Archive for the 'For Buyers' Category
In surfing the net, I discovered an on-line version of an article by Ben Brody and Laura Gurfein that appeared in last months Westchester Magazine about the county’s “top” Realtors. The subtitle declared “In good times or bad, whether buying or selling, these are the agents you want on your side.”
Now, I have nothing against the Realtors who were chosen as the finest agents in Westchester NY real estate. None at all. it was fascinating to see how the authors chose to define “success.” They used a simple unbiased metric – the bottom line. They defined success in terms of .sales volume in dollars. The theory being – the bigger the sales volume the better the “track record.” This kind of boggles my tiny mind. In a twisted way it reflects the public antipathy to Realtors in general because it emphasizes that “success” is defined in dollar signs.
This got me thinking – how exactly should one define success in real estate? How should these bottom line numbers like sales production and number of listings held factor into a home owners decision about who to sign a listing contract with?
Well, realistically, an agent has to achieve two goals. Certainly, over time, the agent must be able to turn a profit or they will go out of business. This is much harder to do than most people outside our industry think. I have to make a living this way and turning a profit is absolutely essential or my bills don’t get paid. But for all the delusions of real estate agents being “rich” without any effort, the failure rate is enormously high – north of 80% in most of the country (over 90% locally.) So posting sales volume is a major component of success.
But, what does this do for the client? The home seller or home buyer? The article indicated that whether selling or buying – these agents were the best. But by looking at sales volume only, the article missed the mark altogether.
1. Is this agent primarily a listing agent or a buyer’s agent? If they have an even number of sales in both categories – fine. But I looked at the sales history of a couple of these superstars. They were primarily listing agents and did relatively few sales as a buyer’s agent.
2. On the listing side, what is their success rate? After all, an agent can make a bundle listing in volume. The percent of listings that actually sell is another matter.To that end I took a look a closer look at a “top agents” sales record for 2009. I picked an agent on the list at random and found the following.
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Over the past couple of months, I have written some scathing blogs about the big banks (Big Box Bankmarts) and their inability to fund loans in a sane, reasonable and timely manner. I’ve had loans stalled, delayed and otherwise mired in underwriting for months on end for no apparent good reason.
Just the other day Chris Berg created a “movie” using XtraNormal about Big banks and foreclosure sales. If you want a good laugh – you should take a look. This inspired me to try my hand at an XtraNormal video creating my own diatribe on the big banks regarding plain vanilla 30-year loans. I admit that my dialogue can not match Chris Berg’s but the sentiment is the same.
Enjoy the video and have a great weekend.
Further Reading:
© 2009 Ruthmarie G. Hicks http://thewestchesterview.com – Freaky Friday: A conversation with a Big Box Bankmart Loan Officer..
Over the past four months, I’ve had five transactions with one particular big-box bank. All save one were a complete nightmare. What tipped me over the edge towards a new rant was Greg Nino’s post “I am prejudiced and here’s why…”, a post from Michael and Karen George “A Realtor really messed me up the other day.” and the fact that yet another loan is poised to have a prolonged escrow due to a Big-Box Bankmart.
I will leave you guessing as to the identity of the banks in question…I am not as brave as Greg. But I can say this much…my litany of complaints could fill a tomb the size of War and Peace. Mountains were made out of molehills. LO’s went MIA when the going got tough. Papers got lost, closings were delayed (5 times in one instance) the process went on so long that things such as employment verifications required RE-verification. Rate- locks expired and contracts were hanging by a thread because so much time had elapsed. There were extensions on extensions. You name it, it went wrong. The final insult came when the bank then “surprised” the buyers by trying to increase the agreed upon mortgage interest rate by 0.25 points at the closing table.
If the public believes that Big-Box Bankmart is their only choice – it will become just that:
As I said in a previous blog on seemingly endless escrows - all I ever get from the powers that be at any Big-Box Bankmart is snarky arrogance bordering on disdain. Its pretty simple….Big-Box Bankmarts pretty much feel that they are in full control of the situation. The result is a smugness that is simply disgusting. Since the public feels that they are the ONLY game in town – Big-Box Bankmarts feel accountable to no one. If the public believes that Big-Box Bankmart is the only viable choice – it will become just that.
But hubris is dangerous…..There can be accountability – but we have to make them accountable. Let’s vote with our feet and tell our clients why we don’t want them using banks that just have not been performing. The public needs to say “NO!” – we won’t use a Big-Box Bankmart until they clean up their act – and by doing it collectively – we are doing ourselves, and in some ways – our country – a good turn. By using banks and mortgage brokers that can get the job done in a timely manner with decent customer service – we are saying “no” to bad service and a dangerous trend towards Big-Box Bankmart monopolies.
© 2009 Ruthmarie G. Hicks http://thewestchesterview.com. All rights reserved.
