Realty World Wichita

No names will be mentioned!!

1.5 years in Real Estate, and I get my first referral - the referral company gets 35%, but I’m glad to pay it for the biz.

Air Force guy, moving to town.  Took him and his wife around, and they found a new home to build.  Next day, we write an offer.  House is just past framing, and I take the buyers to the carpet place, tile, cabinets, paint lighting and appliances.  All in one afternoon.  Closing in 2 months.

Buyer leaves town, and I call on them about once a week.  I leave messages mostly, about how their home is coming, what’s been installed, etc. 

Now, to give them updates, I’m walking in their home as it’s being built.  About once a week.  This is really before digital photos, or email.  Cell phones were “Bricks”, and I used pay phones a lot.  The sellers agent keeps telling me she’s not worked with another agent who comes onsite so often.  I must be young and stupid I guess, but I thought that’s what you’re supposed to do.

Walk thru’s, scheduling, contract amendments.  They are out of town.  I think they came here twice during construction to inspect.  I’ve done it all for them.

Closing day - they need to close on Saturday, can’t be here during the week.  I get a closer (and the builder too) to close Saturday morning.  Buyer shows up, and we sit in closing for 3 hours.  Buyer is doing an 85-15 loan (2 loans, one for 85%, and one for 15%) - and like an engineer, reads every word of every document in each loan.

I can handle all this, and I’m not critisizing the reading (tho by the second loan, you would think some of the docs would be the same?) - BUT, after closing, I thank them, and hope they are pleased.  Wife looks at me and says I did a bad job, after all, I missed that the wrong vinyl was laid in the bathroom.  She won’t reccomend me to anyone.

Geez.  I spent hours here, and I would think the floor company would be the ones to blame for the flooring mix up.  Wish I could remember their floor choice.  I was destroyed.  I thought (and had been told) that I was working way too hard for this client.

I got paid, one of my first “Big” closing checks.  Sometimes tho, I’d rather have gratitude….

July 27th, 2008
Categories: Real Estate News . Author: Administrator . Comments: No Comments

Fact is, I have no idea what they’re worth, and neither do you.

We don’t know, because on 21-23% of the listings in the MLS have virtual tours (according to my study anyway).  And those that have tours, some of the photos are SO bad, you can’t really tell much about the home.

With gas close to $4.00 a gallon (more in some places), shouldn’t we eliminate homes that are GROSSLY wrong for a buyer?

WHAT? you say?  Not show a buyer a home based on the computer?  We already do that.  Right number of bedrooms, footage, garage, location.  We do it every day.

Pictures are different tho, right?

I don’t think so.  We can tell (or should be able to tell) what a home will feel like based on 2D photos.  We can get space feeling, decorations, yard condition, home condition, lots more.

OK, you say they are expensive.  You can’t afford them.  Look again, RealEstateShows.com is $125 a year unlimited shows (lees if your Broker buys it).  RealTourVision is $10 a show forever.  Visual Tours are $30 per month unlimited.

No time?  How long do you need to take pics while listing a home.  And MAYBE, if you’re that busy, you should hire it done.  Cause gas aint’ getting cheaper for a while.

I say VT’s will save you money.  I say VT’s are a service we should provide our FELLOW REALTORS.  I say VT’s save our sellers time, frustration, wear and tear.  I say if you are not using this tool you are so far behind the curve, it may be time to leave the profession.

July 27th, 2008
Categories: Real Estate News . Author: Administrator . Comments: No Comments

MSN announced just last week that a study by Sperling’s Best places said Wichita Kansas is the best place to own a home in the US.  Good employment, low average cost of home, good appreciation.

#1 in the US, I think Dallas was 4th or 5th.  We should be riding high here.  Normal DOM, inventory being absorbed at a reasonable rate.  Easy for Realtors

EXCEPT:  Can’t borrow money to buy a home.  It seems that the really Bad markets (California, Vegas, Florida, Detroit) have so hurt our lenders that NORMAL people in the midwest can’t borrow money.

IndyMac went under Friday.  The Feds took it over and put into recievership.  Stock for Fannie Mae and Freddie Mac went into the crapper.  I read today (Sunday) that the Feds are moving (on a weekend no less) to keep Freddie and Fannie up and running.  The MSNBC article says they want to see the stock come up on Monday.

The article further states that the Feds aren’t likely to help any other lenders.  The signals are they will help Freddie and Fannie, and let the rest figure out their own problems.

So, when you have a stable market (are others out there in a good market), but the lenders can’t loan, what do you do? 

We know that Real Estate should be a very local issue - location, location, location.  But it seems some speculators and some issues elsewhere can change the game all over.

Hope oil speculators don’t do the same for gas….