Archive for the 'Real Estate Philosophy' Category

WELCOMED CHANGE IS HERE…DO YOU “GET IT”, NORTH FORK REALTORS

August 10th, 2007 category: Buyers, Real Estate News, Real Estate Philosophy, Riverhead Real Estate, Sellers, Southold Real Estate2 Comments »

A Note To North Fork, Long Island Realtors…

On Behalf Of The Home Buying and Selling Consumer: fiduciary duty: a trustee’s responsibility to act solely in the best interests of the owner or beneficiary of the trust.*

As a professional Realtor, this definition is a large part (in our opinion, the core) of your willingness to partake in the the advantages of being a part of a larger network of real estate professionals that choose to utilize the MLSLI, and separate yourselves from being a “real estate agent.”

When joining the Long Island Board of Realtors, one of the advantages is the ability to share your listings with all other Realtors, hugely increasing the possibility of locating a buyer for the property. In the interest of the buying and selling consumer, this is an advantage that cannot be ignored- it is in THEIR best interest, and as a result, provides the security for them that you are, indeed, up to the task of fiduciary.

ARE YOU, REALLY? This question is not posed to insult; rather, it is posed to provoke thought on the part of those Realtors that find themselves new to the MLSLI/Long Island Board of Realtors, and brand new to the expectations that are GREATER than the expectations that have been acceptable in the North Fork for too many years by local brokers of real estate companies.<

The challenge is larger than most can imagine for the North Fork Realtor. You likely work for a broker that eschewed the practical reasons to utilize the MLSLI service for YEARS, creating a disadvantage for the home selling consumer, in direct opposition to the new direction and requirement to put YOUR FIDUCIARY responsibility with your clients at the forefront. You’ve learned that “getting both ends” of the commission is better, somehow- a very poor bit of advice for a Realtor in our opinion, but common practice for a real estate agent in the North Fork.
If you’ve found the MLSLI to be an advantage for your consumers, PLAY STRAIGHT. It’s simple: LEARN ABOUT THE RULES, AND FOLLOW THEM TO THE LETTER. Use your own common sense, get all houses in the MLSLI immediately (as soon as the house is ready) and look FORWARD to the calls for showings. FORGET ABOUT COLLECTING BOTH SIDES OF THE COMMISSION. If it happens, it’s (opinion) problematic. Here’s WHY:

BUYER REPRESENTATION IS UPON US. IT’S ABOUT TIME, NEW YORK. Homebuyers in New York, unlike the majority of the country, have essentially been “on their own.” Your participation in their purchase has been merely a conduit- nothing more, as long as your allegiance was with the seller. THIS IS NOT THE CASE IN MOST STATES. In fact, it is the case in only a tiny handful- the rest of the country jumped on board with enthusiasm YEARS AGO, recognizing that allegiance to the consumer, regardless of which side of the fence their needs fell on, required specialized attention to the details of the transaction from the consumer perspective. FIDUCIARY- it’s now your JOB. Disclosure requirements came about for a very good reason- learn about this here.

As representatives in the real estate community serving the consumer, embracing changes (rather than the ongoing battle on the east end to do things “our way”) has no place in today’s real estate venue. It is the opinion of Options Realty, and innumerable entities outside of New York, that real estate is a CONSUMER AGENDA. It’s not about commission. It’s about doing a job well, providing fairness at all times, and cooperating with others in our field to accomplish a goal: SELLING A HOUSE.

Incredibly, it’s FUN to sell houses in most areas. Because the Realtor contingent takes the outcome of consumer experience with a cooperative understanding of the fiduciary spirit, guess who ISN’T present in most areas? YUP- the attorney contingent. There’s no need, with Realtors that put FIDUCIARY first on both sides. Explain that to a NY attorney, and you’ll get a litany of reasons that their presence is ESSENTIAL, but folks, it’s NOT. FOR NOW, a necessary component in New York. But who knows, with the advent of full understanding of FIDUCIARY on both sides of the transaction, it may reach the point, where it has in the majority of the country, that consumers may opt NOT TO INVOLVE an attorney, because the representation that they are receiving from the agents on both sides is stellar. Now, wouldn’t THAT be nice…

