Wow, What a bombshell! Today it was announced that First Realty GMAC will sever its ties with GMAC and join Prudential Real Estate. Effective June 1st, we will be known as Prudential First Realty.
Many of you know that 7 years ago, GMAC bought out the Real Estate Division of Better Homes and Gardens. The change came with a lot of hard feelings in the Des Moines area because of our close ties to the home of Better Homes and Gardens. Many people felt alienated, but eventually realized that the First Realty family was still together and still offered the comfort of the Better Homes and Gardens name. Now we see a change from the GMAC name to another Huge name in Prudential but we are still First Realty. The same agents and staff with a new franchise.
I want your thoughts. When thinking of the two companies (GMAC and Prudential), who do you trust and why?
Thursday, April 19, 2007
Tuesday, March 27, 2007
Another Sign that Des Moines is Growing...
There have recently been two articles in the Des Moines Register about specialty markets opening in the Metro Area. These markets are normally only seen in Cities with large populations (like Chicago, or New York) that can support such a specialty store.
Downtown Des Moines is the beneficiary of 2 such markets.
The first is the East Village market owned by the same guy that owns Basil Prosperi's Lucca in the East Village. It will be similar to the neighborhood bodegas seen in cities such as Chicago and New York. It will offer grocery staples such as milk, bread, local produce and toiletries, plus gourmet wines, cheeses and deli meats.
The other is by Full Court Press, which has developed downtown bars like the High Life Lounge, and plans a gourmet market at 208 Court Ave.
Downtown Des Moines has needed a grocery store for years. There are tons of residential developments in the area (many upscale) and the people living here need a place where they can get the quick essentials. Both of these markets should do well as they market to the exact demographic that surrounds them. Read the article from the Register here: www.desmoinesregister.com/apps/pbcs.dll/article?AID=2007703200369
Lastly, The Market at Jordan Creek is the combination of a gourmet and specialty food store, restaurant, deli, bakery and an upscale coffee shop - known as the Espresso Café. It is a much larger store and it's staff features a number of culinary professionals and it's products and services include gourmet, organic, and fresh pre-prepared foods, unique gift items and professional catering. See the Register's recent article here:
www.desmoinesregister.com/apps/pbcs.dll/article?AID=2007703210343
The Market at Jordan Creek is a "fun" place to visit, but being that everything in it is so expensive, I'm not sure it will last. I hope it does, because I love to see these types of things succeed in our great city!
Wednesday, March 21, 2007
Speed Networking
I recently read an article in the Des Moines Register about a group that was hosting "Speed networking" meetings at Des Moines area Coffee shops. I had heard of speed dating before and have always thought that it was a little quirky. But speed networking...something about this was intriguing to me.
So I sent in my e-mail to get on their list. I recently received a reply saying that I was invited to attend one of two sessions downtown at the "Village Bean." I am very excited about this event. Specifically the oportunity to network with other Des Moines area business professionals.
I am going into this with an open mind and a short "to do" list. I am looking for someone with more experience in blogging to help me develop this site, and I am looking to set up a Breakfast Club, possibly with folks from this meeting.
This group hosts these events on the 4th Tuesday of every month. If you would like to attend, Send Hannah an e-mail at hsteen@transcm.com and request to be put on their list for a specific month.
I will let you know how it goes and if it is worth your time...
So I sent in my e-mail to get on their list. I recently received a reply saying that I was invited to attend one of two sessions downtown at the "Village Bean." I am very excited about this event. Specifically the oportunity to network with other Des Moines area business professionals.
I am going into this with an open mind and a short "to do" list. I am looking for someone with more experience in blogging to help me develop this site, and I am looking to set up a Breakfast Club, possibly with folks from this meeting.
This group hosts these events on the 4th Tuesday of every month. If you would like to attend, Send Hannah an e-mail at hsteen@transcm.com and request to be put on their list for a specific month.
I will let you know how it goes and if it is worth your time...
Monday, February 26, 2007
Mortgage Rates
Here is why some economists are projecting a strong spring for the Real Estate Market. Interest Rates are still at an all time low. Rates change daily but the short term forecast is for them to stay low.
