides of the transaction? If you think this, you are wrong.

I always gave potential buyers of my listings a choice. If they didn’t care about representation, I worked with them as customers and I represented only the seller. If they wanted representation, I referred them to an agent in my office with whom I had an agreement. This agent represented the buyer from beginning to end; I received the total commission. Then when she had a buyer for her listing, I did the same for her without being paid. That’s an easy and fair solution if you don’t want to practice dual agency. I had this type of “time for time” agreement when I went out of town, took time off, etc. It was nice to be able to take a vacation and not worry about losing money if my listings sold while I was away.

One word of caution – If you choose to do this “time for time” option mentioned above, you must be sure to have this agreement with someone who does about the same amount of business that you do. Otherwise, someone gets the short end of the stick.

What do you mean there’s no grace period on my license renewal?

pechapell — Fri, 18 Apr 2008 18:42:45 +0000

by Patti Chapell

I can’t begin to tell you how often I have heard, “But I get a 30 day grace period, don’t I?” And the question always pertains to completing the CE and renewing the real estate license.

The answer is “no”. You don’t have a 30 day grace period on your license renewal. The 30 day grace period pertains only to the fee paid. In other words, if you renew 30 days late, you won’t be charged a penalty; there’s a 30 day grace period on the renewal amount.

Let’s be clear. If you renew 30 days late, you will not be charged a penalty. BUT during those 30 days, you have no real estate license and you are out of business. You cannot resume selling real estate until you have completed your education and paid to renew your license.

-Patti