Sunday, November 29, 2015
New Blog Address
Hello All,
I updated my website in early 2015. You will find a number of relevant real estate posts on the new site. Thanks for your continued patronage. It's been a good year for Catskill Country Real Estate. We've helped many clients buy and sell. Please contact us and we'll share our ideas on how to sell or purchase property in the Sullivan/Orange County area.
Friday, November 2, 2012
Catskill Country Goes Independent
Well sure, it's been awhile since I had much to say. And--you've probably moved on a bit since last time you visited.
So--Sandy just devastated New York's Metro and New Jersey. What a perfect time to announce that I'm going independent. That means I have established my brokerage firm here in the Sullivan County, NY Catskills.
Not that a whole lot of folks with no electric, water, food, will be ready to pounce on the next dream property here in Sullivan County. But--it may be worth noting that Catskill Country Real Esate is up and running.
I am ready to list your property or help you find the right situation. You'll get my full attention so your questions get answered and your time is valued.
My heart goes out to all of you who are struggling to get life back to normal. Help yourself, each other, and your neighbors. I'll be here waiting for you when you're ready to relax and start playing monopoly in our lovely land called the Sullivan County New York Catskills.
Wednesday, December 28, 2011
If Buyers and Sellers Only Knew!
So you want to sell or buy property-- Being reasonably intelligent, at least smart enough to afford your current digs, you research brokers and agents for consideration.
Since this isn’t your first pony ride and you know the basics of buying and selling, you have no need to pour through on-line articles about the process. You figure, pound for pound, a competent agent should have the personal tools to successfully market your property.
Although you’d certainly like to sell out as quickly as possible or buy soon, you understand current market conditions. Furthermore, you have digested factors governing intelligent use of the internet and have a healthy I.Q..
Before you hire an agent/broker, do a little experiment on an anonymous basis. See if the website hype matches the real world.
1. Email your intended agent with a simple and friendly contact request. See if you get a personal response, a canned auto response, or out to lunch scribe back. Also note the time frame in which the correspondence was received.
2. Call the intended agent at his/her office. Are you greeted by:
A. Message of how nice of you to call, but I am not here
B. A secretary who doesn’t know the extension of the agent in question
C. An office dial by name directory with 15 options
D. Any combination of factors that make you want to hang up immediately
3. Use the contact request form on the intended agent/brokers website. Note if you receive a response. If so, how long did the response take?
Although there are many ways to determine service levels, the three I have noted should serve to inform your agent/broker choice.
Contact me anytime.
John Kavaller
Since this isn’t your first pony ride and you know the basics of buying and selling, you have no need to pour through on-line articles about the process. You figure, pound for pound, a competent agent should have the personal tools to successfully market your property.
Although you’d certainly like to sell out as quickly as possible or buy soon, you understand current market conditions. Furthermore, you have digested factors governing intelligent use of the internet and have a healthy I.Q..
Before you hire an agent/broker, do a little experiment on an anonymous basis. See if the website hype matches the real world.
1. Email your intended agent with a simple and friendly contact request. See if you get a personal response, a canned auto response, or out to lunch scribe back. Also note the time frame in which the correspondence was received.
2. Call the intended agent at his/her office. Are you greeted by:
A. Message of how nice of you to call, but I am not here
B. A secretary who doesn’t know the extension of the agent in question
C. An office dial by name directory with 15 options
D. Any combination of factors that make you want to hang up immediately
3. Use the contact request form on the intended agent/brokers website. Note if you receive a response. If so, how long did the response take?
Although there are many ways to determine service levels, the three I have noted should serve to inform your agent/broker choice.
Contact me anytime.
John Kavaller
Saturday, July 16, 2011
Real Estate and Airplanes
The last time I boarded an airplane, I flew out of Newark, NJ. I could have driven to North Carolina in the time it took me to squeeze into long-term parking and catch my flight. I made last call.
I went through the security checkpoints in a blind fury at the intrusiveness of the airport experience. I'm a bit cranky because my world isn't used to random pat downs and having intimate body regions roughly examined. I'm angry we have to use heavy-handed measures to gain a measure of confidence.
