Real Estate Education Training:
Have a Well Planned Open House
"The weather is so delightful" are words from a popular song which means we will see an increase in Open Houses in our neighborhoods. We should take a few minutes to pull out and organize our signs, banners, directional arrows and other tools for directing traffic to our listing. We also need to become familiar with the property, cross streets and the neighborhood information.
We should also pay attention to the start and end time for the Open House. I cannot count the number of times that a "buyer prospect" arrived at my Open House just a few minutes before the time I thought I would be leaving to retrieve signs and other promotional material from multiple locations. There were also times when the homeowner would return a bit prior to the Open House close time for a recap of the number of buyer prospects, comments about the home and other topics which we are excited to share. I always enjoyed providing the "extra mile service" to buyer prospects and home owners. We realize that this quality time may help our relationship as well.
This meant I had to plan my Open House to allow an extra hour of daylight for the end time. I found that it was better for me to hold the Open House from 12:00 - 3:00 pm or 1:00 - 4:00 pm. These time slots work in most time zones and allowed me time to give a little more information to the buyer prospect or homeowner wanting a recap. I also believe that a well publicized three hour Open House is just as helpful to buyers as longer time periods. Establishing a date as much in advance as possible allowed me to tell callers asking for information about the home about the Open House. I answered their questions and always mentioned that I would be holding an Open House on Saturday or Sunday from 12:00 - 3:00 pm or 1:00 - 4:00 pm depending on the arrangement with my sellers. This information can also be published in the CRMLS and social media options.
More importantly, it allowed time to coordinate with one or more industry members who might see value in sitting the Open House to secure a client for a loan, home warranty or other business. Having another party assist you with the Open House is a very wise decision at all times. I found that industry professionals are excited at the opportunity to have access to potential buyers and homeowners and often ask to bring helpful brochures. It is also great to have assistance when several families arrive at one time and you want everyone to receive a warm welcome.
Finally, a well planned Open House will provide more opportunity to alert neighbors, place signs in visible locations and increase the number of prospects. When the Open House ends it is beneficial to have allowed ample day light time to safely collect signs and, of course, allow time for the visit with the homeowner or the buyer prospect who arrives a few minutes prior to your planned departure.
Tuesday, February 26, 2013
Monday, February 25, 2013
Community Service Pays Dividends
Real Estate Education Training:
Give A Helping Hand
It still seems like just yesterday that my fellow Realtors and Fraternity brothers were collecting food, clothing and toiletries for those less fortunate during the Thanksgiving - Christmas Holidays. It has become a Holiday tradition well supported by so many Realtors with their donations of money, recycled clothing and can goods. The money helps buy turkeys and other food items such as cranberry sauce for the gift baskets. Clothing and toiletries are also welcomed since many of the several hundred recipients need basics for everyday survival.
The clothing is often quite fashionable. Special acknowledgement to Claude Ward and Larry King for providing a large selection of men clothing collected from our Kappa Alpha Psi Fraternity members. One member of the volunteer team gathered at the Fair Housing Council of Riverside County (Rose Mayes, CEO) stated that the suits delivered by Claude and donated by Larry were in fantastic condition and very stylish. Others members provided tooth paste, tooth brushes, deodorant, soap and other hygiene enhancement items.
The line to receive the food baskets, clothing and other much needed donations began to develop over an hour before the announced start time. There was a very moving comment made by one individual standing in line for a gift basket donation. This individual indicated that in prior years they had donated and assisted in passing out gift baskets to others. They indicated that they never thought that they would be in line with their children seeking assistance.
I did not name the many Realtors who arrived early to help set up the tables and pack gift baskets. There have been so many over the past years to name just a few. Some have returned over the years and others have, for many different reasons, participated from time to time. The Realtor commitment to helping others in the Riverside community is representative of so many Realtor members nationwide who give so much to their neighbors. Some readers may be aware of the annual Good Neighbor Awards, Habitat For Humanity projects and other venues for recognizing the unbelievable number of hours donated by members of the National Association of Realtors. They all help keep our Realtor brand strong.
These and other positive and unselfish acts by our Realtor membership truly make a difference to those receiving our support.
Let's continue to do those wonderful things during 2013 and beyond that make a better neighborhood for us all.
Give A Helping Hand
It still seems like just yesterday that my fellow Realtors and Fraternity brothers were collecting food, clothing and toiletries for those less fortunate during the Thanksgiving - Christmas Holidays. It has become a Holiday tradition well supported by so many Realtors with their donations of money, recycled clothing and can goods. The money helps buy turkeys and other food items such as cranberry sauce for the gift baskets. Clothing and toiletries are also welcomed since many of the several hundred recipients need basics for everyday survival.