At Options Realty, WE LOOK FORWARD TO WORKING WITH YOU, AND WITH YOUR BUYERS AND SELLERS. Try hard to put FIDUCIARY first, because as participants in your transaction (buying or selling side) we understand and respect your position with your clients. Once it becomes habit to be “in your client’s shoes”, everything falls into place. Those that just “don’t get it” will be reported often enough to be GONE. JUST OUR OPINION at Options Realty…

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Understanding Real Estate Terms

July 31st, 2007 category: Real Estate News, Real Estate Philosophy1 Comment »

Terms in real estate are widely misunderstood. While often the result isn’t clear, the best approach in the current market is to make decisions based on a complete comprehension of the verbiage.

OFTEN USED REAL ESTATE TERMS:

Agency: this is the legal relationship established when one party (seller or buyer), called the principal, authorizes another (the real estate broker/agent) called the agent, to act in the principals behalf. Exclusive agency: A listing in which the seller gives one broker authority to procure a buyer for the property, but also retains the right to sell the property without the broker’s services.

Exclusive right-to-sell: A listing in which the seller gives one broker authority to procure a buyer for a property, but the broker is entitled to a commission if the seller procures the buyer.

In the above agency agreements with the seller, the listing broker will either be a Realtor, with access to the mls system and an open door policy to Realtors that bring buyers, or the broker will sign up your house as an exclusive to the listing company, in which case only the agents in the office are able to show and sell the property. While efforts may be made to provide exposure, the commission to you, the seller, typically remains the same in either agreement. In the first scenario, you are reaching hundreds of Realtors with buyers; in the other, a handful by comparison.

FIDUCIARY RELATIONSHIP:

If you have signed on with a broker that displays the Realtor logo, your agent has agreed to operate in a fiduciary relationship with you, per the National Association of Realtors requirement for membership.

The fiduciary relationship is very simple: the agent has agreed to operate solely in the best interests of, and on behalf of, you, the seller (principal). Simply put, the only agenda that matters financially is YOURS, the seller. This includes exposure for your home; marketing of your home; negotiating that occurs with your home.

Why Do Real Estate Signs Often Have The Words “Exclusive” On A Sign Rider? An Exclusive sign rider is cause for confusion. The sign that you have in your yard has nothing to do with the agreement that you’ve signed with your broker, short of providing a conduit for interested parties. Prior to the Multi List Service coming to the North Fork, many listings were “exclusive listings.” Consumers realized that being denied full internet access, such as the MLS and Realtor.com provide, was NOT in their best interests. As a result, the North Fork recently jumped on board with acceptable marketing. The result was an effective end to “exclusive” listings. Unless you have signed up with one company doing the listing and selling, you should not have an “exclusive” sign rider. An “exclusive” sign rider could also confuse potential buyers and other Realtors, who may wonder, is this an “exclusive” (no outside participation). The listing agent that you’ve chosen to sell your home has a fiduciary relationship to you, the seller, to determine the best possible listing agreement for you. What Is Buyer Agency?

The buyer of your home has no representation (becoming a customer of your listing company) or has signed a buyer agency agreement with a Realtor. A Buyer Agency means that the broker for the buyer has a responsibility to the buyer to act as his principal, in much the same way that your listing agency represents you, the seller. Either way, the commission that you, as a seller, pay remains the same. If you want your home sold, think hard about excluding the important contingent of “buyer agents”.

In the interest of maintaining integrity in the industry for BOTH sides, BUYER AGENCY is becoming an accepted method of providing a buyer for your home. That their own real estate agent represents them does not harm you, the seller. As it stands in New York, both sides have attorney representation. The buyer compensates their own Realtor through the commission that you have offered the real estate community via your listing company. It is typically split between the two brokers.

Deciding how to list is entirely up to you, the seller. If you believe that the more prospects that visit your home, the more likely an offer, sign up for an Exclusive Right To Sell with a Realtor that participates in the MLS service. If you have been talking with people about your home, write into the listing people that are yours (if they buy, you pay no commission).

