Jenny4stlouis

It’s been a CRAZY month with multiple listings and buyers all demanding my time!   Sometimes it’s a curse having 24/7 access to email/phone/text with iPhone and computer technology.   As an agent I am having to learn when to just turn away from my phone and computer so that I can relax from all the demands on my time from various clients.   Not to say I don’t want to be there for my clients but there has to be some boundaries otherwise agents will go nuts.   This is how I have felt in the last month.   I’m so grateful to be busy but a bit harried by the end of the day.

I am also finding that while texting can be a great way to communicate with folks so as not to disturb them with a phone call during the business day, it can be sketchy due to auto correcting mistakes.   They are also problematic with abbreviated words that can lose the meaning of a text.   In the end if there is a need for a longer conversation, either email or call to discuss.

I also think that it’s a good idea to go over the process with clients- even those who are seasoned buyers and sellers.   Often experiences can vary from state to state and from real estate company to real estate company.   And clients expect things in a present situation to be the same as it was in their previous move and it is often not.   As agents who go through this process every day, we often overlook the need to continually educate our clients on what is happening and when and why.

That being said, clients can be told what the process will be and not listen or hear you.   It can be a frustrating thing because in the end, the client will blame the agent for bumps in the process – deserved or not.   I hate it when my clients are not happy but I can only do so much per contract procedures sometimes.
So “Let the Good Times Roll”  as the saying goes…it’s a great market.   MORE LISTINGS NEEDED!!!   Buyers are out there and there are slim pickin’s.   Let me know how I can help!

When a seller lists a home he/she signs a listing agreement which gives the agent an exclusive right to sell that home within a period of time – usually 3-6months.   During that time the seller and agent have a formal business relationship and other agents cannot tread on that relationship.   Until recently buyers and their agents had no formal relationship format.   Agents would spend hours upon hours showing a buyer property…using their valuable time and gas only to have that buyer on the spur of a moment have another agent – usually met through an open house when the original agent could not be with the buyer- write a contract for them.   The other agent “steals” the buyer having done very little work up to that point – all because there was nothing in writing formalizing the buyer/agent relationship.

Now all that is changed.  There is a form that we use called a “BUYERS AGENCY AGREEMENT”  and it is the law in the State of Missouri.  When an agent makes first contact they are supposed to have this document signed by the prospective buyer.   Many agents wait until they actually write a contract to have this signed or some will wait until after the first couple of property showings to get it -but by right it should be done right away.   Once signed, the buyer and agent have a formal arrangement and that buyer should not seek out another agent and the agent has then a fiduciary responsibility to the buyer.

Like a listing agreement this arrangement can be made for a period of time 3-6 months and for a specific home search.  Once a home is found, bought and closed, the relationship is terminated.  So signing such an agency is not a forever thing (although as agents we would like to think our clients will use us for their next buy/sell)!    One other thing this agreement does is to appoint a “first runner up” agent.  I like to present this as “if Miss America (primary agent) cannot fulfill her duties… the first runner up will take over for her”….most buyers think this is funny (it is) and understand the implications.   Most agents would need to be dying or dead for this to be invoked, but often if an agent has to be out of town the other agent can step in.    We had an example not long ago of an agent in our office having a stroke on a Sunday afternoon just before her open house.  She was found in the bathroom stall by another agent who was meeting with her client – a doctor!   All was saved and the agent was fine…but as she was being loaded into the ambulance she was admant that she needed to get to her open house!  As if!   We agents don’t bail on our clients easily or for nothing.

Buyers need to get serious and commit to working with an agent.   It is good for the buyer to have someone who is on their side looking out for their interests.  Buyers do not pay commissions in Missouri so it costs them nothing to have an agent on board helping them.   I worked with a family for several months and even told them about a home I was holding open because I thought it was perfect for them.   Suddenly they had listed their home with another agent and bought the house I had sent them to from that same agent.   So all of my work was for naught.  But I didn’t get the agreement from them.  I was newer in the business and didn’t feel confident asking.   Needless to say I lost about 750,000 in business between the buy and sell.   It will not happen again.   If a buyer doesn’t want to sign with you they are probably not serious about buying.