The clothing is often quite fashionable. Special acknowledgement to Claude Ward and Larry King for providing a large selection of men clothing collected from our Kappa Alpha Psi Fraternity members. One member of the volunteer team gathered at the Fair Housing Council of Riverside County (Rose Mayes, CEO) stated that the suits delivered by Claude and donated by Larry were in fantastic condition and very stylish. Others members provided tooth paste, tooth brushes, deodorant, soap and other hygiene enhancement items.
The line to receive the food baskets, clothing and other much needed donations began to develop over an hour before the announced start time. There was a very moving comment made by one individual standing in line for a gift basket donation. This individual indicated that in prior years they had donated and assisted in passing out gift baskets to others. They indicated that they never thought that they would be in line with their children seeking assistance.
I did not name the many Realtors who arrived early to help set up the tables and pack gift baskets. There have been so many over the past years to name just a few. Some have returned over the years and others have, for many different reasons, participated from time to time. The Realtor commitment to helping others in the Riverside community is representative of so many Realtor members nationwide who give so much to their neighbors. Some readers may be aware of the annual Good Neighbor Awards, Habitat For Humanity projects and other venues for recognizing the unbelievable number of hours donated by members of the National Association of Realtors. They all help keep our Realtor brand strong.
These and other positive and unselfish acts by our Realtor membership truly make a difference to those receiving our support.
Let's continue to do those wonderful things during 2013 and beyond that make a better neighborhood for us all.
Sunday, February 24, 2013
Political Survival
Real Estate Education Training:
Fair Share Investment
We are an organization that has a leadership role in our industry which requires vigilance and generous support from our members to remain in the game and be an influencer equalled by none.
We also have the benefits accrued from this position of trust and success. Our voices are heard in city halls, state houses, halls of Congress and the White House when issues related to Real Estate are debated, bills are negotiated and votes are counted.
I have not considered the cost of hiring a team to help keep those that might want to destroy my business because I am wise enough to know that I could not afford a professional staff for this purpose. Imagine having to pay a reasonable salary and benefits for one or more individuals to monitor the whims of elected officials seeking revenue from our industry in your city, state or in Washington DC. Adding this expense to my dues and other fees would make my business survival impossible without making millions annually.
That is why I consider having a team of dedicated staff from the local level to the halls of Congress and the White House as a real bargain. We often hear that $148.00 dollars a year is the "true cost" for political survival or doing business. Golden "R" and other categories require a little higher investment. Even the Golden "R" annual investment is a steal compared to the cost of our hiring a skilled staff to watch our backs. Believe me - we need our backs watched right now more than ever with every level of government on the prowl for more revenue.
There are moans from some that paying $49.00 is something that they do not wish to do. They want to just "sale Real Estate" and not get involved in politics. Selling Real Estate would be totally different than it is today without our staff working tirelessly to monitor legislation and mobilize our membership to speak up when there are onerous laws being proposed. I have even benefited from follow up emails or phone calls from staff and/or dedicated Realtor volunteers reminding me to contact my legislator when support for our industry is required.
Surely, $148.00 is well worth having our staff fighting for our livelihood! One of my favorite flyers depicted a pair of boxing gloves noting that our legislative team is fighting for us and our clients by keeping negative bills from being enacted by the government. This is a great symbol because it is a daily battle to keep those who think the Mortgage Interest Deduction and other benefits of home ownership should be eliminated. If we were to lose the MID and other benefits of home ownership it would cost us a whole lot more than $148.00 a year.
So belly up to the political survival bar and pay the piper. By the way, I should note that I am honored to be on the 2014 Realtor Action Fund Committee Chaired by the "Original Realtor Cheerleader" Sharon Bowler.
Michael Teer, Broker
Certified Residential Specialist (CRS)
Teer One Properties, Inc.
(951) 313-5168
www.miketeer.com
ProbateSoCal@gmail.com
CalBRE#: 01523582/00843708
Fair Share Investment
We are an organization that has a leadership role in our industry which requires vigilance and generous support from our members to remain in the game and be an influencer equalled by none.
We also have the benefits accrued from this position of trust and success. Our voices are heard in city halls, state houses, halls of Congress and the White House when issues related to Real Estate are debated, bills are negotiated and votes are counted.