What Is A Pocket Listing?

One last real estate term: “Pocket Listing”. If you expect that your home will be in the MLS, request a copy of the id # within three days. A pocket listing is a listing by which the selling agent holds off on exposing your property to other Realtors by not entering it in the MLS in hopes of locating a buyer that will provide them with both “sides” of the commission.

definitions provided above are courtesy of Real Estate Law, authored by James Karp and Elliot Klayman.

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New York & Long Island Realtors NOT in Control

July 11th, 2007 category: Real Estate News, Real Estate Philosophy3 Comments »

This is a request to the New York real estate community to assist me in understanding one thing:

Why is the New York real estate community run by lawyers, and not the real estate community?

I WAS STUNNED TO READ A 10 YEAR OLD NEW YORK TIMES ARTICLE THAT YOU CAN LOCATEHERE.

What prompts this question is the following short group of scenarios:

1. Having received a binder on a house a week and a half ago, it’s not under contract.

The contract hasn’t even been started by the lawyer. It could have been written by the broker, and submitted for attorney review a week and a half ago, which assists both the buyer and seller. That’s OUR JOB, as the real estate agents involved in the transaction.

2. I just finished up working with a national builder, and executed over 40 contracts myself on Long Island- no attorney present. All docs were faxed to the attorneys involved, with the information that NO CHANGES CAN BE MADE. Two attorneys resisted; the end result for their clients was that they lost the properties. While one returned later and purchased a second choice home without the changes requested by their attorney, the other did not return.

New York real estate community, not only should you be preparing the paperwork, but it should be acceptable WITHOUT an attorney review (which, per the current leash laws, is not permissible). All contracts need a time of essence clause, which will permit the sellers to anticipate a day to close, without scheduling issues that have nothing to do with the buyer or seller.

Am I to understand, as an individual that has been in real estate for 20 years in a state that didn’t utilize the legal contingent, that in New York, the legal contingent has decided to “protect” the consumer by offering a “fill in the blanks” contract for the real estate community of brokers, with the attorney having the final say on the terms, including the ability to change (without notice to the broker) terms that the attorney dislikes? This seems rather like putting the consumer through one hurdle, only to anticipate another- by an individual that was not present during the negotiations.

Please. Why on earth are New York Realtors running scared of the attorney contingent? And why, with so many New Yorkers that purchase out of state (or even upstate) without an attorney, does the consumer put up with delays that provide the buyers additional time to look around out of frustration, and walk away from a binder?

I understand that in New York, having a piece of the real estate pie is important to the legal contingent. Here’s the thing: have your pie. Leave the rest alone. Make suggestions; review the contract and offer input; but be part of the team. Your job is to review paperwork - we all know that the title companies provide just about every guarantee needed to close a house. Review it expeditiously, be thorough, and be grateful that your spot in the New York real estate market exists, because it is LARGELY ABSENT EVERYWHERE ELSE, and houses are closing every day.

Just like the real estate contingent, your presence is largely determined by the consumer. It is not YOUR time frame that the consumer is concerned about, and it shouldn’t be. Having you involved is a good thing, if you choose to make the effort to be professional and courteous. Accept agent generated contracts with a professional attitude (not annoyance), review them, make your suggestions, and let’s get the house sold for them. That’s what we’re here for - we sell it, you review it. Three days, max.

If an offer is lost due to not performing expeditiously in providing a sought after contract, you are not protecting your client. Isn’t that what we are here for, to accommodate the consumer?

Offering opinions is what Options Realty is all about. Now, I need a GREAT New York attorney in order to get some houses sold. Any takers, New York?

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Get Out, Already…It’s Not Your Life, Anymore…

July 6th, 2007 category: Real Estate News, Real Estate Philosophy, Riverhead Real Estate, Southold Real Estate4 Comments »

 Having had the distinct pleasure and (let’s be real) challenge of working with the “Active Adult” set, I’ve made many observations that make me dread 55, the AGE.