The following rates are for Monday February 26, 2007 from http://www.bankrate.com/
LOAN TYPE TODAY LAST WEEK
30 yr fixed mtg 5.75% 5.77%
15 yr fixed mtg 5.52% 5.54%
5/1 ARM 5.54% 5.56%
30 yr fixed jumbo mtg 6.02% 6.02%
5/1 jumbo ARM 5.70% 5.70%
For all of those buyers out there that have been waiting to buy, there has never been a better time than now. Rates are low and home prices have leveled off from a recent decline. A Wall Street Investor (who is used to buying low and selling high) would say “BUY, BUY, BUY!”
If you need additional mortgage information visit Chad’s site at http://www.chadpeach.com/ and if you have Real Estate questions as always visit ryanpeach@firstrealtyhomes.com and either of us would be happy to assist you.
The following rates are for Monday February 26, 2007 from http://www.bankrate.com/
LOAN TYPE TODAY LAST WEEK
30 yr fixed mtg 5.75% 5.77%
15 yr fixed mtg 5.52% 5.54%
5/1 ARM 5.54% 5.56%
30 yr fixed jumbo mtg 6.02% 6.02%
5/1 jumbo ARM 5.70% 5.70%
For all of those buyers out there that have been waiting to buy, there has never been a better time than now. Rates are low and home prices have leveled off from a recent decline. A Wall Street Investor (who is used to buying low and selling high) would say “BUY, BUY, BUY!”
If you need additional mortgage information visit Chad’s site at http://www.chadpeach.com/ and if you have Real Estate questions as always visit ryanpeach@firstrealtyhomes.com and either of us would be happy to assist you.
Thursday, February 15, 2007
Blogging in Real Estate
Well, there is quite the buzz going on here at my office. I let the cat out of the bag about this blog. Many agents have been inquiring how I got started. Well here it is. This is my secret weapon... "Realty Blogging" by Richard Nacht and Paul Chaney.My father-in-law gave me this book for Christmas. He is an agent in Nashville and he told me that blogging is the craze down there right now.
So I read the book and got started. I was very worried about what I was going to write about, but once I got started it is so easy to come up with topics and I am having a lot of fun with it.
I would really appreciate you leaving me your opinions on topics or just drop a note telling me what you think of my blog. If you have a blog of your own I would be happy to trackback and would love it if you would add a backlink to this site from yours.
Monday, February 12, 2007
Have You Zillowed?
I just read an interesting article in Fortune Magazine. I find it interesting that I pay for this magazine, read it and then I go online and find out that I could read it for free... (that is an entire different blog).
The article that I was interested in can be found here http://money.cnn.com/magazines/fortune/fortune_archive/2007/02/19/8400262/index.htm?postversion=2007020810
It is about the website called Zillow.com that claims to assist people with pricing their homes. As you read the article note that their margin of error is 10% nationwide (a little more than I am comfortable with). The article also shows that Iowa has "Zestimates" for between 1% and 19% and their accuracy in Iowa is not yet estimated. So let me sum up this site.
I loved the assistance that both buyers and sellers will find here. They hit it right on the head from choosing an agent to prepairing your home for sale. However, contrary to the title of the 'Fortune' article, buyers and sellers should use caution when finding the home prices posted for the Des Moines Area. All properties that I pulled up from this site were Assessed Values from the County Assessors. This number is used for tax purposes (budget based) and may not be reasonable for estimating the actual value of a home.
Another problem that I found was that not all of the Des Moines area is mapped yet. My own home was not mapped correctly because there is no data for my neighborhood.
The coolest thing that I found was that I could pull up a home in Polk County and see the tax valuations of all of it's neighborhoods on one screen! At least a person could see if their home is being assessed appropriately!
I will visit again, and maybe one day Iowa will have some good data.