I have not considered the cost of hiring a team to help keep those that might want to destroy my business because I am wise enough to know that I could not afford a professional staff for this purpose. Imagine having to pay a reasonable salary and benefits for one or more individuals to monitor the whims of elected officials seeking revenue from our industry in your city, state or in Washington DC. Adding this expense to my dues and other fees would make my business survival impossible without making millions annually.
That is why I consider having a team of dedicated staff from the local level to the halls of Congress and the White House as a real bargain. We often hear that $148.00 dollars a year is the "true cost" for political survival or doing business. Golden "R" and other categories require a little higher investment. Even the Golden "R" annual investment is a steal compared to the cost of our hiring a skilled staff to watch our backs. Believe me - we need our backs watched right now more than ever with every level of government on the prowl for more revenue.
There are moans from some that paying $49.00 is something that they do not wish to do. They want to just "sale Real Estate" and not get involved in politics. Selling Real Estate would be totally different than it is today without our staff working tirelessly to monitor legislation and mobilize our membership to speak up when there are onerous laws being proposed. I have even benefited from follow up emails or phone calls from staff and/or dedicated Realtor volunteers reminding me to contact my legislator when support for our industry is required.
Surely, $148.00 is well worth having our staff fighting for our livelihood! One of my favorite flyers depicted a pair of boxing gloves noting that our legislative team is fighting for us and our clients by keeping negative bills from being enacted by the government. This is a great symbol because it is a daily battle to keep those who think the Mortgage Interest Deduction and other benefits of home ownership should be eliminated. If we were to lose the MID and other benefits of home ownership it would cost us a whole lot more than $148.00 a year.
So belly up to the political survival bar and pay the piper. By the way, I should note that I am honored to be on the 2014 Realtor Action Fund Committee Chaired by the "Original Realtor Cheerleader" Sharon Bowler.
Michael Teer, Broker
Certified Residential Specialist (CRS)
Teer One Properties, Inc.
(951) 313-5168
www.miketeer.com
ProbateSoCal@gmail.com
CalBRE#: 01523582/00843708
Sunday, February 17, 2013
Realtor Brand Adds Value
Real Estate Education Training:
Realtor Pride!
I joined the the Realtor team in 1983 as a newly licensed real estate agent with a major franchise in Inglewood, CA. I had no idea what being a Realtor meant but I knew the partners that owned the franchise meant business when they informed me that if I wanted to work in their office - I had to pay my Realtor dues and attend their office meetings. It was also suggested that I should get a gold jacket as soon as possible. I had just recently paid the money for real estate classes, and was now looking at another outlay of funds to join the local, California and National Association of Realtors. It was a bit painful!
I truly did not realize the value of the Realtor "R" and mainly focused on the financial hit that I had to deal with after paying for and attending an eight week "live" licensing course. There were no Internet online courses back in 1983. Now thirty years later I can see how our industry has progressed. Most of that progress has been due to the value added by the Realtor "R". Most striking is the acceptance that I could not have made those improvements without the help of the Realtor brand. Having a super support team in place allowed me to work at listing and selling Real Estate at my pace without concern for anything that might help or hinder my industry.
Each year I am asked to pay a few hundred dollars to benefit from everything the Realtor team brings to my business success. I have read with pure delight the "member benefit" business forms that help me prepare for my clients the best possible offer or listing agreement. Back in 1983 our offers often consisted of one or two forms requiring you to manually fill in all the transaction terms and conditions. Heaven forbid if you forgot to ask for a termite inspection and clearance or failed to remember to write down who paid for what? Now the forms tickle the memory with suggestions.
It is really great to work at what I am so happy doing and have trained and skilled local, California and National staff members concentrating on my business needs 24/7. I see them as my "business bodyguards". They work to keep my exposure at a minimum so I can concentrate on providing the best possible service to my clients and spend more time with my family.
The Realtor brand is priceless!
Realtor Pride!
I joined the the Realtor team in 1983 as a newly licensed real estate agent with a major franchise in Inglewood, CA. I had no idea what being a Realtor meant but I knew the partners that owned the franchise meant business when they informed me that if I wanted to work in their office - I had to pay my Realtor dues and attend their office meetings. It was also suggested that I should get a gold jacket as soon as possible. I had just recently paid the money for real estate classes, and was now looking at another outlay of funds to join the local, California and National Association of Realtors. It was a bit painful!
I truly did not realize the value of the Realtor "R" and mainly focused on the financial hit that I had to deal with after paying for and attending an eight week "live" licensing course. There were no Internet online courses back in 1983. Now thirty years later I can see how our industry has progressed. Most of that progress has been due to the value added by the Realtor "R". Most striking is the acceptance that I could not have made those improvements without the help of the Realtor brand. Having a super support team in place allowed me to work at listing and selling Real Estate at my pace without concern for anything that might help or hinder my industry.
