Archive for June, 2007

Naughty “North Fork, Long Island” Realtors, Part 2

June 29th, 2007 category: Buyers, Real Estate Philosophy, Riverhead Real Estate, Sellers, Southold Real Estate2 Comments »

Ok. You understand the mls system, and you’re now clear on sign rider games that limit the exposure that your home may get as a result of the silly EXCLUSIVE sign rider practice.
Don’t believe the ads; look at it this way: if Joe Shmoe is perusing Realtor.com in Garden City, and your home is not in the mls or Realtor.com, he will not have access to it. PERIOD.

Nor will his Realtor, because there is no way for a company of any size to insure that every single listing reaches the desk of every single real estate professional without the use of the MLS system.

Let’s move on to another trick of some North Fork Realtors: some companies are not offering payment in the mls system to BUYER BROKERS. This is made clear in the mls, as illustrated below.
BEFORE YOU READ FURTHER, PLEASE READ THE DEFINITION OF FIDUCIARY.

YOUR REALTOR AGREED, WHEN JOINING THE BOARD OF REALTORS, AND THE MLS SERVICE, TO THIS EXPECTATION OF BEHAVIOR when representing you, the seller.

Buyer Brokers are now very common, and absolutely no threat to you, the seller. A buyer broker simply represents the buyer- if your buyer has an attorney (as most do) then they are already receiving the benefit of a third party watching out for them. Their Realtor has a fiduciary responsibility to their buyer, in much that same way that your listing agent has a fiduciary responsibility to you, the seller.

If you are selling your home, you don’t care where the buyer comes from, as long as he is ready, willing, and able to purchase and close on your home, right? Make certain that your listing company agrees. If they don’t, use a different listing agency. You’ve agreed to a commission amount; it will likely be split between two companies. No effect on the total amount paid out that you have accepted- just split.
Because representing the buyer has taken the place of dual agency to the extent that most conscientious agents understand the dilemma (you simply cannot represent a buyer and seller adequately and with equal fairness to both) it is now required that buyers, if they choose to, sign with their real estate salesperson or broker a buyer broker agreement.

An example of the old days, without agency disclosure:
A buyer expresses an interest in your property, and calls. Your listing agent takes them through your home, and the buyer decides to make an offer. The offer includes a price lower than your listing agent understands to be your minimum, but the buyer makes it clear that this is as high as he will go. Your listing agent now faces a dilemma-encourage you to go lower than planned, or let the buyer look elsewhere.

Walk away from the full commission, or encourage you to rethink your price. A conflict of interest for you, the seller, to have representation for a buyer through your listing agent. Serving two masters rarely works.
SITUATIONS LIKE THIS OCCURRED FREQUENTLY ENOUGH THAT THE LAWS WERE CHANGED IN ORDER TO PROTECT BOTH YOU, THE SELLER, AND YOUR BUYER. The result was a disclosure of exactly who represents whom. As a buyer representative, the second buyer now has an agent that will diligently pursue obtaining the property for their buyer without compromising your position, as a seller. No temptations.

If your listing company declines to compensate a buyer broker through the commission that YOU, the seller, are paying, via the mls, then you are losing out on additional traffic and buyers to your home. Simple.

What is the reason for buyer broker exclusion, in light of the fact that it is very, very common? Once again, GREED, in this writers opinion. Why on earth limit prospective buyers, and try to force them to call the listing agency directly? It’s that pesky GET BOTH ENDS OF THE COMMISSION thing again. At your expense.

The problem is, if a buyer has signed a buyer broker agreement, they’ve demonstrated a commitment to having their interests watched out for, so they will likely pass on your house. While opinion may not count for much, it’s not rocket science- a pretty obvious elimination of prospective buyers.

If all of this was explained to you at the time of your listing agreement, and you made the decision to eliminate the buyer broker prospect, it is this writers opinion that a) you were not clear on the detrimental nature of losing out on buyers for your home or b) you are not motivated to have your home available to the buying public. This is your choice; your Realtor accommodated you.

This decision, as the consumer, is YOURS TO MAKE. At Options Realty, due to our fiduciary responsibility to you, the seller, we cannot in good conscience eliminate buyers for your home, and as a result, do not participate in this kind of exclusion. As experienced professionals, we know that it is a detriment to you, the seller.