The world has "moved on". That's a phrase I picked up from Stephen King as I read his 7 book Gunslinger series: The Dark Tower. Indeed, the world has moved on! (And oh, by the way--the ending reminded me of another time and space—I’ll hold that thought for another time.)
I was seated on the aisle and flying coach--not the most comfortable, but the most affordable way to get to San Antonio. The aircraft, just shy of fully loaded, had two unoccupied seats next to me- the middle and window accommodations.
Thought I’d lucked out and could put my briefcase and laptop next to me. I’d be working comfortably until I hit O'Hare, my transfer to San Antonio stopover.
The boarding door was just about to close when a very late passenger bursts through, is visibly winded, and somewhat disheveled--clearly upset, as well. Uh-oh--she's heading right to my aisle. Yes sirree Bob. (Remember Buffalo Bob anyone?)
She says, "excuse me" and brushes past to plunk down on the window seat. A sigh escapes unmistakably from this frazzled woman. Ms. "OMG so glad I made it" (yeah--I know the feeling too.) looks at my personal property in the middle seat. She cocks her head slightly and says: "Would you mind sharing the seat? I've got my laptop too and have to work."
"No problem Ma'am, I’m in real estate and used to negotiations. What are you willing to give up for some space on the seat?" I chuckle a bit. After just a momentary icy glare, Ms. Frazzled gets it, I'm just kidding and smiles. "I'm not giving up anything for just a bit of room on a seat you didn't buy and have no right to barter!"
Now it's my turn for the "Death Star Stare” Darth Vader taught me. She breaks out laughing because she got me, got me good. The tension is over and Kenny Rogers, well he sounds like Kenny Rogers, comes on the loud speakers welcoming us all to Flight 1621 out of gorgeous Newark en-route to the Windy City--ride at your own risk and don't forget your personal property on the way out--" No, I won't let the door hit me in the rear. The frisk was enough, thanks very much Captain."
OK--so the Captain Kenny signs off and I get back to my "close friend cause this is a bare all relationship for 2 hours and 10 minutes and I'm never gonna see this gal again conversation." At least, that's what I'm thinkin'.
Ms Frazzled, who actually turns out to be, Ms Georgia D. Grim opens up her lap tap- and starts booting up. We haven't begun the taxi to take-off. Oh well--guess that personal and intimate conversation isn't happening on this flight.
But--I was wrong.. Turns out Ms. Grim was quite a talker, if not a superb negotiator. We conversated, is that a word? (It is a prison word some used to denote a conversation was taking place—Ahem—No, I wasn’t doing time. I was watching those doing 20 to life.)
Oh yeah, back to Ms. Grim-anyway--We talked a straight two hours and 6 minutes. Take-off took about 2 minutes--landing was a bit quicker. Captain K.R. had lift off fine—needed more practice on landings though.
Yeah, yeah, yeah- So What John? This isn't a classic Beatle tune. This airplane conversation idea has great relevance to the real estate process. Here's why?
A random event took place that put Ms. Georgia D. Grim and John Kavaller together--yeah that's me--the John part. We were captive and once the little dance turned out to be not so intimidating, we got on fine. Georgia shared some personal details as I did.
Just remember several of your own trips when the "intimate airline friend" arrives and departs, in what seems like, moments. As you leave the relationship behind at the airport car rental line, your “friend” never looks back to see if you are crying.
And so it is with many real estate relationships. The agent and client come together from a random query on the Internet or a quick text message about a home for sale seen from a car window.
From that kernel, a union forms. The client has a need, the agent a way to fill that need. Clients share detailed and personal information that, given a different moment in time, never gets shared--Yes, it's that personal. Yet, we agents are privileged to the dots and dashes of our client's lives.
And--our clients often get to see into our lives, not just as agents, but as real live people just like them. Our own telegraph lines fill up our lives and somehow intertwine with our client's karma finalizing with a hug and commission check at closing's end.
As I turn off the office lights at the real estate office, my cell phone rings "Hon, can you pick up Little Georgia at pre-school, Donna can't. Thanks.”