One of the many issues confronting first time buyers and those who want to “downsize” is that many crave having an outdoor space. Cooperative life isn’t always conducive to having outdoor space, but the coops on Garth Rd. are an exception. The park that runs behind the Bronx River Parkway side of Garth Rd. creates a wonderful “back yard” for the residents. For those who crave outdoor space and easy to footpaths. The area, called the Garth Woods Conservatory offers a quiet oasis from the usual street and village traffic and appears to be popular with many of the residents. I took advantage of some extra time I had and took a short walk along the Conservatory with my dog Jade. We ran into several canine friends along the way as well as several people who were happy to meet my dog…I wasn’t nearly so interesting.
As can be seen from the photos – many who live along the Garth Woods Conservatory have a birds eye view of the woods – with gardens or terraces having a view of the woods.
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This post was initially published on Active Rain about a year ago. It was during the election cycle so the parallels to our political system make more sense. I have modified it somewhat for this blog. My reason for reposting is simple: Many buyers and sellers seem to fall for the smooth-as-silk , extremely slick salesperson. Many of whom promise to help buyers “steal” a home and sellers sell for a price that hasn’t been seen since 2006. I tend to not work with scripts. I don’t like being scripted to – so I try not to script to others. So here is the post. Enjoy the clip at the end – its interesting nearly a year later as an example of how scripting devoid of understanding or true content can be dangerous to the “scripter” as well as the “scriptee. “
OK, so this idea was stolen from Jennifer Allen and Karen Rice. I only lift ideas from the very best! When I do, at least I’m honest about it! Recently Jennifer wrote about how she felt after she had been pitched to with a script. Karen Rice later described going to a “free” REALTOR.com technology tools seminar. She may have gotten a free meal, but she paid for it with a long hard sales pitch that went on endlessly and offered little of practical value.
For the most part, I readily agree – most of us like to feel that we are too important for a script or “pat” dialogue. Personally, I hate scripts, and haven’t used them. However, my down-to-earth approach comes at a price. I’m not SMOOTH. Don’t get me wrong, I’m not sloppy, but I’m not as polished as a scripted agent because mine is generally an honest response to an honest question. To be smooth – most of us need scripts. That lack of smoothness, answering questions honestly as they are presented can create a feeling of roughness, less polish – the opposite of slick. In many cases it won’t fly. Many audiences are so used to being scripted, they won’t tolerate anything so direct. In some ways, they need to be “sold.”
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Note the newly reduced in price! Initially $474,900 now $469,000. This unit is the most competitively priced 2 BR unit at Jefferson Place. The sellers are serious and are inviting serious offers.
Jefferson Place:
300 Mamaroneck Ave & 31 Greenridge Ave. White Plains, NY 10605:
The Residences at Jefferson place is a large condo complex in downtown White Plains in the coveted 10605 zip code. The complex spans on square block between Livingston Ave. and Rutherford Ave. in White Plains, NY with units on 300 Mamaroneck Ave. and 31 Greenridge Ave. The side facing Mamaroneck Ave. is an eight-story urban mid-rise with a sophisticated brick façade. Jefferson Place is just steps away from all the shopping and dining that downtown White Plains has to offer. The other side of the complex on Greenridge Ave. gives a bow to the suburban neighborhood of the Highlands that it borders.
Just across the street on the Mamaroneck Ave. side there is plenty of fine dining, take out and retail – all within easy walking distance of the complex. The heart of the downtown with all it has to offer is just a stroll down the street. Walk to almost everything: Shopping entertainment, fine dining and so much more. Walk score is 89 out of 100.
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For those looking for an easy commute and extra elbow room at a great price, this coop should be on top of your list of “must-sees.”
Hartsdale Towers is a beautiful pre-war complex located on the corner of the highly desirable East Hartsdale Ave. and Columbia Ave. This complex features a unique stucco and brick facade with wonderful old-growth trees and landscaping that create a residential feel in spite of its location on E. Hartsdale Ave. The lobby is Art Nouveau with stunning moldings and details.
The unit itself is a large 2 BR unit with 1080 s.f. It has high cove ceilings and newly refinished hard-wood floors. The kitchen and bath are updated and the kitchen contains new stainless steel appliances. Bright and airy with excellent view of E. Hartsdale Ave. the unit offers tremendous value for the price.
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Although we are in the middle of a major housing market correction, many buyers are still in despair over housing prices in Westchester. They hear tales of prices dropping 40-50% in parts of Florida, California and several other former housing hot spots. Earlier, I wrote a blog about the
“angry buyer.” Many (but certainly not my buyers) are circling like vultures clinging to the idea that if they are just patient, they can swoop in and steal a house from a desperate seller while he is on his way to bankruptcy court. They want their crash – and they want it bad! Many have been waiting on the sidelines for years hoping that Westchester would have a magic correction of 40-50%.