Each year I am asked to pay a few hundred dollars to benefit from everything the Realtor team brings to my business success. I have read with pure delight the "member benefit" business forms that help me prepare for my clients the best possible offer or listing agreement. Back in 1983 our offers often consisted of one or two forms requiring you to manually fill in all the transaction terms and conditions. Heaven forbid if you forgot to ask for a termite inspection and clearance or failed to remember to write down who paid for what? Now the forms tickle the memory with suggestions.
It is really great to work at what I am so happy doing and have trained and skilled local, California and National staff members concentrating on my business needs 24/7. I see them as my "business bodyguards". They work to keep my exposure at a minimum so I can concentrate on providing the best possible service to my clients and spend more time with my family.
The Realtor brand is priceless!
Saturday, February 16, 2013
Say It With Pictures
Real Estate Education Training:
Photos Say It Best.
We all know how it feels to pull up the listing information in CRMLS and find a fantastic street view photo of the new listing. We then look to see if there are any interior, side or rear view shots to help us better determine whether the property meets more than just the "curb appeal" test. Major setback when the only photo is the front of the property and/or the minimum required for uploading to CRMLS or other venues! I recommend taking 25-30 photos. You can "over deliver" to most mediums where multiple pictures are allowed. This will also help your listing and you stand out from the crowd. Sellers love to see their home marketed with favorable photos and information regarding the interior and neighborhood amenities.
Every effort should be made to give the listing maximum exposure in CRMLS, Social Media and other options (flyers, etc.) with as many photos as possible. The photos should be "video tour" quality. The home should show in CRMLS as if you are walking from the street, into every room, amenity, front, sides, rear and frankly flaws, if any. I add flaws because our time and our buyers time is precious and if there is an issue that our buyer might use as an objection we would rather see it in the photos rather than having to travel to the property to discovery it. It does not pay to promote a property as "turn key" when there are major warts which should be disclosed asap in photos, Agent Visual Inspections and the Transfer Disclosure Statement.
Be sure to invest in a good digital camera and practice using it when there is ample natural lighting and when a flash might be required for evening shots or in areas in the property where lighting might be less abundant.
Remember a large selection of interior and exterior photos will promote your listing and you!
Michael Teer, Broker
Certified Residential Specialist
Teer One Properties, Inc.
(951) 313-5168 Cell
www.miketeer.com
ProbateSoCal@gmail.com
CalBRE#: 01523582/00843708
Photos Say It Best.
We all know how it feels to pull up the listing information in CRMLS and find a fantastic street view photo of the new listing. We then look to see if there are any interior, side or rear view shots to help us better determine whether the property meets more than just the "curb appeal" test. Major setback when the only photo is the front of the property and/or the minimum required for uploading to CRMLS or other venues! I recommend taking 25-30 photos. You can "over deliver" to most mediums where multiple pictures are allowed. This will also help your listing and you stand out from the crowd. Sellers love to see their home marketed with favorable photos and information regarding the interior and neighborhood amenities.
Every effort should be made to give the listing maximum exposure in CRMLS, Social Media and other options (flyers, etc.) with as many photos as possible. The photos should be "video tour" quality. The home should show in CRMLS as if you are walking from the street, into every room, amenity, front, sides, rear and frankly flaws, if any. I add flaws because our time and our buyers time is precious and if there is an issue that our buyer might use as an objection we would rather see it in the photos rather than having to travel to the property to discovery it. It does not pay to promote a property as "turn key" when there are major warts which should be disclosed asap in photos, Agent Visual Inspections and the Transfer Disclosure Statement.
Be sure to invest in a good digital camera and practice using it when there is ample natural lighting and when a flash might be required for evening shots or in areas in the property where lighting might be less abundant.
Remember a large selection of interior and exterior photos will promote your listing and you!
Michael Teer, Broker
Certified Residential Specialist
Teer One Properties, Inc.
(951) 313-5168 Cell
www.miketeer.com
ProbateSoCal@gmail.com
CalBRE#: 01523582/00843708
Friday, February 15, 2013
Stay Alert - Stay Safe
Real Estate Education Training:
Spring Time Safety Tips
Times are challenging for many of our fellow citizens out there. Realtors have to keep an open eye as we go about our day. We have to take extra precautions when showing property, doing Open Houses and other everyday business tasks. I would like to share a few thoughts that may help keep us from walking into a situation from which we lose belongings or place ourselves in danger of personal harm.