What I like to do is put a copy of the agreement in a folder along with MLS sheets of the property we are seeing the first time I take a buyer out.   I explain to them that I must have the agreement in order to work with them but I want them to feel comfortable with me first – especially if I do not know them- and I allow them to look it over and ask questions if they have any.  Then if they want to continue working with me we can sign it the next time we are together.   Most serious buyers are very happy to do so.

I bring all this up in this edition of my blog because I recently had a situation with buyers that called the office when I was on phones.  I always ask if they are working with an agent and the woman said no.   I have been showing them property and directing them to open houses for a few weeks and when we found a home they wanted to write on the husband brings up the fact that they had been working with another agent.  They had signed an agreement when they wrote a contract that did not go through but it was no longer in force…it was only for 3 months.   This was of course the first I had heard about another agent even though I had asked.   They did not have a buyers agency that was valid with another agent but the husband was feeling guilty because the other agent had helped them before…he wanted me to split my commission!   That agent did not show them the home we were getting ready to write on!  But I had to tell him, you must commit to an agent and work with them.

The agreement protects both the buyer and the agent…but it does help the agent by protecting them from fickle buyers.  Buyers need to understand that agents don’t get paid a cent until a deal closes.   So all the gas spent showing property and time spent is wasted if a buyer jumps ship and signs with someone else.   But if an agreement isn’t in force then it’s the fault of the agent for not getting one signed.

Well…the month of March and early April are a complete turn around from what was going on in February.   Three new listings in three weeks with an open house with each one consecutively three weeks in a row.   And a fourth that is not yet online as a live listing!  Fantastic spring market!   But be careful what you wish for, you just might get it.  Getting three homes listed, photos taken, repairs/cleaning scheduled, promotional brochures and packets done has kept me running!    In the end, I realize how blessed I am to be so busy and working with such wonderful clients/friends, even if I do lose my mind in the process.

I fret about doing the right thing and helping clients achieve their goals in selling/buying and not having alot of angst and misery in the process.   In the end, I want them to be happy and if they are not then I am not.   Kind of like with my kids.   I want them to be happy and sometimes I don’t have control over the circumstances so it can be hard. Like the sweet young buyers who are trying to buy their first home and in the process of contracting and scheduling inspections, he discovered he was laid off from his job.   But all is not lost!  His HR may place him in a new position and worst case scenario, she hopes to be able to get the loan herself!   Things do happen out of our control.  In this case, we are lucky that the sellers are willing to delay things a bit so we can play things out.  Not all sellers/buyers are as flexible.  But here is an example of a young couple trying to buy their first home together and fate has dealt them a bit of a blow.   As an agent, I have to guide them through their options and help them either keep this deal afloat or tell them it’s okay to take a step back and wait a few months and try again.

Conversely, there are those sellers who are inflexible and have a hard time allowing showings for various reasons -some legit and some not.   It makes my job harder to get a home sold when buyers who want to see today don’t get an opportunity and by the time we can allow a showing, they’ve moved on to another property.   When you put your home on the market, you MUST be flexible and make showings easy for buyers and their agents.  Otherwise opportunities are lost.

Buyers who have a home to sell need to be serious too about getting their homes on the market before they find a house and fall in love with it, only to lose it because their own home hasn’t sold yet.   Many buyers are afraid that they will not find something to buy if their home sells so they hesitate to list and then get frustrated when their dream home is lost to another buyer.   Even if your home sells right away you have a 6 -8 week minimum period of time to closing and that can be negotiated.  When I sold my own home I negotiated with my buyers that I couldn’t close until my older son moved to his new apartment and my younger son left for school.  Our closing was almost 3 months out from accepting the contract.   And a fully renovated villa presented itself as soon as we made the decision to sell.   You have to trust the process.