HERE’S WHAT OFTEN HAPPENS TO THIS POOR CONTINGENT OF MISPLACED 55 and better NEIGHBORS IN A NOW STRANGE NEIGHBORHOOD,full of tricycles and mini basketball hoops made of gray plastic, and a strange helmet clad contingent, complete with participating parents (OUR KIDS NEVER HAD HELMETS) riding safely down the previously less traveled-by- strangers cul-de-sac…the neighborhood looks oddly the same, but different. Friends have moved, citing reasons like an out of state child or “too much yard work”…some neighbors want to travel, now that the kids are grown.

After an unnerving accident running over the neighbor’s soccer ball (good thing the pads were on the kid) the 55 and better thinks, “THAT’S annoying.” While at the same time wondering when their first grandchild will rock their world…

They start “investigating.” This is the hardest time- the exploring. As in, unload the house with memories, and lock into a “lifestyle” change. The new house is secondary to the first dilemma, by a long shot. Neighborhood of kinship is first. The kind with the clubhouse, neighbors that are on the same page (especially during cocktail hour, when recounting their own reasons for change)…and, an indoor and outdoor pool, great for the grand kids and family…and NO YARD-WORK. And often enough, LESS MONEY. But also, LESS ROOM TO BRING ALL THE STUFF. The accumulated…stuff.

This is the difficulty, the BIGGIE. Contemplating all of the accumulated stuff. But that soccer ball has made the 55 and better consider that selling all of the stuff (or giving it away) is cheaper than the subsequent lawsuit over accidentally squirting the neighbors wild toddler with a garden hose…when did kids start eating flowers? And, since when is squirting one by mistake a crime?

Landscape free, in neighborhood clubhouse, parties, new friends, or…getting rid of a few dust collectors. The progress of freedom is a long one, when a person sells new construction. Let me just say, having enjoyed the last year and a half watching all of the heartbreaking decisions, whether you bought one of the homes or not…THANK YOU! I felt your pain!

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Alzheimers And Real Estate

July 4th, 2007 category: People and Places, Real Estate News, Real Estate Philosophy, Southold Real Estate2 Comments »

One of the most difficult diseases for families to accept is Alzheimer’s Disease. It is also common enough to wreak havoc on the best of financial situations if denial is present. Having experienced it first hand with my Grandmother, I’d like to share an exceptional book that will guide you through the maze. Additionally, some pointers learned the hard way.

The book is titled, “The 36 Hour Day”, authored by Nancy L. Mace MA and Peter V. Rabins, MD. Some pointers (learned the hard way, in my own experience):If behavior becomes odd- repetitive communication, name confusion (in our case, Grandma would answer the phone, “hi, LyLauriSu”- a combination of all of our names) start paying attention. Alzheimer’s creates a “void” in the memory bank. Just imagine a space in your brain that is suddenly blank. Nothing there when called upon to remember. For an interesting view, please link to: http://www.alz.org/alzheimers_disease_4719.asp

Purchase the book to have all aspects of the disease illustrated. The purpose of this blog is to assist you with the real estate end of this devastating disease. If you REMOTELY SUSPECT that your loved one is dealing with this affliction, I cannot emphasize enough the importance of making sure that you are in possession of a DURABLE POWER OF ATTORNEY . This document CANNOT be procured once the victim is unaware of the implications, so act early. What many people do not understand is that a simple power of attorney is void if the individual is deemed “incompetent” with respect to decisions being made on their behalf. A durable power of attorney permits you to assist them regardless of their mental capacity.