Know your client prospect: We often receive calls asking to see a property from a "voice" on the other end of the line. We are anxious to please so we try not to say anything or ask questions that might reduce the caller's enthusiasm for working with us. This could be a mistake. We should ask for as much information as possible. Try to ascertain how the caller got your information, do they have an email address where you can confirm/send information, etc. Remember that it is always best to have the client meet you in the office.
Control the appointment: Be cautious of a request to meet at the property, especially if it is vacant, right away. Ask for the prospects contact information and let them know that you will attempt to adjust an existing appointment and get back to them asap with confirmation. If they are legitimate this will be a reasonable request. Better to miss the opportunity than to risk harm.
Team Showings: It is always best to work in teams when showing property to new buyer prospects. This is especially wise if you are doing an Open House. Having another Realtor or other individual with you will reduce the chance of a problem.
Keep the door at your back: Never allow the prospect to get between you and the door. A good rule is to keep the prospect in front of you so you can see their actions and not be trapped in the house without a means to escape a bad situation.
Meet the neighbors: When you secure a new listing it is always good to go to the listing at a time when neighbors might be home. Introduce yourself. Invite them to stop by the Open House. A watchful neighbor will notice activities around the house and might be an ally should there be a problem with the listing or if you require assistance should a problem develop while showing the house.
Cell Phone is a tool: Keep your mobile phone at the ready. Help is just a click away should you need a posse to the rescue. A preset number, emergency, family member or friend, can give you that edge to avoid harm.
Stay Alert - Stay Safe!
Spring Time Safety Tips
Times are challenging for many of our fellow citizens out there. Realtors have to keep an open eye as we go about our day. We have to take extra precautions when showing property, doing Open Houses and other everyday business tasks. I would like to share a few thoughts that may help keep us from walking into a situation from which we lose belongings or place ourselves in danger of personal harm.
Know your client prospect: We often receive calls asking to see a property from a "voice" on the other end of the line. We are anxious to please so we try not to say anything or ask questions that might reduce the caller's enthusiasm for working with us. This could be a mistake. We should ask for as much information as possible. Try to ascertain how the caller got your information, do they have an email address where you can confirm/send information, etc. Remember that it is always best to have the client meet you in the office.
Control the appointment: Be cautious of a request to meet at the property, especially if it is vacant, right away. Ask for the prospects contact information and let them know that you will attempt to adjust an existing appointment and get back to them asap with confirmation. If they are legitimate this will be a reasonable request. Better to miss the opportunity than to risk harm.
Team Showings: It is always best to work in teams when showing property to new buyer prospects. This is especially wise if you are doing an Open House. Having another Realtor or other individual with you will reduce the chance of a problem.
Keep the door at your back: Never allow the prospect to get between you and the door. A good rule is to keep the prospect in front of you so you can see their actions and not be trapped in the house without a means to escape a bad situation.
Meet the neighbors: When you secure a new listing it is always good to go to the listing at a time when neighbors might be home. Introduce yourself. Invite them to stop by the Open House. A watchful neighbor will notice activities around the house and might be an ally should there be a problem with the listing or if you require assistance should a problem develop while showing the house.
Cell Phone is a tool: Keep your mobile phone at the ready. Help is just a click away should you need a posse to the rescue. A preset number, emergency, family member or friend, can give you that edge to avoid harm.
Stay Alert - Stay Safe!
Wednesday, February 13, 2013
CRMLS Training Webinars Increases Skills
Real Estate Education Training:
Automatic Email Traning and more
I completed another well packaged training webinar presented by CRMLS to better acquaint us with the Matrix system. So far the FREE webinars have been about an hour long. I have completed 4 webinars during the past week. The presenter of Tuesday's webinar was a CRMLS Trainer named Rudy Rodriguez. He demonstrated the use of Automatic Emails to our buyer prospects regarding Active Listings that meet their criteria. We all want to make sure that our buyer prospects get the most accurate and up to date data regarding their Real Estate needs. I think that this is a fantastic tool towards providing prompt and reliable information regarding Active Listings to our clients that fit their detailed requirements.
Rudy repeated each step at least twice. The webinar presentation moved skillfully through a CRMLS web site property search selecting information regarding the city, bedrooms, baths and other amenities identified by the prospect. We can input new prospects, change the amenities and do a number of other tasks that help us keep the client up to date and informed. Having the active listings updates performed automatically really helps us maintain the relationship with our buyer prospects while we complete other pressing assignments.
