Open Houses can be a great method to create exposure to a listing and generate leads, but hosting one also exposes you to increased safety concerns. Use this checklist to minimize your risk:
1. If possible, always try to have at least one other person working with you at the open house.
2. Check your cell phone’s strength and signal prior to the open house. Have emergency numbers programmed on speed dial.
3. Upon entering a house for the first time, check all rooms and determine several “escape” routes. Make sure all deadbolt locks are unlocked to facilitate a faster escape.
4. Make sure that if you were to escape by the back door, you could escape from the backyard. Frequently, high fences surround yards that contain swimming pools or hot tubs.
5. Have all open house visitors sign in. Ask for full name, address, phone number and e-mail.
6. When showing the house, always walk behind the prospect. Direct them; don’t lead them. Say, for example, “The kitchen is on your left,” and gesture for them to go ahead of you.
7. Avoid attics, basements, and getting trapped in small rooms.
8. Notify someone in your office, your answering service, a friend or a relative that you will be calling in every hour on the hour. And if you don’t call, they are to call you.
9. Inform a neighbor that you will be showing the house and ask if he or she would keep an eye and ear open for anything out of the ordinary.
10. Don’t assume that everyone has left the premises at the end of an open house. Check all of the rooms and the backyard prior to locking the doors. Be prepared to defend yourself, if necessary.
Sources: Washington Real Estate Safety Council; City of Mesa, Arizona; Nevada County Board of REALTORS®; Georgia Real Estate Commission) This article is part of the NATIONAL ASSOCIATION OF REALTORS®’ REALTOR® Safety Resources Kit.
September 25, 2010
May 17, 2010
Seller's Financing in Texas - Audio Update
Here is an interesting audio update from the Texas Association of REALTORS® regarding a recent change in the law affecting Seller Financing of One-to-Four Residential Properties and a requirement to have a Residential Mortgage Loan Originator License (RMLO).
In my opinion this is good information to know, I recommend you listen to it when you have a few minutes.
http://www.texasrealtors.com/go/podcasts/TRU_Episode74.mp3
April 22, 2010
Release of Earnest Money
Below is a short yet insightful portion from the latest Texas Association of Realtors (TAR) newsletter. It covers a frequently asked question regarding the release of earnest money in a transaction.
Question: My client is a buyer who has given the seller a timely, written notice that he is terminating his contract to purchase the seller's home under the termination option of the contract (Paragraph 23). The seller is upset and will not sign the appropriate form releasing the earnest money to the buyer. What can the buyer do to get his earnest money
Answer: The buyer could make a written demand under the provisions of Paragraph 18 of the TREC contract. That paragraph provides that the escrow agent will be released from liability by each party to the contract if the escrow agent disburses the earnest money upon the written demand of one party where the other party does not object to that disbursement in writing within 15 days after notice to the other party is given by the escrow agent.
While this provision covers only those situations where the other party does not object in writing to the disbursement or has not made a written demand for the earnest money, following this procedure might result in the escrow agent releasing the earnest money to the buyer. If the seller were to make a written objection to the disbursement or make a written demand for the earnest money, the buyer would have written evidence to substantiate the seller's wrongful refusal to release the earnest money. This might make it easy for the buyer to recover the liquidated damages stated in Paragraph 18: three times the amount of the earnest money, the earnest money, reasonable attorney fee’s and all costs of suit.
Although the amount of earnest money involved in any given transaction may not be very substantial, the losing party in any suit litigating this issue under the provisions of Paragraph 18 could end up losing far more than just the amount of the earnest money held by the escrow agent.
For other legal topics, visit the Legal FAQs on www.TexasRealtors.Com.
Question: My client is a buyer who has given the seller a timely, written notice that he is terminating his contract to purchase the seller's home under the termination option of the contract (Paragraph 23). The seller is upset and will not sign the appropriate form releasing the earnest money to the buyer. What can the buyer do to get his earnest money
Answer: The buyer could make a written demand under the provisions of Paragraph 18 of the TREC contract. That paragraph provides that the escrow agent will be released from liability by each party to the contract if the escrow agent disburses the earnest money upon the written demand of one party where the other party does not object to that disbursement in writing within 15 days after notice to the other party is given by the escrow agent.
While this provision covers only those situations where the other party does not object in writing to the disbursement or has not made a written demand for the earnest money, following this procedure might result in the escrow agent releasing the earnest money to the buyer. If the seller were to make a written objection to the disbursement or make a written demand for the earnest money, the buyer would have written evidence to substantiate the seller's wrongful refusal to release the earnest money. This might make it easy for the buyer to recover the liquidated damages stated in Paragraph 18: three times the amount of the earnest money, the earnest money, reasonable attorney fee’s and all costs of suit.
Although the amount of earnest money involved in any given transaction may not be very substantial, the losing party in any suit litigating this issue under the provisions of Paragraph 18 could end up losing far more than just the amount of the earnest money held by the escrow agent.
For other legal topics, visit the Legal FAQs on www.TexasRealtors.Com.