HERE IS WHAT OCCURRED WITH MY OUT OF STATE GRANDMOTHER:Because of the insidious gradual nature of the disease, while things seemed odd, she was able to “fool” us for a time. Unaware of her day to day, the phone calls (while occasionally alarming) were often enough normal that we delayed action. Unbeknownst to us, the predators were in full swing in her daily life. Her “lawn guy” discovered that if he brought a full bag of leaves to the door, she’d pay him. He figured out that whatever afflicted her, he could bring the same bag to her door several times a day, and she would pay him again and again. Terminix, the pest control company, was employed by her to rid her of pests. The individual employed at the company (I’ll never forget his name on all of those checks- Robert Auvil) returned several times a week, and informed her that she still had “snakes in the crawl space”. At 400-800.00 a pop, he had the checks made out to himself, several times a month. Her banker became alarmed when she appeared at the bank to withdraw a large amount of money for new siding on her house- he was aware that just a few short years earlier,Unable to stop her, it was re-sided.All the while, the alarm increased as she repeated, over and over again, that it was sweltering hot, and that Readers Digest was going to be arriving any minute with the Grand Prize. Day after day.The end result was to put her in an environment that created safety. For most families, this is the most difficult decision- after all, if her memory was leaving, pulling her out of her home would surely create further damage, wouldn’t it?

We were absolutely shocked when she not only forgot all about “home”, but embraced the new living environment. Shocked.WE DID NOT HAVE A DURABLE POWER OF ATTORNEY. In order to provide her with the best care, her house needed to be sold, and the proceeds put into an account for her care. Without the durable power of attorney, control over the sale price, and the proceeds, fell to the state of Virginia.While this in and of itself was not impossible to work with, what was enormously stressful for my mother was working with the time line. The government is not known for speed. Documentation, court appearances, the sale of personal items via auction (all proceeds recorded and reported) and the ultimate sale of the house went from simple to extraordinarily complicated. All the while, Grandma was safely ensconced in her new environment, but the bills were piling up.

For the families going through the difficulty of the disease, the hours spent dealing with the system in place adds enormous stress to an already heartbreaking situation. It’s not necessary to go through the legal aspects if you get a durable power of attorney early enough in the progress of the disease. For anyone in this situation, my heart goes out to you. You’ll get through it, and have some surprises with your loved one that you never expected- I don’t recall ever laughing with Grandma as hard as I did during one of my last visits to her house. She was hilarious, despite the disease, and enjoyed roaring with laughter.

IF YOU SUSPECT THAT A FAMILY MEMBER IS IN THE EARLIEST STAGES OF THIS DISEASE, GET A DURABLE POWER OF ATTORNEY IMMEDIATELY. IF YOU FIND YOURSELF WONDERING IF THIS MIGHT EVER AFFECT YOU, PROVIDE A DURABLE POWER OF ATTORNEY TO A TRUSTED FAMILY MEMBER.

Speak with your attorney to assist you with the decision. Some available resource links:

http://www.oag.state.ny.us/seniors/pwrat.html

http://docs.google.com/Doc?docid=dgps2bbf_45d4qfmp&hl=en_us

http://www.alz.org/living_with_alzheimers_legal_issues.asp

Real estate is often the source of funds for future care. Don’t find yourself at the mercy of a state entity to make decisions that you would be able to resolve with integrity yourself. Having the benefit of fast action, if necessary, is paramount for the safety of your family member.****This is not to be construed as legal advice. This is a real life situation that became complicated due to ignorance of the disease, and available options. Talk with your family lawyer about preventative solutions.

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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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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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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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Welcome Starbucks

May 31st, 2007 category: North Fork Neighborhoods, People and Places, Real Estate News, Real Estate Philosophy, Southold Real Estate1 Comment »

I had my first- in -forever Starbucks Mocha yesterday. At the Featherhill shopping center located in Southold, Long Island, New York, a store has just opened.

While the local community generally eschews the presence of visibly large chains and franchises, my favorite mocha flew under the radar somehow. As a small business owner, I can understand concerns about having large chains and franchises come into town- in addition to disturbing the delicate balance of charming, local venues with potentially garish looking entities that include a drive thru, it poses a genuine risk to the continued sustenance of local companies, not to mention the unique aspect of different shops with different local styles. As an area that experiences a high volume of summer traffic, disturbing the balance is a natural concern.

Interestingly, little is noted about the presence of another huge franchise entity, the Cendant Corporation. Having created a separate company that deals only in real estate, Realogy is the owner of several “local” companies, including Century 21, Corcoran, Sothebys International (Daniel Gale), and both ERA and Coldwell Banker. Quite a handful of New York real estate opportunities.