The article that I was interested in can be found here http://money.cnn.com/magazines/fortune/fortune_archive/2007/02/19/8400262/index.htm?postversion=2007020810
It is about the website called Zillow.com that claims to assist people with pricing their homes. As you read the article note that their margin of error is 10% nationwide (a little more than I am comfortable with). The article also shows that Iowa has "Zestimates" for between 1% and 19% and their accuracy in Iowa is not yet estimated. So let me sum up this site.
I loved the assistance that both buyers and sellers will find here. They hit it right on the head from choosing an agent to prepairing your home for sale. However, contrary to the title of the 'Fortune' article, buyers and sellers should use caution when finding the home prices posted for the Des Moines Area. All properties that I pulled up from this site were Assessed Values from the County Assessors. This number is used for tax purposes (budget based) and may not be reasonable for estimating the actual value of a home.
Another problem that I found was that not all of the Des Moines area is mapped yet. My own home was not mapped correctly because there is no data for my neighborhood.
The coolest thing that I found was that I could pull up a home in Polk County and see the tax valuations of all of it's neighborhoods on one screen! At least a person could see if their home is being assessed appropriately!
I will visit again, and maybe one day Iowa will have some good data.
Thursday, February 8, 2007
Strorage Storage Storage
Have you noticed any trends in new construction? When was the last time you saw a new home with less than a 3 car garage? In fact, many new home buyers are requesting 4 and 5 car garages!
This begs the question, do this many people really have 3 cars?
My own house has a 3 car garage, but we have 3 cars. All but one of the 60 or so homes in the neighborhood have 3 car garages but I know for a fact that only 3 of us have 3 cars. So how did 3 car garages become the norm?
So I couldn’t help but to notice the many open garages in my neighborhood. I quickly learned the answer to my question. In most homes two of the stalls have cars and the third is used as an attached shed. In some homes one car is in the garage, one is in the driveway and 2 stalls are floor to ceiling storage. In fact, I was amazed when I saw one home where both cars sat in the driveway and the entire garage was storage (the more kids, the more stuff one family has!).
My wife and I realized this trend with the recent addition to our family. We recognized the fact that we had just enough storage for our stuff but then began picturing all of our daughters toys, bikes etc. and knew that we would soon be one of those families with a car in the driveway.
We did some cost/benefit analysis and decided to add on a storage room off of the garage. We know that we will not recover the entire cost when we go to sell the home, but we will not have to put a car in the driveway either. I am also very confident that with the newer demand for storage, the addition of a storage room will certainly bring value to my home!
Tuesday, February 6, 2007
Cabin Fever
Well, now that the Super Bowl is over we begin searching for things to do on our weekends.
LET THE SHOWS BEGIN!
This is my favorite time of winter in Iowa. The time when there is nothing to keep us home. It is too cold to do much outside, we begin to get Cabin Fever, so we Iowans head to the number of shows and activities that invade the fairgrounds and events center. This weekend is a perennial favorite. The Des Moines Home and Garden Show. We can go and see those vendors that we haven't seen since the Iowa State Fair and begin to dream up ideas of improving our homes! What perfect timing. My wife and I will return from the show this weekend and I will have a gigantic "Honey Do List" that she will come up with because of the show.
Now for those of you thinking about moving in 2007, this is a great time to meet vendors to get your existing home ready for sale. Don't forget that attending those Home Interior Seminars can give you some great ideas but don't get too crazy. Remind yourself that no one is as good as you and few agree with your great taste! KEEP IT NEUTRAL! NEUTRAL! NEUTRAL!
Visit the show's website: http://www.desmoineshomeandgardenshow.com/ME2/Sites/Default.asp?SiteID=BC4FBBC17BFA4E4DA09F1E395EADE51D for more information and a link to purchase discounted tickets!
Show Dates & Hours
Wednesday February 7 2:00 p.m.-9:00 p.m.
Thursday February 8 Noon-9:00 p.m.
Friday February 9 Noon -9:00 p.m.
Saturday February 10 10:00 a.m.-9:00 p.m.
Sunday February 11 10:00 a.m.-6:00 p.m.
Admission
Adults: $8.00
Children (6-12): $4.00
5 & Under: FREE
Location
Iowa Events Center
833 Fifth Avenue
Des Moines
See you at the Iowa Events Center!