Selling and/or buying a home can be stressful and emotional.   That’s why having a good agent to look after your interests is  very important.  Alot of folks think agents are superfluous or we make too much money.   Alot of brokers are out there offering MUCH lower commission rates.  Some offer a rate of 4% (the going rate is between 6-7%).   They claim to offer the buyers agents the full 6-7% cut or 2.7-3.15% thus leaving that broker with less than 1% commissions for their efforts.   How much do you think that broker is going to work for you in listing your home?  How much is that broker going to spend marketing, both print and online?  And how much do you think that discount broker is going to look after your negotiations, inspections etc.?   Usually the buyers agent steps in and does it.   In the end you get what you pay for.  Don’t think that you will save anything by not paying the going rate of commission.   In the end, you will make less on your home and have potential pitfalls that could cost alot more than the savings of the commission rate.

So, here’s to the crazy spring market and buying and selling to come!   I am ready….let me know how I can help you!!

From the slow, cold winter to 80 degrees and the clients come out of the woodwork!  It’s all good though…great to get some wonderful properties on the market and help those buyers find a home.   I am currently working with a first time buyer couple.   It’s so much fun to help a young couple achieve this huge milestone.  They are so appreciative and value my services because they are new to the process and I can fill in where a parent often cannot.   It can be a dicey loan underwriting process to so having someone they can talk to (or vent to) about the “anal exam” called lending is helpful.   Older more experienced buyers having been through the process don’t need so much hand holding and while they appreciate my services are just more confident and knowledgable.

First time buyers are often surprised by the way their financial behaviors in the past affect their credit scores and eligibility to get a home loan.   Often an unpaid bill or late payment can cause glitches in underwriting.   Also children born out of wedlock or even within a marriage and the subsequent support that a party might pay can be an issue. It helps immensely to have a good lender and by good I always mean “LOCAL” .   The big banks and financial outfits are often terrible lenders.   Great for the convenience of daily banking, checking/savings etc. but because their underwriting departments are out of town/state – they are very cumbersome to work with on home loans.   Local banks or mortgage brokers are the way to go when searching for a home loan.   And there are several good ones in St. Louis.   I can refer several to you if you are in need even for a refi.

Helping clients can often be bittersweet too.   Selling a home for a family who are leaving the area for school….or lisitng a home for some folks to want to relocate out of state means losing touch with some sweet clients.   Selling my own home was one of these sales.   We wanted to downsize but leaving the home we raised our kids in was hard.   I was happy that a new family came in that really needed our ranch home.   So I tried to focus on the good I was doing instead of the memories that were made in that house.  Having the smaller villa now is a blessing too…no major yard work…no snow shoveling….less to keep up.   Bottom line selling and buying homes is an emotional business and I have experienced that first hand recently!

I look forward to all the people I will get to know this year through this process and hopefully make new friends or reaffirm old relationships!  As the ad says:  “Home is where your life happens.”

It’s hard to imagine that it is now spring break time!  My son is coming home from University this weekend so it means the home stretch till summer is here!   Hard to believe.

And to kick off the spring I have a new listing that will be shown for the first time this Sunday!  A beautiful villa in the heart of West County!   Great community…quiet and affordable.  Looking forward to a busy open and lots of activity.   The market is great both for buyers and sellers…interest rates are still low and prices are going up.  Inventory in West County is so low when a good place comes onto the market, it’s gone in a day.   This can get frustrating for buyers competing for homes.   Case in point, I’ve already had two people ask me about the villa and if they can get in to see it sooner!

Selling a home can be a pain…I know I just did it 18 months ago!  Downsized to a villa from a fairly large home.   It’s cathartic divesting ones self of all the junk you really don’t need.  Here in the office we have a great concierge book full of vendors that can help with everything from hauling away junk to estate sales and everything in between.   There are a couple of new consignment shops in West county too…we used one to sell some couches, framed pictures and nic nacs – they picked them up and then sent us a check for our portion when they sold.   Very convenient.   My point is don’t wait if you are onsidering a sale.   TIming is so good right now and the lenders are helping buyers out with great loan products.

I’m looking forward to a great year real estate wise.   I love helping first time buyers as well as those like myself ready to downsize and every one in between.   Putting people in their homes is a privilege and I love it.   Let me know how I can help you!