John Kavaller
http://www.catskillcountryrealestate.com
I went through the security checkpoints in a blind fury at the intrusiveness of the airport experience. I'm a bit cranky because my world isn't used to random pat downs and having intimate body regions roughly examined. I'm angry we have to use heavy-handed measures to gain a measure of confidence.
The world has "moved on". That's a phrase I picked up from Stephen King as I read his 7 book Gunslinger series: The Dark Tower. Indeed, the world has moved on! (And oh, by the way--the ending reminded me of another time and space—I’ll hold that thought for another time.)
I was seated on the aisle and flying coach--not the most comfortable, but the most affordable way to get to San Antonio. The aircraft, just shy of fully loaded, had two unoccupied seats next to me- the middle and window accommodations.
Thought I’d lucked out and could put my briefcase and laptop next to me. I’d be working comfortably until I hit O'Hare, my transfer to San Antonio stopover.
The boarding door was just about to close when a very late passenger bursts through, is visibly winded, and somewhat disheveled--clearly upset, as well. Uh-oh--she's heading right to my aisle. Yes sirree Bob. (Remember Buffalo Bob anyone?)
She says, "excuse me" and brushes past to plunk down on the window seat. A sigh escapes unmistakably from this frazzled woman. Ms. "OMG so glad I made it" (yeah--I know the feeling too.) looks at my personal property in the middle seat. She cocks her head slightly and says: "Would you mind sharing the seat? I've got my laptop too and have to work."
"No problem Ma'am, I’m in real estate and used to negotiations. What are you willing to give up for some space on the seat?" I chuckle a bit. After just a momentary icy glare, Ms. Frazzled gets it, I'm just kidding and smiles. "I'm not giving up anything for just a bit of room on a seat you didn't buy and have no right to barter!"
Now it's my turn for the "Death Star Stare” Darth Vader taught me. She breaks out laughing because she got me, got me good. The tension is over and Kenny Rogers, well he sounds like Kenny Rogers, comes on the loud speakers welcoming us all to Flight 1621 out of gorgeous Newark en-route to the Windy City--ride at your own risk and don't forget your personal property on the way out--" No, I won't let the door hit me in the rear. The frisk was enough, thanks very much Captain."
OK--so the Captain Kenny signs off and I get back to my "close friend cause this is a bare all relationship for 2 hours and 10 minutes and I'm never gonna see this gal again conversation." At least, that's what I'm thinkin'.
Ms Frazzled, who actually turns out to be, Ms Georgia D. Grim opens up her lap tap- and starts booting up. We haven't begun the taxi to take-off. Oh well--guess that personal and intimate conversation isn't happening on this flight.
But--I was wrong.. Turns out Ms. Grim was quite a talker, if not a superb negotiator. We conversated, is that a word? (It is a prison word some used to denote a conversation was taking place—Ahem—No, I wasn’t doing time. I was watching those doing 20 to life.)
Oh yeah, back to Ms. Grim-anyway--We talked a straight two hours and 6 minutes. Take-off took about 2 minutes--landing was a bit quicker. Captain K.R. had lift off fine—needed more practice on landings though.
Yeah, yeah, yeah- So What John? This isn't a classic Beatle tune. This airplane conversation idea has great relevance to the real estate process. Here's why?
A random event took place that put Ms. Georgia D. Grim and John Kavaller together--yeah that's me--the John part. We were captive and once the little dance turned out to be not so intimidating, we got on fine. Georgia shared some personal details as I did.
Just remember several of your own trips when the "intimate airline friend" arrives and departs, in what seems like, moments. As you leave the relationship behind at the airport car rental line, your “friend” never looks back to see if you are crying.
And so it is with many real estate relationships. The agent and client come together from a random query on the Internet or a quick text message about a home for sale seen from a car window.
From that kernel, a union forms. The client has a need, the agent a way to fill that need. Clients share detailed and personal information that, given a different moment in time, never gets shared--Yes, it's that personal. Yet, we agents are privileged to the dots and dashes of our client's lives.
And--our clients often get to see into our lives, not just as agents, but as real live people just like them. Our own telegraph lines fill up our lives and somehow intertwine with our client's karma finalizing with a hug and commission check at closing's end.
