6 things most real estate agents wont say...but I will

N o v a O t t e

Best Dayton Homes

NOVA OTTE, REALTOR®

RE/MAX - Resources - 1210 Meadowbridge Drive - Beavercreek, OH 45434

Cell: (937) 654-NOVA(6682), Office: (937) 427-2525 ext 124, Fax 1-866-658-6158

Nova Otte, Realtor®
937.654.NOVA(6682)

Here are 6 Things Most Real Estate Agents Wont Tell You

Why am I telling you? Because I think you the consumer have a right to know.

1. "Having an Open House at your home helps me get buyer clients" - This is true...it is a way for agents to locate potential buyers. However, this can work in your favor when selling your home. Let's say for example I have 3 open houses - all similar in size, but in different neighborhoods with different amenities in the neighborhood and home. Now, if at open house #1 a buyer walks in looks around but it wasn't quite what they were looking for...maybe they wanted corian counters or a master bedroom on the first floor - then they may possibly be interested in house #3 as it has granite counters and a 1st floor bedroom. Conversely a buyer walks into home #2 but it is a little out of their price range or they wanted 4 bedrooms instead of 3 and don't care about their kitchen counters...then house #1 may be for them. There is another quasi-myth in this realm of discussion in that Realtors will steer you towards their listing first. Yes, if I have a home listed that I believe you will like then of course I'm going to show it to you if it meets your specifications. But, if it's a 3 bedroom 2 -story and you wanted a 4 bedroom ranch...of course I shouldn't show it to you...and if I do maybe you should find another realtor :)

2. Realtors commissions are negotiable - This is true but there is a catch. The saying "you get what you pay for" applies to most purchases in life. The bottom line is that the "standard" realtor commission is 6% for a transaction. The agent for the buyer normally gets 3% and the listing agent or agent for the seller gets the other 3%. I believe I give full commission service when I work with a client. I do from time to time run rebate specials (like the one I have currently for new homes) but it really depends on market conditions, number of homes being bought / sold, and sometimes volume. If I list your home so you can buy another then I may decrease part of my commission from the new home you buy towards your closing costs or upgrades. This may also apply if you list your home with me because you're moving away from the area and you allow me to refer you to one of my preferred partners in the area you are moving to.

3. I will tell you "who" I am working for...and if I don't then ask me. What I am referring to is this...let's say for example you walk into an open house and after we introduce ourselves the first thing you should ask me is - "Is this home your listing"? If I say yes, don't tell me about your financial situation, what you can afford etc. Why do I say this? Well if you tell me you love the house, it's the home of your dreams and you're pre-qualified for $300,000 and the home is listed for $295,000...guess what - I am obligated if it is my listing to tell my seller what you've told me because they are my client first. This can affect your ability to negotiate a better price on the home. If going back to the original question the answer is no..this is not my listing then we can set down and talk about what are your desires (be it this house or another) and discuss whether you want to sign a buyer-broker agreement for me to work on your behalf. It's not mandatory that you sign one when we start working together but it makes my boss happy and helps protect you in that I am bound to work only on your behalf. What happens if I have another listing that you love but we've already talked? Then we will talk about dual agency (I act for both parties - which I prefer NOT to do) or finding you another agent or finding my seller another agent (preferred).

4. You want too much for your home OR You cant afford the homes you're looking at. I have an interest in making a living like any other person involved in a sales industry. What I have little interest in is an unsatisfied client, who cant sell their house or who cant afford the houses we look at. If I don't help you list your home for a reasonable price - not too high or too low - then I have failed one of my primary responsibilities. My 1st goal is to get you the most money for your home given the current market conditions. My second is to make you a client for life. The bottom line is your bottom line. I will work to get you the most money for your home. As long as I accomplish the 1st goal I've done right by you. From the buyers perspective, you may love that $265,000 home and the lender may pre-approve you for $270,000 but maybe you really cant afford that $2,000 per month payment (assuming $265,000 price - 10% down = $238,500 @ 6.5% 30 year fixed mortgage + $350 (taxes & insurance) + $150 (mortgage insurance)). I will find you to homes you can afford based on what you want to spend on your monthly mortgage. Why?? I could make more commission if you buy a more expensive house right?? Sure, but you may not call me when it comes time to sell your house because you feel I didn't look out for your interests and you probably wont tell your friends and family they should call me when they're thinking of buying or selling a home.

5. I am not an expert in all fields related to Real Estate. I am a real estate agent. I trained to know how to help my clients sell and buy homes. I have a basic understanding of zoning and how it affects property. I am familiar with what is legal or illegal in real estate transactions but I am not an attorney who can give legal advice. Most real estate transactions are fairly straight-forward and can be handled by real estate agents. For the more complicated situations, I will not hesitate to advise you to seek an attorney's help. I am not a mortgage broker (although some realtors may be) and cannot give you in-depth insight into the mortgage qualifying process but I can give you the basics and what I have seen happen in certain situations in relation to the financing of a home purchase. Sounds like I don't do a lot of anything? Incorrect. I make the process of buying / selling a home as simple as possible for you the consumer. I am trained to know what inspections to get, when are appraisals done and how are they handled, how to negotiate a better price whether buying or selling a home.

6. You might not need my help at all. Before I became a realtor, my husband and I toyed with the idea of trying to sell our home ourself (we did buy one once without an agent and afterwards regretted it). Why didn't we? There were a lot of reasons. For one, we moved around a lot (being military) and didn't know the specifics for real estate in each state. Second, we wanted our home on the MLS and listing with a realtor was to us the best choice to accomplish that. Third, we didn't like the idea of having to stay home to allow someone in or screen them to see our home (yes there are people out there who may have intentions other than just looking for a home to buy). Fourth, we wanted someone to market our home for us and figured that at least a significant portion of the money we could "save" by selling ourselves would be used up in our self advertising. Last we wanted someone else (our realtor) to explain the contracts, handle getting inspections and appraisals done, and worrying about the buyer's qualification for a mortgage to afford our home. Even with the worst realtor experience we had (selling a condo in Las Vegas) I'm still glad we had a realtor working for us (although I wish we had a different one). The deal was a nightmare for us with a realtor and I don't think it would have worked without one. The buyer was having problems qualifying because he was between jobs and couldn't verify his income, his dad had to co-sign for him, there was trouble getting an appraisal that matched the market value as this was a time when prices were going up quickly...all in all it worked out but if we did not have our realtor it likely would have fell through. Yes...we still would have probably sold our home but it could have been months later and maybe for not as much as what we received for it.

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