Today I will participate in another webinar - Realist Tax: Your Farming Resource - which will help me continue to increase my skills, increase revenue building opportunities and better represent my clients. Most scheduling allows morning or afternoon webinars. This works for us since our work days are usually flexible enough to allow us at least an hour in the day for self improvement.
Log on to CRMLS Matrix and check out the many webinars and other information that is free for Realtors. I also recommend that you check out the Cloud CMA and other features that are so well organized and useful for our businesses.
By the way, be sure to go to the Settings tab and confirm/edit your information.
Automatic Email Traning and more
I completed another well packaged training webinar presented by CRMLS to better acquaint us with the Matrix system. So far the FREE webinars have been about an hour long. I have completed 4 webinars during the past week. The presenter of Tuesday's webinar was a CRMLS Trainer named Rudy Rodriguez. He demonstrated the use of Automatic Emails to our buyer prospects regarding Active Listings that meet their criteria. We all want to make sure that our buyer prospects get the most accurate and up to date data regarding their Real Estate needs. I think that this is a fantastic tool towards providing prompt and reliable information regarding Active Listings to our clients that fit their detailed requirements.
Rudy repeated each step at least twice. The webinar presentation moved skillfully through a CRMLS web site property search selecting information regarding the city, bedrooms, baths and other amenities identified by the prospect. We can input new prospects, change the amenities and do a number of other tasks that help us keep the client up to date and informed. Having the active listings updates performed automatically really helps us maintain the relationship with our buyer prospects while we complete other pressing assignments.
Today I will participate in another webinar - Realist Tax: Your Farming Resource - which will help me continue to increase my skills, increase revenue building opportunities and better represent my clients. Most scheduling allows morning or afternoon webinars. This works for us since our work days are usually flexible enough to allow us at least an hour in the day for self improvement.
Log on to CRMLS Matrix and check out the many webinars and other information that is free for Realtors. I also recommend that you check out the Cloud CMA and other features that are so well organized and useful for our businesses.
By the way, be sure to go to the Settings tab and confirm/edit your information.
Probate Tips
There is never a way to effectively relieve someones grief over the loss of a loved one. The feelings run deep. All we can really do is make every effort to avoid compounding the negative impact of the loss. Unfortunately, there are worldly possessions that often get between our affection for the lost love one and the other mourners. This is especially true if the loved one did not identify how their real property is to be handled after their death.
I have to say that I am NOT an attorney. I do not presume the right or knowledge level to teach a probate course or instruct anyone on the steps in the process. I have had the opportunity during my 31 years in real estate to work with several attorneys and their clients marketing real estate in Southern California. My purpose is more towards addressing the emotional side of these transactions. A lot of bad things may come out of our mouths that we may, or should, wish had not been said.
I especially remember a few times where the individual selected to make the decisions on real estate offers were just something short of persecuted by one or more other family members who were jealous that they were not the one in charge. Our office only has to deal with the attorney for the estate and the family member with the authority to review and approve the offer for court approval. That does not mean that other family members will not call and attempt to influence, intimidate and otherwise hinder the process.
Let me back up for a minute to emphasize a few things. The court appointed Personal Representative and Probate Attorney will review all written offers and select the best offer for court approval. There will be an appraisal (Probate Referee) to help all involved determine value in the current market place. The value set will require that the accepted bid is at least 90% of the value determined by the Probate Referee. Other offers can still be presented (over bids) at that time under established court procedures. This process reduces the chance that any hanky panky will occur. Family members can also make their case during the court proceedings. Harassing the family member in charge and/or the Realtor representing the estate is not necessary. The family member in charge is also dealing with the severity of the loss and the additional stress of losing support from jealous family members while doing a very difficult and time consuming task. They need emotional support now more than ever. Especially since they have to pour over multiple offers and, with the help of the Realtor and Probate attorney, select the offer that best benefits the estate.
I should also mention that the buyers agent/buyer should secure their lender required appraisal PRIOR to the Court Confirmation. Please feel free to contact me with your questions at ProbateSoCal@gmail.com at anytime to discuss this further.
My Probate tips for the family members are to remember that EVERYONE lost someone that meant a lot to them. The person in charge was selected by the lost loved one or the court. You were not selected. The selected family member has a very difficult task ahead. They have to give time to this process that was not planned. It may be disrupting their lives at a time when they are already emotionally vulnerable. They need your help now more than ever.
Finally, there is an attorney, an appraiser, a Realtor and a court process designed to keep the concerns you may have in check. The financial gains from the sale of real property in this process should not be your saving grace. It is not worth the loss of the family relationship with other survivors who like you are experiencing a lot of pain.