I know that the cold and snow is off putting for alot of homeowners who are getting ready to list their homes for the market but delaying could be a mistake.  Snow or no snow…inventory is really low and thus competition for the few good homes could drive up prices…until everyone else gets their house on the market.

Our company President, Jim Dohr was at our office on Tuesday and gave us all some information on what’s happening out there in the housing market and also in the lending world.  It’s all good.  SO DON’T DELAY!

The overall picture is good…interest rates are at near 2 year lows – 3.85% on a 30 year fixed..   The unemployment rate is declining somewhat as are oil prices.  All of these factors help to drive up consumer confidence.   A University of Michigan study shows the consumer confidence index at an 11 year high.   In a nutshell, more people are employed – and we hope they are in full time positions- combined with lower gas prices helps put more money in the pockets of the consumer.

Challenges in the real estate market are as I have mentioned above  LOW INVENTORY!!!   We only have 4 months of inventory ….new listings are going up but not rebuilding fast enough to keep up with demand.   So while it’s not quite spring….listing now could be beneficial to  seller.   I cannot emphasize this enough.

On the lending front, tight credit continues to be an issue.   The average credit score for 50% of all mortgages in 2014 was over 740.  In the early 2000’s credit scores were usually around 680.   FHA premiums have increased by 145% from 2010-2014 but many renters could not afford the increased premiums!  We are hearing of some lenders easing the credit score requirements.  We are also getting news that there are now conventional loans that can be gotten with on 3% downpayment.  Not all lenders are on board with this yet but the lower down payment could be a viable alternative to the FHA loans that most first time buyers use.   The other positive is the FHA has lowered the monthly premium from 1.35% to .85%!  This saves the homeowner on a $200,000 loan about $83/month!  This will really help sales increase in the coming years with first time home buyers who often use FHA loans.

The St. Louis area is one of the up and coming  areas in business and is being hailed a “hub of innovation”  with tech and other companies finding it a very affordable place to start a business.  The phrase “the Silicon Prairie” is being used to describe our area as the exorbitant prices in California make starting a business or affording housing almost impossible for most people.   St Louis ranks in the top 5 in major US metro areas in affordability!

Don’t delay.  Timing has not been better!  Lots of great things going on!

So far this winter has been rather easy to take compared to last winter.   This week all that has changed…the polar vortex has made itself known to us once again and we have had our own snowmaggedon!  All 6+ inches of it.   Hahaha!  It is rather beautiful but it’s the extreme cold that makes it a little hard to take.   And it’s going to be this way for the rest of this week a least!   *SIGH*

Well, just when we thought spring was here (Feb. 8 = 70 degrees) and were getting all excited for the upcoming spring real estate market BAM!   No one is thinking that now.   HOWEVER, you should!   NOW is the time to get ready so when the weather does break, you are ready to go if you are planning to list your home especially.

But this applies to buyers as well.  Time to get your pre qualification done, and get with your agent to start the home search.  Education for buyers is key…knowing what’s out there, what you REALLY want and then being ready and qualified to make the move when you are ready.   Buyers often get disappointed when they lose a home they love because they are scrambling to get qualified before another, more prepared buyer swoops in and takes the home out from under them.

If you are a seller who also wants to buy, you must get your home ready for the market and listed.   Unless you are okay with owning two homes, most sellers need to get a contract so they can then buy a home,  You can’t get a contract on your home if it is not listed.   Sellers often look at homes to buy, fall in love then are disappointed when they find something they really like and lose it because they weren’t ready.   Now is the time to list!   BEFORE EVERYONE ELSE DOES!

And Buyers, Zillow/Trulia are fine tools but they are not accurate in their estimates – look at the ratings page on Zillow for the midwest…..it’s one star.   These online search engines also require you to register and then they sell your information. That’s their business model.   So be careful when going to those sites that are not about real estate but just search engines ….your best info comes from an agent thru the MLS.   Period.   And even if you find something on Zillow…you still need someone to manage your transaction….contracting, negotiating, inspections/deadline, insurance deadlines, loan contingencies and closing.

Sellers who think they will sell on their own also don’t understand that an agent may bring them a buyer but that agent is working for that buyer, not you the seller.   What your perceived savings is in commissions not paid is usually lost in sale price and/or inspections etc.