As I turn off the office lights at the real estate office, my cell phone rings "Hon, can you pick up Little Georgia at pre-school, Donna can't. Thanks.”
John Kavaller
http://www.catskillcountryrealestate.com
Friday, July 8, 2011
The Problem with Real Estate Is:
The Problem with Real Estate Is:
LIFE GETS IN THE WAY!
A typical phone call might play like this:
Prospect: “Hey, saw your sign on Post Road and wanted to know how much that house is?”
Agent: “Oh, we have two on that block. Was it the green one with blue shutters or the gray one with yellow vinyl siding?”
Prospect: “It’s the green one me and Janet wanted to see.” But, I want to know the list price before anything else.
Agent: “Hold on a minute and I’ll look that up for you right now. (20 second pause for look up) Here it is. The price is 199,900 and the taxes are $5200 a year including property and school. Would you like to see it?
Prospect: “Well that’s a little outside our budget, but I guess it might be OK to take a look.”
Agent: “I have this Tuesday at 2:00 p.m. or this coming Sunday at 10:00 a.m. open. Which day would be better for you?”
Prospect: “Tuesday is fine. My wife and I have the day off. We’ll meet you at the house on Post Road at 2:00 if that’s OK with you.”
Agent: “That’s fine. I’ll bring some more information on the home and property then. By the way, that home is in one of the best school districts in town. Do you have any children? “
Prospect: “Sure do, 2 boys and 2 girls and a real handful.” (Baby starts crying in the background) Gotta run, baby Billy is waking up and hungry. See Tuesday at 2.
How this all really turns out:
The agent’s name is John Kavaller—that would be me and is my real name. The Prospects are Bill and Janet Homebuyer. Bill and Janet are now actually my clients. I am representing them as a buyer’s agent.
Mr. and Mrs. Homebuyer have four kids ages 3 months to ten years old. Bill is a diesel mechanic for the local trucking firm in town and makes an excellent and steady salary. Janet works part-time designing infant clothing in her tiny workshop at home.
The Homebuyers are upwardly mobile, made a good choice with their first home purchase in 1998, and are ready to move on to a bigger home suitable for their large family.
Janet, Bill and all four children show up Tuesday at Post Road. Thankfully, Janet has brought along a mother’s helper to keep the children in order and change a diaper or two during the showing.
Mr. and Mrs. Homebuyer and I have a short chat about their dream home, but we waste no time entering the house at Post Road.
The showing went well. Bill and Janet asked thoughtful and provocative questions and displayed a real understanding of what they wanted and how the home played or did not play to those specific needs.
My clients also mentioned they had a prequalification letter from Best Bank in the amount of $175,000 and had about $20,000 saved in cash. They would be using the cash and an upcoming gift toward the new home purchase.
As the showing draws to a close, Bill says thanks and he’ll be in touch. This house was OK, but not special enough to really think too much about. Janet mentioned she’d be doing some on-line research and get back to me with other properties they might want to see.
Fast Forward—Three Months Later:
Three months have now elapsed. Mr. and Mrs. Homebuyer have not contacted me. No email, no phone calls. Nothing. I’m thinking that I must have offended them or they found another agent they liked better.
I probably should have followed up with Bill and Janet long before the 3 months zoomed by, but I was quite busy with active customers and clients and put them on the back burner. In retrospect, that was not a good idea on my part. But my own schedule got in the way of doing good business.
Several days pass after the 3-month hiatus and I get a phone call from Janet Homebuyer. Billie, Jr., now 6 months old is wailing in the background. The conversation goes like this:
Janet Homebuyer: “Hi John—sorry bout the screaming. Billie’s got a bad cold and just woke up from his knap. Anyway—Bill asked me to call you. We found a house we really want to see. It’s not too far from the one we saw with you—was it like maybe three months ago?”
John Kavaller (Agent): “Hey Janet—good to hear from you again. Should have given you a buzz to find out how things were going.”