LET THE SHOWS BEGIN!
This is my favorite time of winter in Iowa. The time when there is nothing to keep us home. It is too cold to do much outside, we begin to get Cabin Fever, so we Iowans head to the number of shows and activities that invade the fairgrounds and events center. This weekend is a perennial favorite. The Des Moines Home and Garden Show. We can go and see those vendors that we haven't seen since the Iowa State Fair and begin to dream up ideas of improving our homes! What perfect timing. My wife and I will return from the show this weekend and I will have a gigantic "Honey Do List" that she will come up with because of the show.
Now for those of you thinking about moving in 2007, this is a great time to meet vendors to get your existing home ready for sale. Don't forget that attending those Home Interior Seminars can give you some great ideas but don't get too crazy. Remind yourself that no one is as good as you and few agree with your great taste! KEEP IT NEUTRAL! NEUTRAL! NEUTRAL!
Visit the show's website: http://www.desmoineshomeandgardenshow.com/ME2/Sites/Default.asp?SiteID=BC4FBBC17BFA4E4DA09F1E395EADE51D for more information and a link to purchase discounted tickets!
Show Dates & Hours
Wednesday February 7 2:00 p.m.-9:00 p.m.
Thursday February 8 Noon-9:00 p.m.
Friday February 9 Noon -9:00 p.m.
Saturday February 10 10:00 a.m.-9:00 p.m.
Sunday February 11 10:00 a.m.-6:00 p.m.
Admission
Adults: $8.00
Children (6-12): $4.00
5 & Under: FREE
Location
Iowa Events Center
833 Fifth Avenue
Des Moines
See you at the Iowa Events Center!
Monday, February 5, 2007
Saturday, January 27, 2007
Ice Skating in Downtown Des Moines
The Brenton Skating Plaza is Des Moines' cool new outdoor ice skating attraction. It was recently completed and is in its first season of operation. The skating rink is one of the major attractions of the planned "Principal River Walk."
The skating is very reasonably priced too. Public Skating Prices:
Adult Admission $3
Children 12 & Under Admission $2
Children 5 & Under Admission FREE
Skate Rental $2.50
What a great opportunity for family bonding. This is more important than just bringing people to downtown. This is bringing back some of those lost family values that Iowa was once known for. Spending quality time with friends and family. This is what Iowa is all about. When you go to the Brenton skating park you see fathers teaching their young girls to skate. You see teenagers laughing and carrying on and you see couples bonding in the open Iowa air. It's amazing how far we have gone from the simple life of old. That something as simple as outdoor skating can bring us back together in such a powerful way. Maybe we all should make time in our busy schedules to bond with our family at Iowa's greatest new outdoor attraction!
According to some friends who recently spent some time at the new facility, it is a big hit. the rink is always packed with people enjoying an old American pastime. They said that it is a marvelous facility and they did it right by adding a concession stand and skate rentals. You can even rent out the entire facility for private use.
Visit their site at http://www.brentonplaza.com/ for complete details.
If the Skating Plaza is any indicator, the River Walk project looks like it will be a promising addition for Downtown Des Moines, both economically and for those great old Iowa values!
The skating is very reasonably priced too. Public Skating Prices:
Adult Admission $3
Children 12 & Under Admission $2
Children 5 & Under Admission FREE
Skate Rental $2.50
What a great opportunity for family bonding. This is more important than just bringing people to downtown. This is bringing back some of those lost family values that Iowa was once known for. Spending quality time with friends and family. This is what Iowa is all about. When you go to the Brenton skating park you see fathers teaching their young girls to skate. You see teenagers laughing and carrying on and you see couples bonding in the open Iowa air. It's amazing how far we have gone from the simple life of old. That something as simple as outdoor skating can bring us back together in such a powerful way. Maybe we all should make time in our busy schedules to bond with our family at Iowa's greatest new outdoor attraction!
