Homes For Sale

#THECLOSERSDAILY : EPISODE 189: REFERRAL DANGER

So, word of caution for people looking for real estate agents, be very wary of referrals. You gotta be aware, kind of behind the curtain in real estate how referrals actually work. So what will happen is an agent will call an agent in another market and say, "Hey, I got a client for you", get a percentage referral fee from that agent, I've seen as low as 15, I've seen as high as 35, if not a little bit more in some cases. But what's really important is who are they calling? Are they just calling a random broker and saying "Hey, I got a referral, I want 35%, "give it to whoever you want."? Or is it somebody that they actually know and they vetted and they know what type of business they run, are they a top producer, do they know what they're dealing with? If you're looking for investment properties, and that agent gets a call, sometimes people will just fake and say, "Yep, I do investment properties, "I totally specialized in that." and then they might be learning on the fly at your expense. Just make sure you know who you're dealing with, make sure you know how they got vetted. Like Hamilton, for example, Mike Kettle, I've known the guy for three, four years, I know exactly how his business runs, and I know he would be treating my clients like family. So you just gotta be aware of the situations that you're getting yourself into.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 179: A NEW HOPE

So the first major takeaway from the Commercially Merged Conference yesterday on how London can succeed provincially, nationally, and globally as a competitive marketplace would be that we need to band together. You know, in London, it seems from the outside, anyways, and definitely from the inside a little bit, that we operate as islands individually, right? Whether it be development, whether it be the real estate industry, the tech sector. You know, some outside people were pointing out yesterday that we can look at Kitchener or Waterloo, that have these massive incubators that are combined of companies that operate in the same industry and maybe compete with each other, but they have a good time helping other people succeed. If you have that abundance mindset, it can change your entire community. One of the positive things of the conference yesterday, and don't listen to the London Free Press, listen to this, was those people that were competitive against each other, were bantering back and forth like and having and honest, open, frank discussion about what needs to be done to clear the Laneway in London. I think there is hope, not like the negative news sometimes makes you perceive.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 176 PART 2: LOWBALLS

So how does a low ball offer sound to you? Most people don't like it, buyers tend to like it because they want to get a better price on a property and some sellers shot down. How do you handle low ball offers and writing them or dealing with them from the listing sides of things? Well, again, it's a case by case basis, right when people ask you an opened ended question like this a lot of it has to do with the minutia. What market are you dealing with? Are low balls a frequent thing their marketplace? We see marketplaces where 100,000 dollars under asking price isn't unexpected, and other marketplaces where five or ten under asking price will get you a hardy shot down or no response at all. You know, a lot of times when we're talking and we establish a price or a strategy with them, we're telling them expect two or three counters and any negotiation and base your first offer off that if you've got the ammunition to support it, so don't try and end the conversation before its even started but make sure you are dealing with somebody who understands the minutia and how to go about getting the best price for that property

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 159: OVERPRICED REAL ESTATE AGENTS

So in this market? Throw a sign up, take a couple photos, the property's pretty much gonna sell itself, right? So how's the real estate agent justify their commission? First off, you gotta keep in mind, the real estate agents run their businesses. The ones who do professionally will have a 30/30/30 split, so they'll be 30% fees to marketing, 30% fees to the brokerage, and then 30% fee that they actually keep. Second part to that is when a market's hot, it's not necessarily great for real estate agents because they typically have to maybe write three to five deals to get one deal done. So you gotta look at the net net amount that they're making. Now the second part of that, is I'm not just defending real estate agents, they better justify their commissions. The cream rises to the top, and the market drops, so I like those cycles 'cause it really trims the fat. And now more than ever, your real estate agent has to bring you a value prop, more than just a base standard. Or how are they gonna justify their fees? They better be netting you more money, and pay for themselves, that's how we like to look at it.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 124: I SEE THROUGH YOU

I'm Justin Konikow and welcome to episode 124 of The Closers Daily. So this one has to do with transparency and dealing with other agents or parties if you have something under contract. Transparency meaning, you know, letting them know what's happening when it's happening. So let's take a financing condition, for example. So say you run into trouble on the first or second day and you only have seven days for financing. Let the other party know what's going on, if they require extra documents, if you might require an extra day or two, you know, if you're an overseas or out of country candidate, things may impact getting the financing within that seven day period because if you let them know ahead of time, when it comes time to do the extension, you'll have a way better likelihood of getting that set extension. If you don't tell them anything, you hide all the facts, and then you get to the last day and you're scrambling, they might not give it to you. And if you've wasted money on inspection or anything else, appraisals or whatnot, that may be money that's washed down the tube. So super important, let people know what's going on, be transparent and make sure that you protect yourself throughout the transaction.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”