Changes in real estate practices are upon us. Old school mentality of “get both ends” has no place in the current environment of real estate sales. It never did; but we’ll defer to local customs and ignorance as an excuse. There are no excuses, in a tougher market or ANY market, for not adhering to FIDUCIARY to the letter. Insist on it- you’re the consumer, and YOU CALL THE SHOTS. Just our opinion…

RANDOM EXAMPLES OF MLS INCONSISTENCY- AS OF JUNE 20, 2007 12:32 PM:

ML#1906189
SA (selling agency): commission amount indicated.
BA (buyer agency): 0
Br A (broker agency): 0

ML#1961151
SA:commission amount indicated.
BA:0
Br A:commission amount indicated.

ML#1907274
SA: 0
BA: 0
Br A:commission amount indicated.

ML#1941164
SA:commission amount indicated, followed by an (A)
BA: TBD
Br A: commission amount indicated

I clicked on six RANDOM mls listings; FOUR OUT OF SIX came up with problems for you, the seller. Four out of six. Frankly, if I were an out of town Realtor, I wouldn’t bother showing any of these properties. The fourth one made me laugh- who is going to show a property with “TBD”? If I wanted to show it, my offer would be a tongue in cheek 20% commission request- does “TO BE DETERMINED” mean that I can submit whatever I’d like, as the buyer broker? RIDICULOUS, in this writer’s opinion.

LET’S KEEP IT SIMPLE. OFFER TO PAY ALL PARTIES INVOLVED IN THE SUCCESSFUL SALE OF YOUR HOME; MAKE IT EASY FOR ALL BUYERS TO ACCESS YOUR PROPERTY, AND DON’T GET INVOLVED, AS A SELLER, WITH ANY EXCLUSIONS TO YOUR TRANSACTIONS THAT ARE A DETRIMENT TO YOU.

A “Whale of a Tale” (true story): a buyer in the North Fork recently wanted to buy a house through his buyer broker, all agency paperwork signed. The conversation to the listing “professional” went like this:
Buyer broker: “We have an offer on your property at ——. It’s a buyer agency offer.”
Greedy listing agent: “That property doesn’t offer buyer broker agency.”
Buyer broker: “Well, the mls states that it does.”

STOP RIGHT HERE, SELLERS. This individual, rather than having an interest in an offer on your property, is more interested in what, as a listing company, you, as a seller WON’T do (or pay). The commission has been agreed to; it doesn’t impact the amount that you’re paying, and yet…your listing agent is making it as hard as possible for people to make offers on your home. Unacceptable, when your best interests are supposed to be at the forefront.

NORTH FORK REALTORS: You have a great tool with the mls service. Use it responsibly, and with your sellers fiduciary outcome at the forefront. Don’t grasp at the disappearing double end. Just get the home sold. This market is no place for games. FIDUCIARY. PERIOD. Just this writer’s opinion…

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North Fork Long Island Sellers: Try Home Staging!

June 24th, 2007 category: Sellers2 Comments »

While most of you may be aware of the term “staging”, many people aren’t fully aware of the process. We recently had the pleasure of a staging experience with ValAllocco, Owner- STAGED 2 SELL NY. She clarified it for us, and for our sellers. We’d like to share the info that we learned at this meeting.

STAGING IS NOT EXPENSIVE. The staging consultation that we experienced was $200.00. For this, Val will come to your home and walks, room to room, making suggestions. This is done with the advice from her that there are two kinds of homes: YOUR home, and the “home that you want to SELL”. Two entirely different properties.

STAGING IS NOT INSULTING. Val is completely aware that people live in their homes, and never expects to walk into a “model home” environment, because that isn’t the way most people choose to live. Other priorities come before creating a model feel- cherished mementos, photos, etc. are all part of who we ARE. They belong in your environment. They don’t necessarily work in the “home that you want to SELL”.

At Options Realty, we are so enamored of the process, and increase in possible dollars in your pocket to try it that we are considering it as part of our services to you, the seller. If you are pricing your house in such a way that it demonstrates market value, the staging experience will be “on us”. $200. for a consultation is a very small price to pay to get your property in tip top showing condition.