According to some friends who recently spent some time at the new facility, it is a big hit. the rink is always packed with people enjoying an old American pastime. They said that it is a marvelous facility and they did it right by adding a concession stand and skate rentals. You can even rent out the entire facility for private use.
Visit their site at http://www.brentonplaza.com/ for complete details.
If the Skating Plaza is any indicator, the River Walk project looks like it will be a promising addition for Downtown Des Moines, both economically and for those great old Iowa values!
Tuesday, January 23, 2007
Investment Property
Do you want to be a millionaire? Heck Ya!
Did you know that the majority of all millionaires have made much of their fortune in Real Estate Investment? Consider the following questions:
Have you determined what dollar figure it is going to take to retire in the lifestyle that you currently live in? I am thinking... Millions...
Are you happy with the home that you live in? (How long do you want to live there?)
Do you have equity in the home that you currently live in? (most people that have lived in a home more than 5 years have good equity).
Are you more interested in material items or saving $$?
Have you considered leveraging your net worth to make money for retirement? (using someone else's money to make you $)
What is your Tax rate?
How much $ do you have to invest (do not include equity in your home)?
How much negative cash flow can you afford?
What is your reason for Investing?
Could you manage a property yourself or would you have to use a Management company?
What Rate of Return would you want? (%)
What type of property are you interested in? (single family, Duplex, 4 plex, 8 plex etc).
Is there anyone else involved in making this decision?
How Much Investment Experience Do You Have? (None necessary. Your Real Estate Professional and accountant can assist you)
The younger you start, the more likely you are to get that million. I asked myself these questions and then began looking at investing in Real Estate here in Des Moines. I am currently getting 5% return on my CD's and have averaged about 8% on my IRA. This seemed sufficient until I considered Real Estate. After researching, I found that I could be making 10-12% in Real Estate. Needless to say, I am on the prowl for good investments...
Did you know that the majority of all millionaires have made much of their fortune in Real Estate Investment? Consider the following questions:
Have you determined what dollar figure it is going to take to retire in the lifestyle that you currently live in? I am thinking... Millions...
Are you happy with the home that you live in? (How long do you want to live there?)
Do you have equity in the home that you currently live in? (most people that have lived in a home more than 5 years have good equity).
Are you more interested in material items or saving $$?
Have you considered leveraging your net worth to make money for retirement? (using someone else's money to make you $)
What is your Tax rate?
How much $ do you have to invest (do not include equity in your home)?
How much negative cash flow can you afford?
What is your reason for Investing?
Could you manage a property yourself or would you have to use a Management company?
What Rate of Return would you want? (%)
What type of property are you interested in? (single family, Duplex, 4 plex, 8 plex etc).
Is there anyone else involved in making this decision?
How Much Investment Experience Do You Have? (None necessary. Your Real Estate Professional and accountant can assist you)
The younger you start, the more likely you are to get that million. I asked myself these questions and then began looking at investing in Real Estate here in Des Moines. I am currently getting 5% return on my CD's and have averaged about 8% on my IRA. This seemed sufficient until I considered Real Estate. After researching, I found that I could be making 10-12% in Real Estate. Needless to say, I am on the prowl for good investments...
Sunday, January 21, 2007
Saturday, January 20, 2007
Market Info
Contrary to what the media is reporting, the Real Estate market is not crashing. The most recent numbers are out and we have seen only a 2% decrease in the total number of homes sold in the Des Moines Area. This may at best be classified as a cooling off. According to the Des Moines Area Association of realtors there were only 230 fewer homes sold in 2006 than in 2005. Visit their site at http://www.dmaar.com/docs/DMAAR_December_stats.pdf for a great view of the local statistics.
So you may be saying 2% is a lot. Well it sure isn’t when you put it in perspective. 2005 was a record breaking year and for 2006 to be only 2% behind a record breaking year is very good. We went from an unbelievable market to a great market.
There are two other factors that are very important to analyzing market conditions. The first is average sales price. This actually increased in 2006 by more than 2.5%. The second is average days on the market. In 2006 the average days on the market increased by only 1 day according to the Des Moines Area Association of Realtors.