Janet: “Don’t worry about that. We had so much going on with the kids. Sports, homework, Bill’s Mom and Dad’s visit from Arizona—that stuff and more really put a stop to us trying to look for a bigger place. Plus Bill just got a promotion and had to move half the diesel workshop to another location. He’s been promoted and is going to take over the entire repair shop for his company.”
John: “Well it’s really good to hear from you Janet and I’m pleased we are still working together. What home did you want to see? “
Janet: “Oh, there’s one on Grand Avenue. It’s right across from the elementary school my kids go to. It’s big, has a very large backyard, and has a fence for Perry-- my big Akita.” Do you have time to show this weekend?”
Summation: LIFE GETS IN THE WAY OF REAL ESTATE.
Clients and customers take up a property search, put it down, change parameters, change locations, lose jobs, get new employment, relocate, recover from surgery, have children, go out on medical leave, start caring for an elderly parent- and so on.
The search for real estate recedes to a lower priority status for many who start the process and disappear without note or fanfare. A sincere agent is able to adjust and move on with the process even though continuity has been broken for a certain time frame.
I know I’ve done my job when the closing papers are signed, the keys handed over to my clients, and life, once again, living gets in the way of real estate.
John Kavaller (NYS Licensed Sales Agent and Realtor®)
LIFE GETS IN THE WAY!
A typical phone call might play like this:
Prospect: “Hey, saw your sign on Post Road and wanted to know how much that house is?”
Agent: “Oh, we have two on that block. Was it the green one with blue shutters or the gray one with yellow vinyl siding?”
Prospect: “It’s the green one me and Janet wanted to see.” But, I want to know the list price before anything else.
Agent: “Hold on a minute and I’ll look that up for you right now. (20 second pause for look up) Here it is. The price is 199,900 and the taxes are $5200 a year including property and school. Would you like to see it?
Prospect: “Well that’s a little outside our budget, but I guess it might be OK to take a look.”
Agent: “I have this Tuesday at 2:00 p.m. or this coming Sunday at 10:00 a.m. open. Which day would be better for you?”
Prospect: “Tuesday is fine. My wife and I have the day off. We’ll meet you at the house on Post Road at 2:00 if that’s OK with you.”
Agent: “That’s fine. I’ll bring some more information on the home and property then. By the way, that home is in one of the best school districts in town. Do you have any children? “
Prospect: “Sure do, 2 boys and 2 girls and a real handful.” (Baby starts crying in the background) Gotta run, baby Billy is waking up and hungry. See Tuesday at 2.
How this all really turns out:
The agent’s name is John Kavaller—that would be me and is my real name. The Prospects are Bill and Janet Homebuyer. Bill and Janet are now actually my clients. I am representing them as a buyer’s agent.
Mr. and Mrs. Homebuyer have four kids ages 3 months to ten years old. Bill is a diesel mechanic for the local trucking firm in town and makes an excellent and steady salary. Janet works part-time designing infant clothing in her tiny workshop at home.
The Homebuyers are upwardly mobile, made a good choice with their first home purchase in 1998, and are ready to move on to a bigger home suitable for their large family.
Janet, Bill and all four children show up Tuesday at Post Road. Thankfully, Janet has brought along a mother’s helper to keep the children in order and change a diaper or two during the showing.
Mr. and Mrs. Homebuyer and I have a short chat about their dream home, but we waste no time entering the house at Post Road.
The showing went well. Bill and Janet asked thoughtful and provocative questions and displayed a real understanding of what they wanted and how the home played or did not play to those specific needs.
My clients also mentioned they had a prequalification letter from Best Bank in the amount of $175,000 and had about $20,000 saved in cash. They would be using the cash and an upcoming gift toward the new home purchase.
As the showing draws to a close, Bill says thanks and he’ll be in touch. This house was OK, but not special enough to really think too much about. Janet mentioned she’d be doing some on-line research and get back to me with other properties they might want to see.
Fast Forward—Three Months Later:
Three months have now elapsed. Mr. and Mrs. Homebuyer have not contacted me. No email, no phone calls. Nothing. I’m thinking that I must have offended them or they found another agent they liked better.