Although we are in a full blown buyer’s market, many buyers who don’t pull the trigger may well be disappointed in the final result. This is not to say that we are heading towards bull market territory. We are still in a declining market and we won’t know that we are out of it until well after the market has turned. But the last markets to fall in such a correction usually have the least to fall overall. These markets fall towards the end of the cycle because they were more stable to begin with.
The fact is that unlike the stock market, the housing prices and the forces that regulate them are strictly local. It’s a shame that that the media trumpets a national number – as if there was a “national real estate market.” The old saying that real estate is location, location, LOCATION!!! Is very, very true. The national market isn’t relevant to a buyer or seller whose transaction is being determined by LOCAL conditions.
Westchester residents can roll out of bed and onto a train and be in midtown in 30 minutes…
The Manhattan commute is soooooo easy. You just can’t beat that for convenience. Further, White Plains, New Rochelle and Yonkers are often commuter destinations in and of themselves. The ease of the commute is a key component and the geography that makes some areas that are also close to the city a bridge too far or a tunnel too long is another. Several large bodies of water such as the Hudson River and the Long Island Sound create natural “bottlenecks” to what should be an “easy commute” as the crow flies. Ask anyone who has to use the Tappan Zee Bridge how easy their commute is and you will probably get a response that is unrepeatable.
Until we can reincarnate “Scotty” to “beam us up” to the place of our employment, housing prices are going to be levered towards location:
Since people value their time and no one relishes a two hour commute, homes in Westchester that are often 30 minutes or less by train to Manhattan sell at a very high premium – and with good reason. The wear and tear on your car and body are major issues. Let’s not even discuss $4.50/gallon gasoline prices of last summer. These factors make living in these areas far less desirable.
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Many buyers, particularly first time buyers seem to have the “I want to go it alone” mind set. As an agent who works a great deal with first-time homeowners, I have to ask why? Since the seller pays the buyer’s agent, the service is essentially free to buyers.
Going it alone creates more risk for home buyers:
Most buyers fail to wrap their arms around representation issues. Buyer’s agents are not paid high fees to search the MLS and unlock doors. That may be the way the public PERCEIVES it, but that is not really what we do. We are certainly there to help the buyer find a home, but beyond that we are there to represent them during negotiations, coordinate little things such as inspections, appraisals, walk-throughs, and the myriad issues that can rear their heads during the contract period. The hard work starts AFTER the home is found, not before.
The unrepresented home buyer:
This is the single largest financial transaction that people make. Do you really want to enter into such a transaction unrepresented? Let me make this point crystal clear: Unless you have a buyer’s agent representing you in your home purchase, you will be unrepresented during the negotiation process. Further, chances are, you are up against a pro who has a fiduciary obligation to represent their client – the seller.
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The Residences at Jefferson place is a large condo complex in downtown White Plains The complex spans on square block between Livingston Ave. and Rutherford Ave. in White Plains, NY with units on 300 Mamaroneck Ave. and 31 Greenridge Ave. The side facing Mamaroneck Ave. is an eight-story urban mid-rise with a sophisticated brick façade. The façade reflects the growing urbanization of the city and is just steps away from all the shopping and dining that downtown White Plains has to offer. The other side of the complex on Greenridge Ave. gives a bow to the suburban neighborhood of the Highlands that it borders. The units on Greenridge are three story walk-up condos that have an outer façade resembling three story townhouses. The low-rise portion surrounds tree-lined streets, single family homes and other low-rise condo complexes.
Just across the street on the Mamaroneck Ave. sid e there is plenty of fine dining, take out and retail – all within easy walking distance of the complex. Iannelli’s , a local Italian favorite is directly across from the Mamaroneck Ave. side. Going to either the Westchester Mall, Fortunoff, Whole Foods or the Cheesecake factory it is easy to leave the car behind and take a short walk.
Built in 2005, this complex offers state-of-the-art luxury. As such, it is no bargain. But it offers convenience, luxury and perks at a lower price than can be had at the Ritz Carlton or Trump. Among other things, Jefferson Place offers on-site parking (you can buy an extra space), laundry in each unit, central air conditioning, a 24-hour concierge, a workout room with state-of-the-art equipment, a media room and a business center. The units are beautifully appointed with granite countertops, and stainless steel appliances, luxurious master suites and more than ample closet space. The living room areas sport hard-wood floors with carpeting for the bedrooms.
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In surfing the net, I discovered an on-line version of an article by Ben Brody and Laura Gurfein that appeared in last months Westchester Magazine about the county’s “top” Realtors. The subtitle declared “In good times or bad, whether buying or selling, these are the agents you want on your side.”