Michael Teer, Broker
Certified Residential Specialist (CRS)
Teer One Properties, Inc.
(951) 313-5168
www.miketeer.com
ProbateSoCal@gmail.com
I have to say that I am NOT an attorney. I do not presume the right or knowledge level to teach a probate course or instruct anyone on the steps in the process. I have had the opportunity during my 31 years in real estate to work with several attorneys and their clients marketing real estate in Southern California. My purpose is more towards addressing the emotional side of these transactions. A lot of bad things may come out of our mouths that we may, or should, wish had not been said.
I especially remember a few times where the individual selected to make the decisions on real estate offers were just something short of persecuted by one or more other family members who were jealous that they were not the one in charge. Our office only has to deal with the attorney for the estate and the family member with the authority to review and approve the offer for court approval. That does not mean that other family members will not call and attempt to influence, intimidate and otherwise hinder the process.
Let me back up for a minute to emphasize a few things. The court appointed Personal Representative and Probate Attorney will review all written offers and select the best offer for court approval. There will be an appraisal (Probate Referee) to help all involved determine value in the current market place. The value set will require that the accepted bid is at least 90% of the value determined by the Probate Referee. Other offers can still be presented (over bids) at that time under established court procedures. This process reduces the chance that any hanky panky will occur. Family members can also make their case during the court proceedings. Harassing the family member in charge and/or the Realtor representing the estate is not necessary. The family member in charge is also dealing with the severity of the loss and the additional stress of losing support from jealous family members while doing a very difficult and time consuming task. They need emotional support now more than ever. Especially since they have to pour over multiple offers and, with the help of the Realtor and Probate attorney, select the offer that best benefits the estate.
I should also mention that the buyers agent/buyer should secure their lender required appraisal PRIOR to the Court Confirmation. Please feel free to contact me with your questions at ProbateSoCal@gmail.com at anytime to discuss this further.
My Probate tips for the family members are to remember that EVERYONE lost someone that meant a lot to them. The person in charge was selected by the lost loved one or the court. You were not selected. The selected family member has a very difficult task ahead. They have to give time to this process that was not planned. It may be disrupting their lives at a time when they are already emotionally vulnerable. They need your help now more than ever.
Finally, there is an attorney, an appraiser, a Realtor and a court process designed to keep the concerns you may have in check. The financial gains from the sale of real property in this process should not be your saving grace. It is not worth the loss of the family relationship with other survivors who like you are experiencing a lot of pain.
Michael Teer, Broker
Certified Residential Specialist (CRS)
Teer One Properties, Inc.
(951) 313-5168
www.miketeer.com
ProbateSoCal@gmail.com
Tuesday, February 12, 2013
21st Century Sharecropping
Real Estate Education Training:
Over the past several weeks I have participated in a lot of "around the water cooler" discussions regarding the state of our Real Estate industry. We have discussed the possible impact of Eminent Domain, Bulk Sales and so many other situations that make our industry more or less attractive.
I made a remark that the offer by those willing to repossess and rent back to the former owner the home was an example of an old Southern tradition known as "Sharecropping" retold to me and other family members. Often used in the South, this occupancy was mostly beneficial to the landlord. Minorities in particular worked the land and supposedly shared in the crop, profits, etc. My Grandfather talked about our family's experience in Kemper County, Mississippi with sharecropping. He used to mention how most sharecroppers tilled the soil and improved the crop out put because it meant a better chance of the sharecropper getting something out of the arrangement. The bigger the sharecropper's family the more hands to work the land, etc. Bigger families also meant more potential debt for the sharecropper and a bigger bill for seed and other needs from the sometimes landlord owned store. I suggested that from my Grandfathers stories that sharecropping worked great for the landlord but often left the hard working family with little benefit and a likely debt beyond the returns from the crop.
This caused a few of my friends to question the alternative of just evicting the former owner and leaving them with little or no prospect for regaining their former home. One suggested that the renting back of the home for up to 3 or more years allowed the former owner to have hope of one day getting their home back when they regain a better credit standing, etc. They also suggested that the former owner would not have to move their belongings and could stay in the home, save money, improve their credit and then buy back the home, etc.
One of my many concerns raised was whether there would be an enforceable lease/option contract or just a month to month rental agreement? Would there be a reasonable repurchase price spelled out in that contract allowing for a fair profit to the landlord and not further damaging the former owner/tenant? Would a licensed real estate practitioner prepare and represent the parties in this arrangement? Would any of the rent payments go towards the repurchase price?