I probably should have followed up with Bill and Janet long before the 3 months zoomed by, but I was quite busy with active customers and clients and put them on the back burner. In retrospect, that was not a good idea on my part. But my own schedule got in the way of doing good business.
Several days pass after the 3-month hiatus and I get a phone call from Janet Homebuyer. Billie, Jr., now 6 months old is wailing in the background. The conversation goes like this:
Janet Homebuyer: “Hi John—sorry bout the screaming. Billie’s got a bad cold and just woke up from his knap. Anyway—Bill asked me to call you. We found a house we really want to see. It’s not too far from the one we saw with you—was it like maybe three months ago?”
John Kavaller (Agent): “Hey Janet—good to hear from you again. Should have given you a buzz to find out how things were going.”
Janet: “Don’t worry about that. We had so much going on with the kids. Sports, homework, Bill’s Mom and Dad’s visit from Arizona—that stuff and more really put a stop to us trying to look for a bigger place. Plus Bill just got a promotion and had to move half the diesel workshop to another location. He’s been promoted and is going to take over the entire repair shop for his company.”
John: “Well it’s really good to hear from you Janet and I’m pleased we are still working together. What home did you want to see? “
Janet: “Oh, there’s one on Grand Avenue. It’s right across from the elementary school my kids go to. It’s big, has a very large backyard, and has a fence for Perry-- my big Akita.” Do you have time to show this weekend?”
Summation: LIFE GETS IN THE WAY OF REAL ESTATE.
Clients and customers take up a property search, put it down, change parameters, change locations, lose jobs, get new employment, relocate, recover from surgery, have children, go out on medical leave, start caring for an elderly parent- and so on.
The search for real estate recedes to a lower priority status for many who start the process and disappear without note or fanfare. A sincere agent is able to adjust and move on with the process even though continuity has been broken for a certain time frame.
I know I’ve done my job when the closing papers are signed, the keys handed over to my clients, and life, once again, living gets in the way of real estate.
John Kavaller (NYS Licensed Sales Agent and Realtor®)
Sunday, November 21, 2010
Broker Reciprocity The IDX System--Or It's Not Really My Listing
IDX stands for "Internet Data Exchange" commonly called Broker Reciprocity.
IDX allows non-listing brokers and agents to freely engage in cooperative brokering whereby listing agents and brokers agree to the sharing of proprietary information with other MLS members belonging to a specific MLS Board.
The IDX system allows an agent or broker to show you the entire database of properties listed in a specific MLS Service region even though the broker or agent dispensing the information is neither listing agent or broker. This is a critical point to digest.
The real estate community has determined that the IDX system is a legal way of profiling listings that are not specifically owned or controlled by an individual broker. This widens the playing field so that a seller's property gets broader exposure to all MLS members.
In practical terms, this means for example:
You, the real estate consumer, are researching the Bay Cove area of Anywhere New York State. You've found a super website that lists every property in Bay Cove. You hit the link for a parcel you have interest in.
Immediately, you are taken to 2345 Wavecrest Avenue, Bay Cove, Anywhere, NY. A detail sheet appears profiling 2345 Wavecrest Avenue. Taxes, the school system, bed and bath numbers, square footage, and more enrich your understanding. You are a happy consumer because you've found out a lot about the property you wanted to research.
After reading the information, viewing static photos and perhaps a slide show or video, you scroll down to the bottom of the information sheet. The IDX mandatory disclaimer reads something like this
© 2010 Multiple Listing Service of The ABC County Board of Realtors. All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes from Multiple Listing Service of The ABC Board of Realtors and the Broker Reciprocity Program. Real estate listings held by brokerage firms other than XYZ real estate firm are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2010-11-19.
The disclaimer actually announces that you, the consumer, are reviewing a listing presented by a cooperating MLS member and NOT NECESSARILY the listing broker. Although there are many instances where the information will be offered by the listing broker, more often than not, the information sheet will originate from a different source.
Those sources are somewhat contentious from the broker and agent view. Let's suppose you have found some real estate of interest on Zillow, Trulia, or a similar site and, I am a member in good standing of my MLS board.