So while it’s so cold out, if you are thinking of buying or selling or both, now is the time to prepare and get listed and searching!  I’m here to help!

Getting started on a new week after a BRILLIANT weekend of spring like weather!  It was actually uplifting to be warmer and in the sunshine.   It was great to show property in great weather and to have an open house where one could actually leave the door to the house open and enjoy the weather!   Had a great open house at a wonderful Chesterfield home and I am thankful for the new contacts I have made.  One of the best parts about my job is all the fantastic folks I meet along the way!  I’ve always been one to like people and trust them right off the bat and not be worried or suspicious of someone I don’t know.  And it’s gratifying to realize that most folks are kind and friendly and more often than not willing to talk to you and trust you back.  Once in a while you meet someone who is closed and wary but not often!

I was getting a little worried after the holidays were over that activity in my business was really slow!   But now I’m starting to see a pick up with buyers and sellers so this is the harbinger of the spring market.  Smart sellers are getting their homes listed and ready for the market.   We have the ability to take a listing and call it “exempt” which means we don’t have it online yet.  This allows the seller to prepare their home – make repairs, paint etc. and it gives me as an agent time to line up photographers etc.  But I can let folks in my office know I have a coming soon listing.   Sometimes we sell them before they actually hit the market!

Buyers need to be actively looking now because they will be in stiff competition once everyone jumps into the fray.   Buyers often get frustrated when they write a contract and lose a house to a higher bidder.   If you don’t have too much competition, sellers are more willing to work with you and you don’t have to fight off the competition!  Interest rates are still very low and allows for a buyer to afford more house!

So if you are thinking about buying and/or selling, now is the time to get busy!   Let me know if I can help!

This  has been a very productive week for me!  I am now up and running online and have gotten my Coldwell Banker Gundaker website linked to my blog etc.  I am nearly blind from having stared at my computer screen for three days straight but hopefully from this point forward, it’s just a maintenance mode and not the intensive organization mode that I’ve been in for the past week.

Today has been spent in an in-depth session for the new managment platform that Coldwell Banker Gundaker has given us.   The great thing is that my website is now controlled by me.  I can link the website to all my social media so that folks who use my website for searches can also interact with me through those media.

I cannot say enough about this company – Coldwell Banker Gundaker.   It’s because of these educational sessions and the fact that the company provides these platforms for its agents that make us the #1 Real Estate company in the St. Louis Metro area.   I’m convinced of this.   Other outfits don’t have the support or the power and when agents are up on the latest tools and trends, it means our clilents and their homes for sale are more visible in the market place.   And they don’t just throw it at us and hope it sticks…they bring in the tech support people and those folks walk us through it like we are in kindergarten to make sure we all get it and can effectively utilize it!

I am excited to be interfacing with my friends and cllents more through these tools!   Thanks for reading and let me know how I can be of service to you in your real estate needs!

Well…it’s is easier said than done!  I LOVE the magic of the internet but sometimes the navigation and learning can be beyond frustrating and I feel I am going blind looking non stop- practically – at my computer screen.  But if I want to be relevant in the 21st century this is what I must endure.   And I am NOT going be irrelevant!

As I prepare to enter the fifth year of my real estate career, it’s time to get a handle on managing my brand and putting my face out there in the etherworld.   I can honestly say it is cool learning all the tools at my disposal in these areas but it’s a constant never ending job and just as you become comfortable with one method – BOOM – it changes!  Perhaps this constant strain of my brain will keep Alzheimer’s at bay!  Either that or I will end up a blubbering idiot, muttering to myself about uploads and site management!

The other thing is watching the IT professionals who are young enough to be my children taking deep breaths to calm themselves as they try to help me.   Bless them, they are patient.   But I know they go out for happy hour after working with an office full of agents who are clueless and laugh at us over their beers.   And I am actually relatively computer literate.   There are some older folks who have difficulty with email.   It’s like a Marx Brother’s movie.

But as 2015 begins, I am happy to be getting this great start with my blog, website and other online tools to help me in my business.   Now, time to get some homes listed!