So according to the data, the only thing that has changed much at all is the total units sold for a single year. This is a very good indicator.
What does the future hold? Well if I knew I would not be working to pay for my child’s education. We are seeing swelling inventories drop, interest rates remaining low (visit https://www.wellsfargo.com/mortgage/rates/ for the most recent rates) and job growth in the area remaining steady… the future may very well be record breaking once again.
What are the Keys to selling in this market? The number one thing to consider in this market is Pricing. You have to price your home right from the start. If you do, you will be one of the sellers, not one of the dwellers. (Watch for “Pricing Your Home” in future blogs). The second and also very important is making your home number one. What does that mean? This means
1. Cleaner than your competition
2. Fewer repairs needed than your competition,
3. A new coat of neutral color paint is the cheapest way to transform a home from modest to spectacular.
Buyers today want a home that doesn’t need any work. It has to be ready to move into. If it isn’t, they can go down the street and find one that is. Contact your Real Estate Professional or visit http://www.ryanpeach.firstrealtyhomes.com/ for assistance in readying your home for sale.
Is this market good for you? Only if you are good for the market.
So you may be saying 2% is a lot. Well it sure isn’t when you put it in perspective. 2005 was a record breaking year and for 2006 to be only 2% behind a record breaking year is very good. We went from an unbelievable market to a great market.
There are two other factors that are very important to analyzing market conditions. The first is average sales price. This actually increased in 2006 by more than 2.5%. The second is average days on the market. In 2006 the average days on the market increased by only 1 day according to the Des Moines Area Association of Realtors.
So according to the data, the only thing that has changed much at all is the total units sold for a single year. This is a very good indicator.
What does the future hold? Well if I knew I would not be working to pay for my child’s education. We are seeing swelling inventories drop, interest rates remaining low (visit https://www.wellsfargo.com/mortgage/rates/ for the most recent rates) and job growth in the area remaining steady… the future may very well be record breaking once again.
What are the Keys to selling in this market? The number one thing to consider in this market is Pricing. You have to price your home right from the start. If you do, you will be one of the sellers, not one of the dwellers. (Watch for “Pricing Your Home” in future blogs). The second and also very important is making your home number one. What does that mean? This means
1. Cleaner than your competition
2. Fewer repairs needed than your competition,
3. A new coat of neutral color paint is the cheapest way to transform a home from modest to spectacular.
Buyers today want a home that doesn’t need any work. It has to be ready to move into. If it isn’t, they can go down the street and find one that is. Contact your Real Estate Professional or visit http://www.ryanpeach.firstrealtyhomes.com/ for assistance in readying your home for sale.
Is this market good for you? Only if you are good for the market.
Thursday, January 18, 2007
Living In Iowa
Fresh off of the Holidays I have once again been reminded how quickly our horizons have changed here in Central Iowa and in the Des Moines Metro area. Every year friends and family return home for the holidays from all corners of the United States. They come from huge Cities like Seattle, New York, Boston, Chicago, Dallas and the one common thing they all have to say is "where are all of these people coming from?" Most are referring to the thousands of homes that have been errected since the last time they were home and many of them refferring to the size and price tag of many of those homes.
For the first several years I would always reply, I don't know. Now I am finding out...
Banking and insurance jobs account for about 15% of our area's total non-farm jobs. Percentage-wise, this is even higher than Hartford, Connecticut, long known as an insurance capital. Companies are finding that Des Moines is a great place to recruit employees and is a great place to raise a family. The recent expansion of Wells Fargo specifically is highlighted by the 960,000 square-foot office campus they have recently completed in West Des Moines. Between that and the 360,000 square-foot building that went up in Des Moines, Wells Fargo will have increased their workforce in the area from 5,000 in the year 2000 to over 11,000 employees.
Well it is no wonder then where these people are coming from. They are coming from Seattle, New York, Boston, Chicago and Dallas...
For the first several years I would always reply, I don't know. Now I am finding out...