Furthermore, I also advertise on Zillow. Due to my status as a paid advertiser, my name and contact information show up on every listing in a specific zip code. In other words, no matter what broker owns the listing, my contact information is presented.
You may wrongfully assume I am the listing agent, where in reality, I am simply an MLS member who advertised well. My ad campaign successfully engaged your business.
Now extend this main principle to just about every conceivable on-line real estate information aggregator. My name and contact information is appearing AS IF I am the owning broker/agent. I am receiving your lead based on the IDX principle of Broker Reciprocity because I have employed a clever marketing strategy.
Since this marketing technique works with and against individual listing agents and brokers, I suppose you may surmise the IDX System a zero sum game. The seller benefits greatly, the buyers are exposed to the widest content for research purposes, and the broker/agents get the opportunity to slice the pie in half instead of eating it whole.
You may have other ideas about the Internet Data Exchange (IDX platform). When you call-you may want to ask if I am the listing agent or broker-or, you may not care. I know as an agent, I care a lot.
John Kavaller
Example of IDX Sheet
Tuesday, November 16, 2010
The MLS and You,The Real Estate Consumer
As a real estate consumer, you may be interested in understanding how competing brokers and agents really do business with relation to the MLS System.
Let's get into a fairly typical example of a home-buyer lead coming into a broker's office.
Joe Q. Public calls the ABC Real Estate Brokers Exchange on Monday morning, 9:00 a.m. sharp. An agent named Mary Lou answers the phone. After a brief hello, Joe asks Mary Lou about a property he's seen advertised on-line.
Mary Lou does not recognize the property in question. It is not an office listing, company listing, or personal listing. “Hm Mary Lou muses, wonder whose listing it is?” In less than 2 seconds, Mary realizes that Joe has called her office based on a listing owned by a competitor.
Mary Lou needs to buy a little breathing room here so she can keep Mr. Public as a client. Since the information is not readily available, Mary Lou says: "Joe, I'll get that information right out to you. Just give me your contact info. By the way, what did you say the MLS listing number was--perhaps you have the address as well?”
Joe responds politely with a bit more info on the property in question and leaves his contact info before the conversation ends. The call is over and Mary Lou gets to work quickly.
She has the MLS number or the address of the property Joe wants to know about. The MLS number, or Multiple Listing Service Number makes researching the competitor's listing a snap. In several minutes, Mary Lou brings up all the data she needs to get back with Joe Public.
Mary Lou emails Joe the MLS information sheet with all the details Joe wanted to know. Pictures, tax information, school district, number of bedrooms, baths, pool size, and so on. On the emailed info sheet, Mary Lou’s name and company affiliation stand proudly so Joe knows who to contact when he requests more info or wants to schedule a showing.
Mary Lou has done such an efficient and professional job relaying helpful information to Joe that he schedules a home tour of the same property with Mary Lou. Joe and Mary Lou tour the property and two hours later, Mary Lou receives a purchase offer on the home just viewed.
End of story? No, not by a long shot. First off, this is an over simplified description of just one situation that frequently arises in the real estate business. Secondly, even within this scenario, other factors come into play that can confuse a client or customer and cloud the relationship between agent and consumer.
The Multiple Listing Service is a well-known data provider to most consumers. The idea is to gather all broker listings in an electronic format featuring every Member Broker's (read dues paying in good standing) listings. (BTW--in NY State, the broker "owns" a specific listing no matter what agent actually sells that service.)
All members of the MLS have proprietary access to every listing of all the individual MLS Board Members. By express agreement of all the member brokers, all brokers and their agents also have the express permission to access all data collected.
Hence--the MLS system actually sanctions, allows, and encourages co-brokering whereby unaffiliated agents and brokers can share commissions based on one party bringing a buyer and the other bringing the seller to the table.
Statistically, it is far more likely for a property to be sold using the cooperative nature and spirit of the MLS system. Most sellers are aware of this system and ask prospective listing agents if their brokerage firm participates in the MLS system in their respective area.
It is interesting to note that many prospective buyers are unaware that properties are routinely co-brokered. MLS listed agents consistently stress that, no matter what broker or agent actually booked the listing, any MLS agent in good standing has the legal authority and right to co-broker a deal.