Agway is a large company, but that doesn’t detract from the wonderful store operated in Southold. The McDonalds in Mattituck gets frequent visitors that have a penchant for occasional fast food. While national drugstores are making an appearance, the Southold Pharmacy serves all of my needs, but perhaps I’ll visit the newly constructed CVS,also located in Mattituck (except, I’m always lured into the Love Lane shops, and find it hard to leave)…and what would we do without King Cullen in Cutchogue, when variety is sought? Large, and neccessary, at least to me.

Will I choose Starbucks over a local coffee provider? Yes, and no. If I want a fabulous mocha, Starbucks has my taste buds to a tee. A chain store rarely offers what the local businesses have to offer, and Starbucks doesn’t change that. It just offers a quality choice when the mocha craving hits-until now, it’s been a treat that’s been missing. That said, absolutely nothing can replace the quality breakfast sandwiches, bagels, and pastries offered in Southold- and I always order orange juice with them anyway.

I lived without Starbucks; I think that my quality of day to day would be compromised without our locally owned breakfast contingent. Another great place to stop, over coffee, and discuss your real estate needs: serving experience in real estate to Riverhead, Jamesport, Aquebogue, Peconic, Laurel, Mattituck, Southold, Cutchogue, Greenport, East Marion, and Orient!

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The True Story of The Patton Prayer - Memorial Day 2007

May 28th, 2007 category: People and Places, Real Estate PhilosophyNo Comments »

The True Story of The Patton Prayer

by Msgr. James H. O’Neill

(From the Review of the News 6 October 1971)

Many conflicting and some untrue stories have been printed about General George S. Patton and the Third Army Prayer. Some have had the tinge of blasphemy and disrespect for the Deity. Even in “War As I Knew It” by General Patton, the footnote on the Prayer by Colonel Paul D. Harkins, Patton’s Deputy Chief of Staff, while containing the elements of a funny story about the General and his Chaplain, is not the true account of the prayer Incident or its sequence.
As the Chief Chaplain of the Third Army throughout the five campaigns on the Staff of General Patton, I should have some knowledge of the event because at the direction of General Patton I composed the now world famous Prayer, and wrote Training Letter No. 5, which constitutes an integral, but untold part, of the prayer story. These Incidents, narrated in sequence, should serve to enhance the memory of the man himself, and cause him to be enshrined by generations to come as one of the greatest of our soldiers. He had all the traits of military leadership, fortified by genuine trust in God, intense love of country, and high faith In the American soldier.

He had no use for half-measures. He wrote this line a few days before his death: “Anyone in any walk of life who is content with mediocrity is untrue to himself and to American tradition.” He was true to the principles of his religion, Episcopalian, and was regular in Church attendance and practices, unless duty made his presence Impossible.

The incident of the now famous Patton Prayer commenced with a telephone call to the Third Army Chaplain on the morning of December 8, 1944, when the Third Army Headquarters were located in the Caserne Molifor in Nancy, France: “This is General Patton; do you have a good prayer for weather? We must do something about those rains if we are to win the war.” My reply was that I know where to look for such a prayer, that I would locate, and report within the hour. As I hung up the telephone receiver, about eleven in the morning, I looked out on the steadily falling rain, “immoderate” I would call it — the same rain that had plagued Patton’s Army throughout the Moselle and Saar Campaigns from September until now, December 8. The few prayer books at hand contained no formal prayer on weather that might prove acceptable to the Army Commander. Keeping his immediate objective in mind, I typed an original and an improved copy on a 5″ x 3″ filing card:

Almighty and most merciful Father, we humbly beseech Thee, of Thy great goodness, to restrain these immoderate rains with which we have had to contend. Grant us fair weather for Battle. Graciously hearken to us as soldiers who call upon Thee that, armed with Thy power, we may advance from victory to victory, and crush the oppression and wickedness of our enemies and establish Thy justice among men and nations.

(This article appeared as a government document in 1950. At the time it appeared in the Review of the News, Msgr. O’Neill was a retired Brigadier General living in Pueblo, Colorado.)

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