Val offers the full gamut, and if you choose to have additional furniture brought in, plants, etc. the cost is higher. If she recommends paint, or any type of improvement, that’s up to you, the seller. What we found is that her suggestions, without any additional cost, created exactly the environment that we were seeking for prospective buyers, simply by rearranging a bit, and offering additional light and space by moving large pieces out altogether. Simple.

Any advantage that we can find in this tougher market to get your house sold should be utilized- you deserve our full commitment. I hope that this assists you with the staging concept- a set of eyes that view your home as a buyer will view it is an invaluable addition to our marketing tools!

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Naughty North Fork, Long Island, Realtors

June 20th, 2007 category: Real Estate News, Real Estate PhilosophyNo Comments »

I’ve been driving around lately noticing an overabundance of real estate yard signs with the rider “EXCLUSIVE” quite visible. Curious, I compared the signs to homes that are listed in the local MLS service. As reported in a previous blog, the MLS offers your property to other Realtors in the area and across the U.S., so that you get maximum exposure. Most of the homes are listed in the MLS.


“EXCLUSIVE” signage used to mean, to other Realtors and buyers, that your home was off limits- only real estate salespeople and brokers within the listing company were permitted to show it. Fortunately, this practice has been all but eliminated now that the Internet has increased buyer interest- while it took too long (in my opinion) on the North Fork, most local companies have surrendered to the notion of “sharing” the commission that you’ve agreed to, as a seller. They are fully aware, in this writer’s opinion, that an EXCLUSIVE rider is a deterrent to agents from up island or any where else, in addition to the buyer contingent. The only contingent that appears unaware is you, the seller, so we’re letting you in on an ugly secret.

Why would your sign have an “EXCLUSIVE” sign rider on it if it is being presented to the full community of real estate agents? There appears to be only one reason: GREED. Real estate professionals that bring buyers to the North Fork from other areas avoid EXCLUSIVE listings. If they are out showing properties, and their buyers express an interest in a property that has an EXCLUSIVE sign rider on it, they will likely let their buyers know that the listing company will have to be contacted directly by the buyer. Many buyers would prefer to look at homes with their real estate agent, and will, as a result, bypass your home. It is common knowledge and practice that these riders have nothing whatsoever to do with any term in real estate except the above. Don’t be fooled.

Plain and simple, it is the opinion of this writer that your listing company is banking (literally) on the notion that while some buyers may be lost to you,the seller, the odds are increased for getting a full, in house commission if the word EXCLUSIVE appears on your yard sign. Never mind what is in the best interests for you, the seller, they “reason”.

HERE’S THE RUB: IT’S DISHONEST, IF YOUR HOME IS LISTED IN THE MLS, TO ADVERTISE ON YOUR SIGN THAT IT IS AN EXCLUSIVE, BECAUSE IT ISN’T. PERIOD.

We hope that our opinion of this practice will help eliminate it altogether. Most real estate companies had a bonfire with the EXCLUSIVE sign riders when it became apparent that you, as a consumer, wanted your fiduciary needs met by your representing agent- providing maximum exposure (at the expense of a full commission) is called ethical. Anything else? Unethical, in this writer’s opinion.
There are several companies that operate ethically. You will never see this rider on an Options Realty sign. You won’t, because it compromises the pledge of fiduciary responsibility that is owed by the real estate community of Realtors to you, the seller.

If your home is not in the MLS system, EXCLUSIVE is an entirely appropriate sign rider. If, however, you’ve been assured that it is in the MLS, call your agent and have them remove the rider, because it’s deceitful to prospective buyers and a real violation of fiduciary responsibility to you, the seller. Better yet, go remove it yourself- let your agent know that you don’t appreciate this form of real estate deception.

If your fiduciary needs have been compromised, call your agent immediately, and get on the right track.

This is an interactive forum. Any comments from local real estate agents are always welcomed, as are comments from the community in its entirety.

NEXT UP: A CALL TO THE MLS AND REAL ESTATE COMMISSION ABOUT INCONSISTENT ENTRIES IN THE MLS- and we will be using specific examples, so clean it up, North Fork real estate community! You can’t have your cake and eat it too! MLS #’s will be provided for consumers, so that they can see the games being played with this critical tool.

