11.24.2014

Hiring An Agent? Here's One Personality Trait To Avoid....

Let me predicate this by saying I love what I do. Yes...I'm aware that sometimes Real Estate Brokers get held in the same level of esteem as used car salesman but that's actually the beauty of it all. If you're honest, willing to work your tail off, caring and you're slightly sharper than a dull nail you can be very successful in real estate. The challenge is that SO MANY of those actually in the business lack one or more of those qualities. They're too quick to want a sale and too slow to advise their clients to pull the plug if danger lurks. In other words if you treat people with the highest level of respect you will earn people's trust and respect. There's another, more subtle type of personality that seems to be more and more prevalent lately that is in it's own way a huge detriment for people buying and selling homes and how they're represented. It involves a certain complex of the little man in the picture of this post and all he represents. There are brokers for whom winning is far more important that ANYTHING else. They are so hell bent on proving to their clients, to the other negotiating party, to themselves that they are far superior in every way that it often becomes far more important than the actual needs of the client. The challenge for you as a person whom that type is representing is that you don't always know they're sabotaging your goals with their inferiority complex. I have an agent whom I'm dealing with right now who has come with offers to three of my listings over two years. On each one he has adopted the position to his buyer that every property was overpriced by at least 50% and then urged his professional athlete client to draw a line in the sand based on that number and go no further. As as result his buyer has bought nothing for two years and missed out on a bank forced sale (a very new property) that was built for almost double what was being asked for it. The home was roughly worth 70% of what it cost to build but the agent would hear nothing of offering more than 50%. The home was one of the more remarkable at the price point that I've ever seen. It sold for 58% of the build cost with the eventual future buyer getting a great deal and a great home but agent X's ego and his client are still trudging up side walks and offering a low dollar on everything. Here's the bottom line for consumers. Hiring someone to represent you is a critical decision. Make sure it's someone who puts your needs ahead of their desire to prove themselves right or you may be in for a long, bumpy ride.
greg cooper top selling indiana agent broker realtor 

11.03.2014

Spending On Your Home...What Will Pay You Back?

From Greg's appearence Sunday on WTHR's REAL ESTATE UPDATE: 13 WTHR Indianapolis

Greg Cooper Top Selling Indiana Realtor Agent Broker WTHR Weekend Sunrise Naomi Pescovitz

10.20.2014

Some Like It Hot. I Don't.

In late Spring and early Summer of 2013 and for a brief period in April and early May of 2014, the real estate market was humming. Good homes were getting bid on almost within the hour of them appearing on the MLS/BLC. It was the crazy season and for home buyers it almost had to be. Available inventory was down and buyers were wrestling to be in position to snatch that next home on the market. As a result silly, I mean SILLY money got thrown at homes in circumstances where buyers had virtually no time to make decisions. Buy this minute at least at full list price or someone else will. Not a highly productive position for home buyers to be in. For my home selling clients of course I wish we would have had more of this but for the health of the overall housing market it is NOT productive. Overpaying, which is what some people did, is not ever good for the overall health of home values. Overpaying translates into a bubble...even a mini bubble if it's just for short time and we all know what happens to bubbles. Most of this year has been measured and I think ultimately that's good for all. Perhaps not good for individuals who had homes that were appraised at a higher number due to the early season rush but those were aberrations, not trends. In essence it's good that it wasn't better. It will mean better health for the overall market next Spring when the seasonal urge kicks in again. If you're one who is pained by the slowness of your particular price niche, I do feel for you. Behind every home sale there is still a reason to be somewhere else. A job change, a family change, a move out of necessity especially at this time of year is a lot of work and emotional stress. It's not all that different stress that those bidding for homes felt when the market heat was at it's highest. 
Greg Cooper top selling Indiana Agent Realtor Broker 

10.14.2014

Do Not Market The Home You're Selling: An Example

Even after 28 years of marketing homes I am constantly caught off guard by people who will take an investment worth hundreds of thousands of dollars and make the most simplistic strategic blunders that put their money at risk. The last 45 days is another example.

I know of home in very close proximity to me that has been rehabbed over the Summer. The owners bought it essentially from an estate and it needed everything as it's a 45 year old home. To their credit, they did a FANTASTIC job of the rehab. In contrast they're now trying to resell it and making an absolute dumpster fire out of the process. The house was finally ready about  9.1, a crucial point in the home selling calendar in our area. For the first 30 days they stuck a it on Zillow with no pictures and put the WORST open house signs up I've ever seen at the end of the street (when one phone number runs across two 'for sale by owner' signs it pretty much makes you look incompetent).  I never saw the home or opens advertised anywhere else. The 'flippers' took an investment they have hundreds of thousands in and completely botched the exposure. It's now 10.14 and they have finally decided to go ahead and list it. Had they done that sooner there were over 139 potential home buyers who had looked at homes in their area and their immediate price point who would have been exposed to it (data documented directly from Centralized Showings). By waiting to mid October and missing six critical weeks of marketing to a fairly active market, they have now put themselves in a terrible position. They're now staring at having literally missed the entire end of the market for no other reason than cheapness and greed. They may have to pay for it over the winter burning mindless days on the market while the leaves and then snow pile up and most qualified home buyers are celebrating the holidays and waiting for Spring. Had they hired ANYONE to get it in the MLS on 9.1 the home would have been most likely sold and closed. Instead the current owners have put hundreds of thousands of their dollars at risk. Amazing.

Look...listing a home and selling through a broker is expensive. I get that. If you want to try to market (and ACTUALLY market) your home in May and June that's one issue. But when you have so much on the line and your investment is about to get swallowed up by the season, get a brain and lose the ego. As it is I think this couple will have cost themselves at least $40K...perhaps more. 

Some people think marketing a home is for idiots. Some days it's the idiots who think that. Would you go into court on a $400,000 piece of litigation without any reliable representation?  Why would you at a time of the greatest risk put a home worth that much out there without a clue in the world what you're doing? 
Greg Cooper top selling Indiana Realtor Agent Broker