February 18, 2010
Be mindful of your emotions
While it is important that we remain energetic and confident as we work with clients, it is also extremely important that we remain conscious of our emotions before, during, and after each transaction.
To illustrate, I would like to share with you an article I recently read on this topic. The article was written by Katherine Tarbox, Senior Editor of REALTOR® magazine. It is brief and to the point, taking all of about three minutes of your time, yet it identifies five areas you can focus on to keep your emotions balanced: Appreciation, Autonomy, Affiliation, Status, and Roles.
Again, a short, useful article. It is the copyright of the National Association of Realtors (NAR) and it is being posted here with their permission.
Representing clients in real estate transactions may not be quite as emotionally charged as handling hostage negotiations or helping warring nations diffuse long-standing conflicts, but there are parallels. During his Entrepreneurial Excellence remarks at the 2009 NAR Conference & Expo, Daniel Shapiro, director of the Harvard International Negotiation Program, identified important ways that misunderstood emotions can hinder real estate negotiations.
"Clients often move because of major landmarks in life—divorce, marriage, birth, death. Even when those life events aren't involved, there may be financial stress or fear of committing to a property," Shapiro says. "It's best to be removed from those client emotions."
Shapiro says practitioners should focus on five core emotional concerns in client dealings:
Appreciation: Do you let your clients be heard? Do you really listen to their concerns and what they are looking for in a property? If you don’t appreciate your customers and they don’t appreciate you, then you’re creating bad business. Autonomy: Allow your client to make the important decisions. He believes lines such as “Buy this house now” will push clients away. They need to be in the driver’s seat in terms of the purchase or sale while practitioners provide expert advice.
Affiliation: When meeting with a new client or co-worker, try to create common ground with them with at least three shared connections. Did you go to the same school? Root for the same sports team? Enjoy a common restaurant?
Status: Don’t act like you’re always “on top.” Take turns with your client in terms of who’s leading the relationship. When showing homes, you can lead by being the driver. When getting close to making the sale, let the client lead. Don’t get competitive about maintaining the higher role.
Roles: Practitioners need to play different roles through the process: housing expert, emotional consultant, devil’s advocate, and more. Make sure you recognize your changing role in order to fulfill your clients’ variety of needs.
For Eddie Perez, GRI, an associate broker with Robert De Ruggiero Inc. in Hoboken, N.J., the main takeaway for the session was the importance of appreciation. “I’m in a negotiation right now where the other practitioner is not responding to my counteroffer for a sale. I believe if I told her that I understand her seller’s position, I would have a response. I’ll take a step back now when I negotiate.”
—Katherine Tarbox, REALTOR® magazine
To illustrate, I would like to share with you an article I recently read on this topic. The article was written by Katherine Tarbox, Senior Editor of REALTOR® magazine. It is brief and to the point, taking all of about three minutes of your time, yet it identifies five areas you can focus on to keep your emotions balanced: Appreciation, Autonomy, Affiliation, Status, and Roles.
Again, a short, useful article. It is the copyright of the National Association of Realtors (NAR) and it is being posted here with their permission.
Don't Let Emotions Ruin Negotiations
Representing clients in real estate transactions may not be quite as emotionally charged as handling hostage negotiations or helping warring nations diffuse long-standing conflicts, but there are parallels. During his Entrepreneurial Excellence remarks at the 2009 NAR Conference & Expo, Daniel Shapiro, director of the Harvard International Negotiation Program, identified important ways that misunderstood emotions can hinder real estate negotiations.
"Clients often move because of major landmarks in life—divorce, marriage, birth, death. Even when those life events aren't involved, there may be financial stress or fear of committing to a property," Shapiro says. "It's best to be removed from those client emotions."
Shapiro says practitioners should focus on five core emotional concerns in client dealings:
Appreciation: Do you let your clients be heard? Do you really listen to their concerns and what they are looking for in a property? If you don’t appreciate your customers and they don’t appreciate you, then you’re creating bad business. Autonomy: Allow your client to make the important decisions. He believes lines such as “Buy this house now” will push clients away. They need to be in the driver’s seat in terms of the purchase or sale while practitioners provide expert advice.
Affiliation: When meeting with a new client or co-worker, try to create common ground with them with at least three shared connections. Did you go to the same school? Root for the same sports team? Enjoy a common restaurant?
Status: Don’t act like you’re always “on top.” Take turns with your client in terms of who’s leading the relationship. When showing homes, you can lead by being the driver. When getting close to making the sale, let the client lead. Don’t get competitive about maintaining the higher role.
Roles: Practitioners need to play different roles through the process: housing expert, emotional consultant, devil’s advocate, and more. Make sure you recognize your changing role in order to fulfill your clients’ variety of needs.
For Eddie Perez, GRI, an associate broker with Robert De Ruggiero Inc. in Hoboken, N.J., the main takeaway for the session was the importance of appreciation. “I’m in a negotiation right now where the other practitioner is not responding to my counteroffer for a sale. I believe if I told her that I understand her seller’s position, I would have a response. I’ll take a step back now when I negotiate.”
—Katherine Tarbox, REALTOR® magazine
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