OPTIONS REALTY: real estate services offered in Riverhead, Jamesport, Calverton, Aquebogue, Mattituck, Peconic, Laurel, Cutchogue, Southold, Greenport, East Marion, Orient.

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Mattituck-Laurel Historical Society Lawn Sale Approaches- The BIGGIE!

June 14th, 2007 category: North Fork Neighborhoods, People and Places, Real Estate NewsNo Comments »

To those in the North Fork of Long Island, New York that LOVE a great yard sale, the queen of sales approaches, featuring antiques, collectibles, furniture, bake sale and more. On July 7, 2007, from 8am to 4pm the Mattituck-Laurel Historical Society will be providing the creme de la creme- come one, come all!

An annual event, this is a sought after lawn sale, offering collectors of unique treasures the opportunity to locate anything from vintage linens, jewelry, clothing, china, and trinkets at amazing prices.
We’ve had the pleasure of attending this event, and it has never disappointed. The cars arrive early, so be prepared for a pleasant stroll along Main Road in Mattituck, New York to reach the sale. The sale is held on the lawn of the Museum grounds on Main Road (Rte. 25) and Cardinal Drive, Mattituck.
- and the number of participating vendors make this a “can’t miss” for those interested in items that are located on the North Fork.

Donation $1.00 – Rain Date 7/8 – For additional information, please call: (631) 298-0020 or 298-5248.

Take the weekend to look at houses for sale on the North Fork- Riverhead, Jamesport, Aquebogue, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, and Orient, New York. We’d love to help!

Technorati Tags: Long Island, New York, North Fork, Southold

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To Home Sellers on the North Fork of Long Island

June 13th, 2007 category: Buyers, Real Estate Philosophy, Riverhead Real Estate, Sellers, Southold Real EstateNo Comments »

We noticed recently several very late entries into the multi-list Long Island real estate service. By “late entries”, we don’t mean that your home appeared a few days, or even a week after the company that you selected listed your home- we’re talking about a few months.

For those that are unclear about the Multiple Listing Service, let us explain: while fairly new to the North Fork of Long Island, the MLS opportunity was finally embraced by the local real estate community a few years ago. A service that has been in place for over 20 years, this entity places your home in a cooperative venue, permitting access to show your home to the real estate community in all of New York (The United States & World Wide). Exposure of your home is critical in order to achieve multiple offers; in addition to exposure to the real estate community, consumers (via Realtor.com) can access your property for consideration.

As the internet continues to afford marketing possibilities for your home, the mls service remains the stable go-to for the real estate industry- particularly for those agents that have potential buyers for your home. Realtor.com permits potential buyers to browse properties in their area of choice in order to narrow down possibilities.

As a home seller in a more challenging market, to be without this service is to eliminate the majority of both real estate professionals with possible buyers, and buyers seeking to purchase a home in this area. It is a marketing avenue that should be expected from your chosen real estate professional. It involves “sharing” the commission paid for your home; it involves responding immediately to prospective buyers that contact your agent having found the property on Realtor.com.

There is only one reason that makes sense for listing companies that do not utilize this very reasonably priced service in order to provide your home with necessary exposure: GREED. If your home is not immediately presented to the real estate community, re think your choice of listing agent. Check on Realtor.com within days of your listing to make sure that your property appears.

You are paying a commission that is attached to the success of your home selling. It is likely explained to you that part of this fee is for the agent, from a different real estate company, that introduces the buyer to your home. Here’s the catch: if your listing agent locates the buyer, they receive the commission in full. No sharing. Here’s the other reality: FEWER OPPORTUNITIES TO SELL YOUR HOME.

Please don’t get caught in this trap. It’s unethical to you, the seller, and an appalling breach of ethics on the part of your listing agent. It’s called, plain and simple, greed, and your largest investment should not be subject to these kinds of games. Just our opinion…

Options Realty: selling homes on the North Fork of Long Island: Riverhead, Jamesport, Aquebogue, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, and Orient, New York.

Technorati Tags: Southold, Long Island, MLS, New York, North Fork, Sellers, Property, Real Esate, Buyers

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BUYERS OF PROPERTY IN NEW YORK: It could be “time”.