I am comfortable with the landlord making a profit but I would worry if the repurchase price, terms, etc. were not spelled out up front in the written agreement. I would also prefer seeing a licensed real estate practitioner on board from the very beginning to make sure that this arrangement does not end up leaving the former owner/tenant out in the cold anyway.
We all felt the pain of the recent economic difficulties. Those who have lost and are in the process of losing their homes have truly been impacted.
Over the past several weeks I have participated in a lot of "around the water cooler" discussions regarding the state of our Real Estate industry. We have discussed the possible impact of Eminent Domain, Bulk Sales and so many other situations that make our industry more or less attractive.
I made a remark that the offer by those willing to repossess and rent back to the former owner the home was an example of an old Southern tradition known as "Sharecropping" retold to me and other family members. Often used in the South, this occupancy was mostly beneficial to the landlord. Minorities in particular worked the land and supposedly shared in the crop, profits, etc. My Grandfather talked about our family's experience in Kemper County, Mississippi with sharecropping. He used to mention how most sharecroppers tilled the soil and improved the crop out put because it meant a better chance of the sharecropper getting something out of the arrangement. The bigger the sharecropper's family the more hands to work the land, etc. Bigger families also meant more potential debt for the sharecropper and a bigger bill for seed and other needs from the sometimes landlord owned store. I suggested that from my Grandfathers stories that sharecropping worked great for the landlord but often left the hard working family with little benefit and a likely debt beyond the returns from the crop.
This caused a few of my friends to question the alternative of just evicting the former owner and leaving them with little or no prospect for regaining their former home. One suggested that the renting back of the home for up to 3 or more years allowed the former owner to have hope of one day getting their home back when they regain a better credit standing, etc. They also suggested that the former owner would not have to move their belongings and could stay in the home, save money, improve their credit and then buy back the home, etc.
One of my many concerns raised was whether there would be an enforceable lease/option contract or just a month to month rental agreement? Would there be a reasonable repurchase price spelled out in that contract allowing for a fair profit to the landlord and not further damaging the former owner/tenant? Would a licensed real estate practitioner prepare and represent the parties in this arrangement? Would any of the rent payments go towards the repurchase price?
I am comfortable with the landlord making a profit but I would worry if the repurchase price, terms, etc. were not spelled out up front in the written agreement. I would also prefer seeing a licensed real estate practitioner on board from the very beginning to make sure that this arrangement does not end up leaving the former owner/tenant out in the cold anyway.
We all felt the pain of the recent economic difficulties. Those who have lost and are in the process of losing their homes have truly been impacted.
NAREB San Diego Meeting
I truly enjoyed last weeks visit with the National Association of Real Estate Brokers (NAREB) as a representative of the National Association of Realtors (NAR) at the Conference in San Diego. This was my first NAREB Conference and the welcome was very warm. Deen Teer, (www.stylejunkieantiques.com) and I learned new social media techniques in several of the classes presented by very talented presenters. We have Facebook, Twitter and other social media accounts but we were not using them to our benefit in so many ways.
Having a few hundred followers, etc. is a drop in the bucket compared to the ability of these mediums to bring so much more attention to our business. We left each session inspired to do a much better job of tweeting, etc.
The presenters were all very informed and mentioned the value of the social media in their business. Their patience explanation of how these tools work and benefit made the sessions especially helpful to those new to Real Estate and/or using social media.
We also attended the Saturday morning Women's Council Prayer Breakfast. Bishop Kenneth C. Ulmer, Senior Pastor, Faithful Central Church wowed all in attendance with his very educational, humorous and useful recap of life challenges and common sense experiences.
NAR was a Conference Partner and was represented by 2012 California Association of Realtors President LeFrancis Arnold, Milton Shockley, Wendy Furth, Deen Teer and Mike Teer (www.miketeer.com).
Having a few hundred followers, etc. is a drop in the bucket compared to the ability of these mediums to bring so much more attention to our business. We left each session inspired to do a much better job of tweeting, etc.
The presenters were all very informed and mentioned the value of the social media in their business. Their patience explanation of how these tools work and benefit made the sessions especially helpful to those new to Real Estate and/or using social media.
We also attended the Saturday morning Women's Council Prayer Breakfast. Bishop Kenneth C. Ulmer, Senior Pastor, Faithful Central Church wowed all in attendance with his very educational, humorous and useful recap of life challenges and common sense experiences.
NAR was a Conference Partner and was represented by 2012 California Association of Realtors President LeFrancis Arnold, Milton Shockley, Wendy Furth, Deen Teer and Mike Teer (www.miketeer.com).
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