Banking and insurance jobs account for about 15% of our area's total non-farm jobs. Percentage-wise, this is even higher than Hartford, Connecticut, long known as an insurance capital. Companies are finding that Des Moines is a great place to recruit employees and is a great place to raise a family. The recent expansion of Wells Fargo specifically is highlighted by the 960,000 square-foot office campus they have recently completed in West Des Moines. Between that and the 360,000 square-foot building that went up in Des Moines, Wells Fargo will have increased their workforce in the area from 5,000 in the year 2000 to over 11,000 employees.
Well it is no wonder then where these people are coming from. They are coming from Seattle, New York, Boston, Chicago and Dallas...
Bad Agent
I have had two very similar inquiries over the past couple of weeks that bother me a little bit. Both were of couples looking for homes here in the Greater Des Moines area. They both were buyers that were represented by other agents.
The first was fairly rutine, they came to one of my open houses and after a nice conversation offered up that they were working with another agent. I praised them for their loyalty and sent them on their way wishing them good luck. Within days they called saying that they were not happy with their agent. Apparently he was of a different generation and was not showing them the houses that they wanted to see. Even after explaining to the agent what they wanted and didn't want several times, he continued to show them homes that they did not want to see. They wanted me to be their agent...
WOOO I told myself. I quickly recognized this as one of those ethical situations that can get very ugly. I was walking on eggshells...
I did the right thing and asked them if they had told their agent that they were unhappy (as that is what I would want my clients to do). She said no but they wanted to move on. I said that I am not in the business of taking other agents clients, but explained that they are not bound by contract in the state of Iowa as a buyer (unless the agent had them sign an exclusive agency agreement). Eventually I agreed to be their agent under the condition that the buyer call the other agent and expalin to him why they are using someone else.
As I was working on closing the first transaction, I get a phone call about one of my listings. I shared the information with the buyer and he says that he is working with another agent. I told him to have their agent show them the home anytime as it is vacant. He shocked me by saying that he was unhappy with the way his agent was handling things. It appeard to him that the only homes he was showing them were ones that they had seen in the paper or driven by and told him about.
Da-ja-vu...
I once again explained to this buyer that in Iowa a buyer is not under contract with any agent (unless an exclusive agency contract is made) and it is their right to use anyone that they feel is right for them. However, it is only fair to tell the agent that they are not happy and give them the chance to make it right. I also explained that it is not uncommon for an agents search of the MLS (Multiple Listing Service) to limit the number of homes available. This is due to the number of "needs" that are entered into the system and is usually the most effective way to reduce the number of homes down to a manageable number. The buyer was very happy and thanked me for my honesty.
I worry because it took very little effort on my part to make this person happy. I hope that other agents are using honesty in a similar way to make our buyers happy!
The first was fairly rutine, they came to one of my open houses and after a nice conversation offered up that they were working with another agent. I praised them for their loyalty and sent them on their way wishing them good luck. Within days they called saying that they were not happy with their agent. Apparently he was of a different generation and was not showing them the houses that they wanted to see. Even after explaining to the agent what they wanted and didn't want several times, he continued to show them homes that they did not want to see. They wanted me to be their agent...
WOOO I told myself. I quickly recognized this as one of those ethical situations that can get very ugly. I was walking on eggshells...
I did the right thing and asked them if they had told their agent that they were unhappy (as that is what I would want my clients to do). She said no but they wanted to move on. I said that I am not in the business of taking other agents clients, but explained that they are not bound by contract in the state of Iowa as a buyer (unless the agent had them sign an exclusive agency agreement). Eventually I agreed to be their agent under the condition that the buyer call the other agent and expalin to him why they are using someone else.
As I was working on closing the first transaction, I get a phone call about one of my listings. I shared the information with the buyer and he says that he is working with another agent. I told him to have their agent show them the home anytime as it is vacant. He shocked me by saying that he was unhappy with the way his agent was handling things. It appeard to him that the only homes he was showing them were ones that they had seen in the paper or driven by and told him about.
Da-ja-vu...