To sum this up: If you, the real estate consumer pass a property with a sign that advertises the XYZ Real Estate Company, and you call Mary Lou at the ABC Real Estate Brokers Exchange, it's perfectly acceptable, legal, and honorable to do so as long as both belong to the MLS system. Most brokers and agents do participate.
If you see a listing on other web hosts like Trulia, Zillow, Active Rain, Hotpads, etc., the same principle holds true. You should feel free to contact any agent or firm for more information and a showing as long as they are members of a specific MLS.
Let's get into a fairly typical example of a home-buyer lead coming into a broker's office.
Joe Q. Public calls the ABC Real Estate Brokers Exchange on Monday morning, 9:00 a.m. sharp. An agent named Mary Lou answers the phone. After a brief hello, Joe asks Mary Lou about a property he's seen advertised on-line.
Mary Lou does not recognize the property in question. It is not an office listing, company listing, or personal listing. “Hm Mary Lou muses, wonder whose listing it is?” In less than 2 seconds, Mary realizes that Joe has called her office based on a listing owned by a competitor.
Mary Lou needs to buy a little breathing room here so she can keep Mr. Public as a client. Since the information is not readily available, Mary Lou says: "Joe, I'll get that information right out to you. Just give me your contact info. By the way, what did you say the MLS listing number was--perhaps you have the address as well?”
Joe responds politely with a bit more info on the property in question and leaves his contact info before the conversation ends. The call is over and Mary Lou gets to work quickly.
She has the MLS number or the address of the property Joe wants to know about. The MLS number, or Multiple Listing Service Number makes researching the competitor's listing a snap. In several minutes, Mary Lou brings up all the data she needs to get back with Joe Public.
Mary Lou emails Joe the MLS information sheet with all the details Joe wanted to know. Pictures, tax information, school district, number of bedrooms, baths, pool size, and so on. On the emailed info sheet, Mary Lou’s name and company affiliation stand proudly so Joe knows who to contact when he requests more info or wants to schedule a showing.
Mary Lou has done such an efficient and professional job relaying helpful information to Joe that he schedules a home tour of the same property with Mary Lou. Joe and Mary Lou tour the property and two hours later, Mary Lou receives a purchase offer on the home just viewed.
End of story? No, not by a long shot. First off, this is an over simplified description of just one situation that frequently arises in the real estate business. Secondly, even within this scenario, other factors come into play that can confuse a client or customer and cloud the relationship between agent and consumer.
The Multiple Listing Service is a well-known data provider to most consumers. The idea is to gather all broker listings in an electronic format featuring every Member Broker's (read dues paying in good standing) listings. (BTW--in NY State, the broker "owns" a specific listing no matter what agent actually sells that service.)
All members of the MLS have proprietary access to every listing of all the individual MLS Board Members. By express agreement of all the member brokers, all brokers and their agents also have the express permission to access all data collected.
Hence--the MLS system actually sanctions, allows, and encourages co-brokering whereby unaffiliated agents and brokers can share commissions based on one party bringing a buyer and the other bringing the seller to the table.
Statistically, it is far more likely for a property to be sold using the cooperative nature and spirit of the MLS system. Most sellers are aware of this system and ask prospective listing agents if their brokerage firm participates in the MLS system in their respective area.
It is interesting to note that many prospective buyers are unaware that properties are routinely co-brokered. MLS listed agents consistently stress that, no matter what broker or agent actually booked the listing, any MLS agent in good standing has the legal authority and right to co-broker a deal.
To sum this up: If you, the real estate consumer pass a property with a sign that advertises the XYZ Real Estate Company, and you call Mary Lou at the ABC Real Estate Brokers Exchange, it's perfectly acceptable, legal, and honorable to do so as long as both belong to the MLS system. Most brokers and agents do participate.
If you see a listing on other web hosts like Trulia, Zillow, Active Rain, Hotpads, etc., the same principle holds true. You should feel free to contact any agent or firm for more information and a showing as long as they are members of a specific MLS.
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