June 11th, 2007 category: Buyers2 Comments »

You’ve watched an adjustment in property values. Some people bought at a high; some bought when things were much better a few short years ago. Now, homes are waiting for you, having reacted to an overblown and frenzied market- they are settling down, these homes. Attainable pricing is back, and available, and your home is waiting…

If your mindset is that you’d prefer to get in on the make-big-bucks frenzy, you missed the boat for the short term. For the long term, however, a real estate purchase has proven, over and over again, to be a premium investment.
What is clear is that sellers have adjusted their pricing.

Hindsight is always best when viewing a real estate purchase. Markets tend to be cyclical. Seven years, give or take, and then…BOOM. A boom. If you bought at the top of a boom, relax- you likely purchased a home that (industry average) you will live in for seven years, and then sell. No coincidence, in my view, that you’ll make your next move when the market is “hot”- just a few years, and you’re ready to trade up.

If you desire home ownership, it’s available. No frenzied pace- just sellers that need to sell. Real estate is rarely just a financial investment. For your family, it’s a life experience, and your home will create memories that far eclipse any short term financial gain.

What’s key is a clear understanding of what a reasonable price on a home IS. When the numbers make sense, the house makes sense. You’re doing business with sellers that are very aware of the market drop. If it’s priced competitively for today’s market, make no mistake about it- they wish they’d sold a year and a half ago. That the house is available for less in such a short span of time is your gain. If it feels like “home” when you walk in, and it fits your budget, go for it.

The unknown involves interest rates. Today, you can enjoy a below 7% interest rate. If rates rise, then every month that you’ve debated has increases your payment, through no fault of “your home”.

Homes for sale on the North Fork of Long Island, New York: Riverhead, Jamesport, Aquebogue, Mattituck, Cutchogue, Laurel, Peconic, Southold, Greenport, East Marion and Orient, NY- are waiting. Call Options Realty- We’d love to help you locate “the one”… 631-727-2227.

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Hello Bayview

June 7th, 2007 category: Buyers, North Fork Neighborhoods, People and Places, Sellers, Southold Real Estate5 Comments »

Hello, Bayview, located in Southold, New York-

Options Realty is the “new kid on the block”- we are brand new, with something to PROVE.
We have a combined 32 years of real estate experience, receiving top accolades from some of the nation’s largest home builders. We know how to market properties.

Sean Stark, the owner of Options Realty, has a family with deep ties to the Southold area, and specifically the Bayview area. Sean’s Great, Great Grandfather worked a farm in Bayview in the 1850’s and 1860’s, and built a house on Pine Neck road. Sean’s parents were the original owners of one of the “red” houses that was beautifully re-done recently. It’s a connection to the area that lasts from generation to generation…

What we offer is an opportunity for you to try something different.

Technology is making a huge impact on the ability of buyers to locate your home. We provide a service that not only offers a local flavor, but shares this area with potential buyers across the country. We focus on EXPOSURE. It is our belief that real estate is a numbers game, and sharing your property with local agents, as well as agents across New York, and the United States, will provide you with the opportunity to get the most for your home. The more you know, and the more we offer, the more you’ll gain.

WE ALSO WANT TO SAVE YOU MONEY.
Below, please find information regarding sold homes in the Bayview area. These homes were listed with various agencies in the North Fork, and the information is gathered from the multiple listing service of Long Island.
We hope that this assists with your investigation of the market. Things change daily; these are the current statistics. Please contact us at 631-727-2227 for additional details.

AT OPTIONS REALTY, WE COMMIT TO RETURNING YOUR CALL, BETWEEN THE HOURS OF 8 A.M. AND 8 P.M, MONDAY THROUGH SUNDAY, WITHIN 1/2 HOUR. TRY IT: 631-727-2227.We are located in the Old Post Office building in Riverhead, New York. We live in Southold. We are committed to you, and anxious to prove it.

Our home selling/home buying services include the towns and hamlets of Riverhead, Aquebogue, Jamesport, Laurel, Peconic, Southold, Cutchogue, Greenport, East Marion, and Orient, New York, all located in the North Fork of Long Island. Call us to sell your home; call us to buy a home. Visit www.optionsrealty.com, or view a listing at www.2220depotln.com in order to check out our individual web sites. Yours can be next!

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