I once again explained to this buyer that in Iowa a buyer is not under contract with any agent (unless an exclusive agency contract is made) and it is their right to use anyone that they feel is right for them. However, it is only fair to tell the agent that they are not happy and give them the chance to make it right. I also explained that it is not uncommon for an agents search of the MLS (Multiple Listing Service) to limit the number of homes available. This is due to the number of "needs" that are entered into the system and is usually the most effective way to reduce the number of homes down to a manageable number. The buyer was very happy and thanked me for my honesty.
I worry because it took very little effort on my part to make this person happy. I hope that other agents are using honesty in a similar way to make our buyers happy!
Tuesday, January 16, 2007
Did You File For Homestead?
In Iowa you can receive a Real Estate tax credit if you file for homestead with your county assessor. Visit this link http://www.assess.co.polk.ia.us/web/info/homestead/internet.html for full details and directions on how to file. It was the easiest $130 per year that I have ever made.
If you have recently filed, you may remember the clerk at the assessor’s office asking you a series of questions. One of those questions is…”does the home have working smoke detectors on every level.”
When I purchased my first home and filed for homestead for the first time, I remember the lady asking me that question and thinking… Would I really tell you if they didn’t work? Of course I didn’t dare ask her that. I wanted my tax credit. And then I thought to myself, I have no idea if they work or not. I went home and checked the detectors and put new batteries in them. Now as I write this I question whether my smoke detectors work. I guess I should change the batteries since I am thinking about it.
Smoke is gray brown or black (can see it), it has a mild to strong odor (can smell it and yet I still have to rely on a detector to alert me when there is smoke. Not only that, but the State of Iowa tells me that I have to have a detector to qualify for a tax credit. Carbon Monoxide is Colorless (can’t see it) and Odorless (can’t smell it). Hmm. I don’t have to have a detector for this.?.
I recall several years ago a Des Moines couple was found dead in their Des Moines home. The cause was reported to be Carbon Monoxide poisoning. And most recently the incident involving workers being exposed to carbon monoxide from a malfunctioning furnace (I have a furnace) at a West Des Moines business. Carbon monoxide poisoning is not something I think about, but maybe I should. It must be time for me to replace my CO detector. I just visited the Kidde website at www.kiddeus.com and found that they have a lot of good information and options for a new detector.
I can’t help but wonder when the lady at the assessor’s office will ask…Do you have a working CO detector in your home?
If you have recently filed, you may remember the clerk at the assessor’s office asking you a series of questions. One of those questions is…”does the home have working smoke detectors on every level.”
When I purchased my first home and filed for homestead for the first time, I remember the lady asking me that question and thinking… Would I really tell you if they didn’t work? Of course I didn’t dare ask her that. I wanted my tax credit. And then I thought to myself, I have no idea if they work or not. I went home and checked the detectors and put new batteries in them. Now as I write this I question whether my smoke detectors work. I guess I should change the batteries since I am thinking about it.
Smoke is gray brown or black (can see it), it has a mild to strong odor (can smell it and yet I still have to rely on a detector to alert me when there is smoke. Not only that, but the State of Iowa tells me that I have to have a detector to qualify for a tax credit. Carbon Monoxide is Colorless (can’t see it) and Odorless (can’t smell it). Hmm. I don’t have to have a detector for this.?.
I recall several years ago a Des Moines couple was found dead in their Des Moines home. The cause was reported to be Carbon Monoxide poisoning. And most recently the incident involving workers being exposed to carbon monoxide from a malfunctioning furnace (I have a furnace) at a West Des Moines business. Carbon monoxide poisoning is not something I think about, but maybe I should. It must be time for me to replace my CO detector. I just visited the Kidde website at www.kiddeus.com and found that they have a lot of good information and options for a new detector.
I can’t help but wonder when the lady at the assessor’s office will ask…Do you have a working CO detector in your home?
Getting Started
This is it. The first of many blogs related to Des Moines and its Real Estate market. I am dedicated to providing you with fun and unique facts about Des Moines and the Real Estate market here in Central Iowa. You can look forward to information from special family events in Des Moines to special mortgage financing. I would love to hear your feedback and encourage you to provide me with topics that you would like covered.
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